Overview

Detailed Summary

RITES Limited is a Schedule 'A' government engineering and consultancy firm specialising in design engineering, project management consultancy, turnkey construction, export of rolling stock, locomotive leasing and quality assurance across railways, metros, highways, ports and renewable infrastructure.
Q3FY26 performance shows sequential momentum with consolidated operating revenue of ₹609 crore (+5.7% YoY) and EBITDA margin expansion to 23.9%; management reports EBITDA and PAT red‑lines of 20% and 15% respectively and delivered 24% EBITDA and 18% PAT in the quarter.
Order book strength is a standout: RITES Limited reached a record ₹9,262 crore order book with ₹1,141 crore of awards in Q3 and sustained export wins, positioning the company to target a ₹10,000 crore order book by Q1FY27 and drive multi‑quarter revenue conversion.
Exports and international consultancy are re‑accelerating as a strategic growth lever: export revenues jumped materially after locomotive supplies to Mozambique, export order book stands at ~₹1,700–1,900 crore, and management expects steady export contribution over the next two to three years.
Segment mix is shifting: consultancy and leasing provided higher margins while turnkey remains low margin (1.3% in Q3); management expects sequential turnkey ramp‑up and aims to protect blended margins through mix management and higher consultancy/export contribution.

Sector: Construction
Industry: Civil Construction
Market Cap: 9,852 Cr
Volatility: High Risk
P/E Ratio: 22.2
Industry P/E: 24.0
PEG Ratio: 1.2
P/B Ratio: 3.7
52W High: 316.15
52W Low: 175.10

Sales CAGR

1Y: -9.58%
3Y: -6.64%
5Y: -2.68%
10Y: 6.39%

Profit CAGR

1Y: -14.45%
3Y: -8.55%
5Y: -8.61%
10Y: 1.27%

ROE

TTM: 15.61%
3Y: 16.88%
5Y: 17.57%
10Y: 17.95%

ROCE

TTM: 19.86%
3Y: 22.84%
5Y: 23.35%
10Y: 24.00%

Technicals

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Peers

Industrials Construction Construction Civil Construction

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ENGINERSIN		202.25	12,227 Cr	14.65	4.52	1.84	19.87	25.57	13.37
CMPDI		151.40	12,145 Cr	0.03	5.95	1.39	32.66	41.55	0.00
AFCONS		325.05	11,273 Cr	26.56	2.09	0.82	9.33	11.63	2.51
CEMPRO		540.60	10,635 Cr	19.79	5.20	0.32	21.77	26.49	7.04
RITES		190.50	9,852 Cr	22.18	3.74	3.68	15.61	19.86	7.53
NCC		142.25	9,534 Cr	12.36	1.27	1.45	10.54	17.27	3.29
GRINFRA		834.90	8,186 Cr	7.35	0.92	1.48	12.34	13.16	6.71
Median: 7 Co.	—	202.25	10,635 Cr	14.65	3.74	1.45	15.61	19.86	6.71

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	582	683	643	486	541	576	615	490	549	609
Expenses	445	514	467	380	435	458	430	376	419	466
Operating Profit	138	169	176	106	106	117	186	114	130	142
OPM %	23.67	24.73	27.36	21.78	19.65	20.38	30.16	23.31	23.62	23.36
Other Income	28	19	27	25	22	44	27	24	35	30
Interest	1.43	1.88	0.48	1.05	2.42	1.04	1.29	1.42	0.76	0.72
Depreciation	14	15	16	14	15	16	17	15	17	17
Profit Before Tax	150	171	187	115	111	144	195	122	146	154
Tax %	26.69	24.62	26.79	21.34	25.86	24.04	27.43	25.25	25.47	25.28
Net Profit	110	129	137	90	83	109	141	91	109	115
EPS in Rs	2.11	2.50	2.63	1.65	1.52	2.08	2.76	1.67	2.04	2.12

Consolidated Profit Loss (in ₹ Crores)

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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	1,485	1,497	2,047	2,474	1,905	2,662	2,628	2,453	2,218	2,222
Expenses	995	1,083	1,471	1,814	1,356	1,938	1,883	1,809	1,703	1,698
Operating Profit	489	415	576	661	550	724	745	644	515	523
OPM %	32.96	27.70	28.14	26.70	28.85	27.19	28.34	26.26	23.22	23.56
Other Income	198	151	200	268	101	84	103	92	118	118
Interest	12	11	8.01	6.92	6.01	7.25	7.03	4.71	5.80	6.17
Depreciation	38	36	38	47	52	66	67	61	62	63
Profit Before Tax	505	519	730	874	593	735	774	670	565	572
Tax %	33.19	31.24	32.91	27.57	25.03	26.73	26.22	26.13	25.02	25.81
Net Profit	337	357	490	633	444	539	571	495	424	424
EPS in Rs	—	—	9.17	12.41	8.95	10.75	11.28	9.48	8.00	8.59
Dividend Payout %	46.10	32.13	67.89	64.94	74.12	79.11	90.87	94.99	94.26	—

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	100	200	200	200	250	240	240	240	240	481
Reserves	1,707	1,838	2,014	2,222	2,383	2,152	2,248	2,363	2,369	2,160
Borrowings	159	76	48	40	40	37	28	5.42	8.00	9.03
Other Liabilities	2,546	2,686	2,909	2,964	3,262	3,405	3,306	3,363	3,044	3,470
Total Liabilities	4,511	4,799	5,170	5,426	5,935	5,833	5,822	5,972	5,661	6,119
Fixed Assets	475	405	401	477	590	584	560	552	535	596
CWIP	34	4.86	1.96	3.91	4.45	15	58	101	174	48
Investments	221	329	134	142	261	289	205	130	109	405
Other Assets	3,781	4,060	4,633	4,803	5,079	4,944	5,000	5,189	4,843	5,070
Total Assets	4,511	4,799	5,170	5,426	5,935	5,833	5,822	5,972	5,661	6,119

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	471	555	410	164	317	516	310	560	432	637
Cash from Investing Activity	-473	-56	-454	139	50	194	62	163	-315	-205
Cash from Financing Activity	-0.26	-215	-217	-279	-419	-708	-376	-483	-504	-405
Net Cash Flow	-2.85	284	-261	24	-52	1.84	-4.72	239	-387	27

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	72.20%	72.20%	72.20%	72.20%	72.20%	72.20%	72.20%	72.20%	72.20%	72.20%	72.20%	72.20%
FIIs	3.38%	3.45%	3.98%	3.21%	4.18%	3.50%	3.19%	3.34%	3.33%	3.47%	3.52%	3.46%
DIIs	15.90%	15.25%	12.72%	12.28%	11.10%	10.78%	9.64%	8.83%	8.67%	8.64%	8.66%	8.64%
Public	8.52%	9.11%	11.10%	12.31%	12.52%	13.51%	14.97%	15.63%	15.80%	15.69%	15.62%	15.70%
Total Shareholders	1,11,701	1,23,074	1,45,094	1,62,986	2,35,296	2,65,984	3,50,236	3,91,469	4,11,725	4,02,334	4,03,176	3,92,562

Market Transactions

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Available on Pro Plan