Rail Vikas Nigam LimitedInfrastructure & ConstructionRVNL
Q1 FY27 earnings callRail Vikas Nigam Limited
RVNL started FY27 positively with strong order book and revenue growth, focusing on diversification into ports, hydro, highways, and international markets.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Order Book | INR 93,492 crore | — | |
| Q1 Order Inflow | INR 5,417 crore | — | |
| Standalone Turnover | INR 4,300 crore | 9.62% | |
| Standalone PAT | INR 155 crore | 21.72% | |
| Standalone EBITDA Margin | 3.99% | — |
Financials
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹4,567.38 Cr-2.6% YoY-5.9% QoQ | ₹311.58 Cr-13.1% YoY+8.6% QoQ | ₹1.49-13.4% YoY+8% QoQ |
| Q2 FY25 | ₹4,854.95 Cr-1.2% YoY+19.2% QoQ | ₹286.90 Cr-27.3% YoY+28.1% QoQ | ₹1.38-27% YoY+29% QoQ |
| Q1 FY25 | ₹4,073.80 Cr-26.9% YoY-39.3% QoQ | ₹223.92 Cr-34.7% YoY-53.2% QoQ | ₹1.07-35.2% YoY-53.3% QoQ |
| Q4 FY24 | ₹6,714.01 Cr+17.4% YoY+43.2% QoQ | ₹478.39 Cr+33.2% YoY+33.4% QoQ | ₹2.29+33.1% YoY+33.1% QoQ |
| Q3 FY24 | ₹4,689.33 Cr-6.4% YoY-4.6% QoQ | ₹358.57 Cr-6.2% YoY-9.1% QoQ | ₹1.72-6% YoY-9% QoQ |
TL;DR
- Order book stands at INR 93,492 crore, with new inflows of INR 5,417 crore in Q1.
- Targets additional work orders of INR 20,000 crore for the year, with INR 5,000 crore already received in Q1.
- Standalone revenue grew 9.62% YoY to INR 4,300 crore; PAT grew 21.72% YoY to INR 155 crore.
- EBITDA margin improved to 3.99% from 2.08% a year ago.
- Focusing on securing projects on a fixed-margin (PMC) basis to improve profitability.
- Key projects include BharatNet (INR 13,000 crore), Vande Bharat sleeper trains (INR 14,400 crore), and Rishikesh-Karnaprayag rail line (INR 37,000 crore).
Said on the call
“Our target for business development or increasing the order book is almost INR 20,000-25,000 crore for this year, out of which already INR 5,500 crore of works have been entrusted to us.”
From the Q&A
| Topic | What management said |
|---|---|
| Order Book Mix and Margins | Management stated 40% of order book is railway management works (8-10% margin), 20% is railway bidding works, and the rest are other PMC or bidding projects. They aim for a 50-50 mix between railway management and bidding works in three years. |
| BharatNet Project | Initially faced challenges, but execution has improved; work is in full swing in UP West and East. Payment issues with BSNL are being resolved, with some payments received. |
| International Strategy | Focusing on Central Asia, Middle East, Eastern Europe, Southeast Asia, and Africa for railways, metros, highways, and power transmission projects. Expect margins of 15-20% overseas versus 5-6% domestically for bidding works. |
| Financial Guidance and Outlook | Confirms guidance of 15% top-line and 15-20% bottom-line growth for FY27, citing Q1 PAT growth of 19% YoY. For the next three years, expects EBITDA margin of 5-7% and ROE of 12-13%. |
| Funding and Debt | Currently not looking for debt, managing from internal resources. Has bank arrangements for working capital at 5.5-5.9% interest if needed, potentially for BharatNet. |
| Challenges and Risks | Identified geopolitical situation, labor availability, and client payments as key challenges. For international projects in volatile regions, proper risk assessment and premium inclusion are done. |
Guidance
- Targeting additional work orders of around INR 20,000 crore for the year.
- Expects top line to grow by around 15% and bottom line by approximately 15-20% in FY27.
- Aims for EBITDA margin of 5-7% and ROE of 12-13% over the next three years.
- Expects order book mix to evolve to 50% railway management and 50% bidding works in three years.
Source
Summary written from the transcript filed by Rail Vikas Nigam Limited for the call held on 13 Aug 2026; published 22 Aug 2026, 10:29 IST.