Rail Vikas Nigam Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Rail Vikas Nigam Ltd filed with BSE on 02 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
RVNL reported standalone order inflow of INR 4,644 crore for Q4 FY26 and INR 5,875 crore for the full year, with a total order book of INR 99,262 crore as of March 31, 2026. Standalone revenue grew 47.6% quarter-on-quarter and 0.72% year-on-year, while EBITDA margin declined from 10.36% in Q3 to 5.83% in Q4 FY26, and PAT fell 32% year-on-year. Management attributed the margin pressure to a few onerous contracts and reconciliation adjustments relating to joint ventures, and said it expects margin improvement in the first quarter of FY27.
Numbers mentioned
Standalone order inflow: INR 4,644 crores (Q4 FY26)
p. 3
“the stand-alone order inflow stood at INR 4,644 crores”
Saleem Ahmad, page 3 of the filed PDF · View the filing
Standalone order inflow: INR 5,875 crores (FY26)
p. 3
“for the full financial year 2025-26, standalone order inflows were INR 5,875 crores”
Saleem Ahmad, page 3 of the filed PDF · View the filing
Total order book: INR 99,262 crore (as on March 31, 2026)
p. 4
“the company's total order book stood at an impressive INR 99,262 crore”
Saleem Ahmad, page 4 of the filed PDF · View the filing
Standalone turnover growth QoQ: 47.6% (Q4 FY26 vs Q3 FY26)
p. 4
“the stand-alone turnover increasing by 47.6% QoQ, if I compare it to quarter three financial year ’26 to quarter four of financial year ‘26”
Saleem Ahmad, page 4 of the filed PDF · View the filing
Standalone EBITDA margin: 5.83% (Q4 FY26)
p. 4
“EBITDA margin reduced from 10.36% in quarter three to 5.83% in quarter four FY26”
Saleem Ahmad, page 4 of the filed PDF · View the filing
PAT decline YoY: 32% (Q4 FY26 vs Q4 FY25)
p. 4
“PAT declined by 19.66% QoQ and 43.14% quarter four to quarter four compared to FY25-26, and 32% YoY”
Saleem Ahmad, page 4 of the filed PDF · View the filing
Building works contribution to revenue: 31.40% (FY26)
p. 4
“building works of this RVNL and the company have contributed 31.40% to the total revenue from operation, so showing an increase of 129.50% from the previous year”
Saleem Ahmad, page 4 of the filed PDF · View the filing
Interim dividend: INR 208 crores (FY26)
p. 4
“the company has paid an interim dividend of INR 208 crores, and board has also extended a final dividend of INR 148.03 crores, subject to approval of shareholders”
Saleem Ahmad, page 4 of the filed PDF · View the filing
BharatNet project physical progress: 15.01%
p. 5
“Till date, RVNL has achieved 15.01 physical progress”
Saleem Ahmad, page 5 of the filed PDF · View the filing
Rishikesh Karnaprayag Rail project progress: 74% overall progress
p. 5
“the 125-kilometer project has achieved 74% overall progress, with around 96% tunnel excavation complete”
Saleem Ahmad, page 5 of the filed PDF · View the filing
JV and subsidiary contribution to consolidated revenue: INR 399.86 crore (FY26)
p. 5
“Performance of our JVs and subsidiaries remained encouraging, contributing INR 399.86 crore to consolidated revenue and INR 64.23 crore to PAT”
Saleem Ahmad, page 5 of the filed PDF · View the filing
Krishnapatnam receivable: INR 1,116 crore
p. 7
“The total receivable, which is due from the Krishnapatnam stands at INR 1,116 crore, which comprises of two components, basically the principal and the interest component”
Mritunjay Pratap Singh, page 7 of the filed PDF · View the filing
Order book execution from bidding works: INR 6,283 crores (FY26)
p. 9
“which was INR 2,737 crore in the financial year ’24, ’25, which has increased to INR 6,283 crores in the financial year ’25, ‘26”
Saleem Ahmad, page 9 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
EBITDA margin — Q1 FY27
stated firmly by Saleem Ahmad
p. 6
“we are hopeful that we will definitely improve our margins in the first quarter of ’27 year”
Saleem Ahmad, page 6 of the filed PDF · View the filing
Revenue growth — 15-20% · FY27
stated as an aspiration by Saleem Ahmad
p. 7
“We are definitely expecting a good rise in our revenue, which will be around, say, 15-20%”
Saleem Ahmad, page 7 of the filed PDF · View the filing
Margins — FY27
stated as an aspiration by Saleem Ahmad
p. 7
“And even the margins will definitely increase. That I want to assure you. And it will be much better than this year.”
Saleem Ahmad, page 7 of the filed PDF · View the filing
Q1 FY27 performance — Q1 FY27
stated conditionally by Saleem Ahmad
p. 8
“the first quarter will be slightly challenging for us, but we are hopeful to achieve the targets and have a good revenue and good profit, good margins”
Saleem Ahmad, page 8 of the filed PDF · View the filing
Bidding work profitability target — 5-10% profit
stated as an aspiration by Saleem Ahmad
p. 8
“we should get at least 5-10% profit from each works of bidding. So that is our target and our strategy”
Saleem Ahmad, page 8 of the filed PDF · View the filing
Vande Bharat sleeper train prototype — December 2026
stated firmly by Mritunjay Pratap Singh
p. 10
“Our prototype will be completed by this year only”
Mritunjay Pratap Singh, page 10 of the filed PDF · View the filing
Vande Bharat order delivery — 120 sets · five years
stated firmly by Mritunjay Pratap Singh
p. 9
“the total 120 sets will be supplied in five years time”
Mritunjay Pratap Singh, page 9 of the filed PDF · View the filing
Krishnapatnam receivables resolution — coming two years
stated as an aspiration by Mritunjay Pratap Singh
p. 7
“we hope that in the coming two years time, mostly their receivables will be wiped out, and the steel will also turn profitable”
Mritunjay Pratap Singh, page 7 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the margin hit was due to an onerous contract adjustment and municipal taxes, and expects improvement from Q1 FY27.
Answered by Saleem Ahmad
Asked by Vishal Periwal: Is the low EBITDA margin from JV work a one-off or the new base going forward?
p. 6
“PAT looks lower in this quarter, but if we adjust for the onerous contract of INR 54 crores, and we have paid municipal taxes on new building, and we have readjusted after reconciliation of our SPV amounting to INR 35 crores”
Saleem Ahmad, page 6 of the filed PDF · View the filing
Management said cash flow was hit because payments due from Ministry of Railways were not received within the year, though received in April.
Answered by Saleem Ahmad
Asked by Vishal Periwal: Why did receivables increase in FY26, leading to lower cash and other income?
p. 6
“If you see that our INR 3,400 crores were recoverable from MoR, which we could not get within this year, but we have received now in April”
Saleem Ahmad, page 6 of the filed PDF · View the filing
Management explained the receivable breakdown and expects it to be largely recovered in two years as the company turns profitable.
Answered by Mritunjay Pratap Singh
Asked by Abhishek K Leekha: What is the receivable status and recovery timeline for Krishnapatnam Railway Company?
p. 7
“during the last year gone by, Krishnapatnam has given a -- has a healthy return of around INR 290 core which was due from them”
Mritunjay Pratap Singh, page 7 of the filed PDF · View the filing
Management guided to 15-20% revenue growth with improved margins compared to FY26.
Answered by Saleem Ahmad
Asked by Abhishek K Leekha: What top-line growth and margin outlook should be expected for FY27?
p. 7
“We are definitely expecting a good rise in our revenue, which will be around, say, 15-20%. And even the margins will definitely increase.”
Saleem Ahmad, page 7 of the filed PDF · View the filing
Management said the split is roughly 50-50 between nomination and bidding works.
Answered by Saleem Ahmad
Asked by Vishal Periwal: What is the current split of the order book between nomination and competitive bidding?
p. 8
“If you see our breakup for nomination and bidding is almost 50%, 50-50 each. Presently, 45,000 works of bidding and INR 45 crores are on nomination basis.”
Saleem Ahmad, page 8 of the filed PDF · View the filing
Management described use of technology including a monitoring app, drones, and dashboards to track progress.
Answered by Saleem Ahmad
Asked by Abhishek K Leekha: What steps is the company taking to speed up execution?
p. 10
“We are using a pay model, which give us the 5G functions, which gives the progress, financial progress, and planned progress versus the actual progress.”
Saleem Ahmad, page 10 of the filed PDF · View the filing
Risks flagged
Margin pressure from onerous contracts and JV reconciliation adjustments
p. 4
“The decline in the above parameter is mainly driven by a few onerous contracts and reconciliation adjustment relating to joint ventures.”
Saleem Ahmad, page 4 of the filed PDF · View the filing
Ongoing pressure on margins and profitability requiring monitoring
p. 4
“pressure on margins and profitability remains a key area of concern, which may require close monitoring in the coming quarters”
Saleem Ahmad, page 4 of the filed PDF · View the filing
Cash flow challenges due to delayed payments from Ministry of Railways
p. 6
“Cash flow is a challenge, because we are working for Ministry of Railways, and we have to get money from Ministry of Railways.”
Saleem Ahmad, page 6 of the filed PDF · View the filing
Cost inflation and commodity price escalation in contracts
p. 10
“There are different types of contracts. Some are fixed contracts, some are dynamic also, but in most of the contracts we get the price variation, which controls the fluctuation of the market. But definitely, challenges will be there, yeah.”
Saleem Ahmad, page 10 of the filed PDF · View the filing
Slower start expected in Q1 FY27 before improvement
p. 8
“the first quarter will be slightly challenging for us, but we are hopeful to achieve the targets and have a good revenue and good profit, good margins”
Saleem Ahmad, page 8 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.