Mumbai: February 5, 2026 – Rail Vikas Nigam Limited (RVNL), a leading railway infrastructure PSU, announced its unaudited financial results for the third quarter ending December 31, 2025, showing steady performance and declaration of interim dividend for shareholders.
Financial Performance Highlights (Consolidated)
Q3 FY2026 (October-December 2025)
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Net Profit: ₹324.14 crore – A 4% Year-on-Year (YoY) increase from ₹311.58 crore in Q3 FY2025
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Revenue from Operations: ₹4,684.46 crore – 2.6% YoY growth from ₹4,567.38 crore
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Profit Before Tax (PBT): ₹415.12 crore – 0.5% YoY increase
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Earnings Per Share (EPS): ₹1.55 (Basic & Diluted)
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Total Income: ₹4,936.14 crore
Nine Months FY2026 (April-December 2025)
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Net Profit: ₹689.00 crore – 16.2% decline from ₹822.41 crore
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Revenue: ₹13,716.21 crore – 1.6% YoY growth
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EPS: ₹3.30 (Basic & Diluted)
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Dividend Declaration
The Board of Directors declared an Interim Dividend of ₹1 per equity share (10% of face value of ₹10 each) for FY2025-26, amounting to ₹208.50 crore payout.
Key Dividend Dates
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Record Date: Wednesday, February 11, 2026
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Payment Date: On or before Friday, March 6, 2026
Segment Performance & Operations
Revenue Composition
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Main Operations: Rail infrastructure development projects
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Other Income: ₹251.68 crore for Q3 FY2026
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Share of JV/Associate Profit: ₹56.41 crore (contributing to profitability)
Expense Analysis (Q3 FY2026)
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Expense of Operations: ₹4,354.14 crore
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Employee Benefits: ₹50.80 crore
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Finance Costs: ₹104.79 crore
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Depreciation: ₹8.90 crore
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Other Expenses: ₹58.80 crore
Standalone Performance
Q3 FY2026 Standalone Results
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Net Profit: ₹264.23 crore – 10.4% YoY decline from ₹294.99 crore
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Revenue: ₹4,503.97 crore – 1.9% decline from ₹4,590.75 crore
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Standalone EPS: ₹1.27
Key Corporate Developments
New Subsidiary Formation
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Sabbavaram Sheelanagar Road Development Limited: Wholly-owned subsidiary established in Andhra Pradesh on May 15, 2025
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Capital: 1,000 shares of ₹100 each (Total ₹100,000)
Accounting Policy Change
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Mobile Phones & Tablets: Now charged to P&L instead of capitalizing (impact not material)
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Previous Policy: Assets were capitalized and depreciated
Audit Emphasis Matters
Krishnapatnam Railway Company Limited (KRCL) Issue
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Amount Receivable: ₹1,169.31 crore as of December 31, 2025 (includes ₹889.95 crore interest)
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Interest Method: Changed from compound to simple interest from October 1, 2024
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Departmental Charges: 5% of project completion cost not claimed (pending Board decision)
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Status: Matter pending with Board of Directors
CAG Audit Observations
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Resurfacing Costs: CAG highlighted provisioning requirements for some joint ventures
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Management Response: Seeking opinion from ICAI's Expert Advisory Committee (EAC)
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Resolution: Actions planned for FY2025-26 financial statements
Subsidiaries & Joint Ventures
Subsidiaries (10 companies)
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Includes domestic and international entities (South Africa, Oman, Dubai, Uzbekistan, Saudi Arabia)
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Unreviewed Financials: 10 subsidiaries with ₹282.32 crore revenue in Q3 FY2026
Joint Ventures (23 companies)
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Includes major railway projects across India
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Key JVs: Kutch Railways, Haridaspur Paradip Railways, Krishnapatnam Railways, Bharuch Dahej Railways
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Share of Profit: ₹56.41 crore from JVs and associates in Q3 FY2026
Financial Position
Capital Structure
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Paid-up Equity Capital: ₹2,085.02 crore (Face value ₹10 per share)
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Other Equity: ₹7,481.93 crore (as of March 31, 2025)
Operational Segments
RVNL operates in a single reportable segment: "Development of Rail Infrastructure" as per Ind AS 108 - Operating Segments.
Audit & Compliance
The financial results were reviewed by Gandhi Minocha & Co., Chartered Accountants. The Board meeting commenced at 12:30 PM and concluded at 3:05 PM on February 5, 2026.
Market Context
RVNL's performance comes amid continued government focus on railway infrastructure development. As a key implementing agency for railway projects, the company benefits from India's rail modernization initiatives, though faces challenges with receivables from joint ventures.
About Rail Vikas Nigam Limited:
RVNL is a Government of India enterprise under the Ministry of Railways, established for implementing railway projects. The company undertakes project development, financing, and implementation of rail infrastructure projects including new lines, doubling, gauge conversion, and railway electrification.