Integrated Filing — IndAS



General information about company

Scrip Code 542649
NSE Symbol RVNL
MSEI Symbol NOTLISTED
ISIN INE415G01027
Name of company RAIL VIKAS NIGAM LIMITED
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2025
Date of end of financial year 31-03-2026
Date of board meeting when results were approved 05-02-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 27-01-2026
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Third quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Unaudited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Unaudited
Segment Reporting Single segment
Description of single segment Development of Rail Infrastructure
Start date and time of board meeting 05-02-2026   12:30:00
End date and time of board meeting 05-02-2026   15:05:00
Whether cash flow statement is applicable on company
Type of cash flow statement
Declaration of unmodified opinion or statement on impact of audit qualification Not applicable



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-10-2025 01-04-2025
B Date of end of reporting period 31-12-2025 31-12-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 4,68,446.00 13,71,621.00
Other income 25,168.00 69,025.00
Total income 4,93,614.00 14,40,646.00
2 Expenses
(a) Cost of materials consumed 4,35,414.00 12,81,677.00
(b) Purchases of stock-in-trade 0.00 0.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 0.00 0.00
(d) Employee benefit expense 5,080.00 15,345.00
(e) Finance costs 10,479.00 31,298.00
(f) Depreciation, depletion and amortisation expense 890.00 2,668.00
(f) Other Expenses
1 Other Expenses 5,880.00 25,549.00
Total other expenses 5,880.00 25,549.00
Total expenses 4,57,743.00 13,56,537.00
3 Total profit before exceptional items and tax 35,871.00 84,109.00
4 Exceptional items 0.00 0.00
5 Total profit before tax 35,871.00 84,109.00
6 Tax expense
7 Current tax 8,939.00 21,589.00
8 Deferred tax 159.00 2,601.00
9 Total tax expenses 9,098.00 24,190.00
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations 26,773.00 59,919.00
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 5,641.00 8,981.00
16 Total profit (loss) for period 32,414.00 68,900.00
17 Other comprehensive income net of taxes 355.00 (1,128.00)
18 Total Comprehensive Income for the period 32,769.00 67,772.00
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent 32,283.00 68,763.00
Total profit or loss, attributable to non-controlling interests 131.00 137.00
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent 32,638.00 67,635.00
Total comprehensive income for the period attributable to owners of parent non-controlling interests 131.00 137.00
21 Details of equity share capital
Paid-up equity share capital 2,08,502.00 2,08,502.00
Face value of equity share capital 10 10
27 Details of debt securities
22 Reserves excluding revaluation reserve
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 1.55 3.3
Diluted earnings (loss) per share from continuing operations 1.55 3.3
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 1.55 3.3
Diluted earnings (loss) per share from continuing and discontinued operations 1.55 3.3
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results

Textual Information(1) 1. The above Unaudited Consolidated Financial Results were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their respective their meetings held on 05th February 2026. 2. The Consolidated Financial Results have been reviewed by the Statutory Auditors as required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. 3. The Consolidated financial results have been prepared in accordance with the Indian Accounting Standards (Ind AS) as notified under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016 and other recognized accounting practices and policies to the extent applicable. 4. The Parent Company usually receives advance payment from Joint Venture Companies for incurring expenditure on their projects. However, in the case of one joint venture company i.e. Krishnapatnam Railway Company Limited (KRCL), the Parent Company had incurred project expenditure and the total amount receivable from KRCL as on 31st December 2025 is Rs. 1169.31 crore (up to 31.12.2024 Rs 1441.01 crore) which includes Rs. 889.95 crore cummulative interest based on compounding method (up to 31.12.2024 Rs 927.21 crore) on account of delayed payment. The application of interest has been changed from compound to simple w.e.f. 1st October 2024, whereas KRCL requested for application of simple interest w.e.f. 01.04.2020 in lieu of compounding interest. The matter is pending with the Board of Directors of the Parent Company and adjustment if any will be recognized as and when the matter is finalized. 5. In view of the representation made by KRCL for waiver of departmental charges and pending decision by the Board of Directors of the Parent Company, the claim for departmental charges @ 5% of the completion cost of the project has not been raised on KRCL by the Company. The matter is pending with the Board of Directors of the Company and adjustment if any will be recognized as and when the matter is finalized. 6. The consolidated financial results for the year ended March 31, 2025 included unaudited financial statements of certain subsidiaries and joint ventures, which were consolidated based on management-certified accounts due to non-availability of audited financials at that time. Subsequent to audit of the consolidated financial statement of March 31, 2025 the statutory auditors of few companies have issued audit reports containing qualifications relating to provisions on resurfacing cost and determination of quantum thereof and booking of revenue and certain expenses on provisional basis on advise of western railway and some other qualification without any quantification. The qualification will be reviewed with the concerned SPVs, an appropriate action may be taken accoringly. The matter is being reviewed with the concerned SPVs for their appropriate redressal. 7. The Comptroller and Auditor General of India (CAG), under Section 143(6)(a) of the Companies Act, 2013, has issued comments on the financial statements of one of joint venture included in the consolidated financial results highlighting the requirement of provisioning of expenses on resurfacing cost included CTR etc. and, while for some others joint ventures on the same matter a management letter has been issued without any comments on the financial statement on the assurance given by the respective company for taking an opinion from EAC of ICAI and necessary action will be taken as per the opinion of EAC of ICAI on the financial statement of financial year 2025-26. The matter is being reviewed by the management with the concerned SPVs for their appropriate action to be taken in Financial Year 2025-26. 8. The Group and Associates & Joint Ventures operates in a single reportable operating segment Development of Rail Infrastructure as per Ind AS 108 - Operating Segments. 9. In terms of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is hereby notified that Rail Vikas Nigam Limited (RVNL) has established a New wholly-owned subsidiary, named Sabbavaram Sheelanagar Road Development Limited, in the state of Andhra Pradesh, with an issued share capital of 1000 shares at Rs.100 each, totalling Rs.100,000 on 15.05.2025. 10. The Board of Directors, in their meeting held on 05th February 2026 has declared an interim dividend of Rs. 1 per equity share (face value of Rs. 10 each) amounting to Rs.208.50 crore. 11. Previous period figures have been regrouped/ reclassified, wherever necessary to confirm to the figures of the current period.



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-10-2025 01-04-2025
Date of end of reporting period 31-12-2025 31-12-2025
Whether results are audited or unaudited Unaudited Unaudited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
Total Segment Revenue
Less: Inter segment revenue
Revenue from operations
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
Total Profit before tax
i. Finance cost
ii. Other Unallocable Expenditure net off Unallocable income
Profit before tax
3 (Segment Asset - Segment Liabilities)
Segment Asset
Total Segment Asset
Un-allocable Assets null null
Net Segment Asset null null
4 Segment Liabilities
Segment Liabilities
Total Segment Liabilities
Un-allocable Liabilities null null
Net Segment Liabilities null null
Disclosure of notes on segments



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-10-2025 01-04-2025
B Date of end of reporting period 31-12-2025 31-12-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
1 Items not to be reclassified to Profit or Loss in subsequent periodd (72.00) (216.00)
Total Amount of items that will not be reclassified to profit and loss (72.00) (216.00)
2 Income tax relating to items that will not be reclassified to profit or loss (18.00) (54.00)
3 Amount of items that will be reclassified to profit and loss
1 Net gain /(loss) on Foreign Currency Transaction 409.00 (966.00)
Total Amount of items that will be reclassified to profit and loss 409.00 (966.00)
4 Income tax relating to items that will be reclassified to profit or loss 0.00 0.00
5 Total Other comprehensive income 355.00 (1,128.00)