RVNL · Construction
Rail Vikas Nigam Ltd. reported revenue of ₹6,696 cr for January to March 2026, +4.2% on the year and +43.0% on the quarter. Over the last four quarters revenue comes to ₹20,412 cr, +2.5% on the four before.
Operating profit (EBITDA) was ₹269 cr, a margin of 4.0%, −272 bps on the year and −70 bps on the quarter. Over the last 8 quarters the margin has ranged from 1.4% to 6.7%, averaging 4.5%. Operating costs grew +7.2%, faster than revenue at +4.2%, so operating profit grew less than sales.
Net profit was ₹182 cr, −60.0% on the year and −43.8% on the quarter, with earnings per share of ₹0.90. Profit before other income, one-offs and tax grew faster, at −47.6%; other income, one-offs or tax held the headline back. The tax rate of 27% is in line with its recent average. Profit over the last four quarters totals ₹871 cr, −31.8% on the four before.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹4.20 over the last four quarters, the stock at ₹201.70 trades at 48.0 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Operating margin slipped on the year.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹4,914 cr | ₹4,689 cr | ₹6,714 cr | ₹4,074 cr | ₹4,855 cr | ₹4,567 cr | ₹6,427 cr | ₹3,909 cr | ₹5,123 cr | ₹4,684 cr | ₹6,696 cr | ₹4,321 cr |
| YoY | — | — | — | −27% | −1% | −3% | −4% | −4% | +6% | +3% | +4% | +11% |
| EBITDA margin | 6.1% | 5.3% | 6.8% | 4.5% | 5.3% | 5.2% | 6.7% | 1.4% | 4.2% | 4.7% | 4.0% | 4.3% |
| Other income, % of PBT | 67% | 77% | 52% | 87% | 72% | 79% | 43% | 138% | 68% | 74% | 36% | 66% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 18% | 22% | 23% | 26% | 26% | 25% | 16% | 23% | 33% | 22% | 27% | 29% |
| Net profit | ₹394 cr | ₹359 cr | ₹478 cr | ₹224 cr | ₹287 cr | ₹312 cr | ₹455 cr | ₹134 cr | ₹231 cr | ₹324 cr | ₹182 cr | ₹160 cr |
| YoY | — | — | — | −35% | −27% | −13% | −5% | −40% | −20% | +4% | −60% | +19% |
| Core profit YoY | — | — | — | −81% | −32% | −17% | +2% | −271% | 0% | +23% | −48% | — |
| EPS | ₹1.89 | ₹1.72 | ₹2.30 | ₹1.07 | ₹1.38 | ₹1.49 | ₹2.18 | ₹0.65 | ₹1.10 | ₹1.55 | ₹0.90 | ₹0.76 |
| Flags | 1 | 1 | 1 | 1 | 1 | 1 | ✓ | 2 | 1 | 1 | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Rail Vikas Nigam Ltd. reported revenue of ₹6,696 cr (+4.2% on the year) and net profit of ₹182 cr (−60.0% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved −47.6% on the year, against −60.0% for reported profit.
None of the 7 checks that could run raised a question.
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