Rail Vikas Nigam (RVNL) Q4 25/26 earnings summary

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.