RITES earnings calls.

RITES delivered a solid Q3 FY2026 with sequential improvement across all metrics, maintaining EBITDA margins at ~24Current reported value: 24. No comparable prior figure is available in the source record.% (vs 20% red line) and PAT at ~18% (vs 15% red line). The order book reached an all-time high of INR 9,262 croreCurrent INR 9,262 crore. Reported change: +all-time high., with 140+ orders secured at a 1.5 orders/dayCurrent 1.5 orders/day. Reported change: sustained 8+ quarters. strike rate. Export segment gained traction with 2 orders totaling INR 350 crore, taking the international order book to INR 1,900 croreCurrent INR 1,900 crore. Reported change: +INR 180 crore (Jan).. Turnkey execution began ramping with INR 60 crore sequential growth, though full revenue recognition from the young order book (65% of INR 4,500 crore turnkey book is ~1 year old) will accelerate from Q4 onward. The Bangladesh coach order (200 coaches, INR 900 crore) remains on track for first rake delivery in early FY2027. Management targets double-digit YoY revenue growth for FY2026 and projects FY2027 as a year of disruptive growthCurrent reported value: disruptive growth. No comparable prior figure is available in the source record. as export and turnkey execution ramps significantly. Risk: turnkey margins are structurally lower (~1.8% vs consultancy's 35.4%Current 35.4%. Reported change: stable.), and margin compression is inevitable as turnkey scales to ~49% of the order book.