On that count, RVNL’s track record has been underwhelming. Between FY22 and FY25, revenue grew at a meager 1% CAGR to 19,923 crore, whereas EBITDA slipped at 2% CAGR to Rs 1,125 crore. Ebitda margin has eroded from 6.1% in FY22 to 5.6% in FY25 due to the less profitable competitively bid projects getting executed vis-à-vis higher share of nominated orders in the past. Here, nominated orders refer to orders received from railways by virtue of being a public sector company dedicated to laying new railway lines, gauge conversion, and so on.
Rail Vikas Nigam stock jumps on fare hikes—are investors getting ahead of the numbers?
