Rites Ltd

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Rites Ltd

₹ 213 -1.75%
02 Sep - close price
rites.com BSE: 541556 NSE: RITES
About

Established in 1974, RITES Limited is a public sector enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. The company is the only export arm of Indian Railways for providing rolling stock overseas (other than Thailand, Malaysia and Indonesia). [1]

Key Points

Business Segments
1) Consultancy (47% in 9M FY25 vs 40% in FY22): [1] [2] The company offers transport consultancy services, including techno-economic and feasibility studies, detailed project reports, design engineering, procurement assistance, and project management, etc. It operates in 55+ countries across Asia, Africa, Latin America, South America, and the Middle East. [3] The segment revenue declined by 8% YoY in 9M FY25, due to a significant dip in Quality Assurance revenue. [4] [5]

Website BSE NSE
  • Market Cap ₹ 10,218 Cr.
  • Current Price ₹ 213
  • High / Low ₹ 281 / 175
  • Stock P/E 24.5
  • Book Value ₹ 55.8
  • Dividend Yield 3.74 %
  • ROCE 22.0 %
  • ROE 15.4 %
  • Face Value ₹ 10.0
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Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Stock is providing a good dividend yield of 3.74%.
  • Company has been maintaining a healthy dividend payout of 102%

Cons

  • The company has delivered a poor sales growth of 4.86% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Construction Construction Civil Construction

Part of BSE Industrials BSE 400 MidSmallCap Index Nifty MidSmallcap 400 Nifty Smallcap 250 Nifty 500 Multicap 50:25:25

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
544 582 683 643 486 541 576 602 490 549 609 768 532
383 445 514 467 380 435 458 417 376 419 466 600 418
Operating Profit 161 138 169 176 106 106 117 186 114 130 142 168 115
OPM % 30% 24% 25% 27% 22% 20% 20% 31% 23% 24% 23% 22% 22%
18 28 19 27 25 22 44 27 24 35 30 35 33
Interest 1 1 2 0 1 2 1 1 1 1 1 1 1
Depreciation 16 14 15 16 14 15 16 17 15 17 17 16 17
Profit before tax 163 150 171 187 115 111 144 195 122 146 154 186 131
Tax % 26% 27% 25% 27% 21% 26% 24% 27% 25% 25% 25% 25% 25%
120 110 129 137 90 82 109 141 91 109 115 139 98
EPS in Rs 2.25 2.10 2.50 2.62 1.64 1.52 2.08 2.76 1.67 2.04 2.12 2.70 1.81
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
1,013 1,218 1,351 1,497 2,047 2,474 1,905 2,662 2,628 2,453 2,218 2,415 2,458
664 871 1,005 1,071 1,469 1,811 1,353 1,933 1,869 1,792 1,675 1,861 1,903
Operating Profit 348 347 347 427 578 663 552 729 759 661 543 554 555
OPM % 34% 29% 26% 28% 28% 27% 29% 27% 29% 27% 24% 23% 23%
147 208 210 154 200 268 101 84 103 92 118 123 132
Interest 2 1 14 25 10 10 9 13 21 21 34 4 3
Depreciation 26 37 38 36 38 47 52 66 67 61 62 66 67
Profit before tax 468 518 505 519 730 874 593 735 774 670 565 608 617
Tax % 33% 34% 33% 31% 33% 28% 25% 27% 26% 26% 25% 25%
312 340 337 357 490 633 444 539 571 495 424 454 461
EPS in Rs 12.49 13.55 6.57 6.85 9.39 12.32 9.00 10.74 11.28 9.48 8.01 8.54 8.67
Dividend Payout % 20% 40% 46% 32% 54% 65% 72% 79% 91% 95% 94% 115%
Compounded Sales Growth
10 Years: 7%
5 Years: 5%
3 Years: -3%
TTM: 11%
Compounded Profit Growth
10 Years: 2%
5 Years: -1%
3 Years: -9%
TTM: 8%
Stock Price CAGR
10 Years: %
5 Years: 9%
3 Years: -6%
1 Year: -19%
Return on Equity
10 Years: 18%
5 Years: 18%
3 Years: 16%
Last Year: 15%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 100 100 200 200 200 250 240 240 240 240 481 481
Reserves 1,576 1,707 1,838 2,014 2,222 2,383 2,152 2,248 2,363 2,369 2,160 2,201
0 173 83 55 48 47 37 28 5 8 9 7
1,929 2,531 2,678 2,901 2,956 3,222 3,408 3,326 3,381 3,047 3,472 3,238
Total Liabilities 3,605 4,511 4,799 5,170 5,426 5,903 5,837 5,842 5,991 5,664 6,121 5,926
212 476 406 402 478 590 584 560 552 535 884 868
CWIP 26 34 5 2 4 4 15 58 101 174 48 88
Investments 226 220 328 133 141 261 289 205 130 109 117 104
3,141 3,781 4,060 4,633 4,803 5,047 4,948 5,020 5,208 4,846 5,072 4,866
Total Assets 3,605 4,511 4,799 5,170 5,426 5,903 5,837 5,842 5,991 5,664 6,121 5,926

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
-89 463 555 410 164 319 516 310 560 432 637 327
291 -520 -56 -454 139 49 194 62 163 -315 -205 126
-38 39 -215 -217 -279 -420 -708 -376 -483 -504 -405 -424
Net Cash Flow 165 -18 284 -261 24 -52 2 -5 239 -387 27 30
Free Cash Flow -196 269 540 348 12 207 436 168 424 295 505 266
CFO/OP 15% 186% 208% 138% 70% 80% 112% 68% 98% 99% 148% 79%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 137 161 125 114 109 124 112 101 126 134 122 141
Inventory Days 32 22 302 11 81 96 11
Days Payable 408 184 572 144 105 589 105
Cash Conversion Cycle -239 161 125 -47 -161 -9 112 77 -367 134 122 47
Working Capital Days -464 -427 -449 -454 -297 -240 -335 -234 -219 -203 -279 -174
ROCE % 30% 28% 21% 24% 30% 33% 23% 29% 30% 25% 22% 22%

Insights

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Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Total Number of Employees
count ・Standalone data

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Total Order Book
INR crore ・Standalone data
Order Book - Consultancy
INR crore ・Standalone data
Order Book - Export
INR crore ・Standalone data
Order Book - Leasing
INR crore ・Standalone data
Order Book - Turnkey
INR crore ・Standalone data
Order Inflow during the period
INR crore ・Standalone data
Nomination share in Order Book
% ・Standalone data

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Shareholding Pattern

Numbers in percentages

16 Recently
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
72.20% 72.20% 72.20% 72.20% 72.20% 72.20% 72.20% 72.20% 72.20% 72.20% 72.20% 72.20%
3.98% 3.22% 4.17% 3.50% 3.20% 3.34% 3.33% 3.47% 3.51% 3.46% 3.47% 3.43%
12.72% 12.27% 11.09% 10.78% 9.63% 8.83% 8.66% 8.64% 8.66% 8.63% 8.70% 8.74%
11.10% 12.31% 12.53% 13.50% 14.95% 15.63% 15.79% 15.69% 15.63% 15.70% 15.62% 15.63%
No. of Shareholders 1,45,0941,62,9862,35,2962,65,9843,50,2363,91,4694,11,7254,02,3344,03,1763,92,5623,86,2133,79,928

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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