Rail Vikas Nigam share price
NSE: RVNLBSE: 542649ConstructionMid Cap
Rail Vikas Nigam Limited · Face value ₹10 Face value. The nominal value of one share as the company issued it, the unit its share capital is counted in and a dividend can be stated as a percentage of; it has no link to the share price. Face value in the glossary · Listed Apr 2019 · Issue price ₹19
Last close ₹186.00up ₹1.90 (1.03%)BSE ₹186.10
Share price at the NSE close on 29 Oct 2026. Previous close ₹184.10.
29 Oct: open ₹184.60, high ₹186.44, low ₹182.71
52-week range of traded prices to 29 Oct 2026
₹177.86Low, 26 Oct 2026₹400.70High, 29 Dec 2025
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹38,781 Cr177th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- 43.11
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 3.95
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.92%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it.
- 9.3%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- 5.8%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026.
- 0.49
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 29,25,92426.7% delivered
About Rail Vikas Nigam
Rail Vikas Nigam Limited is a government company under the Ministry of Railways that builds railway lines, metros, highways, ports, power transmission and distribution networks, telecommunications networks and solar energy projects.12 Its main client is Indian Railways; others are central and state government ministries, departments and public sector companies.3 It generally works on a turnkey basis, meaning it handles a project's whole cycle, from design and contract awards to commissioning.3
It was established in 2003 as the executing arm of the Ministry of Railways, and received Miniratna status in 2013 and Navratna status in 2023, grades that give a state-owned company more freedom over its investment decisions.2 Since 2021 it has also bid competitively for metro, bridge, highway, building, port, transmission line, irrigation and signalling work.43 It runs 27 project implementation units at 23 locations and has wholly owned subsidiaries in the UAE, Uzbekistan, Saudi Arabia, Oman and South Africa.56 Under its original mandate it set up 5 project companies (special purpose vehicles) to build rail links as public-private partnerships.7 Its subsidiary HSRC Infra Services Limited bids for projects on its behalf and provides project management consultancy.7
The Government of India sold 12.16% of the company in an initial public offering in April 2019, then 9.64% in March 2021 and 5.36% in July 2023 through offers for sale (sales of existing shares on the stock exchange).7 Saleem Ahmad has been chairman and managing director since December 2025.8
Rail Vikas Nigam key points
Results
- In the quarter to Jun 2026, consolidated turnover was ₹4,321 crore, up 10.55% from a year earlier, and consolidated profit after tax was ₹159.52 crore, up 18.73%.9
- Consolidated EBITDA (earnings before interest, tax, depreciation and amortisation) was ₹190 crore in the quarter to Jun 2026, against ₹64.91 crore a year earlier; the EBITDA margin was 4.41%, against 1.66%.10
- In the year to Mar 2026, consolidated turnover was ₹20,412.12 crore and consolidated profit after tax ₹870.66 crore.11
Revenue mix
- Largest shares of standalone turnover by business12
Item year to Mar 2026 Railway 84.27% Energy 6.32% Highway 3.69%
Where revenue comes from
- Exports and overseas income were ₹909.08 crore in the year to Mar 2026, against ₹500 crore set in its performance agreement with the Department of Public Enterprises; overseas operations alone gave ₹533.21 crore.13
- As of its annual report of 21 Aug 2026, its solar installations in Uzbekistan (250 megawatts (MW) with battery storage) and Saudi Arabia (450 MW) were operating, and its first overseas order, a Maldives harbour, was 80% complete.1415
Order book
- The order book (work won but not yet carried out) was ₹93,492 crore at the end of June 2026; new orders in the quarter to Jun 2026 were ₹5,417 crore.16
- Order book by sector at the end of June 202617The company also named ₹12,000 crore under a heading it calls S&P; the sectors named are not a full split.
Item quarter to Jun 2026 Railways ₹58,000 crore Metros ₹5,700 crore Power and transmission ₹4,000 crore Ports, roads and highways ₹3,651 crore Hydro and irrigation ₹1,626 crore - On its call for the quarter to Jun 2026, the company said 40% of the order book is railway management work assigned to it and 20% railway work won in bids; the rest is consultancy or bid work in other sectors.18
Major projects
- Rishikesh-Karnaprayag rail line. The company said on its call for the quarter to Jun 2026 that the ₹37,000 crore, 125 km line in Uttarakhand was 78% complete, with about 97% of tunnel excavation done, and is targeted for completion by December 2029.19
- Vande Bharat sleeper trains. Kinet Railway Solutions, in which the company holds 25%, is making 120 Vande Bharat sleeper train sets at Latur; the programme is estimated at ₹14,400 crore for manufacturing and around ₹20,000 crore for maintenance over 35 years.2021
- Vande Bharat prototype. The company said on its call for the quarter to Jun 2026 that the first prototype Vande Bharat sleeper train set is targeted for December 2026.22
- BharatNet. The company is building the middle-mile part of BharatNet, the government's rural broadband network, for BSNL in eastern and western Uttar Pradesh, including 10 years of operation and maintenance.23
What the company expects
- The company said on its call for the quarter to Jun 2026 that it is targeting about ₹20,000 crore of new orders in the year to Mar 2027, in addition to its existing order book.24
- The company said on the call for the quarter to Jun 2026 that it hopes for an equal split of its order book between railway management and bid work within 3 years.25
- The company said on its call for the quarter to Jun 2026 that recent work earns margins (type unstated) of 8% to 10% in railway management, almost 7% in consultancy, over 5% to 6% in bids, and 15% to 20% expected overseas.26
- The company stated in its annual report for the year to Mar 2026 that it has set a 7% gross margin (revenue left after direct project costs) as the sustainable level for its combined portfolio.27
Recent events
- On 1 Oct 2026, the company said East Coast Railway had cancelled, by mutual consent and without financial repercussions, its award for an IP-based video surveillance system.28
- East Coast Railway issued the company a letter of acceptance dated 18 Sep 2026, worth ₹4,04,88,18,738 including GST (goods and services tax), for roadbed, bridges, ballast, track and allied works for a third line on the Khurda Road to Vizianagaram section.2930
- On 4 Sep 2026, the company disclosed a letter of award worth ₹9,03,00,68,492 including GST from SJVN Thermal for a rail siding for the 1320 MW Buxar thermal power project in Bihar.3132
- On 20 Jun 2026, the company disclosed a ₹2,977 crore award, including 18% GST, from NMDC for buffer stockpiles and a blending yard with 10 MTPA (million tonnes a year) handling capacity at Vizag.3334
Last updated
All 36 sources, each with its page
- 1. Annual report, 21 Aug 2026, page 123
- 2. Annual report, 21 Aug 2026, page 5
- 3. Annual report, 21 Aug 2026, page 124
- 4. Annual report, 21 Aug 2026, page 124
- 5. Annual report, 21 Aug 2026, page 68
- 6. Annual report, 21 Aug 2026, page 5
- 7. Annual report, 21 Aug 2026, page 124
- 8. Annual report, 21 Aug 2026, page 28
- 9. Earnings call, 18 Aug 2026, page 5
- 10. Earnings call, 18 Aug 2026, page 5
- 11. Annual report, 21 Aug 2026, page 5
- 12. Annual report, 21 Aug 2026, page 168
- 13. Annual report, 21 Aug 2026, page 120
- 14. Annual report, 21 Aug 2026, page 46
- 15. Annual report, 21 Aug 2026, page 92
- 16. Earnings call, 18 Aug 2026, page 5
- 17. Earnings call, 18 Aug 2026, page 5
- 18. Earnings call, 18 Aug 2026, page 12
- 19. Earnings call, 18 Aug 2026, page 6
- 20. Annual report, 21 Aug 2026, page 10
- 21. Annual report, 21 Aug 2026, page 92
- 22. Earnings call, 18 Aug 2026, page 6
- 23. Annual report, 21 Aug 2026, page 14
- 24. Earnings call, 18 Aug 2026, page 5
- 25. Earnings call, 18 Aug 2026, page 12
- 26. Earnings call, 18 Aug 2026, page 13
- 27. Annual report, 21 Aug 2026, page 10
- 28. Exchange filing, 1 Oct 2026, page 1
- 29. Exchange filing, 19 Sep 2026, page 1
- 30. Exchange filing, 19 Sep 2026, page 2
- 31. Exchange filing, 4 Sep 2026, page 1
- 32. Exchange filing, 4 Sep 2026, page 2
- 33. Exchange filing, 20 Jun 2026, page 1
- 34. Exchange filing, 20 Jun 2026, page 2
- 35. Exchange filing, 26 Aug 2026, page 1
- 36. Exchange filing, 26 Aug 2026, page 2
Results
Consolidated; ₹ crore.Rail Vikas Nigam quarterly results
- Revenue growth, 12 monthsRevenue growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +5.4%
- Net profit growth, 12 monthsNet profit growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- −24.5%
Quarter to Jun 2026, against the quarter before
- RevenueRevenue. The pill is the change in revenue against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹4,321 Crdown 35.46%
- Net profitNet profit. The pill is the change in net profit against the quarter before: this period's figure divided by that one's, less one, in per cent. Net profit in the glossary
- ₹160 Crdown 12.19%
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. Net margin in the glossary
- 3.7%
Revenue by quarter
Peak revenue ₹6,696 Cr, quarter to Mar 2026; lowest ₹3,909 Cr, quarter to Jun 2025
Net profit by quarter, a loss in red
| ₹ crore | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,855 | 4,567 | 6,427 | 3,909 | 5,123 | 4,684 | 6,696 | 4,321 |
| Net profit | 287 | 312 | 459 | 134 | 231 | 324 | 182 | 160 |
| Net margin | 5.9% | 6.8% | 7.1% | 3.4% | 4.5% | 6.9% | 2.7% | 3.7% |
Consolidated. The last eight quarters. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.
Year to Mar 2026, against the year before
- RevenueRevenue. The pill is the change in revenue against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹20,412 Crup 2.45%
- Net profitNet profit. The pill is the change in net profit against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹871 Crdown 32.06%
- Net margin
- 4.3%
Revenue by year
Peak revenue ₹21,889 Cr, year to Mar 2024; lowest ₹10,069 Cr, year to Mar 2019
Net profit by year, a loss in red
| ₹ crore | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10,069 | 14,531 | 15,404 | 19,382 | 20,282 | 21,889 | 19,923 | 20,412 |
| Net profit | 705 | 753 | 922 | 1,183 | 1,421 | 1,574 | 1,282 | 871 |
| Net margin | 7.0% | 5.2% | 6.0% | 6.1% | 7.0% | 7.2% | 6.4% | 4.3% |
Consolidated. Years to March. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.
Business segments
In the year to Mar 2026 the company reports one business segment, Development of Rail Infrastructure, which carries all its revenue.
Valuation
Today, against the company's own history.Rail Vikas Nigam PE ratio and valuation
Price to earnings
At or below today's level on 51% of 1,239 trading days over the last 5 years.
LowestHighest
Its median41.15Industry median13.53
Price to book
At or below today's level on 58% of 1,835 trading days since Jun 2019.
LowestHighest
Its median2.14Industry median1.35
Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price. When a year's dividend goes ex later than the year before's, the yield reads zero for the days between; a run of under 60 such trading days is left out of the yield's medians and percentiles. The ex-date is the day from which a buyer of the share no longer gets the dividend.
At or below today's level on 53% of 1,833 trading days since Jun 2019.
LowestHighest
Its median0.87%Industry median0.65%
Where the return came from
Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.
| Over | Return a year | Earnings growth | Change in P/E | Dividend yield |
|---|---|---|---|---|
| 1 year | −28.4% | −31.7% | +3.9% | 0.7% |
| 3 years | +54.5% | −14.9% | +80.7% | 0.7% |
| 5 years | +55.8% | −1.0% | +55.3% | 2.1% |
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add.
Mutual fund holdings
86 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 78 of the 79 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future. 3 more funds filed their first portfolio on record, holding it.All 86 funds holding Rail Vikas Nigam
- Bought for the first timeBought for the first time. Funds that held it at the month's end and had not held it in any month on record before.
- 1
- AddedAdded. Funds that held more shares than at the end of the month before.
- 38
- CutCut. Funds that held fewer shares than at the end of the month before.
- 41
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 3
- Sold outSold out. Funds that held it at the end of the month before and hold none at this month's end. Sold out in the glossary
- 11
| Fund | |||
|---|---|---|---|
 Groww Nifty India Railways PSU ETFGroww Mutual Fund | 11,76,339 | 13.88% | ₹23.7 Cr |
 SBI Arbitrage FundSBI Mutual Fund | 8,54,700 | 0.04% | ₹17.2 Cr |
 Edelweiss Arbitrage FundEdelweiss Mutual Fund | 6,41,025 | 0.09% | ₹12.9 Cr |
 Motilal Oswal Nifty Midcap 150 Index FundMotilal Oswal Mutual Fund | 5,58,881 | 0.28% | ₹11.3 Cr |
 Nippon India ETF Nifty Midcap 150Nippon India Mutual Fund | 5,36,673 | 0.28% | ₹10.8 Cr |
| Groww Nifty India Railways PSU Index FundGroww Mutual Fund | 4,28,403 | 13.92% | ₹8.64 Cr |
| Nippon India Nifty Midcap 150 Index FundNippon India Mutual Fund | 3,75,917 | 0.28% | ₹7.58 Cr |
 Invesco India Arbitrage FundInvesco Mutual Fund | 3,21,475 | 0.02% | ₹6.49 Cr |
 Mirae Asset Nifty Midcap 150 ETFMirae Asset Mutual Fund | 2,54,156 | 0.28% | ₹5.13 Cr |
 ICICI Prudential Nifty Midcap 150 Index FundICICI Prudential Mutual Fund | 1,75,248 | 0.28% | ₹3.54 Cr |
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.
Rail Vikas Nigam competitors and peers
Civil Construction, 169 listed companies, priced on 29 Oct 2026. The table lists the 8 companies closest to Rail Vikas Nigam in market cap.Construction companies
Where the company sits among the companies nearest its size
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
 Larsen & ToubroLT | 5,27,945 | 29.55 | 4.67 | +11.1% | +8.9% | 16.7% | 9.2% | 0.99% |
 Cemindia ProjectsCEMPRO | 23,743 | 39.47 | – | +10.0% | +46.8% | 28.4% | 27.3% | 0.23% |
 Kalpataru Projects InternationalKPIL | 23,176 | 20.39 | 2.98 | +14.6% | +60.9% | 15.9% | 15.9% | 0.81% |
 IRB Infrastructure DevelopersIRB | 19,603 | 20.54 | – | −2.2% | −85.4% | 4.7% | 7.3% | 1.05% |
 NBCC (India)NBCC | 19,427 | 26.16 | 6.44 | +3.5% | +30.6% | 27.0% | 20.0% | 1.31% |
 Engineers IndiaENGINERSIN | 14,678 | 18.72 | 4.67 | +16.3% | +41.6% | 27.0% | 22.5% | 1.91% |
 Techno Electric & Engineering CompanyTECHNOE | 9,885 | 22.93 | 2.38 | +38.7% | −6.5% | 10.9% | 10.6% | 0.82% |
 Ircon InternationalIRCON | 9,488 | 18.12 | 1.43 | −9.9% | −21.6% | 8.1% | 4.9% | 1.88% |
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.
Dividends
Per share, by the year it was paid for, and the latest payments.Rail Vikas Nigam dividend history
Dividend per share, ₹, restated for later splits and bonuses
Dividend per share. The dividends declared for the year, each restated to today's share count by the splits and bonuses after its own ex-date, added up. Dividend per share in the glossaryHighest ₹2.13 a share, year to Mar 2023.
| Ex-date | Type | Per share |
|---|---|---|
| 18 Aug 2026 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. Final dividend in the glossary | ₹0.71 |
| 11 Feb 2026 | Interim | ₹1.00 |
| 21 Aug 2025 | Final | ₹1.72 |
| 23 Sep 2024 | Final | ₹2.11 |
| 20 Sep 2023 | Final | ₹0.36 |
| 6 Apr 2023 | Interim | ₹1.77 |
Latest payments, as declared, by ex-date.
Latest announcements
Routine notices left out.Rail Vikas Nigam announcements
Oct 2026
19 Oct · Management
5 Oct · Updates
Rail Vikas Nigam share price by year
Each calendar year to 2025.Rail Vikas Nigam share price history
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 357.25 | −15.5% | 476.30 | 302.60 |
| 2024 | 422.70 | +132.8% | 630.00 | 180.80 |
| 2023 | 181.55 | +166.0% | 189.50 | 57.45 |
| 2022 | 68.25 | +96.4% | 80.10 | 29.20 |
| 2021 | 34.75 | +44.8% | 43.05 | 23.90 |
| 2020 | 24.00 | +4.6% | 28.90 | 11.00 |
| 2019 | 22.95 | – | 29.00 | 19.05 |
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before. 2019 is from its first session, 11 Apr 2019.
Recent sessions
The 9 trading days to 28 Oct 2026, as traded on NSE; the latest is at the top of the page.
| Date | Open | High | Low | Close | Average price | Volume | Delivery |
|---|---|---|---|---|---|---|---|
| 28 Oct 2026 | 180.10 | 186.66 | 179.00 | 184.10 | 183.54 | 46,01,525 | 23.9% |
| 27 Oct 2026 | 182.65 | 184.13 | 180.50 | 181.00 | 182.21 | 37,58,931 | 25.0% |
| 26 Oct 2026 | 180.15 | 185.43 | 177.86 | 182.65 | 182.65 | 45,37,141 | 21.6% |
| 23 Oct 2026 | 187.18 | 187.90 | 179.49 | 181.31 | 182.01 | 44,72,136 | 31.8% |
| 22 Oct 2026 | 187.53 | 188.87 | 184.61 | 187.18 | 186.62 | 31,66,810 | 27.7% |
| 21 Oct 2026 | 194.50 | 195.48 | 186.80 | 188.41 | 189.88 | 34,17,205 | 34.0% |
| 19 Oct 2026 | 200.21 | 200.95 | 194.01 | 194.50 | 196.73 | 19,70,644 | 30.8% |
| 16 Oct 2026 | 196.74 | 201.99 | 194.77 | 199.45 | 199.51 | 41,54,372 | 22.3% |
| 15 Oct 2026 | 196.00 | 197.94 | 195.22 | 196.74 | 196.75 | 21,03,463 | 34.4% |
Prices in ₹ per share as traded, not adjusted.
Company details
- NSE symbol
- RVNL
- BSE code
- 542649
- ISIN
- INE415G01027
- Industry
- Construction
- Website
- www.rvnl.org
- CIN
- L74999DL2003GOI118633
- Corporate identity number, the registrar of companies' code for it
- Incorporated
- 2003
- Registered office
- World Trade Center, Tower A, 6th to 9th Floor, Nauroji Nagar, New Delhi 110029, Delhi
- Share registrar
- Alankit Assignments Ltd
- Keeps the register of shareholders and handles transfers and dividend payments
In Nifty 200, BSE 200, Nifty 500, BSE 500, Nifty Midcap 150, BSE 150 MidCap Index