Rail Vikas Nigam (RVNL) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 performance improved both sequentially and year-over-year, with strong project execution and business acquisition across sectors.

• Board approved unaudited standalone and consolidated financial results for Q2 and H1 ended 30 September 2025, with review by statutory auditors and audit committee.

• Progress continues on flagship railway and metro projects, with expansion into sunrise sectors like solar and international markets.

• Order book as of September 30 stands at approximately INR 90,000 crore, providing stable revenue visibility for the next 2-3 years.

• Both standalone and consolidated results reflect continued focus on rail infrastructure development.

Financial highlights

• Revenue guidance for FY26 maintained at INR 21,000-22,000 crore, with H1 revenue flat year-over-year and acceleration expected in H2.

• Standalone Q2 revenue from operations: ₹4,934.59 crore; H1 revenue: ₹8,859.89 crore.

• Consolidated Q2 revenue from operations: ₹5,122.98 crore; H1 revenue: ₹9,031.75 crore.

• Q2 order inflow was INR 852 crore; H1 order inflow totaled INR 2,000 crore.

• FY25 order inflow was INR 18,000 crore, while FY26 is projected at INR 8,000-10,000 crore due to fewer large project wins.

Outlook and guidance

• Revenue guidance for FY26 remains at INR 21,000-22,000 crore, with 10% growth targeted for FY27.

• Order inflow for FY26 expected at INR 8,000-10,000 crore, with a focus on high-value and international projects.

• Execution pace has improved in Q3, with expectations to exceed revenue guidance.

• Management is evaluating the impact of audit qualifications and regulatory comments on future results.

• Adjustments related to interest and departmental charges for KRCL pending board decision.