RITES (RITES) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 results were flat, with a strong order book of INR 8,800 crores, including INR 3,500 crores added in the last two quarters of the previous FY.

• Over 150 new or extension orders were secured during the quarter, maintaining a pace of one order per day.

• Interim dividend of ₹1.30 per share recommended, with a 94% payout for Q1FY26.

• Board approved unaudited standalone and consolidated financial results for Q1 FY26 and declared an interim dividend of ₹1.30 per share.

• Received awards for excellence in railway design and innovation in rail electrification.

Financial highlights

• Consolidated operating revenue grew by 0.8% year-over-year to ₹508 crore; total revenue up 0.7% to ₹512 crore.

• Standalone revenue from operations for Q1 FY26 was ₹455.73 crore, up slightly from ₹453.78 crore in Q1 FY25.

• Consolidated net profit after tax for Q1 FY26 was ₹90.89 crore, compared to ₹90.44 crore in Q1 FY25.

• EBITDA margin in Q1 exceeded annual guidance, supported by high-margin consultancy orders.

• PAT margin also higher in Q1, with annual targets of 20% EBITDA and 15% PAT margin.

Outlook and guidance

• Revenue from large, young orders to start in the latter part of FY26, aiming to surpass last year’s top line.

• Annual EBITDA margin expected at 20%, PAT margin at 15%.

• Export of locomotives to Mozambique commenced in Q2FY26.

• Continued focus on securing export orders every quarter.