RITES (RITES) Q2 25/26 earnings summary

Executive summary

• Achieved a record order book of ₹9,090 crore, with over 150 new orders totaling ₹850 crore in Q2 and consistent export order intake each quarter.

• PAT increased by 32.2% year-over-year and 20.0% quarter-over-quarter in Q2FY26, with EBITDA and PBT up 27.6% and 31.5% year-over-year, respectively.

• Consolidated revenue from operations for Q2 FY26 was ₹548.74 crore, up from ₹489.74 crore in Q1 FY26 and ₹540.86 crore in Q2 FY25.

• Board declared a second interim dividend of ₹2 per share, maintaining a 94% payout ratio.

• Export and Consultancy segments drove performance, offsetting a decline in Turnkey revenue.

Financial highlights

• Q2 revenue grew 12% sequentially from Q1; consolidated PAT for Q2FY26 was ₹109 crore, up 32.2% year-over-year.

• EBITDA margin improved to 24.4% in Q2FY26 from 19.9% in Q2FY25; PAT margin rose to 19.5% from 15.7%.

• Consultancy margins remained around 30%, Turnkey 1-2%, Export around 10%, Leasing about 30%.

• Dividend payout ratio maintained at 94%.

• Standalone EPS for Q2 FY26 was ₹2.13 (basic and diluted), up from ₹1.39 in Q1 FY26.

Outlook and guidance

• Targeting double-digit top-line growth for the year, with significant revenue from Turnkey expected in Q4 and next fiscal year.

• Consultancy and Export segments expected to continue steady growth; export revenue to contribute every quarter.

• Continued focus on securing export orders and expanding into mining and renewables through new MoUs.

• Aiming to surpass last year's top and bottom line results.