India · Delayed Price · Currency is INR Rail Vikas Nigam Earnings Call Transcripts
Fiscal Year 2026
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Q3 FY26 saw revenue of INR 4,936 crore and profit before tax of INR 359 crore, with a robust INR 87,000 crore order book. FY26 is expected to be flat, but management targets 10% annual growth and 7% margins from FY27, supported by strong project execution and sector tailwinds.
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Q2 FY26 saw improved performance and a robust order book of INR 90,000 crore, with revenue guidance for FY26 maintained at INR 21,000-22,000 crore. Margins are under pressure due to a higher share of competitive bidding, but execution pace and international expansion are expected to drive growth.
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Order inflows reached INR 1,000 crore, with a diversified order book of INR 1 lakh crore. Q1 FY26 revenue declined 3.4% year-over-year, but management expects a strong recovery and margin improvement as new projects ramp up. Vande Bharat production is on track for FY27 revenue contribution.
Fiscal Year 2025
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Turnover for FY25 was INR 19,500 crore, below guidance due to funding delays, but a robust INR 1 lakh crore order book and diversification into new sectors and international markets position the company for future growth. Margins are expected to be maintained or improved as the business model shifts.
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Management expects to achieve FY revenue guidance with a strong Q4, supported by a robust INR 97,000 crore order book and growing international presence. Margins are stable, and capital needs are met internally, with major projects like Vande Bharat and BharatNet set to drive future growth.
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Q1 FY25 saw revenue and profit decline due to execution delays from elections and geopolitical issues, but a strong INR 83,221 crore order book and GST resolution support a positive outlook. Management maintains FY25 revenue guidance of INR 22,000 crore.