RITES order book reaches Rs 9,388 crore, led by turnkey work

RITES Limited held a Rs 9,388 crore order book on September 30, 2026, led by Rs 4,511 crore of turnkey work, or 48% of the total. Consultancy contributed Rs 2,707 crore, while 63% of the backlog was secured through competition rather than nomination.

What makes up RITES' Rs 9,388 crore order book?

RITES' September 30, 2026 order book was led by turnkey assignments worth Rs 4,511 crore, followed by consultancy at Rs 2,707 crore and exports at Rs 1,815 crore. Leasing accounted for Rs 235 crore and REMC Ltd accounted for Rs 120 crore, bringing the disclosed total to Rs 9,388 crore.

Turnkey represented 48% of the order book, compared with 29% for consultancy and 19% for exports. Leasing made up 3%, while the presentation showed REMCL at 1% in its segment split; the corresponding value in the order-book list was labelled REMC Ltd at Rs 120 crore.

Turnkey exceeded consultancy by Rs 1,804 crore, making execution-oriented projects the largest disclosed part of the backlog. Consultancy and exports together totalled Rs 4,522 crore, marginally above the Rs 4,511 crore turnkey component, showing that the remaining order book was spread across advisory, export and leasing activities.

How much of RITES' order book came from competition?

RITES reported that 63% of its order book had been secured through competition as of September 30, 2026, compared with 37% obtained through nomination. Competition therefore exceeded nomination by 26 percentage points across the reported Rs 9,388 crore backlog.

The presentation gives this procurement split for the overall order book, not separately for turnkey, consultancy, exports, leasing or REMC Ltd. It also does not state the rupee value of competitively won work or nominated work, so the 63% and 37% figures cannot be allocated to individual segments from the disclosure.

The procurement measure differs from the segment measure. The 48% turnkey share identifies the type of work in the order book, whereas the 63% competition share identifies how the total backlog was won.

Which projects did RITES secure in Q2FY27?

RITES secured more than 130 projects, contracts and extensions worth Rs 446 crore during Q2FY27, the second quarter of financial year 2027. Consultancy accounted for Rs 384 crore of those wins, while turnkey contributed Rs 43 crore, leasing contributed Rs 19 crore and exports were reported as NIL.

The Rs 79 crore consultancy assignment for implementation of the Patna Metro Rail Construction Project was the largest individual contract listed. Patna Metro Rail Corporation Ltd was the client, and RITES gave 2031 as the expected completion year, later than the 2027 and 2028 dates attached to the other listed projects.

The listed assignments cover metro construction support, bridge and port studies, rail planning, building design, highway assessment and rolling-stock leasing. RITES assigned 2027 completion dates to the Rs 21 crore Haldia River Bridge study, the Rs 9 crore Dadanpatra Port study, the Rs 8 crore Bhilai Steel Plant assignment and the Rs 6 crore NH-27 audit.

How did RITES' Q2FY27 wins differ from its backlog mix?

RITES' Q2FY27 project additions were concentrated in consultancy, unlike the closing order book, which was led by turnkey work. Consultancy generated Rs 384 crore of the Rs 446 crore quarterly wins, while consultancy represented 29% of the September 30 order book and turnkey represented 48%.

Turnkey contributed Rs 43 crore of Q2FY27 wins despite its Rs 4,511 crore position in the overall backlog. Exports recorded no new wins in the quarter, although exports represented Rs 1,815 crore, or 19%, of the September 30 order book.

The quarterly amounts reconcile to the disclosed Rs 446 crore total: Rs 384 crore of consultancy, Rs 43 crore of turnkey and Rs 19 crore of leasing. The presentation does not disclose the opening order book, execution during Q2FY27 or cancellations, so it does not provide enough information to calculate the quarter's net backlog movement.

Why is RITES' REMC Ltd order-book amount separate?

RITES reported a Rs 120 crore REMC Ltd component in its September 30, 2026 order book, corresponding to the 1% REMCL category shown in the segment split. The presentation states that REMCL's order book is annualised based on the previous year's performance.

This annualisation treatment distinguishes the Rs 120 crore REMC Ltd amount from the disclosed project categories, including Rs 4,511 crore of turnkey work and Rs 2,707 crore of consultancy. RITES did not provide a project-level REMC Ltd list, contract duration or separate Q2FY27 order-win figure for that category.

Conclusion

RITES' Rs 9,388 crore September 2026 order book was weighted toward Rs 4,511 crore of turnkey work, while consultancy and exports together accounted for Rs 4,522 crore. Competitive awards formed the larger procurement route at 63%, and Q2FY27 additions of Rs 446 crore were primarily consultancy assignments rather than turnkey work.

The next disclosed milestones are the completion dates attached to the Q2FY27 contracts, ranging from 2027 to 2031, including the Rs 79 crore Patna Metro assignment expected in 2031. RITES also identifies the Rs 120 crore REMC Ltd component as annualised from the prior year's performance, leaving it distinct from the project-based order-book categories.