• The document is a regulatory filing containing the transcript of Rail Vikas Nigam Limited's (RVNL) Q1 FY2026-27 Earnings Conference Call with investors and analysts, held pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015.
  • The event was an earnings conference call held on 13th August 2026 at 16:00 Hrs IST to discuss the company's financial and operational performance for the quarter ended June 2026 (Q1 FY27).
  • The stated purpose was to share the company's performance and key developments for the quarter and to provide a strategic update.

Management Participants

Management participants included:

  • Shri Saleem Ahmad - Chairman and Managing Director
  • Smt. Anupam Ban - Director (Personnel)
  • Shri Mritunjay Pratap Singh - Director (Operations)
  • Shri Abhishek Kumar - Director (Finance)
  • Shri Amit Tandon - Director (Projects)
  • Shri Chandan Kumar Verma - Chief Financial Officer

Availability of Materials

The audio recording of the call was uploaded to the company's website on 13.08.2026. The full transcript of the call is available on the company's website at the provided link: https://rvnl.org/RVNLcms/uploads/ScheduleOfAnalystsResult/final_transcript.pdf.

The document does not contain any statement indicating that no unpublished price sensitive information (UPSI) was shared.

Financial Highlights Discussed

  • Financial Period: Q1 FY2026-27 (Quarter ended June 2026)
  • Standalone Turnover: ₹4,300 crores, up 9.62% YoY
  • Consolidated Turnover: ₹4,321 crore, up 10.55% YoY
  • Standalone EBITDA: ₹171 crore, up ~110% YoY (from ₹81 crore in Q1 FY26)
  • Standalone EBITDA Margin: 3.99% (vs. 2.08% in Q1 FY26)
  • Standalone PAT: ₹155 crore, up 21.72% YoY
  • Standalone EPS: ₹0.75, up 22.95% YoY
  • Consolidated EBITDA: ₹190 crore (vs. ₹64.91 crore in Q1 FY26)
  • Consolidated EBITDA Margin: 4.41% (vs. 1.66% in Q1 FY26)
  • Consolidated PAT: ₹159.52 crore, up 18.73% YoY
  • Order Inflow (Q1): ₹5,417 crore
  • Order Book (as of 30th June 2026): ₹93,492 crore, broken down as:
  • Railways: ₹58,000 crore
  • S&P: ₹12,000 crore
  • Ports, Roads & Highways: ₹3,651 crore
  • Metros: ₹5,700 crore
  • Power & Transmission: ₹4,000 crore
  • Hydro & Irrigation: ₹1,626 crore
  • Subsidiaries Contribution: ₹126 crore to consolidated revenue; ₹12.70 crore to PAT
  • Share of Profit from JVs/Associates: ₹6.16 crore
  • Dividend Income from JVs/Subsidiaries: ₹12.07 crore
  • Employee Productivity: Revenue per employee increased to ₹4.97 crore from ₹4.29 crore QoQ

Forward-Looking Statements & Strategic Themes

  • FY27 Guidance: Targeting top-line growth of ~15% and bottom-line growth of 15-20%.
  • Order Intake Target: Aiming to secure work orders of ~₹20,000 crore during FY27, of which ~₹5,000 crore was already received in Q1.
  • Margin Focus: Actively pursuing works with better margins, including fixed-margin PMC contracts.
  • Diversification Strategy: Focusing on new sectors including ports, hydro, highways, and green energy. Actively pursuing international opportunities in Central Asia, Middle East, Eastern Europe, Southeast Asia, and Africa in railways, metros, highways, and power transmission.
  • Expected Margin Ranges:
  • Management fee works: 8-10%
  • PMC works: ~7%
  • Domestic bidding works: 5-6%
  • Overseas works: 15-20%
  • Long-term Financial Targets: Expecting an EBITDA margin of 5-7% and an ROE of 12-13% over the next three years.

Key Project Updates

  • BharatNet Project: A ₹13,000 crore project awarded by BSNL. Work is progressing at a good pace after initial challenges. Payment issues with BSNL are being resolved.
  • Vande Bharat Sleeper Project: A ₹14,400 crore project being executed by Kinet Railway Solutions Ltd. (an SPV). The first prototype trainset is targeted for launch in December 2026. The SPV received the Bronze A' Design Award 2026.
  • Rishikesh-Karnaprayag Rail Project: A ₹37,000 crore project with 78% overall progress and 97% tunnel excavation completed. Targeted for completion by December 2029.

Additional Notes

  • The document is an edited transcript of the conference call attached to the regulatory filing.
  • The transcript includes a full Q&A session with analysts from Centrum Broking, Indsec Securities, Choice Limited, Neste Wealth LLP, and individual investors.
  • Key discussion points in the Q&A included the size of L1 orders, share of fixed-price contracts (42% from railway management works), impact of inflation (mitigated by price variation clauses), international strategy, funding requirements (no immediate need for debt; bank lines available at 5.5-5.9%), dividend policy (follows DIPAM guidelines), and risk factors (geopolitical situation, labor availability, client payments).