Q1 2026 Rail Vikas Nigam Ltd Earnings Call Transcript
Key Points
- Rail Vikas Nigam Ltd (BOM:542649) reported a robust order book of INR101,000 crore, indicating strong future revenue potential.
- The company has seen a significant increase in order inflows from civil and electrical engineering, totaling INR1,000 crore for the quarter.
- Revenue from bidding processes has increased threefold, offsetting the decline in railway turnover.
- The Vande Bharat project is progressing, with the first prototype expected by June 2026, and regular production anticipated to start in FY26-27.
- International expansion is a focus, with bids totaling INR10,000 crore already submitted this year and plans to bid for INR30,000 to INR35,000 crore in overseas projects.
- The first quarter showed a slight dip in gross margins to 13.57%, attributed to decreased income from MOM and recognition of losses from onerous contracts.
- There were one-time expenses of INR20 crore related to the BharatNet project, impacting profitability.
- The first quarter revenue growth was muted, with a 3.42% decline compared to the previous year.
- Margins are under pressure due to competitive bidding projects entering revenue recognition, with expectations of improvement once claims are settled.
- The Vande Bharat project has faced a 10-month delay due to changes in railway configurations, pushing the prototype rollout to June 2026.
Ladies and gentlemen, good day, and welcome to Rail Vikas Nigam Limited Q1 FY26 earnings call hosted by Antique Stockbroking. Please note that this call will end at 3:40 PM in the Indian Standard Time. (Operator Instructions) Please note that this conference is being recorded. I now hand the conference over to Mr. Vishal Periwal from Antique Stock Broking. Thank you, and over to you, sir.
Yes. Thanks, and good afternoon, everyone, and apologies for the slight delay in the start of the call. So I welcome you all for the quarter one FY26 post results earnings call of Rail Vikas Nigam Limited. The dais for this call is led by a management team of RVNL, starting with Mr. Pradeep Gaurji, who is the Chairman and Managing Director; Mr. Anupam who is the Director Personnel; Mr. MP Singhji, Sector Operations; and accompanied by Mr. Chandan Kumar Vermaji, who is the Chief Financial Officer.
So as usual, we'll have a brief from the management, and then we'll have lines open for Q&A. Thank you, and over to
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