Announcement
Announcement under Regulation 30 (LODR)-Change in Directorate 12 Oct - Shri Deepak Mohanty appointed Independent Director on RVNL board effective 06.10.2026.
Source: Bse
Rail Vikas Nigam Limited (RVNL)
Mid CapInfra stocks · Mid cap · NSE
Rail Vikas Nigam Limited (RVNL) is an infrastructure-focused company executing projects across rail infrastructure, metros, roads and highways, transmission, and port harbors. It primarily works for government entities and PSUs, focusing on project delivery and expanding business opportunities.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result16 Aug, 12:38 am IST
Score20 Oct, 05:15 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Infra P/E 15.4 (n=87)
Technical timing lens
Trend score and candlestick chart
30Bearishfull bear SMA stack · SMA20 -5.2% / mo · MACD + · near 52W low · sector -2.7pp vs Nifty 500 (3M)
Stock trend: 26
Sector RS: 35
Sector 3M: -8.3% vs Nifty 500 -5.6%
Infra FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
RVNLD candles · FIT view-35.9%Latest close ₹194.50 on 2026-10-19
Bar
-2.9%
RSI
42
MACD hist
0.65
52W pos
4%
2026-10-19O ₹200.21H ₹200.95L ₹194.01C ₹194.50Vol 19.7L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
RVNLNifty InfraNifty 500
- RVNL
- -14.3%
- Nifty 500
- -5.6%
- Nifty Infra
- -8.2%
- Vs Nifty 500
- -8.7 pp
Chart stats
19 Oct 2026- From 52W high
- -51.5%
- 52W range position
- 4%
- ATR (14)
- 3.0%
- Volume vs 20D
- 0.41x
- Avg traded value
- ₹88.6 Cr
- 20D price channel
- ₹186.9 - ₹214.3
₹400.7
₹186.9 - ₹400.7
₹5.8
Latest completed session
20-session average
30.4% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED14
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good60
Revenue +10.5% · PAT +19.4% YoY
Technical
Bearish30
Price trend and sector-relative-strength timing.
Valuation
Legacy model-615.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence64
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 60/100Rev +11% YoY · PAT +19% YoY · margin expansion · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,321 Cr | +10.5% | -35.5% |
| EBITDA | ₹185 Cr | +249.1% | -31.2% |
| Operating margin | 4.3% | +290 bps | +30 bps |
| PAT | ₹160 Cr | +19.4% | -12.1% |
| PAT margin | 3.7% | +27 bps | +98 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 45.10
- P/B
- 4.12
- EV/EBITDA
- 48.84
- Market Cap
- 40554.00Cr
Profitability
- ROE
- 9.02%
- ROCE
- 10.80%
- ROA
- 4.13%
- Dividend Y
- 0.89%
Growth (CAGR)
- Revenue 5Y
- 6.00%
- EPS 5Y
- -2.00%
- Revenue 3Y
- -1.63%
- EPS 3Y
- -13.00%
Balance Sheet
- Debt/Equity
- 0.62
- Interest Coverage
- 2.23×
- Altman Z
- 3.46
- Book Value
- 47.10
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 7/5
- OCF
- -1889.00 Cr
- EPS TTM
- 4.31
Shareholding
- Promoter Hold
- 72.84%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 3%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 20.4k+2.5% vs prev
Net Profit
₹ CrLatest: 871-31.8% vs prev
Return on Equity
%Latest: 11.3-34.1% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 42. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~5.5% over last month) — short-term momentum negative.
- RSI(14) at 42 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
3
RS percentile
Stage 4 Downtrend
1M return
-9.2%
3M return
-14.3%
6M return
-36.7%
1Y return
-40.9%
RS 1D
0
RS 20D
0
Sector rank
#14
Industry rank
-
Stage evidence
- Price is 19.3% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -4.8%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 59.33-1.48%
RS vs Nifty 50059
Valuation & peers
U-Score 14 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 14 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth2/25
Quality0/20
Balance Sheet7/15
Cash Flow3/10
Piotroski
3/9 (+1)
Penalties
1
Raw sum
14
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
14/100 · legacy band OVERVALUED
Positive drivers
- Balance sheet contributes 7/15 to the score.
- Cash flow contributes 3/10 to the score.
- Growth contributes 2/25 to the score.
Main drags
- Fair-value margin of safety is negative at -615.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
45.1
PB
4.1
EV/EBITDA
48.8
ROE
9.0%
ROCE
10.8%
FCF Yield
—
Debt/Equity
0.6
MoS
-615.2%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
14
Previous: 14
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-615.2%
Previous: -615.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
14
14
14
14
14
14
14
14
14
14
14
14
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹67.58
-187.8% MoS
Growth-justified P/E
6.3
Growth-justified Value
₹27.2
-615.2% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
BCPL
Small
BCPL Railway Infrastructure Limited
Railway Infrastructure
match 128
18
13.6
6.8%
-28%
OVERVALUED
E2ERAIL
SME
E To E Transportation Infrastructure Ltd.
Railway Infrastructure
match 123
23
30.7
10.4%
-27%
OVERVALUED
DHARARAIL
SME
Dhara Rail Projects Ltd.
Railway Infrastructure
match 115
71
13.2
35.7%
+46%
UNDERVALUED
IRCON
Small
Ircon International Limited
Construction & Engineering
match 88
17
19.2
8.2%
-33%
OVERVALUED
RITES
Large
RITES Limited
Construction & Engineering
match 86
41
23.1
15.4%
-245%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-04T07:53:20.281Z
Management commentary snapshot
Q4 FY26 revenue grew strongly QoQ and modestly YoY, but standalone EBITDA and PAT declined significantly QoQ and YoY due to onerous contracts and JV reconciliation adjustments, impacting profitability.
RVNL maintains a strong, diversified order book providing multi-year revenue visibility and demonstrated robust execution leading to revenue growth. However, significant margin erosion in Q4 FY26, attributed to specific contracts and adjustments, raises concerns. Management expects margin improvement in Q1 FY27, which requires close monitoring.
Current business mix
Order Book by Segment (as of Mar 31, 2026)
Latest issuer-disclosed distribution across 6 reported categories.
Railways57.4%
Signaling15.0%
Port, Roads, Highways10.5%
Metros10.0%
Power and Transmission4.0%
Hydro and Irrigation2.0%
Growth engines
Strong and Diversified Order Book
Total order book of INR 99,262 crore provides healthy multiyear execution visibility.
Increased Execution from Bidding Works
Execution from bidding works increased by 129% from FY25 to FY26, reaching INR 6,283 crores.
Government Emphasis on Infrastructure
Continued government emphasis on relevant perceptual development supports long-term growth prospects.
Diversified Infrastructure Opportunities
Actively encouraging opportunities in diversified infrastructure and emerging business areas.
Capacity and execution
BharatNet Project
INR 13,236 crore project for 8,206 km OFC infrastructure, achieved 15.01% physical progress.
Rishikesh Karnaprayag Rail Project
INR 37,000 crore, 125-kilometer project achieved 74% overall progress, with 96% tunnel excavation complete. Target completion by Dec 2029.
Vande Bharat Sleeper Train Sets
INR 14,400 crore project with 35 years maintenance. First prototype train set targeted for launch in December 2026.
Tailwinds
Government Infrastructure Push
Continued government emphasis on relevant perceptual development supports long-term growth prospects.
Strong JV and Subsidiary Performance
JVs and subsidiaries contributed INR 399.86 crore to consolidated revenue and INR 64.23 crore to PAT.
Positive MoU Rating
Achieved an MoU rating of 'very good' for FY25 from Department of Public Enterprises.
Headwinds
Market and Sectoral Headwinds
This year has been challenging for the company despite market and sectoral headwinds.
Profitability Pressure
UNDER_STRESSProfitability remained under pressure due to a few onerous contracts and reconciliation adjustments relating to joint ventures.
Cash Flow Challenges
Cash flow was a challenge due to INR 3,400 crores recoverable from Ministry of Railways, received in April.
Risk radar
Margin Pressure and Cost Burden
UNDER_STRESSPressure on margins and profitability remains a key area of concern, indicating increased cost burden during execution.
Receivables Management
UNDER_STRESSHigh receivables from Ministry of Railways and Krishnapatnam Railway Company pose a challenge to cash flow.
Execution Pace
Faster execution is a main challenge for achieving good revenue and margins.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Revenue shows strong sequential momentum (QoQ) indicating improved project activity, while YoY comparison provides a broader view of growth. Profitability declines are evident on both QoQ and YoY bases, highlighting sustained pressure.
Sector KPIs management disclosed
Standalone Order Inflow (Q4 FY26)
INR 4,644 crores
Standalone Order Inflow (FY26)
INR 5,875 crores
Total Order Book (as of Mar 31, 2026)
INR 99,262 crore
Standalone Revenue Growth (Q4 FY26)
47.6% QoQ; 0.72% YoY
Management forward view
Revenue and Margin Outlook for FY27
Management expects revenue to rise by 15-20% and margins to definitely increase, being much better than this year.
Focus on Faster Execution
The team is focusing on faster and timely execution using latest technologies like 5G functions, drones, and software dashboards.
Strategic Bidding and Diversification
Strategy includes focusing on railway works, PMC basis works from other PSUs, and selective bidding for 5-10% profit.
Q1 FY27 Margin Improvement
Adjustment for onerous contracts has been done, and management is hopeful for improved margins in Q1 FY27.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Standalone EBITDA Margin | 5.83% (Q4 FY26) | Improvement towards previous levels (e.g., 10.36% in Q3 FY26) in Q1 FY27 as guided by management. |
| Receivables from Krishnapatnam Railway Company | INR 1,116 crores | Progress on resolution and recovery timeline, with management hoping for receivables to be wiped out in two years. |
| Vande Bharat Sleeper Train Prototype Launch | Targeted for December 2026 | On-time delivery of the prototype and subsequent ramp-up of the 120-set order over five years. |
| Overall Revenue Growth | 0.72% YoY (Standalone Q4 FY26) | Achievement of management's expected 15-20% revenue growth for FY27. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
64Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 42nd percentile of the scored universe and 51st percentile within Infra. Main check: financial discipline is weak at 50/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
51 docs text-extracted · 33 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
42nd percentile
overall median 67 · Infra: 51st pctile, median 64 · Mid: 24th pctile, median 76
Evidence depth
Financial-only
51 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
50
watch · capital discipline
Results
60
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 72.8%.
- ▸Promoter pledge is zero.
- ▸7 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-1889 Cr.
- ▸ROCE trend is -3.9%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Rail Vikas Nigam Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 1 Oct - East Coast Railway cancelled RVNL's LOA for IP-based video surveillance system, without financial repercussions.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 30 Sep - Smt. Neeti Sarkar appointed Director (Finance) w.e.f. 30 Sep 2026; Shri Abhishek Kumar ceased.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 19 Sep - RVNL received East Coast Railway LOA for ₹404.88 crore project; execution over 912 days.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 9 Sep - CAG appoints M/s. Gandhi Minocha & Co. as RVNL statutory auditor for FY 2026-27.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 4 Sep - RVNL received ₹903.01 crore award from SJVN Thermal for Buxar project siding construction, to be executed in 36 months.
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 21 Aug - Updated FY2025-26 annual report, including C&AG comments, uploaded on RVNL website.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 20 Aug - RVNL received LOA from East Coast Railway for MSDAC work worth Rs161.02 crore, executable in 18 months.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 15 Jul - Newspaper Publication for Transfer of Unpaid Dividend/ Equity Shares of the Company to IEPF Authority
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 20 Jun - RVNL wins ₹2,977 crore NMDC contract for 10 MTPA buffer stockpiles and blending yard at Vizag, 42 months.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 17 Jun - RVNL receives LOA worth Rs 967.93 crore from East Coast Railway for a 3rd/4th line project.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 8 Jun - RVNL received ₹221.33 crore LOA from South East Central Railway for S&T works over 730 days.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.