Rail Vikas Nigam earnings calls.

RVNL reported Q3 FY26 revenue of Rs 4,936 croreCurrent reported value: Rs 4,936 crore. No comparable prior figure is available in the source record. with PBT of Rs 359 crore, while 9-month consolidated revenue stood at Rs 14,346 crore and PBT at Rs 841 crore. The company faces a transition phaseCurrent reported value: transition phase. No comparable prior figure is available in the source record. from nomination-based railway works to competitive bidding, resulting in margin pressure. Management expects flat-to-1-2% top-line growth and bottom-line dip this fiscal year due to lower-margin bidding projects. However, the order book remains robust at Rs 87,000 croreCurrent Rs 87,000 crore. Reported change: +1,528 crore in 9M. (Rs 40,000 crore railway nominations + Rs 47,000 crore bidding works). Key projects including Vande Bharat (120 train sets, prototype by June-July 2026) and Bharat Net are progressing satisfactorily. Management targets 10% growth in both revenue and margins from FY27 onwardCurrent 10% growth in both revenue and margins from FY27 onward. Reported change: vs FY26 expected flat., with a 50-50 revenue split between railway and diversified bidding works. The company signed an MOU with Visakhapatnam Port Authority for infrastructure projects and continues exploring opportunities with state governments and PSUs. Risk includes execution delays on complex projects and dependency on railway capital expenditure.