Rail Vikas Nigam Limited — Investor Meet, 14-08-2025: Analysts/Institutional Investor Meet/Con. Call Updates

RVNL's Q1 FY26 revenue saw a 3.42% dip, with Railway Ministry projects decreasing but competitive bidding revenue tripling. Margins faced pressure from one-time pre-bid expenses (Rs. 20 Cr) and onerous contracts (Rs. 40 Cr). Management expects full-year revenue to surpass last year's, with margins improving as new projects scale. The robust order book is Rs. 1,01,000 crores, including Rs. 1,000 crores added in Q1, diversified across civil, electrical, signaling, and Vande Bharat manufacturing (RVNL's share Rs. 8,640 Cr). The first Vande Bharat prototype is due June 2026. RVNL is also aggressively expanding internationally.