RITES (RITES) Q3 25/26 earnings summary

Executive summary

• Achieved a record order book of ₹9,262 crore as of December 31, 2025, with over ₹1,100 crore in new Q3FY26 orders, including major consultancy, turnkey, and export contracts.

• Q3 performance aligned with the strategic roadmap, maintaining strong order inflow and execution pace.

• Board recommended an interim dividend of ₹1.90 per share, resulting in a 95.6% payout.

• Double-digit growth guidance for FY 2026 reaffirmed, with Q4 expected to accelerate further.

• Management anticipates FY 2027 to be a year of disruptive growth, leveraging a robust and diversified order book.

Financial highlights

• Q3FY26 consolidated operating revenue grew 5.7% year-over-year to ₹609 crore; consolidated EBITDA rose 18.9% year-over-year.

• Q3FY26 consolidated net profit after tax was ₹115.10 crore, up from ₹109.39 crore in Q3 FY25.

• Q3FY26 standalone EBITDA margin at 23.9%, PAT margin at 18.1%, both above internal targets.

• Consultancy margins remain strong at 35.4%, while turnkey margins are lower at 1.8%.

• Nine-month consolidated PAT increased 17.2% year-over-year to ₹422 crore.

Outlook and guidance

• Double-digit revenue and EBITDA growth targeted for FY 2026, with Q4 expected to outperform Q3.

• FY 2027 projected as a year of disruptive growth, with all business streams contributing.

• Export income expected to rise with ongoing locomotive supplies to Mozambique.

• Turnkey segment showing signs of recovery with new projects starting to generate revenue.

• Dividend payout policy of 95% to be maintained.