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State-owned railway consultancy exporting rolling stock and providing engineering, project management and rail infrastructure services.
State-owned railway consultancy exporting rolling stock and providing engineering, project management and rail infrastructure services.
Consultancy and project-management fees from Indian Railways and metro authorities provide the base, while exports of locomotives and coaches, sold or leased to foreign railways, make revenue lumpy by order. The Ministry of Railways is the majority owner.
In one line: A railway-focused AECOM, but government-owned.
Moat: narrow (regulatory licence, installed base). Government-owned position in Indian Railways consultancy with decades of institutional relationships.
Headquarters: Gurugram, India · Founded: 1974 · Employees: 3,035
Size Rites (RITES.NS) is an India Industrials company (Miscellaneous Commercial Services) with a market value of $990M, the 597th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹194.72 on 6 Nov 2026.
Performance Over six months the shares fell 14.9%, against -10.1% for the median peer and 0.0% for the India market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 10.6% over the last twelve months (peer median +4.1%); the operating margin is 19.8% (peer median 9.5%).
Valuation It trades at 19.7× forward earnings against a peer median of 16.9× (7th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 20% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is +15 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹24.6B | ₹24.0B | ₹21.8B | ₹24.4B | ₹26.0B |
| Revenue growth | — | +10% | -11% | -6% | — |
| Gross profit | ₹6.44B | ₹5.98B | ₹5.00B | ₹6.72B | ₹7.73B |
| EBITDA | ₹5.55B | ₹5.58B | ₹5.04B | ₹6.57B | ₹7.54B |
| Net income | ₹4.17B | ₹4.10B | ₹3.85B | ₹4.55B | ₹5.42B |
| Free cash flow | n/a | ₹3.44B | ₹5.60B | ₹3.66B | ₹4.75B |
| Capital expenditure | n/a | ₹620M | ₹1.33B | ₹1.37B | ₹1.36B |
| Total debt | n/a | ₹65.9M | ₹90.3M | ₹80.0M | ₹54.2M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Rites RITES.NS | $990M | -15% | +11% | 20% | 19.7× | 19.8% |
| IRCON International IRCON.NS | $1.08B | -33% | -3% | 7% | 15.4× | n/a |
| Balmer Lawrie & BALMLAWRIE.NS | n/a | -17% | n/a | n/a | n/a | n/a |
| RailTel Corp. of India RAILTEL.NS | $817M | -31% | +23% | 10% | 18.8× | 31.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | RITES.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.0% | +1.4% | 7th lowest of 21 |
| 6-month return | -14.9% | -10.1% | 8th lowest of 21 |
| Distance from 52-week high | -25.0% | -25.2% | 11th highest of 21 |
| Revenue growth (TTM) | +10.6% | +4.1% | 5th highest of 21 |
| Operating margin | 19.8% | 9.5% | 6th highest of 21 |
| Forward P/E | 19.7× | 16.9× | 7th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 19.8% | -2.0% | 2nd most demanding of 13 |
| Growth delivered (Del g) | +5.3% | +13.3% | 2nd lowest of 13 |
| Hurdle (Req g minus delivered) | +14.5 pp | -16.2 pp | 2nd most demanding of 13 |
| EV / EBITDA | 11.5× | 8.0× | 3rd most expensive of 12 |
| Net debt / EBITDA | -5.3× | 1.4× | least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Rites RITES.NS | India | $990M | -15% | +11% | 20% | 19.7× | 19.8% | +5.3% |
| Shanghai Action Education Tehnology 605098.SS | China | $991M | -10% | +15% | 40% | 16.3× | -3.0% | +16.4% |
| GL events GLO.PA | France | $991M | -14% | +6% | 10% | 8.7× | 3.1% | +29.1% |
| Shenzhen Boshijie Technology 301608.SZ | China | $1.00B | -20% | +15% | 14% | 20.9× | n/a | n/a |
| Willdan WLDN | United States | $1.01B | -25% | +18% | 7% | 14.5× | 15.4% | +11.8% |
| Graincorp GNC.AX | Australia | $1.02B | +9% | -2% | 0% | 46.7× | n/a | n/a |
| B2 Impact B2I.OL | Norway | $947M | +1% | +9% | 48% | 10.2× | -8.3% | +3.1% |
| Service Stream SSM.AX | Australia | $943M | +7% | +1% | 3% | 17.6× | 11.7% | +24.0% |
| Neurones NRO.PA | France | $1.04B | +5% | +7% | 9% | 17.1× | -8.3% | +10.3% |
| W.A.G. Payment Solutions EWG.L | United Kingdom | $935M | -4% | +16% | 3% | 17.5× | -1.7% | +12.2% |
| Wavestone WAVE.PA | France | $931M | -22% | +1% | 12% | 10.0× | -5.3% | +18.0% |
| Shaanxi Fenghuo Electronics 000561.SZ | China | $929M | -24% | +8% | -26% | n/a | n/a | n/a |
| Smartgroup SIQ.AX | Australia | $1.06B | +1% | +10% | 37% | 16.8× | -0.5% | +8.8% |
| Beijing Cuiwei Tower 603123.SS | China | $1.07B | -23% | -12% | -18% | n/a | n/a | n/a |
| Embedway Technologies (Shanghai) 603496.SS | China | $910M | -37% | +4% | 1% | 137.0× | 54.3% | +14.5% |
| BrightView BV | United States | $1.08B | -10% | +1% | 4% | 20.6× | n/a | n/a |
| Prosegur Cash CASH.MC | Spain | $1.09B | +5% | -5% | 11% | 9.6× | -13.0% | +5.7% |
| Zhejiang Meorient Commerce & Exhibition 300795.SZ | China | $890M | -1% | -3% | 18% | 29.6× | n/a | n/a |
| Xi'an High Voltage Apparatus Research Institute 688334.SS | China | $889M | -10% | +4% | 29% | 21.3× | -2.4% | +20.3% |
| FESCO 600861.SS | China | $1.11B | -18% | +4% | 1% | 10.4× | n/a | n/a |
| IP Group plc IPO.L | United Kingdom | $879M | +13% | -37% | 51% | 11.9× | n/a | n/a |