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Rail Vikas Nigam (RVNL) investor relations material
Rail Vikas Nigam Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q2 FY26 performance improved both sequentially and year-over-year, with strong project execution and business acquisition across legacy and new sectors.
Board approved unaudited standalone and consolidated financial results for Q2 and H1 ended 30 September 2025, with review by statutory auditors and audit committee.
Order book as of September 30 stands at approximately INR 90,000 crore, split between legacy railway projects (INR 43,000 crore) and new bidding projects (INR 46,000 crore).
Expansion into sunrise sectors like solar with battery storage, O&M for rolling stock, and international projects, including harbor projects in Maldives.
Focus on steady, long-term revenue streams through multimodal logistics parks and HAM projects.
Financial highlights
Standalone Q2 revenue from operations: ₹4,934.59 crore; H1 revenue: ₹8,859.89 crore.
Consolidated Q2 revenue from operations: ₹5,122.98 crore; H1 revenue: ₹9,031.75 crore.
Standalone Q2 net profit: ₹196.11 crore; H1 net profit: ₹323.96 crore. Consolidated Q2 net profit: ₹230.52 crore; H1 net profit: ₹364.88 crore.
Order inflow for Q2 FY26 was INR 852 crore; H1 FY26 order inflow totaled INR 2,000 crore.
FY25 order inflow was INR 18,000 crore, while FY26 is projected at INR 8,000–10,000 crore due to fewer large project wins and deferred tenders.
Outlook and guidance
Revenue guidance for FY26 remains at INR 21,000–22,000 crore, with a targeted 10% growth in FY27.
Order book provides stable revenue visibility for the next 3–4 years.
Management is evaluating the impact of audit qualifications and regulatory comments on future results.
Focus on improving margins by targeting higher-margin projects, including international and HAM model projects.
Adjustments related to interest and departmental charges for KRCL pending board decision.
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