Rail Vikas Nigam (RVNL) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 revenue reached INR 4,936 crore with profit before tax at INR 359 crore; nine-month revenue at INR 14,406 crore and profit before tax at INR 841 crore.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2025 were approved, showing continued profitability and revenue growth year-over-year.

• Order book stands at INR 87,000 crore, split between INR 40,000 crore in railway nomination works and INR 47,000 crore from bidding.

• Management is focused on timely project completion, faster execution, and sustainable growth in both top and bottom lines.

• An interim dividend of Rs. 1.00 per share (10% of paid-up share capital) was declared, payable by 6 March 2026.

Financial highlights

• Standalone revenue from operations for Q3 FY26 was Rs. 4,934.59 crore, up from Rs. 4,503.97 crore in the previous quarter and Rs. 4,590.75 crore in Q3 FY25.

• Standalone net profit for Q3 FY26 was Rs. 196.11 crore, compared to Rs. 264.23 crore in the previous quarter and Rs. 294.99 crore in Q3 FY25.

• Consolidated revenue from operations for Q3 FY26 was Rs. 5,122.98 crore, up from Rs. 4,684.46 crore in the previous quarter and Rs. 4,567.38 crore in Q3 FY25.

• Consolidated net profit for Q3 FY26 was Rs. 230.52 crore, compared to Rs. 324.14 crore in the previous quarter and Rs. 311.58 crore in Q3 FY25.

• Earnings per share (EPS) for Q3 FY26 stood at Rs. 0.94 (standalone) and Rs. 1.10 (consolidated).

Outlook and guidance

• FY26 expected to see flat revenue growth (1%-2%) and a dip in profit due to lower margins from bidding-based projects.

• FY27 targeted for 10% annual growth in both revenue and profit, supported by a strong order book and industry tailwinds.

• EBITDA margin guided at approximately 7% for the next year.

• The company continues to focus on the development of rail infrastructure and has established a new wholly-owned subsidiary in Andhra Pradesh during the period.