MarketFriction

Rail Vikas Nigam Ltd

NSE RVNL · BSE 542649 · Civil Construction
₹197.00 -2.36%
NSE close2026-10-01
52 week range195.15 - 400.70
Market cap₹41,263 Cr.
P/E45.9
IPO 2019 · +937% since Nifty 200Nifty 500Nifty Midcap 100Midcap 150 No price band Delivery 29.6%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales4,9144,6896,7144,0744,8554,5676,4273,9095,1234,6846,6964,321
Expenses4,6164,4406,2583,8924,5994,3285,9943,8564,9064,4646,4274,137
Operating Profit29824945618225623943353217221269185
OPM %6%5%7%4.5%5%5%7%1.4%4.2%4.7%4.0%4.3%
Other Income32035832326428132623623823430889147
Interest1331391501371411451171081001059898
Depreciation65477799991010
Profit before tax480463625302389413543173342415250224
Tax %18%22%23%26%26%25%16%23%33%22%27%29%
Net Profit394359478224287312455134231324182160
EPS in Rs1.891.722.301.071.381.492.180.651.101.550.900.76
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales4,5405,9157,59710,06914,53115,40419,38220,28221,87919,92320,41220,825
Expenses4,3235,6887,2159,53813,75714,52418,19919,03520,52518,79319,64519,934
Operating Profit2172283825317738801,1831,2461,3541,131767891
OPM %4.8%3.9%5%5%5%6%6%6%6%6%3.8%4.3%
Other Income1803563313662468088311,0771,2661,091869779
Interest2335455241458564581568545419400
Depreciation55562023212221313638
Profit before tax3705436648399581,2071,4301,7192,0301,6461,1811,231
Tax %19%18%14%18%21%18%22%22%24%22%26%
Net Profit4294435706887579921,1101,3421,5511,278871896
EPS in Rs2.062.132.733.303.634.765.326.447.446.134.204.31
Dividend Payout %9%58%29%27%31%33%34%33%28%28%41%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth16%6%0%5%
Compounded Profit Growth7%-2%-13%-24%
Stock Price CAGR%46%5%-42%
Return on Equity16%16%14%9%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital2,0852,0852,0852,0852,0852,0852,0852,0852,0852,0852,0852,085
Reserves9751,3371,4721,8392,3113,0343,5514,2405,1616,6377,4827,737
Borrowings2,5142,6242,4372,2593,0244,2575,9316,6436,4416,0335,4194,818
Other Liabilities10,56116,1692,8662,1014,6693,0192,6547,0974,6564,8225,4927,062
Total Liabilities16,13522,2168,8608,28412,08912,39514,22120,06618,34419,57720,47821,702
Fixed Assets6682492793052923803553671,0271,025
CWIP261321112553119400
Investments8961,0241,0891,2311,5861,5881,7301,8101,9042,3812,5552,645
Other Assets15,23221,1807,7516,78310,21210,47612,14517,87516,08416,73516,89618,032
Total Assets16,13522,2168,8608,28412,08912,39514,22120,06618,34419,57720,47821,702
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity113652571-363-695-9624194,793-4,0642,9561,881-1,889
Cash from Investing Activity-29100-2536320124312-1,4311,355-1,4021,629942
Cash from Financing Activity-152-182-668-581319827416-189-1,048-1,287-1,487-1,624
Net Cash Flow-68570-123-908-56-111,1483,173-3,7572672,023-2,571
Free Cash Flow104634385-454-721-9832774,678-4,1252,6301,450-1,949
CFO/OP112%543%372%-66%-101%-105%65%430%-295%252%207%-208%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days223930342321231817183396
Inventory Days
Days Payable
Cash Conversion Cycle223930342321231817183396
Working Capital Days267502170991221291549343998
ROCE %7%9%12%13%12%16%16%17%18%15%11%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters72.84%72.84%72.84%72.84%72.84%72.84%72.84%72.84%72.84%72.84%72.84%72.84%
FIIs2.32%2.59%2.32%3.13%5.05%5.10%5.07%4.89%4.66%4.97%4.86%2.41%
DIIs5.83%6.08%6.18%6.77%6.33%6.16%6.21%6.38%6.39%6.37%6.42%6.60%
Government0.00%0.00%0.00%0.00%0.00%0.01%0.01%0.01%0.01%0.01%0.01%0.01%
Public19.01%18.50%18.66%17.25%15.78%15.89%15.87%15.89%16.08%15.79%15.87%18.15%
No. of Shareholders13,41,09813,97,69918,44,55120,74,70922,96,18823,17,90323,71,56822,90,74522,79,94622,07,48821,90,49122,10,914

Fundamentals

Market Cap₹ 41,263 Cr.
Current Price₹ 198
Stock P/E45.9
Book Value₹ 47.1
ROCE10.8 %
ROE9.02 %
Dividend Yield0.86 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)5%
Compounded Profit Growth (TTM)-24%
Consolidated figures.
Valuation
Market capRs 41,075 Cr
Enterprise valueRs 44,925 Cr
P/E (TTM)45.66x
Price to book4.18x
Price to sales1.97x
EV / EBITDA26.91x
EV / EBIT27.53x
EV / sales2.16x
Earnings yield2.19%
Dividend yield0.87%
P/E, 3-year average50.31x
P/B, 3-year average6.34x
P/E, 5-year average33.55x
P/B, 5-year average4.41x
Profitability
Operating margin (excl. other income)3.76%
Operating margin (incl. other income)8.02%
EBITDA margin8.02%
Pre-tax margin5.91%
Net profit margin4.32%
Net margin, latest quarter3.69%
ROE9.02%
ROCE10.80%
ROA4.15%
ROE, 3-year average14.14%
ROCE, 3-year average14.60%
ROA, 3-year average6.24%
ROE, 5-year average16.15%
ROCE, 5-year average15.46%
ROA, 5-year average6.43%
ROIC (approx.)8.80%
Tax rate26.29%
Other income / net worth8.85%
Growth
Sales growth (latest year)2.45%
Profit growth (latest year)-31.54%
Sales CAGR, 3 years0.21%
Sales CAGR, 5 years5.79%
Profit CAGR, 3 years-13.29%
Profit CAGR, 5 years-2.48%
Sales growth QoQ-35.46%
Profit growth QoQ-14.81%
Sales growth YoY (latest quarter)10.55%
Profit growth YoY (latest quarter)18.46%
Per share
EPS (TTM)Rs 4.31
EPS (latest year)Rs 4.20
EPS (latest quarter)Rs 0.76
EPS, 3-year averageRs 5.92
EPS, 5-year averageRs 5.90
Book value per shareRs 47.11
Sales per shareRs 99.88
Cash flow per shareRs -9.06
Free cash flow per shareRs -9.35
Dividend per share (latest year)Rs 1.71
Dividend per share, 3-year averageRs 1.85
Dividend per share, 5-year averageRs 1.90
Dividends
Dividend payout40.76%
Dividend payout, 3-year average32.40%
Dividend payout, 5-year average32.93%
Efficiency
Asset turnover0.94x
Fixed asset turnover19.92x
Inventory turnover161.99x
Inventory days2 days
Debtor days96 days
Debtors turnover3.80x
Cash conversion cycle96 days
Working capital days98 days
Leverage
Total debtRs 4,818 Cr
Cash and bankRs 968 Cr
Net debtRs 3,850 Cr
Debt to equity0.49x
Net debt / EBITDA2.31x
Interest coverage4.08x
Current ratio (filing 2026-03-31)1.91x
Quick ratio (filing 2026-03-31)1.89x
Trade payables (filing 2026-03-31)Rs 1,682 Cr
Owners' fund to total sources45.26%
Debt to assets22.20%
Cash flow
Cash from Operating Activity (latest year)Rs -1,889 Cr
Cash from Investing Activity (latest year)Rs 942 Cr
Cash from Financing Activity (latest year)Rs -1,624 Cr
Net Cash Flow (latest year)Rs -2,571 Cr
Free cash flow (latest year)Rs -1,949 Cr
FCFE (approx.: FCF + change in debt)Rs -2,550 Cr
Cash from ops / profit, 5 years0.60x
Statement figures
Net sales (TTM)Rs 20,825 Cr
Net sales (latest year)Rs 20,412 Cr
Sales (latest quarter)Rs 4,321 Cr
Operating profit excl. other income (latest year)Rs 767 Cr
Operating profit (latest quarter)Rs 185 Cr
Other income (TTM)Rs 779 Cr
EBITDA (TTM)Rs 1,670 Cr
PBDT (TTM)Rs 1,269 Cr
Profit before tax (TTM)Rs 1,231 Cr
Tax (latest year)Rs 311 Cr
Net profit (TTM)Rs 900 Cr
Net profit (latest year)Rs 875 Cr
Net profit (latest quarter)Rs 159 Cr
Depreciation (TTM)Rs 38 Cr
Depreciation (latest quarter)Rs 10 Cr
Interest (TTM)Rs 400 Cr
Cost of goods sold (latest year)Rs 19,190 Cr
Total expenditure (latest year)Rs 19,645 Cr
Total income (latest year)Rs 21,281 Cr
Share capitalRs 2,085 Cr
ReservesRs 7,737 Cr
Shareholders' fundsRs 9,822 Cr
Total assetsRs 21,702 Cr
Net blockRs 1,025 Cr
InvestmentsRs 2,645 Cr
ReceivablesRs 5,371 Cr
InventoryRs 118 Cr
Other liabilitiesRs 7,062 Cr
Shares outstanding (crore)208.50
Ownership
Promoter holding72.84% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 45.7 is at the 67th percentile of its own 7.6-year range (median 12.9, low 3.9, high 81.7).
P/B 4.18 is at the 58th percentile (median 2.26).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodRVNLNifty 50Difference
1 week-4.4%-2.8% -1.6 pts
1 month-5.5%-6.8% +1.3 pts
3 months-16.4%-7.6% -8.8 pts
6 months-21.1%+0.4% -21.5 pts
1 year-43.2%-9.9% -33.2 pts
2 years-63.1%-13.6% -49.6 pts
3 years+16.3%+14.2% +2.1 pts
5 years+556.7%+27.9% +528.8 pts
72 mutual fund schemes hold about ₹166 Cr. Over three months 22 bought more and 3 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
SBI Arbitrage Fund0.06%29 +306%
Kotak Arbitrage Fund(M0.02%19 +100%
Edelweiss Arbitrage Fund0.09%14 +12%
Motilal Oswal Nifty Midcap 150 Index Fund0.28%12 +2%
Mirae Asset Arbitrage Fund0.28%11 +31%
Mirae Asset Arbitrage Fund0.28%11 +31%
Aditya Birla SL Arbitrage Fund0.04%10 +77%
Groww Nifty India Railways PSU Index Fund13.54%8 +10%
Nippon India Nifty Midcap 150 Index Fund0.28%8 +1%
WOC Arbitrage Fund0.33%7 +87%
ICICI Pru Nifty Midcap 150 Index Fund0.28%4 +3%
SBI Nifty Midcap 150 Index Fund0.28%4 +2%
HDFC Arbitrage Fund(M0.01%3 +100%
Nippon India Arbitrage Fund0.01%2 +100%
Zerodha Nifty LargeMidcap 250 Index Fund0.14%2 +4%
Nippon India Arbitrage Fund(M0.01%2 +100%
HDFC NIFTY Midcap 150 Index Fund0.28%2 +2%
ICICI Pru Arbitrage Fund0.01%2
Motilal Oswal Nifty 500 Index Fund0.06%2 +4%
HDFC BSE India Sector Leaders Index Fund0.88%2 +5%
Aditya Birla SL Nifty Midcap 150 Index Fund0.28%1 +2%
Navi Nifty Midcap 150 Index Fund0.28%1 +2%
Aditya Birla SL BSE India Infrastructure Index Fund3.76%1 +15%
Tata Arbitrage Fund0.00%1
Nippon India Nifty 500 Equal Weight Index Fund0.18%1 +11%

Red flags

F-score 3 of 8
explainHigh accruals Profit exceeded operating cash by 13% of total assets in 2026
explainReceivables outrunning sales Receivables grew 201% vs sales +2% in 2026
lookProfit leans on other income Other income was 74% of pre-tax profit in 2026
lookAuditor change Auditor change 2026-09-09: Rail Vikas Nigam Limited has informed the Exchange regarding Change in Auditors of the company.
lookRegulator order or action Regulator order or action 2026-08-26: Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015-Imposition of fine by NSE for the quarter ended 30th June, 2026
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2025-09-02Bhanu Prakash-sell140Rs 0.00 CrMarket Sale
2025-08-29Bhanu Prakash-sell2,500Rs 0.00 CrMarket Sale
2025-08-26Bhanu Prakash-sell3,500Rs 0.00 CrMarket Sale
2025-08-25Bhanu Prakash-sell3,500Rs 0.00 CrMarket Sale
2023-07-28The President of India acting throPromoterssell11,175,708Rs 135.91 CrMarket Sale
2023-07-27The President of India acting throPromoterssell100,581,369Rs 1231.27 CrMarket Sale
2021-04-08The President of India acting throPromotersother127,923Rs 0.35 CrOff Market
2021-03-25The President of India acting throPromoterssell3,371,632Rs 9.28 CrMarket Sale
2021-03-24The President of India acting throPromoterssell197,562,294Rs 543.32 CrMarket Sale
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹4,321 Cr +10.5% vs Jun 2025. Net profit ₹160 Cr +19.4%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-08-18Dividend - Re 0.71 Per Share
2026-02-11Interim Dividend - Re 1 Per Share
2025-08-21Dividend - Rs 1.72 Per Share
2024-09-23Annual General Meeting/Dividend - Rs 2.11 Per Share
2023-09-20Annual General Meeting/Dividend - Re 0.36 Per Share
2023-04-06Interim Dividend - Rs 1.77 Per Share
2022-09-22Annual General Meeting/Dividend - Rs 0.25 Per Share
2022-03-24Interim Dividend Re 1.58 Per Share
2021-11-30 Annual General Meeting/Dividend - Rs 0.44 Per Share
2021-04-08 Interim Dividend - Rs 1.14 Per Share
2020-12-08 Dividend - Rs 1.14 Per Share
2019-09-06 Dividend - Rs 0.09 Per Share
DateTypeWhat it says
2026-10-01Order winCancellation of Letter of Award received from East Coast Railway
2026-09-30Director changeChange in Director(s) of the company.
2026-09-30Board meeting outcomeOutcome of Board Meeting
2026-09-29General UpdatesEntrustment of additional charge of post of Director (Finance) on the Board of Rail Vikas Nigam Limited
2026-09-22Concall / analyst meetSchedule of meet
2026-09-19Order winDisclosure under Regulation 30 of SEBI (LODR) Regulations, 2015- Letter of Acceptance from East Coast Railway
2026-09-09Change in AuditorsChange in Auditors of the company.
2026-09-04Order winDisclosure under Regulation 30 of SEBI (LODR) Regulations, 2015- Letter of Award from SJVN Thermal Private Limited (a wholly owned subsidiary of SJVN ...
2026-09-03UpdatesRail Vikas Nigam Limited emerges as the Lowest Bidder (L1) from East Coast Railway - Normal course of business of the Company.
2026-08-31CessationCessation of Mr Ajit Singh as Other of the company w.e.f. September 01, 2026.
2026-08-27Director changeChange in Director(s) of the company.
2026-08-26Regulatory actionDisclosure under Regulation 30 of SEBI (LODR) Regulations, 2015-Imposition of fine by NSE for the quarter ended 30th June, 2026
2026-08-25Regulatory actionDisclosure under Regulation 30 of SEBI (LODR) Regulations, 2015-Imposition of fine by BSE for the quarter ended 30th June, 2026
2026-08-25Shareholder meetingVoting results.
2026-08-25Shareholder meetingProceeding of 23rd Annual General Meeting of RVNL held on 25.08.2026.
2026-08-25Shareholder meetingSummary Proceedings of Annual General Meeting held on August 25, 2026
2026-08-20Order winDisclosure under Regulation 30 of SEBI (LODR) Regulations, 2015- Letter of Acceptance from East Coast Railway
2026-08-18Concall / analyst meetTranscript
2026-08-14AppointmentAppointment of Mr. Rakesh Bhalla as Non-Offical (Independent) Director on the Board of Rail Vikas Nigam Limited w.e.f. August 13, 2026.
2026-08-13Concall / analyst meetLink of Recording
2026-08-11Board meeting outcomeRail Vikas Nigam Limited has submitted to the Exchange, the financial results for the quarter ended Jun 30, 2026.
2026-08-06Concall / analyst meetSchedule of meet
2026-08-01UpdatesBusiness Responsibility and Sustainability Report for FY 2025-26.
2026-08-01Shareholder meetingNotice of Annual General Meeting to be held on August 25, 2026
2026-07-31CessationIntimation regarding Change in the Senior Management- Superannuation
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest0.70
Max pain (expiry 2026-10-27)210
Largest call open interest at210
Largest put open interest at200
Implied volatility, at the money36.0%
Underlying at snapshot197.00
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
Trade dateShares sold short
2026-09-3012,341
2026-09-297,705
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Rail Vikas Nigam Ltd?

Rail Vikas Nigam Ltd (RVNL) has a market capitalisation of Rs 41,263 Cr. at the 2026-10-01 close.

What is the P/E ratio of Rail Vikas Nigam Ltd?

Rail Vikas Nigam Ltd trades at a P/E of 45.9 on trailing twelve-month profit, at the 2026-10-01 close.

What were Rail Vikas Nigam Ltd's latest quarterly results?

In the Jun 2026 quarter, Rail Vikas Nigam Ltd sales was Rs 4,321 Cr (+10.5% vs Jun 2025) and net profit was Rs 160 Cr.

What is the 52-week high and low of Rail Vikas Nigam Ltd?

The 52-week high is Rs 400.70 and the 52-week low is Rs 195.15.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03