Revenue to exceed FY25 levels
Management stated current revenue already surpasses last year and expects to exceed FY25 full-year revenue, driven by acceleration in competitive bidding project execution in H2.
RVNL / guidance tracker
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Rail Vikas Nigam · forward-looking guidance across the available source record.
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revenue
Vande Bharat prototype by June 2026
First prototype of 120 train sets (capital cost ~₹6,800 crore, total ~₹13,000 crore over 10 years) expected to roll out June 2026, with trials taking ~60 days, followed by regular production in FY27.
International order target: ₹30,000-35,000 crore bid pipeline
Company targeting substantial overseas order additions with 15-20% expected strike rate, focusing on solar projects (800 MW in Romania), nuclear sector proposals, and maintenance contracts.
Margin improvement expected as project execution scales
Early-stage booking of pre-operational costs (~₹60 crore one-time) and scope change claims pending with PLI will normalize margins as projects reach execution phase.
FY26 Revenue: 21,000-22,000 Crore
Management maintained full-year revenue guidance despite flattish H1 performance. Expects Q3-Q4 execution acceleration to achieve ~10% YoY growth. Monsoon impacts and election-related labor issues affected H1 but conditions normalizing.
FY26 Order Inflow Target: 8,000-10,000 Crore
Based on bidding pipeline of 75,000-80,000 Crore and historical success rate of 10-12%. Management confident of improving win rate by focusing on railway sector where RVNL maintains leadership position.
EBITDA Margin Trajectory: 5-6% in Future
Currently at 4-5% due to competitive bidding mix. Strategy pivoting toward higher-margin HAM projects, international operations (targeting 50% revenue from global operations like infrastructure peers), and O&M services where competition is lower.
Vande Bharat Prototypes: June 2026
First two prototypes under production scheme. First prototype due June 2026, second by end-2026. After testing and certification, 12 regular rakes in FY27, then 25 rakes annually for 5 years. Total production cycle: 6 years.
FY26 Revenue: Flat to +1-2% YoY
Management expects top-line growth of only 1-2% this year due to transition from railway nomination works to competitive bidding, with some bottom-line dip as bidding projects carry lower margins.
FY27 Target: 10% Revenue Growth
Company targets 10% growth in both top-line and bottom-line for FY27, expecting improved margins as bidding operations mature and cost efficiencies improve.
EBITDA Margin Target: 7% Gross Margin
Management targets 7% gross margin going forward, up from Q3 levels, as cost-cutting measures and better contract terms offset lower margins in bidding works.
Revenue Mix: 50% Railway, 50% Bidding
Management expects 50% of future revenue from railway nomination works (Rs 40,000 crore order book) and 50% from diversified bidding works including Vande Bharat, BharatNet, highways, and ports.
FY27 Revenue Growth: 15-20%
Management expects good revenue rise of approximately 15-20% in FY27 driven by strong order book execution across railway and infrastructure projects.
Margin Improvement from Q1 FY27
Management assured that margins will definitely increase and be much better than FY26, with improvement expected from Q1 FY27 onward.
Vande Bharat Sleeper Prototype: December 2026
First prototype targeted for launch in December 2026. Post prototype trials (3-4 months), supply will begin with 5 sets in first year, ramping to 120 sets over 5 years.
Competitive Bidding Target: 5-10% Profit Per Work
Company positioning to get at least 5-10% profit from each competitive bidding work, indicating selective bidding strategy with margin discipline.