Rail Vikas Nigam Limited (RVNL)

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Rail Vikas Nigam Limited (RVNL) · mywealthgrid

About

Rail Vikas Nigam Limited operates in civil construction within the Industrials sector, with a market capitalization of ₹47,402 crore. Recent quarterly revenue ranges ₹4.3–6.7 crore with stable but thin operating margins of 3–4%.

Face value: ₹10

Market cap

₹41,075 Cr

P/E

45.7×

P/B

4.2×

Dividend yield

1.7%

ROE

ROCE

10.2%

Debt / equity

0.49

OPM

3.8%

EPS (TTM)

₹4.3

Book value

₹47.1

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

PE of 52.7 with ROE of 9.02% and OPM of 3.76% indicates valuation premium disconnected from profitability — verify whether earnings growth justifies the multiple.
Stock down 34.39% over one year, now at ₹227 vs 52-week low ₹221 — investigate market reset (demand, execution, or sector headwinds).
Thin operating margin of 3.76% leaves minimal buffer for cost inflation, project delays, or contract disputes typical in construction — verify contract protections and cost escalation clauses.
FII holdings collapsed from 4.86% to 2.41% in one quarter (Mar–Jun 2026) — verify whether this reflects concern over order pipeline, margins, or broader sector rotation.

Generated analysis · source review pending

Growth drivers

Mar 2026 revenue spike to ₹6.7 crore significantly exceeded recent quarterly trend — verify whether pipeline supports sustaining higher revenue base.
Dividend payments across 2023–2026 suggest management confidence in cash flow; verify order visibility underpinning these returns given thin 3.76% margins.
D/E of 0.49 provides borrowing capacity if capital-intensive opportunities emerge — verify tender pipeline, order-backlog depth, and project-cycle visibility ahead.
Operating margin range (3.31%–5.11% across recent quarters) shows execution consistency — verify whether contract mix or scale improvements can shift margins toward upper bound.

Generated analysis · source review pending

1,841 historical price candles were omitted because the exchange source has not been verified.

₹197.0-0.5%1Y

Quick read

rule-based

Pros

+Dividend payout of 79.5% of profit
+High promoter holding of 72.8% with no pledge

Cons

−Thin operating margin of 3.8%
−Profit declined 1.1% a year over the last 5 years
−Modest revenue growth of 5.8% a year over the last 5 years

Research score

Structured signal from quality, growth, valuation and momentum.

28/100

Business quality: 26
Growth: 30
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 150 NIFTY 200 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Larsen & ToubroLTLT	₹5,05,996 Cr	₹6,27,679 Cr	₹2,90,137 Cr	₹28,950 Cr	10.2%	₹16,590 Cr	6.6%	15.4%	15.5%	-142
Rail Vikas Nigam LimitedRVNLRVNL	₹41,075 Cr	₹45,888 Cr	₹20,825 Cr	₹891 Cr	3.8%	₹900 Cr	4.3%	10.2%	9%	66
Kalpataru Projects International LimitedKPILKPIL	₹23,167 Cr	₹26,474 Cr	₹27,380 Cr	₹2,277 Cr	8.3%	₹1,136 Cr	3.8%	20.3%	14.6%	-94
Nbcc (India) LimitedNBCCNBCC	₹20,898 Cr	₹20,898 Cr	₹12,752 Cr	₹656 Cr	4.8%	₹743 Cr	5.8%	29.3%	26.2%	-7,663
Irb Infrastructure Developers LimitedIRBIRB	₹20,533 Cr	₹40,541 Cr	₹7,686 Cr	₹4,182 Cr	52.1%	₹954 Cr	11.1%	6.1%	4.2%	67
Cemindia Projects LimitedCEMPROCEMPRO	₹20,254 Cr	₹21,120 Cr	₹10,185 Cr	₹1,058 Cr	10.2%	₹602 Cr	5.9%	44.8%	28.2%	-110
Engineers India LimitedENGINERSINENGINERSIN	₹17,577 Cr	₹17,577 Cr	₹3,878 Cr	₹750 Cr	17.7%	₹784 Cr	17.6%	28.8%	23.8%	-22
Techno Electric & Engineering Company LimitedTECHNOETECHNOE	₹11,614 Cr	₹11,686 Cr	₹3,356 Cr	₹469 Cr	14.2%	₹431 Cr	14.6%	13.6%	12%	-33
Ircon International LimitedIRCONIRCON	₹10,369 Cr	₹16,033 Cr	₹9,241 Cr	₹771 Cr	8.4%	₹524 Cr	6.5%	7.8%	9.2%	-469
Rites LimitedRITESRITES	₹10,068 Cr	₹10,068 Cr	₹2,458 Cr	₹555 Cr	22.9%	₹417 Cr	18.8%	19.3%	15.4%	-2,276
Welspun Enterprises LimitedWELENTWELENT	₹10,026 Cr	₹11,998 Cr	₹3,544 Cr	₹716 Cr	20.7%	₹308 Cr	10.9%	17.3%	12.5%	-422
Kec International LimitedKECKEC	₹9,912 Cr	₹15,015 Cr	₹23,506 Cr	₹1,599 Cr	7.1%	₹554 Cr	2.6%	23.1%	10.5%	-132

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	7,597	10,069	14,531	15,404	19,382	20,282	21,889	19,923	20,412
COGS	—	—	13,416	14,229	17,903	18,720	20,182	18,406	19,187
Gross profit	—	—	1,115	1,174	1,478	1,562	1,707	1,517	1,225
	7,220	9,544	345	295	192	156	250	296	364
	378	525	770	879	1,287	1,405	1,458	1,221	861
OPM %	5%	5.2%	5.3%	5.7%	6.6%	6.9%	6.7%	6.1%	4.2%
Depreciation	—	—	20	23	21	22	21	31	36
Interest	45	52	41	28	564	581	568	540	419
	231	285	246	309	800	996	1,186	1,000	775
Profit before tax	664	857	954	1,138	1,502	1,798	2,054	1,650	1,181
Tax	95	152	201	215	319	378	479	369	311
Tax %	14.2%	17.7%	21.1%	18.9%	21.3%	21%	23.3%	22.3%	26.3%
	570	705	753	922	1,183	1,421	1,574	1,282	871
PAT margin %	7.5%	7%	5.2%	6%	6.1%	7%	7.2%	6.4%	4.3%
EPS (₹)	2.7	3.4	3.6	4.4	5.7	6.8	7.6	6.2	4.2
EPS adjusted (₹)	2.7	3.4	3.6	4.4	5.7	6.8	7.6	6.2	4.2
	0%	2.7%	31.6%	10%	52.4%	5.3%	51.4%	28%	40.7%
Annual report	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	2,085	2,085	2,085	2,085	2,085	2,085	2,085	2,085	2,085
Reserves	3,924	4,396	—	3,551	4,240	5,240	6,661	7,486	7,737
Minority interest	—	—	—	—	—	—	0	0	—
	—	—	—	5,902	6,595	6,408	5,988	5,389	4,814
	2,275	5,608	—	2,683	7,145	4,689	4,878	5,522	7,066
Total equity & liabilities	8,284	12,089	—	14,221	20,066	18,422	19,612	20,482	21,702
	249	279	40	39	44	355	367	887	888
CWIP	9	9	—	47	1	1	94	0	0
Investments	1,231	1,586	—	1,730	1,810	1,982	2,405	2,700	2,781
	6,795	10,215	—	12,405	18,211	16,084	16,746	16,895	18,032
Total assets	8,284	12,089	—	14,221	20,066	18,422	19,612	20,482	21,702

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	7.7%	7.6%	7.6%	7.7%	7.8%	7.6%	6%
EBITDA margin %	5.2%	5.4%	5.7%	6.1%	6.2%	6.2%	5.7%	3.8%
EBIT margin %	5.2%	5.3%	5.6%	6%	6%	6.1%	5.5%	3.6%
PAT margin %	7%	5.2%	6%	6.1%	7%	7.2%	6.4%	4.3%
Working capital
Receivable days	23	—	23	18	17	18	27	96
Inventory days	—	—	1	1	0	0	0	2
Payable days	—	—	7	5	12	5	8	32
NWC days	—	—	17	14	5	13	20	66
Leverage
Current ratio	—	—	3.98	2.07	2.04	2.13	2.06	1.91
Debt to EBITDA	—	—	6.71	5.57	5.14	4.43	4.79	6.27
Debt to equity	—	—	1.05	1.04	0.87	0.68	0.56	0.49
Interest coverage	15.4	24.7	41.3	3.5	3.8	4.4	3.9	3.6
Asset turnover	0.83	—	1.08	0.97	1.1	1.12	0.97	0.94
Return ratios
Return on assets %	5.8%	—	6.5%	5.9%	7.7%	8%	6.3%	4%
Return on capital employed %	6.7%	—	10%	15.9%	16.5%	17.4%	14%	10.2%
Return on equity %	10.9%	—	16.4%	18.7%	19.4%	18%	13.4%	8.9%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	72.84%	72.84%	72.84%	72.84%	72.84%	72.84%	72.84%	72.84%	72.84%	72.84%	72.84%	72.84%
	2.32%	2.59%	2.32%	3.13%	5.05%	5.1%	5.07%	4.89%	4.66%	4.98%	4.86%	2.41%
	5.83%	6.09%	6.18%	6.77%	6.33%	6.16%	6.21%	6.38%	6.4%	6.38%	6.42%	6.6%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0.01%	0.01%	0.01%	0.01%
	19.01%	18.48%	18.66%	17.26%	15.78%	15.9%	15.88%	15.89%	16.09%	15.79%	15.87%	18.14%
No. of shareholders	—	—	—	—	—	—	—	—	22,79,946	22,07,488	21,90,491	22,10,914

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹201.8 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹202.2	+2.9	+1.5%	₹202.2	16,823	+465	5,348	1925
23 Nov 2026	₹201.9	+2.4	+1.2%	₹201.9	1,808	+81	702	1925
29 Dec 2026	₹201.6	+0.8	+0.4%	₹201.6	60	+60	73	1925

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 13 fund houses

Held by these funds

0.27%

of the company's equity

All mutual funds

0.36%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

41 schemes · 13 fund houses

		Shares
Arbitrage FundNEW	SBI Mutual Fund	13.73 L	28.82	0.06%	0.066%	—
IB32-Groww Nifty India Railways PSU ETF	Groww Mutual Fund	10.91 L	22.92	13.5%	0.052%	+1.38 L
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	5.51 L	11.58	0.28%	0.026%	+19,489
ETF Nifty Midcap 150	Nippon India Mutual Fund	5.41 L	11.37	0.28%	0.026%	+32,100
IB31-Groww Nifty India Railways PSU IndexNEW	Groww Mutual Fund	3.86 L	8.11	13.54%	0.019%	—
Nifty Midcap 150 Index Fund	Nippon India Mutual Fund	3.8 L	7.97	0.28%	0.018%	+6,963
Nifty Midcap 150 Index Fund	ICICI Prudential Mutual Fund	1.78 L	3.73	0.28%	0.009%	+5,829
Nifty Midcap 150 Index Fund	SBI Mutual Fund	1.72 L	3.6	0.28%	0.008%	+6,916

1–8 of 41

1 / 6

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

140 announcementsExport CSV

1 Oct 2026, 6:57 pmCompany Update

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

Award of Order / Receipt of Order PDF

Loading announcements…

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	7.7%	7.6%	7.6%	7.7%	7.8%	7.6%	6%
EBITDA margin %	5.2%	5.4%	5.7%	6.1%	6.2%	6.2%	5.7%	3.8%
EBIT margin %	5.2%	5.3%	5.6%	6%	6%	6.1%	5.5%	3.6%
PAT margin %	7%	5.2%	6%	6.1%	7%	7.2%	6.4%	4.3%
Working capital
Receivable days	23	—	23	18	17	18	27	96
Inventory days	—	—	1	1	0	0	0	2
Payable days	—	—	7	5	12	5	8	32
NWC days	—	—	17	14	5	13	20	66
Leverage
Current ratio	—	—	3.98	2.07	2.04	2.13	2.06	1.91
Debt to EBITDA	—	—	6.71	5.57	5.14	4.43	4.79	6.27
Debt to equity	—	—	1.05	1.04	0.87	0.68	0.56	0.49
Interest coverage	15.4	24.7	41.3	3.5	3.8	4.4	3.9	3.6
Asset turnover	0.83	—	1.08	0.97	1.1	1.12	0.97	0.94
Return ratios
Return on assets %	5.8%	—	6.5%	5.9%	7.7%	8%	6.3%	4%
Return on capital employed %	6.7%	—	10%	15.9%	16.5%	17.4%	14%	10.2%
Return on equity %	10.9%	—	16.4%	18.7%	19.4%	18%	13.4%	8.9%

3 disclosures

Person	Deal	Shares	Value	Holding	Filed
Bhanu Prakash	SellMarket Sale	140	₹331	0.00% → 0.00%	3 Sept 20257(2)
Bhanu Prakash	SellMarket Sale	2,500	₹304	0.00% → 0.00%	1 Sept 20257(2)
Bhanu Prakash	SellMarket Sale	3,500	₹317	0.00% → 0.00%	28 Aug 20257(2)

Disclosed under SEBI’s insider-trading regulations, which require a filing only above ₹10 lakh in a quarter — smaller dealings are in no disclosure. Holdings are the filer’s own percentages, not recomputed.

48 deals · 24 Apr 2023 – 29 May 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
29 May 2026	INTEGRATED CORE STRATEGIES (ASIA) PTE. LTD.	Bulk	NSE	Buy	1,27,80,494	₹245.46	₹313.71 Cr
26 Dec 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	1,10,51,300	₹381.74	₹421.87 Cr
26 Dec 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	1,10,51,300	₹381.35	₹421.44 Cr
30 Aug 2024	UBS PRINCIPAL CAPITAL ASIA LIMITED	Bulk	NSE	Sell	1,31,37,854	₹606.83	₹797.24 Cr
10 Jul 2024	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	1,21,77,111	₹588.44	₹716.55 Cr
10 Jul 2024	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	1,18,46,225	₹588.29	₹696.90 Cr
9 Jul 2024	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	1,07,53,291	₹559.21	₹601.33 Cr
9 Jul 2024	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	1,03,74,818	₹556.99	₹577.87 Cr
8 Jul 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	1,11,03,624	₹553.88	₹615.01 Cr
8 Jul 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	1,11,03,624	₹553.48	₹614.56 Cr

1–10 of 48

1 / 5

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

31

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
1	0	0	₹38.0	160	₹0.0	0	0	0
4	0	0	₹40.0	170	₹0.7	142	+54	107
5	0	0	₹31.6	175	₹0.0	0	0	0
0	0	0	₹0.0	178	₹0.0	0	0	0
1	0	0	₹21.5	180	₹1.4	514	-9	194
0	0	0	₹0.0	183	₹1.7	169	+36	36
12	0	0	₹14.4	185	₹2.1	382	+34	123
0	0	0	₹0.0	188	₹2.5	163	+67	67

Shaded cells are in the money against the underlying close. Green and red mark the move against the previous close — on the premium for LTP, on the position for change in OI. Settlement prices are the exchange's, not the last trade.

Date	Category	Subject	Filing
1 Oct 2026, 6:57 pm	Company Update Award of Order / Receipt of Order	Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order	PDF
30 Sept 2026, 4:46 pm	Company Update Change in Directorate	Announcement under Regulation 30 (LODR)-Change in Directorate	PDF
30 Sept 2026, 1:06 pm	Company Update General	Outcome Of Board Meeting	PDF
29 Sept 2026, 6:10 pm	Company Update General	Entrustment Of Additional Charge Of Post Of Director (Finance) On The Board Of Rail Vikas Nigam Limited	PDF
22 Sept 2026, 7:05 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
19 Sept 2026, 7:12 pm	Company Update Award of Order / Receipt of Order	Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order	PDF
9 Sept 2026, 6:08 pm	Company Update Appointment of Statutory Auditor/s	Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s	PDF
4 Sept 2026, 7:55 pm	Company Update Award of Order / Receipt of Order	Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order	PDF

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-363	489	-962	657	4,800	-4,076	2,954	1,878	-1,894
	36	36	124	75	-1,427	1,355	-1,399	1,629	942
	-581	-581	827	416	-187	-1,036	-1,287	-1,484	-1,619
Net cash flow	-908	-56	-11	1,148	3,187	-3,757	269	2,023	-2,571
Free cash flow	—	—	—	514	4,786	-4,086	2,838	1,446	-1,955
CFO / Operating profit %	-96.1%	93.1%	-122.3%	74.7%	405.7%	-326.9%	218.4%	166.9%	-246.8%

Rail Vikas Nigam Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

3

Fund holders

Documents

Announcements

Events

Announcements

Announcements

3

Annual reports

Credit ratings

Investor Presentation and earnings call

12

1

31

Compounded sales growth

Compounded profit growth

Return on equity

Rail Vikas Nigam Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Futures3

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Announcements

Quarterly record

Futures3

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends12

Board meetings1

Insider dealing

Bulk & block deals

Board and management

Option chain31

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

3

3

12

1

31