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Rail Vikas Nigam
Rail Vikas Nigam (RVNL) investor relations material
Rail Vikas Nigam Q4 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 25/26 earnings summary26 May, 2026
Executive summary
Maintained strong operational performance and timely project execution despite sectoral headwinds.
Audited standalone and consolidated financial results for the quarter and year ended 31 March 2026 were approved, with unmodified opinions from statutory auditors.
Achieved a diversified and robust order book, providing multi-year execution visibility.
Received a 'Very Good' MOU rating from the Department of Public Enterprises for FY 2024-2025.
Closure of the Kyrgyzindustry-RVNL CJSC joint venture in Kyrgyzstan was approved.
Financial highlights
Standalone order inflows: INR 4,644 crore in Q4 and INR 5,875 crore for FY 2025-2026; JV works added INR 1,201 crore.
Total order book at INR 99,262 crore as of March 31, 2026.
Standalone revenue from operations for FY 2025-26 was Rs. 20,012.26 crore, up from Rs. 19,869.35 crore year-over-year.
Standalone EBITDA declined 16.88% sequentially and 33.55% YoY; EBITDA margin dropped from 10.36% to 5.83% in Q4.
Standalone net profit after tax for FY 2025-26 was Rs. 800.48 crore, down from Rs. 1,188.62 crore year-over-year.
Consolidated revenue from operations for FY 2025-26 was Rs. 20,412.12 crore, up from Rs. 19,923.25 crore year-over-year.
Consolidated net profit after tax for FY 2025-26 was Rs. 870.66 crore, down from Rs. 1,277.79 crore year-over-year.
Interim dividend of INR 208 crore paid; final dividend of INR 148.03 crore recommended.
Final dividend of Rs. 0.71 per share recommended, in addition to interim dividend of Rs. 1 per share paid.
Outlook and guidance
Expecting revenue growth of 13%-20% and margin improvement in FY 2026-2027.
Margin recovery anticipated from Q1 FY 2027 after adjustment for onerous contracts.
No material liability is expected from the implementation of new labor codes notified by the Government of India effective 21 November 2025.
Execution and profitability expected to improve quarter-on-quarter.
The company continues to focus on the development of rail infrastructure as its primary operating segment.
Drivers of the FY26 operating cash flow deficit
Resolution status of KRCL interest receivables
Impact of C&AG comments on CTR accounting
Reason for negative cash flow in FY26
Recovery timeline for Krishnapatnam receivables
Delivery schedule for Vande Bharat trainsets
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Latest events from Rail Vikas Nigam
- Order book at INR 90,000 crore supports FY26 revenue guidance, but KRCL receivables and audit issues pose risks.RVNL
Q2 25/2630 Jun 2026 - Q3 FY26 revenue hit INR 4,936 crore, order book at INR 87,000 crore, interim dividend declared.RVNLQ3 25/2613 Apr 2026
- Q1 FY25 saw lower revenue and profit, but a robust order book and GST relief support outlook.RVNLQ1 24/252 Feb 2026
- Q3 FY25 net profit reached ₹311.58 crore, with a strong order book and key receivables outstanding.RVNLQ3 24/258 Jan 2026
- Order book at INR 1 lakh crore, FY25 revenue and profit declined, Rs. 1.72 dividend recommended.RVNLQ4 24/256 Jan 2026
- Revenue and profit declined, but a strong order book and project ramp-up signal recovery ahead.RVNLQ1 25/266 Jan 2026
- Stable profits and cash flow, but large JV receivable and charge claim remain key risks.RVNLQ2 24/252 Sep 2025
Next Rail Vikas Nigam earnings date
Q1 26/277 Aug, 2026
Rail Vikas Nigam
Next Rail Vikas Nigam earnings date
Q1 26/277 Aug, 2026
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