RITES · Construction
RITES Ltd. reported revenue of ₹557 cr for July to September 2026, +1.5% on the year and +4.7% on the quarter. That is faster than this quarter has grown in recent years (−2.8% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹2,466 cr, +11.2% on the four before.
Operating profit (EBITDA) was ₹122 cr, a margin of 21.9%, −178 bps on the year and +29 bps on the quarter. Over the last 8 quarters the margin has ranged from 20.3% to 30.9%, averaging 23.4%. Operating costs grew +3.8%, faster than revenue at +1.5%, so operating profit grew less than sales.
Net profit was ₹97.0 cr, −11.0% on the year and −1.0% on the quarter, with earnings per share of ₹1.79. Profit before other income, one-offs and tax grew faster, at −6.3%; other income, one-offs or tax held the headline back. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹449 cr, −0.2% on the four before.
Of the 58 companies in Capital goods and EPC that have reported Q2 FY27 so far, RITES Ltd. ranks 52nd on revenue growth; the sector median is +19.8%. Its margin moved −178 bps on the year against a sector median of +6 bps.
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 ₹8.42 over the last four quarters, the stock at ₹196.80 trades at 23.4 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. 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.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹683 cr | ₹643 cr | ₹486 cr | ₹541 cr | ₹576 cr | ₹602 cr | ₹490 cr | ₹549 cr | ₹609 cr | ₹768 cr | ₹532 cr | ₹557 cr |
| YoY | — | — | −11% | −7% | −16% | −6% | +1% | +1% | +6% | +28% | +9% | +1% |
| EBITDA margin | 24.7% | 27.4% | 21.8% | 19.6% | 20.3% | 30.9% | 23.3% | 23.7% | 23.3% | 21.9% | 21.6% | 21.9% |
| Other income, % of PBT | 11% | 14% | 22% | 20% | 31% | 14% | 20% | 24% | 19% | 19% | 25% | 21% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 27% | 21% | 26% | 24% | 27% | 25% | 25% | 25% | 25% | 25% | 26% |
| Net profit | ₹129 cr | ₹137 cr | ₹90.0 cr | ₹82.0 cr | ₹109 cr | ₹141 cr | ₹91.0 cr | ₹109 cr | ₹115 cr | ₹139 cr | ₹98.0 cr | ₹97.0 cr |
| YoY | — | — | −25% | −25% | −16% | +3% | +1% | +33% | +6% | −1% | +8% | −11% |
| Core profit YoY | — | — | −38% | −27% | −34% | +5% | +9% | +25% | +24% | −10% | 0% | −6% |
| EPS | ₹2.50 | ₹2.62 | ₹1.64 | ₹1.52 | ₹2.08 | ₹2.76 | ₹1.67 | ₹2.04 | ₹2.12 | ₹2.70 | ₹1.81 | ₹1.79 |
| Flags | · | · | 1 | 1 | 2 | ✓ | ✓ | ✓ | ✓ | 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.
RITES Ltd. reported revenue of ₹557 cr (+1.5% on the year) and net profit of ₹97.0 cr (−11.0% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved −6.3% on the year, against −11.0% for reported profit.
None of the 8 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.