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Indian state-owned railway infrastructure builder executing new lines, doubling, electrification and bridges for Indian Railways.
Indian state-owned railway infrastructure builder executing new lines, doubling, electrification and bridges for Indian Railways.
Paid under construction contracts won from railway and state-government bodies, so income follows the order book and how fast work is completed, with much of the on-site building subcontracted. It is a state-owned company under the Ministry of Railways, and it has widened beyond rail into metro, roads and power transmission.
Moat: narrow (regulatory licence, customer qualification). Nominated executing agency for Indian Railways, largely non-competitive order flow.
Headquarters: New Delhi, India · Founded: 2003 · Employees: 964
Size Rail Vikas Nigam (RVNL.NS) is an India Industrials company (Engineering & Construction) with a market value of $4.27B, the 230th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹193.34 on 6 Nov 2026.
Performance Over six months the shares fell 37.4%, against -9.0% for the median peer and 0.0% for the India market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 5.4% over the last twelve months (peer median +13.3%); the operating margin is 4.1% (peer median 7.9%).
Valuation It trades at 46.0× forward earnings against a peer median of 18.1× (2nd most expensive of 21).
Capital Return on invested capital runs 13.5 points below its cost of capital (20.0% WACC).
Next results Next results expected around 14 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹208B | ₹204B | ₹199B | ₹219B | ₹203B |
| Revenue growth | — | +2% | -9% | +8% | — |
| Gross profit | ₹11.0B | ₹9.89B | ₹12.7B | ₹14.9B | ₹13.4B |
| EBITDA | ₹8.91B | ₹8.16B | ₹11.8B | ₹14.3B | ₹12.9B |
| Net income | ₹9.00B | ₹8.75B | ₹12.8B | ₹15.5B | ₹13.4B |
| Free cash flow | n/a | -₹17.4B | ₹17.8B | ₹24.9B | -₹42.2B |
| Capital expenditure | n/a | ₹610M | ₹4.32B | ₹3.40B | ₹612M |
| Total debt | n/a | ₹40.3B | ₹45.2B | ₹50.1B | ₹53.8B |
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 |
|---|---|---|---|---|---|---|
| Rail Vikas Nigam RVNL.NS | $4.27B | -37% | +5% | 4% | 46.0× | n/a |
| IRCON International IRCON.NS | $1.08B | -33% | -3% | 7% | 15.4× | n/a |
| Kalpataru Projects International KPIL.NS | $2.48B | +6% | +15% | 6% | 18.6× | 14.9% |
| Titagarh Rail Systems TITAGARH.NS | $967M | -20% | -10% | 10% | 34.8× | 45.4% |
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 | RVNL.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.3% | -3.0% | 10th highest of 21 |
| 6-month return | -37.4% | -9.0% | 5th lowest of 21 |
| Distance from 52-week high | -51.8% | -32.7% | 5th lowest of 21 |
| Revenue growth (TTM) | +5.4% | +13.3% | 7th lowest of 21 |
| Operating margin | 4.1% | 7.9% | 4th lowest of 21 |
| Forward P/E | 46.0× | 18.1× | 2nd most expensive of 21 |
| ROIC minus cost of capital | -13.5 pp | +3.2 pp | lowest of 18 |
| Net debt / EBITDA | 3.4× | 0.7× | 4th most indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Rail Vikas Nigam RVNL.NS | India | $4.27B | -37% | +5% | 4% | 46.0× | n/a | n/a |
| Offshore Oil Engineering 600583.SS | China | $4.22B | -6% | +7% | 8% | 12.1× | n/a | n/a |
| China Nuclear Engineering and Construction 601611.SS | China | $4.22B | -29% | -14% | 4% | 26.9× | n/a | n/a |
| Construction Partners ROAD | United States | $4.38B | -45% | +42% | 9% | 26.5× | 12.5% | +29.1% |
| Arcadis ARCAD.AS | Netherlands | $4.42B | +31% | -1% | 6% | 15.0× | 5.5% | +8.1% |
| Central New Energy 1735.HK | Hong Kong | $4.42B | -11% | +76% | 1% | 63.1× | n/a | n/a |
| INFRONEER 5076.T | Japan | $4.44B | +2% | +44% | 6% | 6.2× | 0.0% | +10.7% |
| MYR MYRG | United States | $4.09B | -40% | +23% | 6% | 18.1× | 14.0% | +10.2% |
| Guangdong Provincial Expressway Development 000429.SZ | China | $4.01B | +9% | +1% | 58% | 18.2× | n/a | n/a |
| Zhejiang Weiming Environment Protection 603568.SS | China | $4.01B | -27% | -25% | 36% | 11.0× | 6.4% | +15.0% |
| Exponent EXPO | United States | $3.99B | +37% | +15% | 21% | 32.6× | 10.8% | +7.8% |
| Wuxi Taiji Industry 600667.SS | China | $3.98B | +32% | -14% | 3% | 21.9× | 13.0% | +11.5% |
| Everus Construction ECG | United States | $3.91B | -53% | +33% | 8% | 12.2× | 13.9% | +11.5% |
| China Everbright Environment 0257.HK | Hong Kong | $3.91B | -11% | -5% | 29% | 7.0× | -0.1% | -8.5% |
| Argan AGX | United States | $3.89B | -59% | +29% | 15% | 20.5× | 0.3% | +19.2% |
| Guangdong Hongda 002683.SZ | China | $3.86B | -7% | +15% | 10% | 23.7× | 4.9% | +26.1% |
| Tutor Perini TPC | United States | $4.73B | +8% | +25% | 4% | 18.8× | 9.6% | +0.8% |
| Koninklijke BAM Groep BAMNB.AS | Netherlands | $3.85B | +37% | +7% | 3% | 11.5× | -5.2% | +0.8% |
| L&K Engineering 6139.TW | Taiwan | $3.81B | -23% | +78% | 17% | 6.5× | -9.1% | +41.0% |
| MAIRE MAIRE.MI | Italy | $4.81B | -12% | +7% | 7% | 14.7× | 2.9% | +22.1% |
| Budimex BDX.WA | Poland | $4.82B | +10% | +12% | 9% | 26.5× | 15.7% | +4.1% |