WatchTalking point
Profit lagging revenue
Revenue grew 2.5% but profit declined 32.1%, so the company kept less of each rupee of revenue as profit.
Importance 74 / 95 · growth
Rail Vikas Nigam Limited · Research view
Rail Vikas Nigam Limited
NSE: RVNLBSE: 542649ISIN INE415G01027Face value ₹10consolidated
₹197
−2.48% · 2026-10-01 · 52-wk ₹197–₹388
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
WatchTalking point
Sharp margin drop
EBITDA margin dropped 3.1 percentage points in a single year, from 10.7% to 7.6% — worth investigating.
Importance 64 / 95 · anomaly
WatchTalking point
Stock has run ahead of the business
Over 5 years the stock returned 45.7% a year while profit shrank 1.1% a year.
Importance 64 / 95 · business vs stock
WatchTalking point
Premium valuation, soft growth
The P/E of 45.85× is above the civil construction median (35.84×) while profit declined 32.1% last year.
Importance 62 / 95 · valuation
Section 03 · The company
Who is this company?
Classified by the exchange under Industrials › Construction › Construction › Civil Construction.
- Market cap
- ₹41,075 cr
- FY2026 revenue
- ₹20,412 cr
- FY2026 net profit
- ₹871 cr
- Net worth
- ₹9,818 cr
- Total debt
- ₹4,814 cr
- EPS (basic)
- ₹4.20
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 2 civil construction.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Watch
Revenue grew 2.5% but profit declined 32.1%, so the company kept less of each rupee of revenue as profit.
Rule PROFIT_SLOWER_THAN_REVENUE
- Revenue growth per year
- +10.6%over 7 years
- Revenue growth
- +2.5%vs last year
- Net profit growth
- −32.1%vs last year
- Change in net profit since FY19
- +23%
Net profit fell 32.1% year on year (FY2025 → FY2026).
Revenue has compounded at 10.6% a year over 7 years (₹10,069 → ₹20,412) — steady rather than rapid.
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 net profit was ₹160 cr, up 18.7% from ₹134 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 revenue was ₹4,321 cr, up 10.6% from ₹3,909 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Strength
Q1 FY27 EBIT was ₹315 cr, up 15.8% from ₹272 cr a year earlier.
Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 4,855 | — | 287 | — | 5.9% |
| Q3 FY25 | 4,567 | −2.6% | 312 | −13.1% | 6.8% |
| Q4 FY25 | 6,427 | −4.3% | 459 | −4.0% | 7.1% |
| Q1 FY26 | 3,909 | −4.1% | 134 | −40.0% | 3.4% |
| Q2 FY26 | 5,123 | +5.5% | 231 | −19.7% | 4.5% |
| Q3 FY26 | 4,684 | +2.6% | 324 | +4.0% | 6.9% |
| Q4 FY26 | 6,696 | +4.2% | 182 | −60.4% | 2.7% |
| Q1 FY27 | 4,321 | +10.6% | 160 | +18.7% | 3.7% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹20,825 crTTM
- EBITDA
- ₹1,579 crTTM
- EBIT
- ₹1,541 crTTM
- PBT
- ₹1,141 crTTM
- Net profit
- ₹896 crTTM
C. Corporate actions
18 Aug 2026DividendFinal Dividend - Rs. - 0.7100 — ₹0.71/share
11 Feb 2026DividendInterim Dividend - Rs. - 1.0000 — ₹1.00/share
21 Aug 2025DividendFinal Dividend - Rs. - 1.7200 — ₹1.72/share
23 Sept 2024DividendFinal Dividend - Rs. - 2.1100 — ₹2.11/share
20 Sept 2023DividendFinal Dividend - Rs. - 0.3600 — ₹0.36/share
6 Apr 2023DividendInterim Dividend - Rs. - 1.7700 — ₹1.77/share
22 Sept 2022DividendFinal Dividend - Rs. - 0.2500 — ₹0.25/share
24 Mar 2022DividendInterim Dividend - Rs. - 1.5800 — ₹1.58/share
30 Nov 2021DividendFinal Dividend - Rs. - 0.4400 — ₹0.44/share
8 Apr 2021DividendInterim Dividend - Rs. - 1.1400 — ₹1.14/share
8 Dec 2020DividendDividend - Rs. - 1.1400 — ₹1.14/share
6 Sept 2019DividendFinal Dividend - Rs. - 0.0900 — ₹0.09/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Concern
ROE of 9.0% is the lowest in 7 years (prior range 14.0% to 20.7%).
Rule ROE_AT_MULTI_YEAR_LOW
- EBITDA margin now
- 7.6%
- 8-year range
- 7.1–11.6%
- ROE FY2026
- 9.0%
- ROCE FY2026
- 10.2%
ROE declined from 14.0% to 9.0% year on year.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Net worth compounded at 12.2% a year over 7 years (₹4,396 → ₹9,818).
Rule NET_WORTH_COMPOUNDING
Operating cash flowNet profit
- Total debt
- ₹4,814 cr
- Operating cash flow ÷ net profit
- -2.18×FY2026
- Free cash flow
- ₹−1,953 cr
- Current ratio
- 1.91×
Section 08 · Relative position
How does it compare with peers?
Ranked against 2 civil construction (FY2026, consolidated).
Not enough peers in this set report the underlying metrics yet for a ranking.
Watch
The P/E of 45.85× is above the civil construction median (35.84×) while profit declined 32.1% last year.
Rule PRICED_FOR_GROWTH
- P / E
- 45.9×TTM to Jun 26
- P / B
- 4.2×latest book
- P / S
- 2.0×TTM sales
- Earnings yield
- 2.2%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 47.2× · P/S 1.9× · ROE 9.0%.
Section 09 · The stock
How has the stock performed?
Watch
Over 5 years the stock returned 45.7% a year while profit shrank 1.1% a year.
Rule STOCK_RAN_AHEAD
- 1-year return
- −42.8%
- 3-year return
- +16.3%
- 5-year return
- +556.7%
- From 52-wk high
- −49.2%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹217
- vs 200-day avg
- Below₹269
- RSI (14)
- 35.5neutral
- MACD histogram
- -0.1
- From 52-wk high
- −49.2%
- From 52-wk low
- 0.0%
- 30-day volatility
- 26.9%ann.
- 6-month return
- −21.1%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchProfit lagging revenueRevenue grew 2.5% but profit declined 32.1%, so the company kept less of each rupee of revenue as profit.PROFIT_SLOWER_THAN_REVENUE · conviction 74
- WatchSharp margin dropEBITDA margin dropped 3.1 percentage points in a single year, from 10.7% to 7.6% — worth investigating.MARGIN_SHARP_DROP · conviction 64
- WatchStock has run ahead of the businessOver 5 years the stock returned 45.7% a year while profit shrank 1.1% a year.STOCK_RAN_AHEAD · conviction 64
- WatchPremium valuation, soft growthThe P/E of 45.85× is above the civil construction median (35.84×) while profit declined 32.1% last year.PRICED_FOR_GROWTH · conviction 62
- ConcernReturns at a multi-year lowROE of 9.0% is the lowest in 7 years (prior range 14.0% to 20.7%).ROE_AT_MULTI_YEAR_LOW · conviction 61
- WatchReceivables stretchingReceivable days rose from 27 to 96 — collections are slower.RECEIVABLE_DAYS_JUMP · conviction 50
- ConcernProfit fellNet profit fell 32.1% year on year (FY2025 → FY2026).PROFIT_DECLINED_YOY · conviction 48
- ConcernReturns decliningROE declined from 14.0% to 9.0% year on year.ROE_DETERIORATED_YOY · conviction 46
- Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10,069 | 14,531 | 15,404 | 19,382 | 20,282 | 21,889 | 19,923 | 20,412 |
| Total income | 10,341 | 14,776 | 15,713 | 20,182 | 21,278 | 23,075 | 20,923 | 21,187 |
| EBITDA | 804 | 1,032 | 1,189 | 1,983 | 2,243 | 2,538 | 2,125 | 1,543 |
| Profit before tax | 758 | 971 | 1,138 | 1,399 | 1,640 | 1,949 | 1,555 | 1,087 |
| Net profit | 705 | 753 | 922 | 1,183 | 1,421 | 1,574 | 1,282 | 871 |
| EPS (₹) | 3.4 | 3.6 | 4.4 | 5.7 | 6.8 | 7.5 | 6.2 | 4.2 |
| Net worth | 4,396 | 5,116 | 5,567 | 6,397 | 7,325 | 8,746 | 9,571 | 9,818 |
| Total debt | 3,024 | 4,257 | 5,672 | 6,595 | 6,408 | 5,988 | 5,389 | 4,814 |
| Operating cash flow | — | — | 657 | 4,800 | −4,076 | 2,954 | 1,878 | −1,894 |
| Free cash flow | — | — | 514 | 4,786 | −4,086 | 2,853 | 1,447 | −1,953 |
| Ratio | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Growth | ||||||||
| Revenue growth YoY | — | 44.3 | 6.0 | 25.8 | 4.6 | 7.9 | -9.0 | 2.5 |
| Profit growth YoY | — | 6.8 | 22.4 | 28.2 | 20.1 | 10.8 | -18.6 | -32.1 |
| Profitability | ||||||||
| EBITDA margin % | 8.0 | 7.1 | 7.7 | 10.2 | 11.1 | 11.6 | 10.7 | 7.6 |
| Net margin % | 6.8 | 5.1 | 5.9 | 5.9 | 6.7 | 6.8 | 6.1 | 4.1 |
| Return on equity % | 16.0 | 15.8 | 17.3 | 19.8 | 20.7 | 19.6 | 14.0 | 9.0 |
| Return on capital % | 10.8 | 12.1 | 11.3 | 16.2 | 16.6 | 17.7 | 14.1 | 10.2 |
| Leverage & cash | ||||||||
| Debt to equity | 0.69 | 0.83 | 1.02 | 1.03 | 0.87 | 0.68 | 0.56 | 0.49 |
| Cash flow ÷ profit | — | — | 0.71 | 4.06 | -2.87 | 1.88 | 1.47 | -2.18 |
| Current ratio | 1.85 | 3.16 | 3.98 | 2.12 | 2.04 | 2.13 | 2.06 | 1.91 |