RVNL Achieves Strong FY26 Performance with Standalone Turnover of Rs 20,012.26 Crore

Rail Vikas Nigam Limited (RVNL), a Navratna Central Public Sector Enterprise under the Ministry of Railways, has entered a new phase of growth with a more diversified and balanced business portfolio, combining its strong railway legacy with an expanding presence across new infrastructure domains.

Addressing shareholders at the Company's 23rd Annual General Meeting for FY2025-26, Shri Saleem Ahmad, Chairman & Managing Director, RVNL, highlighted the Company's strategic transition, marked by a rebalancing of its order book, entry into rolling stock manufacturing, execution of national-scale telecommunications infrastructure and expansion into projects secured through competitive bidding. He emphasised that the Company's focus going forward would remain on disciplined and relentless execution.

ROBUST FINANCIAL PERFORMANCE

During FY2025–26, RVNL recorded a standalone turnover of ₹20,012.26 crores, with Profit Before Tax (PBT) of ₹1,102.27 crore and Profit After Tax (PAT) of ₹800.48 crore.

The Board recommended a final dividend of ₹148.04 crore, taking the total dividend recommended for FY2025–26 to ₹356.54 crore.

Over 17,000 km of Rail Infrastructure Created

Over the years, RVNL has built strong capabilities in complex rail infrastructure with a presence across 16 states and an expanding international footprint. The Company has commissioned and handed over 158 projects to Indian Railways covering new lines, gauge conversion, doubling, railway electrification, workshops and other critical railway infrastructure. These projects have contributed to the creation of more than 17,000 km of rail infrastructure.

During FY2025–26 alone, the Company commissioned and handed over 173.82 km of railway infrastructure to Indian Railways (including the 150.28 km Phephna–Indara–Mau–Shahganj section), contributing to safer, faster and more efficient train operations. Furthermore, RVNL commissioned 173 km of railway electrification along with 4 traction substations, 8 switching posts, and 12 SCADA systems as part of doubling and third-line projects.

Strengthening Capabilities in Complex Infrastructure

RVNL continued to demonstrate its technical expertise in challenging terrain and complex geological conditions. During FY2025–26, the Company completed 23 km of tunnel excavation.

Significant progress was achieved on major hill railway projects across Uttarakhand, Himachal Pradesh, Madhya Pradesh, and Maharashtra.

The Company also commissioned 19 workshop projects during the year. Significant progress was achieved on the Kazipet Wagon Periodic Overhauling (POH) workshop and the Vadodara POH shop for electric locomotives, both scheduled for commissioning during the current financial year.

EXPANDING METRO INFRASTRUCTURE

RVNL commissioned the 4.4-km Hemanta Mukhopadhyay–Beleghata section of Kolkata Metro, taking the total operational metro network delivered by RVNL in Kolkata to 17.5 km.

TBM tunnelling towards Victoria Metro Station has also commenced, while CBTC was implemented over 18.5 km.

In Indore, 5.9 km of viaduct and 5 elevated metro stations were inaugurated in May 2025.

TECHNOLOGY AND DIGITAL CONNECTIVITY

RVNL continued to strengthen the technology backbone of railway infrastructure through modern signalling and communication systems, including Electronic Interlocking, Digital Axle Counters, Fibre Optic Networks, Automatic Block Signalling, ETCS, and IoT-based systems.

During FY2025–26, RVNL commissioned or upgraded Electronic Interlocking systems at 48 stations along with 7 major yard remodeling projects on Indian Railways. The Company also completed 2,195.7 km of Fibre Optic and 6-Quad Cable Network on Indian Railways.

Under the BharatNet Project, RVNL completed 5,700 km of Fibre Optic Network for BSNL in Eastern and Western Uttar Pradesh.

New Growth Areas: Rolling Stock and Renewable Energy

RVNL has entered the rolling stock manufacturing segment through partnership with Transmashholding (TMH) for manufacturing 120 Vande Bharat trainsets. Manufacturing activities are progressing at the upgraded MRCF facility in Latur, with the first prototype expected to roll out during the current financial year.

In the renewable energy sector, RVNL, in collaboration with its partners, contributed to the commencement of commercial operations of a 250 MW solar power plant in Uzbekistan, further strengthening the Company's presence in renewable energy.

COMPETITIVE BIDDING DRIVING DIVERSIFICATION

RVNL has entered a new phase of growth by securing major infrastructure projects through open competitive bidding.

During FY2025–26, the Company secured works worth ₹5,778.25 crores through bidding, taking the cumulative value of work orders secured through bidding to ₹59,987 crores.

A major addition to the Company's project pipeline was the ₹2,729.52-crore order from NMDC Limited.

During the year, RVNL also entered into strategic MoUs with Texmaco Rail & Engineering Limited and the Government of Goa to support expansion into rolling stock, metro, EPC contracts, and other infrastructure sectors.

STRATEGIC SPVS CREATING VALUE FOR INDIAN RAILWAYS

RVNL has established 5 Joint Venture Special Purpose Vehicles for rail connectivity projects.

RVNL has contributed equity of ₹1,544.65 crores, against which projects valued at ₹12,994.70 crores have been commissioned during FY2025–26. These SPVs handled 48,191 loaded rakes and 135.05 million tonnes of freight.

GROWING INTERNATIONAL FOOTPRINT & FUTURE OUTLOOK

RVNL's capabilities and project-execution experience are supported by 27 Project Implementation Units operating across 23 locations.

Looking ahead, the Company is targeting work orders of around ₹20,000 crore during the year in addition to its existing order book, out of which approximately ₹5,000 crore has already been received during Q1. Top-line revenue is projected to grow by around 15%, while the bottom line is projected to increase by 15% to 20%.

Focus on Human Capital and Inclusive Procurement

RVNL continues to focus on attracting, developing, and retaining skilled professionals through career opportunities, training, and professional development initiatives.

The Company also continued to comply with government procurement policies through GeM and the public procurement policy for MSMEs, meeting and exceeding prescribed targets for GeM procurement, MSMEs, women entrepreneurs, and SC/ST vendors.

CSR AND INSTITUTIONAL RECOGNITION

During FY2025–26, RVNL spent ₹24.36 crore on CSR initiatives, reaffirming its commitment to inclusive and sustainable development.

RVNL retained the rating of “Very Good” from the Department of Public Enterprises for FY2024–25. The Company was also ranked 137th in the Fortune India 500 list for 2025, reflecting its strong standing among India's leading enterprises.

The Company acknowledges the continued support and guidance of the Ministry of Railways, DIPAM, the Department of Public Enterprises, State Governments, financial institutions, the CAG, bankers, and national and international partners. The Company also extends its deep gratitude to all RVNL employees and the Board for their dedication during this transition period. Finally, heartfelt thanks are extended to all shareholders for their continued trust and confidence.