RITES (RITES) Q2 25/26 earnings summary

Executive summary

• Achieved a record order book of ₹9,090 crore as of September 30, 2025, with over 150 new orders totaling ₹850 crore in Q2 and a high order intake rate.

• PAT for Q2 FY26 grew 32.2% YoY to ₹109.10 crore, with EBITDA and PBT up 27.6% and 31.5% YoY, respectively.

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

• Board declared a 2nd interim dividend of ₹2.00 per share for FY26, maintaining a 94% payout ratio.

• Entered business collaborations with NICC (Abu Dhabi) and CMPDI, and opened an office in UAE to expand into mining, renewables, and the Middle East.

Financial highlights

• Q2 FY26 consolidated revenue from operations was ₹548.74 crore, up 12% sequentially from Q1; PAT and EBITDA margins improved due to favorable segment mix.

• Q2 FY26 consolidated PAT was ₹109 crore, with EBITDA margin at 24.4% and PAT margin at 19.8%.

• Consultancy margins remained around 30%, Turnkey margins 1-2%, Export around 10%, and 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, with export revenue contributing every quarter.

• Management does not perceive any impairment in the value of investment in IRSDC, which is under voluntary liquidation.