RVNL

Rail Vikas Nigam Limited

Railway PSU executing rail projects, plus metros and highways

Industrials›Construction›Construction›Civil Construction

rvnl.org(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹199.45
Market cap
41,586 Cr
Stock P/E
46.2
P/B
4.22
Dividend yield
1.4%
ROE (FY26)
8.9%
ROCE (FY26)
10.9%
Operating margin (FY26)
3.6%
Debt / equity (FY26)
0.49
OCF / EBITDA (FY26)
-246.8%
OCF / EBITDA (3Y)
90.5%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

RVNL (Rail Vikas Nigam) builds and manages railway infrastructure projects, mainly for the Indian Railways, and also takes on metro, port, road, power transmission, hydro and irrigation work.

Company snapshot

2ndBy market cap

Ranked among 90 companies in Civil Construction.

What we see

Positives
  • ✓91% of operating profit came in as cash over the last three years — profits are backed by real cash.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales4,914 Cr4,689 Cr6,714 Cr4,074 Cr4,855 Cr4,567 Cr6,427 Cr3,909 Cr5,123 Cr4,684 Cr6,696 Cr4,321 Cr
Operating expenses (approx.)4,616 Cr4,440 Cr6,258 Cr3,892 Cr4,583 Cr4,328 Cr5,994 Cr3,856 Cr4,906 Cr4,464 Cr6,427 Cr4,137 Cr
EBITDA298 Cr249 Cr456 Cr182 Cr271 Cr239 Cr433 Cr53 Cr217 Cr221 Cr269 Cr185 Cr
OPM %6.1%5.3%6.8%4.5%5.6%5.2%6.7%1.4%4.2%4.7%4.0%4.3%
Other income296 Cr328 Cr280 Cr263 Cr281 Cr269 Cr187 Cr228 Cr210 Cr252 Cr85 Cr141 Cr
Interest133 Cr139 Cr150 Cr137 Cr141 Cr145 Cr117 Cr108 Cr100 Cr105 Cr98 Cr98 Cr
Depreciation6 Cr5 Cr4 Cr7 Cr7 Cr7 Cr9 Cr9 Cr9 Cr9 Cr10 Cr10 Cr
Profit before tax480 Cr463 Cr625 Cr302 Cr389 Cr413 Cr546 Cr173 Cr342 Cr415 Cr250 Cr224 Cr
Tax %17.8%22.5%23.5%25.8%26.3%24.5%15.9%22.5%32.7%21.9%27.4%28.6%
Net profit394 Cr359 Cr478 Cr224 Cr287 Cr312 Cr459 Cr134 Cr231 Cr324 Cr182 Cr160 Cr
EPS (₹)₹1.89₹1.72₹2.29₹1.07₹1.38₹1.49₹2.20₹0.65₹1.10₹1.55₹0.90₹0.76

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales5,915 Cr7,597 Cr10,069 Cr14,531 Cr15,404 Cr19,382 Cr20,282 Cr21,889 Cr19,923 Cr20,412 CrSign in free for the trailing twelve months
Operating expenses (approx.)5,633 Cr7,209 Cr9,538 Cr13,744 Cr14,524 Cr18,199 Cr19,035 Cr20,536 Cr18,798 Cr19,645 CrSign in free for the trailing twelve months
EBITDA282 Cr389 Cr531 Cr786 Cr880 Cr1,183 Cr1,247 Cr1,353 Cr1,125 Cr767 CrSign in free for the trailing twelve months
OPM %4.8%5.1%5.3%5.4%5.7%6.1%6.1%6.2%5.6%3.8%Sign in free for the trailing twelve months
Other income248 Cr225 Cr273 Cr246 Cr309 Cr800 Cr996 Cr1,186 Cr1,000 Cr775 CrSign in free for the trailing twelve months
Interest35 Cr45 Cr52 Cr41 Cr28 Cr564 Cr581 Cr568 Cr540 Cr419 CrSign in free for the trailing twelve months
Depreciation5 Cr5 Cr6 Cr20 Cr23 Cr21 Cr22 Cr21 Cr31 Cr36 CrSign in free for the trailing twelve months
Profit before tax543 Cr664 Cr857 Cr954 Cr1,138 Cr1,502 Cr1,798 Cr2,054 Cr1,650 Cr1,181 CrSign in free for the trailing twelve months
Tax %18.4%14.2%17.7%21.1%18.9%21.3%21.0%23.3%22.3%26.3%Sign in free for the trailing twelve months
Net profit443 Cr570 Cr705 Cr753 Cr922 Cr1,183 Cr1,421 Cr1,574 Cr1,282 Cr871 CrSign in free for the trailing twelve months
EPS (₹)₹2.13₹2.73₹3.38₹3.61₹4.42₹5.67₹6.81₹7.55₹6.15₹4.20Sign in free for the trailing twelve months
Dividend payout %————51.5%35.6%29.6%28.2%34.3%65.9%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital2,085 Cr2,085 Cr2,085 Cr2,085 Cr2,085 Cr2,085 Cr2,085 Cr2,085 Cr2,085 Cr2,085 Cr
Reserves1,472 Cr1,840 Cr2,311 Cr3,031 Cr3,482 Cr4,312 Cr5,240 Cr6,661 Cr7,486 Cr7,737 Cr
Borrowings2,437 Cr2,259 Cr3,024 Cr4,257 Cr5,672 Cr6,595 Cr6,408 Cr5,988 Cr5,389 Cr4,814 Cr
Other liabilities2,866 Cr2,384 Cr4,640 Cr3,019 Cr2,914 Cr6,888 Cr4,689 Cr4,878 Cr5,522 Cr7,070 Cr
Total liabilities8,860 Cr8,569 Cr12,060 Cr12,391 Cr14,152 Cr19,881 Cr18,422 Cr19,612 Cr20,482 Cr21,702 Cr
Fixed assets (net)8 Cr249 Cr251 Cr282 Cr272 Cr23 Cr27 Cr29 Cr537 Cr574 Cr
CWIP0 Cr0 Cr9 Cr18 Cr47 Cr1 Cr1 Cr94 Cr0.32 Cr0 Cr
Investments1,089 Cr1,232 Cr1,586 Cr1,585 Cr1,661 Cr1,882 Cr1,982 Cr2,405 Cr2,700 Cr2,781 Cr
Loans & advances——12 Cr10 Cr11 Cr5 Cr4 Cr4 Cr2 Cr2 Cr
Inventories766 Cr2 Cr4 Cr9 Cr23 Cr50 Cr0 Cr0 Cr0 Cr118 Cr
Trade receivables279 Cr935 Cr638 Cr835 Cr980 Cr938 Cr969 Cr1,077 Cr1,486 Cr5,371 Cr
Cash & bank1,255 Cr343 Cr285 Cr274 Cr1,421 Cr4,608 Cr837 Cr1,104 Cr3,127 Cr556 Cr
Other assets5,464 Cr5,808 Cr9,275 Cr9,379 Cr9,736 Cr12,374 Cr14,602 Cr14,899 Cr12,629 Cr12,299 Cr
Total assets8,860 Cr8,569 Cr12,060 Cr12,391 Cr14,152 Cr19,881 Cr18,422 Cr19,612 Cr20,482 Cr21,702 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity571 Cr-312 Cr-293 Cr-965 Cr657 Cr4,800 Cr-4,076 Cr2,954 Cr1,878 Cr-1,894 Cr
Cash from investing-25 Cr-18 Cr-82 Cr126 Cr75 Cr-1,427 Cr1,355 Cr-1,399 Cr1,629 Cr942 Cr
Cash from financing-668 Cr-581 Cr319 Cr827 Cr416 Cr-187 Cr-1,036 Cr-1,287 Cr-1,484 Cr-1,619 Cr
Net cash flow-123 Cr-912 Cr-56 Cr-11 Cr1,148 Cr3,187 Cr-3,757 Cr267 Cr2,023 Cr-2,571 Cr
Free cash flow (OCF − Capex)393 Cr-403 Cr-319 Cr-986 Cr514 Cr4,786 Cr-4,086 Cr2,838 Cr1,446 Cr-1,955 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %9.7%11.5%12.3%10.6%10.4%15.9%17.3%17.8%14.6%10.9%
ROE %12.5%14.5%16.0%14.7%16.6%18.5%19.4%18.0%13.4%8.9%
Debtor days17452321231817182796
Inventory days47000110002
Days payable7351975125832
Cash conversion cycle584218217145132066
OCF / EBITDA %202.5%-80.3%-55.2%-122.7%74.7%405.7%-326.9%218.4%166.9%-246.8%
OCF / EBITDA % (3 years)——-2.9%-92.0%-27.3%157.7%41.7%97.2%20.3%90.5%
Debt / equity0.690.580.690.831.021.030.870.680.560.49
Current ratio2.072.451.853.163.982.122.042.132.061.91
Net debt / EBITDA4.204.935.165.064.831.684.473.612.015.55