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Rail Vikas Nigam Limited · Research view

Rail Vikas Nigam Limited

NSE: RVNLBSE: 542649ISIN INE415G01027Face value ₹10standalone
₹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

Profit lagging revenue

Revenue grew 2.5% but profit declined 32.1%, so the company kept less of each rupee of revenue as profit.

Revenue growth+2.5%Net profit growth−32.1%

Importance 74 / 95 · growth

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.

Net profit−1.1%/yrShare price45.7%/yr

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
₹20,012 cr
FY2026 net profit
₹800 cr
Net worth
₹8,863 cr
Total debt
₹4,777 cr
EPS (basic)
₹3.84
Listed
NSE · BSE
Reporting
Ind-ASApr–Mar

Peer set used on this page: 2 civil construction.

Section 04 · Business performance

Is the business growing?

Revenue & net profit — FY19 to FY26₹ crore · consolidated
₹'000 cr08152330012REVENUENET PROFIT10k607FY1915k790FY2015k941FY2119k1,087FY2220k1,268FY2322k1,463FY2420k1,189FY2520k800FY26
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
+10.3%over 7 years
Revenue growth
+0.7%vs last year
Net profit growth
−32.7%vs last year
Change in net profit since FY19
+32%

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

Latest quarters — Q2 '25 to Q1 '27₹ crore · consolidated
₹'000 cr02457001REVENUENET PROFIT5k287Q2 '255k312Q3 '256k459Q4 '254k134Q1 '265k231Q2 '265k324Q3 '267k182Q4 '264k160Q1 '27
RevenueNet profit
QuarterRevenueYoYNet profitYoYNet margin
Q2 FY254,855—287—5.9%
Q3 FY254,567−2.6%312−13.1%6.8%
Q4 FY256,427−4.3%459−4.0%7.1%
Q1 FY263,909−4.1%134−40.0%3.4%
Q2 FY265,123+5.5%231−19.7%4.5%
Q3 FY264,684+2.6%324+4.0%6.9%
Q4 FY266,696+4.2%182−60.4%2.7%
Q1 FY274,321+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?

Margins — FY19 to FY26% of revenue · consolidated
0%5%10%15%7.8%3.8%FY19FY20FY21FY22FY23FY24FY25FY26
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
7.8%
8-year range
7.2–11.6%
ROE FY2026
9.2%
ROCE FY2026
11.0%

ROE declined from 14.0% to 9.0% year on year.

Section 07 · Financial health

Is financial health improving?

Net worth — FY19 to FY26₹ crore · consolidated
₹'000 cr03694kFY194kFY205kFY216kFY226kFY238kFY249kFY259kFY26
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 flow vs net profit₹ crore · FY21–FY26
0k2k3k5k657941FY215k1kFY22-4k1kFY233k1kFY242k1kFY25-2k800FY26
Operating cash flowNet profit
Total debt
₹4,777 cr
Operating cash flow ÷ net profit
-2.40×FY2026
Free cash flow
₹−1,982 cr
Current ratio
1.89×
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?

Adjusted close — 2020-01 to 2026-10₹ per share · split / bonus adjusted
0k₹1972020202120222023202420252026
Watch

Over 5 years the stock returned 45.7% a year while profit shrank 1.1% a year.

Rule STOCK_RAN_AHEAD

Business vs stock — 5-year compound annual rate
Net profit-1.1%/yrShare price45.7%/yr
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%
RSI (14) · 0–10035.5 — neutral
0305070100OVERSOLDOVERBOUGHT35.5
Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

  • Watch
    Profit lagging revenue
    Revenue 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
  • Watch
    Sharp margin drop
    EBITDA margin dropped 3.1 percentage points in a single year, from 10.7% to 7.6% — worth investigating.
    MARGIN_SHARP_DROP · conviction 64
  • Watch
    Stock has run ahead of the business
    Over 5 years the stock returned 45.7% a year while profit shrank 1.1% a year.
    STOCK_RAN_AHEAD · conviction 64
  • Watch
    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.
    PRICED_FOR_GROWTH · conviction 62
  • Concern
    Returns at a multi-year low
    ROE of 9.0% is the lowest in 7 years (prior range 14.0% to 20.7%).
    ROE_AT_MULTI_YEAR_LOW · conviction 61
  • Watch
    Receivables stretching
    Receivable days rose from 27 to 96 — collections are slower.
    RECEIVABLE_DAYS_JUMP · conviction 50
  • Concern
    Profit fell
    Net profit fell 32.1% year on year (FY2025 → FY2026).
    PROFIT_DECLINED_YOY · conviction 48
  • Concern
    Returns declining
    ROE 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.

Income & balance sheet — ₹ crore, consolidated
MetricFY19FY20FY21FY22FY23FY24FY25FY26
Revenue10,06014,53115,40419,38220,28221,73319,86920,012
Total income10,33314,79615,73020,19121,28622,91520,88820,819
EBITDA8041,0521,2071,9912,2482,5292,1201,555
Profit before tax7589911,1561,4061,6441,9391,5501,102
Net profit6077909411,0871,2681,4631,189800
EPS (₹)2.93.84.55.26.17.05.73.8
Net worth3,7394,5004,9665,6316,4797,8678,6248,863
Total debt3,0244,2575,6726,6236,4085,9885,3894,777
Operating cash flow——6574,813−4,0802,9391,920−1,923
Free cash flow——5144,799−4,0902,8381,489−1,982
Key ratios — consolidated
RatioFY19FY20FY21FY22FY23FY24FY25FY26
Growth
Revenue growth YoY—44.46.025.84.67.2-8.60.7
Profit growth YoY—30.219.115.616.615.4-18.8-32.7
Profitability
EBITDA margin %8.07.27.810.311.111.610.77.8
Net margin %5.95.36.05.46.06.45.73.8
Return on equity %16.219.219.920.520.920.414.49.2
Return on capital %11.813.312.217.217.718.815.011.0
Leverage & cash
Debt to equity0.810.951.141.180.990.760.620.54
Cash flow ÷ profit——0.704.43-3.222.011.62-2.40
Current ratio1.853.163.982.112.022.112.051.89
Financials: BSE Integrated Filing inline XBRL (SEBI taxonomy), normalised to standard metric keys. Prices: NSE end-of-day, raw OHLC preserved; a corporate-action factor produces the adjusted series. The insight engine writes factual observations from fixed rules — it does not make recommendations. Not investment advice.