Rail Vikas Nigam Ltd

RVNL

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Market Cap

₹ 65,313 Cr

P/E

57.48

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Performance

MARKET LEADER

Valuation

OVERVALUED

Growth

SLUGGISH

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Rail Vikas Nigam Limited (RVNL) is a public sector company focused on developing rail infrastructure projects across India, including new lines, doubling, gauge conversion, and metro projects.

RVNL holds a remarkable order book worth INR 90,000 crores with legacy projects from Indian Railways and competitively won bids, indicating strong revenue visibility for the coming years, securing its growth path.

The company is exploring new business opportunities in sunrise sectors such as solar energy projects with battery storage and international projects like harbor projects in the Maldives, aiming to diversify its portfolio and enhance revenue streams.

Despite competitive pressures affecting margins, especially in bidding projects, RVNL is strategically aligning its bids towards higher-margin projects and exploring international opportunities to sustain and possibly improve margins.

RVNL is enhancing its competitive edge by venturing into the operation and maintenance of rolling stock and investing in projects with long-term revenue potential like multimodal logistics parks.

Sector

Infrastructure Developers & Operators

Industry

Construction - Civil / Turnkey - Large

Market Cap

65,313 Cr

Volatility

High Risk

P/E Ratio

57.5

Industry P/E

23.2

PEG Ratio

6.9

P/B Ratio

6.8

52W High

501.55

52W Low

295.25

Sales CAGR

-8.94%

0.83%

6.46%

10Y

17.82%

Profit CAGR

-17.37%

3.01%

8.52%

10Y

16.36%

ROE

TTM

11.88%

16.34%

16.73%

10Y

15.81%

ROCE

TTM

13.06%

16.21%

15.71%

10Y

13.77%

Technicals

‌

Forecasts

No. of Analysts

10

1Y Price Target

274.38 ▼ 11.40%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Sell

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
GMRAIRPORT	104.90	1,10,764 Cr	—	0.00	0.00	23.95	7.16	-0.29
RVNL	313.25	65,313 Cr	57.48	6.83	0.55	11.88	13.06	5.75
NBCC	115.30	31,131 Cr	46.49	11.65	0.58	25.10	33.39	4.60
IRB	42.03	25,382 Cr	28.99	1.25	0.71	4.30	6.00	12.12
IRCON	157.05	14,771 Cr	24.58	2.29	1.69	9.30	8.06	2.96
AFCONS	400.00	14,680 Cr	29.22	2.72	0.63	9.32	11.63	2.80
CEMPRO	825.50	14,160 Cr	31.79	6.92	0.24	21.77	26.38	6.68

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	5,572	4,914	4,689	6,714	4,074	4,855	4,567	6,427	3,909	5,123
Expenses	5,222	4,616	4,440	6,258	3,892	4,583	4,328	5,994	3,856	4,906
Operating Profit	349	298	249	456	182	271	239	433	53	217
OPM %	6.27	6.07	5.31	6.80	4.46	5.59	5.24	6.73	1.35	4.23
Other Income	289	320	358	323	264	266	326	239	238	234
Interest	146	133	139	150	137	141	145	117	108	100
Depreciation	5.50	6.22	4.83	4.39	6.89	7.43	7.42	9.00	8.86	8.92
Profit Before Tax	487	480	463	625	302	389	413	546	173	342
Tax %	29.52	17.76	22.48	23.45	25.76	26.31	24.54	15.94	22.52	32.67
Net Profit	343	394	359	478	224	287	312	459	134	231
EPS in Rs	1.65	1.89	1.72	2.29	1.07	1.38	1.49	2.20	0.65	1.10

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	5,920	7,597	10,069	14,531	15,404	19,382	20,282	21,889	19,923	19,758
Expenses	5,645	7,215	9,538	13,744	14,524	18,199	19,035	20,536	18,798	18,762
Operating Profit	274	382	531	786	880	1,183	1,246	1,353	1,125	996
OPM %	4.63	5.03	5.27	5.41	5.71	6.10	6.15	6.18	5.65	5.04
Other Income	305	331	366	232	808	831	1,077	1,291	1,095	1,068
Interest	35	45	52	41	458	564	581	568	540	510
Depreciation	5.02	4.84	5.74	20	23	21	22	21	31	33
Profit Before Tax	539	664	839	958	1,207	1,430	1,719	2,054	1,650	1,522
Tax %	18.53	14.23	18.08	20.99	17.83	22.35	21.96	23.34	22.33	21.68
Net Profit	439	570	688	757	992	1,110	1,342	1,574	1,282	1,192
EPS in Rs	—	—	3.48	3.62	4.76	5.67	6.81	7.55	6.14	5.44
Dividend Payout %	35.24	29.30	26.97	31.40	33.19	34.40	31.28	27.95	27.97	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	2,085	2,085	2,085	2,085	2,085	2,085	2,085	2,085	2,085	2,085
Reserves	1,206	1,478	1,839	2,311	3,034	3,551	4,240	5,161	6,661	7,486
Borrowings	17,545	2,437	2,259	3,024	4,257	5,931	6,643	6,441	6,033	5,419
Other Liabilities	1,982	2,866	2,101	4,669	3,019	2,654	7,097	4,656	4,834	5,492
Total Liabilities	22,817	8,866	8,284	12,089	12,395	14,221	20,066	18,344	19,612	20,482
Fixed Assets	350	7.58	249	279	305	292	380	355	367	887
CWIP	489	13	21	11	25	53	1.20	1.27	94	0.32
Investments	10	1,094	1,231	1,586	1,588	1,730	1,810	1,904	2,405	2,700
Other Assets	21,969	7,751	6,783	10,212	10,476	12,145	17,875	16,084	16,746	16,895
Total Assets	22,817	8,866	8,284	12,089	12,395	14,221	20,066	18,344	19,612	20,482

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-3,466	278	-363	-695	-962	419	4,793	-4,064	2,954	1,878
Cash from Investing Activity	-1,301	20	36	320	124	312	-1,431	1,355	-1,400	1,629
Cash from Financing Activity	5,352	-421	-581	319	827	416	-189	-1,048	-1,287	-1,484
Net Cash Flow	585	-123	-908	-56	-11	1,148	3,173	-3,757	267	2,023

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Jul 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	78.20%	78.20%	72.84%	72.84%	72.84%	72.84%	72.84%	72.84%	72.84%	72.84%	72.84%	72.84%
FIIs	1.53%	1.75%	3.10%	2.32%	2.59%	2.32%	3.13%	5.05%	5.10%	5.07%	4.89%	4.66%
DIIs	6.51%	5.76%	5.45%	5.83%	6.09%	6.18%	6.77%	6.33%	6.17%	6.22%	6.39%	6.41%
Public	13.76%	14.29%	18.60%	19.01%	18.48%	18.66%	17.26%	15.79%	15.89%	15.88%	15.88%	16.09%
Total Shareholders	7,20,323	8,86,922	9,53,483	13,41,098	13,97,699	18,44,551	20,74,709	22,96,188	23,17,903	23,71,568	22,90,745	22,79,946

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Sep 03, 2025	Bhanu prakash	Insider - Designated Person	Disposal	2.36	0.00 Cr	140	—
Sep 01, 2025	Bhanu prakash	Insider - Designated Person	Disposal	0.12	0.00 Cr	2,500	—
Aug 28, 2025	Bhanu prakash	Insider - Designated Person	Disposal	0.09	0.00 Cr	3,500	—
Aug 28, 2025	Bhanu prakash	Insider - Designated Person	Disposal	0.09	0.00 Cr	3,500	—
Aug 30, 2024	Ubs principal capital asia li...	Bulk	Sell	606.83	797.24 Cr	1,31,37,854	0.63
Jul 10, 2024	Hrti private limited	Bulk	Buy	588.29	696.90 Cr	1,18,46,225	0.56
Jul 10, 2024	Hrti private limited	Bulk	Sell	588.44	716.55 Cr	1,21,77,111	0.58
Jul 09, 2024	Hrti private limited	Bulk	Buy	556.99	577.87 Cr	1,03,74,818	0.49
Jul 09, 2024	Hrti private limited	Bulk	Sell	559.21	601.33 Cr	1,07,53,291	0.51
Jan 15, 2024	Hrti private limited	Bulk	Buy	220.40	238.63 Cr	1,08,27,175	0.51

Projection

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Investor Presentation

Q2 FY23

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	5,572	4,914	4,689	6,714	4,074	4,855	4,567	6,427	3,909	5,123
Expenses	5,222	4,616	4,440	6,258	3,892	4,583	4,328	5,994	3,856	4,906
Operating Profit	349	298	249	456	182	271	239	433	53	217
OPM %	6.27	6.07	5.31	6.80	4.46	5.59	5.24	6.73	1.35	4.23
Other Income	289	320	358	323	264	266	326	239	238	234
Interest	146	133	139	150	137	141	145	117	108	100
Depreciation	5.50	6.22	4.83	4.39	6.89	7.43	7.42	9.00	8.86	8.92
Profit Before Tax	487	480	463	625	302	389	413	546	173	342
Tax %	29.52	17.76	22.48	23.45	25.76	26.31	24.54	15.94	22.52	32.67
Net Profit	343	394	359	478	224	287	312	459	134	231
EPS in Rs	1.65	1.89	1.72	2.29	1.07	1.38	1.49	2.20	0.65	1.10

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	5,920	7,597	10,069	14,531	15,404	19,382	20,282	21,889	19,923	19,758
Expenses	5,645	7,215	9,538	13,744	14,524	18,199	19,035	20,536	18,798	18,762
Operating Profit	274	382	531	786	880	1,183	1,246	1,353	1,125	996
OPM %	4.63	5.03	5.27	5.41	5.71	6.10	6.15	6.18	5.65	5.04
Other Income	305	331	366	232	808	831	1,077	1,291	1,095	1,068
Interest	35	45	52	41	458	564	581	568	540	510
Depreciation	5.02	4.84	5.74	20	23	21	22	21	31	33
Profit Before Tax	539	664	839	958	1,207	1,430	1,719	2,054	1,650	1,522
Tax %	18.53	14.23	18.08	20.99	17.83	22.35	21.96	23.34	22.33	21.68
Net Profit	439	570	688	757	992	1,110	1,342	1,574	1,282	1,192
EPS in Rs	—	—	3.48	3.62	4.76	5.67	6.81	7.55	6.14	5.44
Dividend Payout %	35.24	29.30	26.97	31.40	33.19	34.40	31.28	27.95	27.97	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	2,085	2,085	2,085	2,085	2,085	2,085	2,085	2,085	2,085	2,085
Reserves	1,206	1,478	1,839	2,311	3,034	3,551	4,240	5,161	6,661	7,486
Borrowings	17,545	2,437	2,259	3,024	4,257	5,931	6,643	6,441	6,033	5,419
Other Liabilities	1,982	2,866	2,101	4,669	3,019	2,654	7,097	4,656	4,834	5,492
Total Liabilities	22,817	8,866	8,284	12,089	12,395	14,221	20,066	18,344	19,612	20,482
Fixed Assets	350	7.58	249	279	305	292	380	355	367	887
CWIP	489	13	21	11	25	53	1.20	1.27	94	0.32
Investments	10	1,094	1,231	1,586	1,588	1,730	1,810	1,904	2,405	2,700
Other Assets	21,969	7,751	6,783	10,212	10,476	12,145	17,875	16,084	16,746	16,895
Total Assets	22,817	8,866	8,284	12,089	12,395	14,221	20,066	18,344	19,612	20,482

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-3,466	278	-363	-695	-962	419	4,793	-4,064	2,954	1,878
Cash from Investing Activity	-1,301	20	36	320	124	312	-1,431	1,355	-1,400	1,629
Cash from Financing Activity	5,352	-421	-581	319	827	416	-189	-1,048	-1,287	-1,484
Net Cash Flow	585	-123	-908	-56	-11	1,148	3,173	-3,757	267	2,023

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
GMRAIRPORT	104.90	1,10,764 Cr	—	0.00	0.00	23.95	7.16	-0.29
RVNL	313.25	65,313 Cr	57.48	6.83	0.55	11.88	13.06	5.75
NBCC	115.30	31,131 Cr	46.49	11.65	0.58	25.10	33.39	4.60
IRB	42.03	25,382 Cr	28.99	1.25	0.71	4.30	6.00	12.12
IRCON	157.05	14,771 Cr	24.58	2.29	1.69	9.30	8.06	2.96
AFCONS	400.00	14,680 Cr	29.22	2.72	0.63	9.32	11.63	2.80
CEMPRO	825.50	14,160 Cr	31.79	6.92	0.24	21.77	26.38	6.68

Overview

Detailed Summary

Rail Vikas Nigam Limited (RVNL) is a public sector company focused on developing rail infrastructure projects across India, including new lines, doubling, gauge conversion, and metro projects.

RVNL is enhancing its competitive edge by venturing into the operation and maintenance of rolling stock and investing in projects with long-term revenue potential like multimodal logistics parks.

Sector

Infrastructure Developers & Operators

Industry

Construction - Civil / Turnkey - Large

Market Cap

65,313 Cr

Volatility

High Risk

P/E Ratio

57.5

Industry P/E

23.2

PEG Ratio

6.9

P/B Ratio

6.8

52W High

501.55

52W Low

295.25

Sales CAGR

-8.94%

0.83%

6.46%

10Y

17.82%

Profit CAGR

-17.37%

3.01%

8.52%

10Y

16.36%

ROE

TTM

11.88%

16.34%

16.73%

10Y

15.81%

ROCE

TTM

13.06%

16.21%

15.71%

10Y

13.77%