RVNL — earnings call

The transcript as filed. Every paragraph is addressable: its link names the page and the position it sits at in the call.

Prepared remarks

VIKAS NIGAM LIMITED · MR. CHANDAN KUMAR VERMA – CHIEF FINANCIAL

MR. M.

SINGH – DIRECTOR OPERATIONS – RAIL

MR. ABHISHEK KUMAR – DIRECTOR FINANCE – RAIL

MR. CHANDAN KUMAR VERMA – CHIEF FINANCIAL OFFICER – RAIL VIKAS NIGAM LIMITED

Moderator · Conference Operator

MR. VISHAL PERIWAL – ANTIQUE STOCK BROKING LIMITED Rail Vikas Nigam Limited November 12, 2025

Ladies and gentlemen, good day and welcome to the Rail Vikas Nigam Limited Q2 FY26

path. · The progress of the projects on our traditional legacy railway projects, some of the flagship

The progress of the projects on our traditional legacy railway projects, some of the flagship projects of Rishikesh-Karnaprayag, Bhanupali-Bilaspur, metro projects in Calcutta is going on very well.

Simultaneously, we are focusing on our projects, which we have won through bidding in various sectors.

And the progress is very good on the projects.

And simultaneously, the new business is also being acquired in various sectors.

And we are also exploring business opportunities in some of the sunrise sectors like solar with battery storage systems, operation and maintenance of the rolling stock, where a lot of opportunities coming not only from Indian Railways, but also from various metro systems in the country.

We are also exploring business opportunities abroad and our -- some of the projects, flagship projects like Harbor projects in Maldives is also progressing very well.

And we are quite hopeful that we'll be able to maintain our stream in the balance period of this financial year.

And also the order book, which is with us provides us a revenue guidance -- a stable revenue guidance for the next 2 to 3 years and the current pace of business acquisition.

We are very sure to maintain a steady business in the coming financial years, and we hope to sustain the revenue guidance what we have projected during the start of the financial year.

As far as total orders are concerned with RVNL, the legacy orders which are from the Indian Railways are to the extent of INR43,000 crores and the balance orders which we have won through bidding is of order of INR46,000 crores.

So total order book is in excess of around INR90,000 crores at present with RVNL.

And along with this, we are also exploring some of the steady revenue streams, which will provide us Rail Vikas Nigam Limited November 12, 2025 revenue in the long-term basis also like we have entered into multimodal logistics park sectors in collaboration with National Highway Logistics Management Limited and the 4 multimodal logistics parks already in the process of operationalization.

We are also bidding through some of the HAM projects where the revenues is steady for the next 20 to 25 years of the concession period.

So we are quite hopeful that RVNL is on its path of progress.

And we assure on behalf of RVNL management to the investor that RVNL will keep its hand steady and will progress on its path.

Thank you.

Moderator · Conference Operator

Thank you.

We will now begin the question and answer session.

The first question is from the line of Rajagopal an Individual Investor.

Please go ahead.

Rajagopal: · This is as of September 30 or as of today?

Hello Sir, you mentioned -- you said that the total order book is INR90,000 crores, which comprises legacy orders of INR43,000 crores and balance INR46,000 crores.

Is that correct, the current order book?

This is as of September 30 or as of today?

Thank you!

Moderator · Conference Operator

The next question is from the line of Shubham Shelar from Antique Stock Broking Limited.

Shubham Shelar: · Yes. And sir, one last question regarding what would be the guidance of revenue for this year?

Sir, so my question is regarding the order book.

So sir, can you provide sector-wise order book breakup for your different segments?

From different segments, railway...

Okay, sir.

And sir, what was the order inflow in this quarter?

Order inflow...

Okay, sir.

And sir, regarding Vande Bharat project, the execution has started?

Okay, sir.

And sir, O&M part is also included in, sir?

Okay, sir.

And sir, one last question regarding EBITDA margins.

So last year, we were making around 4% to 5% margin.

But this year, first half, the margins are actually impacted a little bit.

So what is the reason for that?

Yes.

And sir, one last question regarding what would be the guidance of revenue for this year?

Thank you sir for answering all my questions.

Moderator · Conference Operator

The next question is from the line of Abhishek Kumar Leekha from Neste Wealth LLP.

Abhishek Leekha

Just want to understand how can we have more value-added revenue line, which can have higher EBITDA lines in future because the current EBITDA line is just not very adequate?

Moderator · Conference Operator

The next question is from the line of Bharani V. from Avendus Spark.

Bharani V

Sir, I just missed this number.

What was our order inflow for the first half of this year?

Moderator · Conference Operator

The next question is from the line of Vishal Periwal from Antique Stock Broking Limited.

Vishal Periwal

Yes, sorry, sir.

So I was saying, sir, in terms of our -- previously, the historical tax rate has been in the range of 25-odd percent.

This time, we are seeing a line item of deferred tax also.

So how Rail Vikas Nigam Limited November 12, 2025 do you see and what is the reason of this deferred tax?

Will this be a continuous phenomena and anything that you can provide?

Moderator · Conference Operator

Thank you.

The next question is from the line of Rajagopal an Individual Investor.

Please go ahead.

Raja you line is unmated.

Please go ahead.

Rajagopal: · This is as of September 30 or as of today?

Sir, you gave some figures on order inflow.

So can you please repeat those numbers?

Was the order inflow in Q2 INR852 crores.

Is that correct?

INR852 crores?

And in H1?

Total in H1 from April to September?

INR2,000 crores.

And sir, one final thing.

You mentioned that you gave some total order inflow projection for FY '26.

What was that number, the order inflow for FY '26, total what you anticipate?

INR8,000 crores to INR10,000 crores.

Okay.

All right.

Thank you very much.

Thank you.

Moderator · Conference Operator

Thank you.

The next question is from the line of Ashit Kothi an Individual Investor.

Please go ahead.

Ashit your line is unmated.

Please proceed with the question.

We have lost the line for Ashit.

As there are no questions, we would conclude the call now.

On behalf of Rail Vikas Nigam Limited, we thank you for joining the call and you may now disconnect your lines.

Questions and answers

16:44:57 +05'30' · Research Analyst

“Rail Vikas Nigam Limited