NSE:RVNLNSEIndustrials
Rail Vikas Nigam Limited
📊 Engineering & Construction
Day ₹306
₹311 Oversold
52W ₹248
₹448 Oversold
₹306.20
▼ ₹2.43 (-0.79%)
Vol: 3,406,228 · Avg: 8,907,322
As of April 29, 2026 · 06:39 IST
COMPOSITE RISK SCORE
43 MODERATE
VAL:4/25 · FIN:10/25 · GRO:11/25 · TECH:18/25
📈 P/E RATIO
55.5x
Trailing
📖 P/B RATIO
6.7x
Price to Book
💰 EPS
₹5.52
TTM
🏛 MARKET CAP
₹63,843Cr
Large Cap
📊 ROE
13.4%
Return on Equity
📈 REV GROWTH
2.6%
YoY
🏢 Company Analysis · Rail Vikas Nigam Limited
💼 BUSINESS MODEL
  • Rail Vikas Nigam Limited, together with its subsidiaries, engages in rail infrastructure works in India and internationally..
  • The company undertakes rail project development and implementation, as well as provides financial resources mobilization services..
  • It also executes various railway projects, including new lines, doubling, gauge conversion, railway electrification, workshops, bridge work, mega and monumental bridges, metro and metropolitan transport projects, new lines, hilly railway projects, construction of cable stayed bridges, institutional buildings, track renewal, training institutes, railway and other safety works, traffic facilities, and road over bridges, etc..
  • In addition, the company engages in civil engineering; equipment and engine; installation of solar energy systems, and electricity transmission and control apparatus; installation and maintenance of underwater telecommunications and power cables; contracting of electrical fittings, ports and marine construction, dams, and tunnels; business planning and implementation; consulting; construction of rail links, subways, irrigation systems, canals, water main storage towers, transmission lines, and feeder bays; installation, maintenance, and repair of solar energy collectors; and operation and maintenance of railway facilities..
  • Operates in Engineering & Construction within the Industrials sector.
  • Workforce of 329 employees.
🏰 MOAT & COMPETITION
  • Large-cap (₹63,843 Cr) — established player with meaningful market presence.
  • Key competitors: Dilip Buildcon, Engineers India, Central Mine Pla, Larsen & Toubro.
🚀 CATALYSTS
  • Company's median sales growth is 27.1% of last 10 years
  • Rail Vikas Nigam Ltd (BOM:542649) Q3 2026 Earnings Call Highlights: Strong Order Book and ... (GuruFocus.com)
  • Rail Vikas Nigam Ltd (BOM:542649) Q2 2026 Earnings Call Highlights: Strong Order Book and New ... (GuruFocus.com)
⚖️ ASYMMETRY CHECK
  • Analyst target range: ₹183 — ₹334 (mean ₹240, 3 analysts).
  • Unfavorable asymmetry — limited upside +9% vs downside -40% (0.2x).
  • P/E of 55.5x — premium valuation, growth must sustain to avoid de-rating risk.
🔭 FUTURE OUTLOOK
  • Analyst consensus: None (3 analysts).
  • Latest quarter earnings change: +4% YoY — relatively flat.
✅ PROS
  • Company has been maintaining a healthy dividend payout of 29.8%
  • Company's median sales growth is 27.1% of last 10 years
❌ CONS
  • The company has delivered a poor sales growth of 6.52% over past five years.
  • Earnings include an other income of Rs.1,019 Cr.
  • Promoter holding has decreased over last 3 years: -5.36%
VALUATION
4/25
25% WEIGHT
  • P/E at 55x
  • P/B at 6.7x
  • Analyst target: ₹240 (-21.5%)
  • 1Y return: -14.3%
FINANCIAL HEALTH
10/25
25% WEIGHT
  • ROE: 13.4%
  • Profit margin: 5.7%
  • Revenue growth: 2.6%
  • Debt/Equity: 52%
GROWTH
11/25
25% WEIGHT
  • Revenue growth: 2.6%
  • Earnings growth: 4.0%
  • Beta: 1.00
  • Sector: Industrials
TECHNICAL
18/25
25% WEIGHT
  • RSI, MACD, MA crossovers
  • 200 DMA & 50 EMA position
  • Volume trend analysis
  • Price momentum signals
📈 Price Movement
🕯 Candlestick Chart
🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗
📉 Valuation Trends (at current CMP)
P/E Ratio at current CMP
217.4 171.8 126.2 80.6 35.0 '2015 '2016 '2017 '2018 '2019 '2020 '2021 '2022 '2023 '2024 '2025 TTM Mar 2015: 189.0 Mar 2016: 148.6 Mar 2017: 143.8 Mar 2018: 112.2 Mar 2019: 92.8 Mar 2020: 84.4 Mar 2021: 64.3 Mar 2022: 57.6 Mar 2023: 47.5 Mar 2024: 41.2 Mar 2025: 49.8 TTM: 55.7 55.7
💎 Valuation & Financial Metrics
P/E RATIO
55.5x
Trailing twelve months
P/B RATIO
6.7x
Price to Book value
ROE
13.4%
Return on Equity
PROFIT MARGIN
5.7%
Net profit margin
OPM
4.5%
Operating profit margin
ANALYST TARGET
₹240
Range: ₹183 - ₹334
Yahoo Finance ↗
PEG RATIO
11.14
Price/Earnings to Growth
EV/EBITDA
72.0x
Enterprise value ratio
CURRENT RATIO
N/A
Liquidity measure
DIVIDEND YIELD
0.88%
Annual yield
ROA
5.8%
Return on Assets
GROSS MARGIN
7.1%
Gross profit margin
INDUSTRY AVERAGES — CIVIL CONSTRUCTION
P/E 21.7x (above avg)
P/B 5.0x (sector fair)
ROCE 22.5% (below avg)
ROE 20% (sector good)
OPM 20% (sector good)
Div Yield 0.72%
D/E <30 (sector comfort)
📋 Quarterly Performance Trend
QuarterRevenueQoQ %Net ProfitQoQ %Op. Cash FlowEBITDA Margin
Q2 FY25 N/A— N/A— N/A N/A
Q3 FY25 ₹4,567 Cr— ₹311 Cr— N/A 12.4%
Q4 FY25 ₹6,427 Cr+40.7% ₹459 Cr+47.4% N/A 10.5%
Q1 FY26 ₹3,909 Cr-39.2% ₹135 Cr-70.7% N/A 7.4%
Q2 FY26 ₹5,123 Cr+31.1% ₹230 Cr+71.2% N/A 8.8%
Q3 FY26 ₹4,684 Cr-8.6% ₹323 Cr+40.2% N/A 11.3%
📊 Year-on-Year Trend
FYRevenueYoY %Net ProfitYoY %Op. Cash FlowYoY %
FY22 ₹19,382 Cr— ₹1,110 Cr— ₹4,793 Cr—
FY23 ₹20,282 Cr+4.6% ₹1,342 Cr+20.9% ₹-4,064 Cr-184.8%
FY24 ₹21,879 Cr+7.9% ₹1,551 Cr+15.6% ₹2,956 Cr+172.7%
FY25 ₹19,923 Cr-8.9% ₹1,281 Cr-17.4% ₹1,878 Cr-36.5%
📈 Revenue vs Earnings
🎯 EPS: Estimate vs Actual
💰 How Rail Vikas Nigam Limited Makes Its Money
Revenue ₹4.7K Cr Cost of Revenue ₹4.4K Cr Gross Profit ₹330 Cr Op. Expenses ₹118 Cr Operating Inc. ₹212 Cr Tax ₹91 Cr Interest ₹105 Cr Other ₹252 Cr Net Income ₹323 Cr (6.9% margin) Dec 2025 · All values in ₹ Crores
🏦 Snapshot of Rail Vikas Nigam Limited's Balance Sheet
Total Assets ₹19.8K Cr Cash & Equiv.: ₹1.1K Cr (5.6%) Receivables: ₹1.5K Cr (7.7%) Other Current: ₹8.9K Cr (44.9%) PP&E: ₹865 Cr (4.4%) Other Non-Curr.: ₹7.4K Cr (37.3%) Liab. + Equity ₹19.8K Cr Current Liab.: ₹5.4K Cr (27.6%) Long-Term Debt: ₹4.3K Cr (21.9%) Other Liab.: ₹429 Cr (2.2%) Equity: ₹9.6K Cr (48.4%) As of Sep 2025 · All values in ₹ Crores
💸 Looking into Rail Vikas Nigam Limited's Cash Flow
Operating CF ₹1.9K Cr Capital Exp. ₹432 Cr Free Cash Flow ₹1.4K Cr Dividends ₹440 Cr Retained / Other ₹1.0K Cr FY2025 · All values in ₹ Crores
📅 Quarterly Results Source: Screener ↗
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales +5,5724,9144,6896,7144,0744,8554,5676,4273,9095,1234,684
Expenses +5,2224,6164,4406,2583,8924,5994,3285,9943,8564,9064,464
Operating Profit34929824945618225623943353217221
OPM %6%6%5%7%4%5%5%7%1%4%5%
Other Income +289320358323264281326239238234308
Interest146133139150137141145117108100105
Depreciation66547779999
Profit before tax487480463625302389413546173342415
Tax %30%18%22%23%26%26%25%16%23%33%22%
Net Profit +343394359478224287312459134231324
EPS in Rs1.641.891.722.301.071.381.492.200.651.101.55
Raw PDF
📊 Profit & Loss Statement Source: Screener ↗
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales +7,59710,06914,53115,40419,38220,28221,87919,92320,143
Expenses +7,2159,53813,75714,52418,19919,03520,52518,79819,220
Operating Profit3825317738801,1831,2461,3541,125923
OPM %5%5%5%6%6%6%6%6%5%
Other Income +3313662468088311,0771,2661,0951,019
Interest455241458564581568540430
Depreciation5620232122213136
Profit before tax6648399581,2071,4301,7192,0301,6501,477
Tax %14%18%21%18%22%22%24%22%
Net Profit +5706887579921,1101,3421,5511,2821,148
EPS in Rs2.733.303.634.765.326.447.446.155.50
Dividend Payout %29%27%31%33%34%33%28%28%
🏦 Balance Sheet Source: Screener ↗
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital2,0852,0852,0852,0852,0852,0852,0852,0852,085
Reserves1,8392,3113,0343,5514,2405,1616,6377,4867,473
Borrowings +2,2593,0244,2575,9316,6436,4416,0335,4194,981
Other Liabilities +2,1014,6693,0192,6547,0974,6564,8225,4925,212
Total Liabilities8,28412,08912,39514,22120,06618,34419,57720,48219,751
Fixed Assets +2492793052923803553671,0271,003
CWIP21112553119405
Investments1,2311,5861,5881,7301,8101,9042,3812,5592,640
Other Assets +6,78310,21210,47612,14517,87516,08416,73516,89516,103
Total Assets8,28412,08912,39514,22120,06618,34419,57720,48219,751
💰 Cash Flow Statement Source: Screener ↗
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity +571-363-695-9624194,793-4,0642,9561,878
Cash from Investing Activity +-2536320124312-1,4311,355-1,4021,629
Cash from Financing Activity +-668-581319827416-189-1,048-1,287-1,484
Net Cash Flow-123-908-56-111,1483,173-3,7572672,023
Free Cash Flow385-454-721-9832774,678-4,1252,6301,447
CFO/OP372%-66%-101%-105%65%430%-295%252%208%
📈 Key Financial Ratios
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days303423212318171827
Inventory Days
Days Payable
Cash Conversion Cycle303423212318171827
Working Capital Days21709912212915493439
ROCE %9%12%13%12%16%16%17%18%15%
🏭 Industry Peers — Civil Construction
#CompanyCMPP/EMkt CapROCEQtr ProfitScore
1Dilip Buildcon ★₹47111.7₹7,64514.8%+349.1%54
2Engineers India₹25218.3₹14,19225.0%+219.3%54
3Central Mine Pla₹18621.7₹13,27038.1%-32.2%52
4Larsen & Toubro₹4,10533.1₹564,64914.5%+29.4%44
5Cemindia Project₹68525.1₹11,76327.6%+27.4%42
6NCC₹16614.0₹10,44721.7%-24.9%41
7Afcons Infrastr.₹33020.5₹12,12022.5%-0.2%39
8NBCC₹9438.3₹25,44533.2%-2.8%39
9Rail Vikas₹30655.7₹63,85414.7%+3.7%11
★ Dilip Buildcon ranks higher on combined P/E, ROCE, and growth metrics in Civil Construction
🏛 Shareholding Pattern
Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters72.84%72.84%72.84%72.84%72.84%72.84%
FIIs5.10%5.07%4.89%4.66%4.97%4.86%
DIIs6.16%6.21%6.38%6.39%6.37%6.42%
Government0.01%0.01%0.01%0.01%0.01%0.01%
Public15.89%15.87%15.89%16.08%15.79%15.87%
No. of Shareholders23,17,90323,71,56822,90,74522,79,94622,07,48821,90,491
🟢 CATALYSTS
🏆Positive Revenue Growth: Revenue growing at 2.6% YoY.
💹Sector Opportunity: Industrials / Engineering & Construction — positioned in growth sector.
🔴 RISKS
📜Elevated P/E (55.5x): Above sector expensive threshold of 50x.
💰Below Analyst Target: CMP above mean target — limited upside consensus.
🔓Market Risk: Broader market correction or sentiment shift could impact stock.
🕸 Factor Analysis · Radar
Momentum 6/10: 1M +22.7%, 6M -7.7%, RSI 61, MACD bullish, Below 200DMA Sentiment 3/10: Analyst upside -21.5%, Rec: none Value 2/10: P/E 55.5, P/B 6.7, PEG 11.14, EV/EBITDA 72.0 Quality 5/10: Margin 5.7%, D/E 52 Low Volatility 5/10: Beta 1.00, Ann. vol 38% Momentum 6 Sentiment 3 Value 2 Quality 5 Low Vol 5
Momentum 6/10
1M +22.7%, 6M -7.7%, RSI 61, MACD bullish, Below 200DMA
Sentiment 3/10
Analyst upside -21.5%, Rec: none
Value 2/10
P/E 55.5, P/B 6.7, PEG 11.14, EV/EBITDA 72.0
Quality 5/10
Margin 5.7%, D/E 52
Low Volatility 5/10
Beta 1.00, Ann. vol 38%
🎯 Decision Matrix
ActionIf Stock RisesIf Stock Falls
BUYBenefit from potential re-ratingFundamentals provide base support; P/E 55x vs sector median 22x is a risk
HOLDRetain existing position; wait for better entry; FII stake falling (-0.11%)Miss further upside if momentum continues; 1M return of +22.7% shows momentum
SELLLock in -14.3% 1Y return; redeploy into Dilip Buildcon at lower P/EAvoid further drawdown; P/E compression risk at 55x
REASONS TO BUY
  • Limited strong buy signals at current levels
REASONS TO SELL / AVOID
  • P/E of 55.5x is 2.6x the sector median of 22x
  • FII stake falling (-0.11%) — institutional exit signal
  • Dilip Buildcon offers lower P/E (11.7) with ROCE of 14.8% in the same sector
  • Trading above analyst target — consensus sees -21.5% downside
📰 Latest News
Rail Vikas Nigam Ltd (BOM:542649) Q3 2026 Earnings Call Highlights: Strong Order Book and ...
GuruFocus.com · 2026-02-06T17:01
Texmaco Rail & Engineering Ltd (BOM:533326) Q2 2026 Earnings Call Highlights: Strong ...
GuruFocus.com · 2025-11-12T19:01
Rail Vikas Nigam Ltd (BOM:542649) Q2 2026 Earnings Call Highlights: Strong Order Book and New ...
GuruFocus.com · 2025-11-12T17:03
Rail Vikas Nigam Ltd (BOM:542649) Q4 2025 Earnings Call Highlights: Strategic Diversification ...
GuruFocus.com · 2025-05-23T07:01
RECOMMENDATION
HOLD
COMPOSITE SCORE
43/100
Rail Vikas Nigam Limited trades at ₹306.20 with a composite risk score of 43/100. The stock scores 4/25 on valuation, 10/25 on financial health, 11/25 on growth, and 18/25 on technicals. The company is currently profitable with moderate return on equity.

The stock is trading near or above analyst consensus targets. Revenue growth is at 2.6%.

Within Civil Construction, Dilip Buildcon (P/E 11.7, ROCE 14.8%) ranks higher on techno-fundamental metrics and may be worth considering.

Bottom Line: Neutral for Industrials — wait for better entry or catalyst. The current recommendation is HOLD.
EXPENSIVE
RISK SCORE REPORT · NSE:RVNL · GENERATED APR 29, 2026 06:39 IST · DATA VIA YAHOO FINANCE + SCREENER.IN
DISCLAIMER: THIS IS NOT FINANCIAL ADVICE. DATA MAY BE DELAYED. ALWAYS VERIFY WITH OFFICIAL SOURCES BEFORE INVESTING.