Rail Vikas Nigam Ltd

₹ 258 2.75%

16 Apr - close price

About

Rail Vikas Nigam Ltd was Incorporated in 2003 by the Govt. of India, it is engaged in the business of implementing various types of Rail infrastructure projects assigned by MoR including doubling, gauge conversion, new lines, railway electrification, major bridges, workshops, Production Units and sharing of freight revenue with Railways as per the concession agreement entered into with Ministry of Railway. ^[1] ^[2]

Key Points

Business Overview
Company and its subsidiaries are engaged in the business of implementing various types of Rail infrastructure projects assigned by the Ministry of Railways (MoR) including doubling (including 3rd/4th lines), gauge conversion, new lines, railway electrification, major bridges, workshops and production units. ^[1]

Website BSE NSE

Market Cap ₹ 53,773 Cr.
Current Price ₹ 258
High / Low ₹ 346 / 73.1
Stock P/E 39.1
Book Value ₹ 34.1
Dividend Yield 0.83 %
ROCE 17.7 %
ROE 20.9 %
Face Value ₹ 10.0

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Pros

Company has been maintaining a healthy dividend payout of 35.0%

Cons

Stock is trading at 7.57 times its book value
Earnings include an other income of Rs.1,164 Cr.
Promoter holding has decreased over last 3 years: -15.0%

* 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

Sector: Infrastructure Developers & Operators Industry: Construction

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
	3,732	5,578	3,869	4,026	5,049	6,438	4,641	4,909	5,011	5,721	5,446	4,910	4,676
	3,512	5,224	3,641	3,799	4,730	6,030	4,360	4,593	4,736	5,349	5,099	4,613	4,430
Operating Profit	220	354	228	227	319	407	281	316	275	372	348	297	246
OPM %	6%	6%	6%	6%	6%	6%	6%	6%	5%	7%	6%	6%	5%
	132	383	190	55	211	220	241	218	284	261	280	296	326
Interest	6	319	134	6	144	146	157	131	147	146	146	133	139
Depreciation	4	5	5	5	4	7	6	5	6	6	5	6	5
Profit before tax	342	413	279	272	381	473	359	398	406	482	477	455	429
Tax %	18%	17%	24%	18%	26%	21%	21%	25%	16%	28%	30%	19%	24%
	281	344	211	222	282	372	283	299	341	345	334	370	326
EPS in Rs	1.35	1.65	1.01	1.07	1.35	1.78	1.36	1.43	1.64	1.66	1.60	1.77	1.56
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
	2,494	3,147	4,540	5,915	7,557	10,060	14,531	15,404	19,382	20,282	20,753
	2,402	3,001	4,322	5,633	7,174	9,529	13,744	14,524	18,200	19,037	19,490
Operating Profit	92	146	217	282	383	531	787	880	1,182	1,244	1,263
OPM %	4%	5%	5%	5%	5%	5%	5%	6%	6%	6%	6%
	105	123	180	248	231	285	266	757	809	1,004	1,164
Interest	0	15	23	35	45	52	41	458	564	581	564
Depreciation	6	5	5	5	5	6	20	23	21	22	22
Profit before tax	192	248	370	489	564	758	991	1,156	1,406	1,644	1,842
Tax %	16%	16%	19%	20%	17%	20%	20%	19%	23%	23%
	162	209	300	389	470	607	790	941	1,087	1,268	1,375
EPS in Rs	0.78	1.00	1.44	1.87	2.25	2.91	3.79	4.51	5.22	6.08	6.59
Dividend Payout %	19%	15%	12%	76%	36%	31%	30%	35%	35%	35%

Compounded Sales Growth
10 Years:	%
5 Years:	22%
3 Years:	12%
TTM:	-1%

Compounded Profit Growth
10 Years:	%
5 Years:	22%
3 Years:	17%
TTM:	6%

Stock Price CAGR
10 Years:	%
5 Years:	58%
3 Years:	110%
1 Year:	253%

Return on Equity
10 Years:	%
5 Years:	20%
3 Years:	20%
Last Year:	21%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	2,085	2,085	2,085	2,085	2,085	2,085	2,085	2,085	2,085	2,085	2,085
Reserves	467	675	919	998	1,266	1,654	2,415	2,881	3,546	4,394	5,023
	9,218	2,514	2,624	2,437	2,259	3,024	4,257	5,931	6,643	6,441	5,981
	1,425	10,558	16,153	2,837	2,101	4,669	3,019	2,654	7,104	4,661	7,036
Total Liabilities	13,195	15,832	21,781	8,357	7,712	11,432	11,775	13,550	19,379	17,581	20,124
	7	6	6	8	249	279	305	292	379	355	337
CWIP	1	2	6	13	21	11	25	53	1	1	1
Investments	487	595	605	615	659	929	969	1,060	1,163	1,187	1,325
	12,701	15,229	21,164	7,722	6,783	10,212	10,476	12,145	17,835	16,039	18,460
Total Assets	13,195	15,832	21,781	8,357	7,712	11,432	11,775	13,550	19,379	17,581	20,124

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	-762	124	666	519	-365	-695	-962	419	4,806	-4,080
	25	-40	88	23	36	320	124	310	-1,463	1,354
	1,337	-152	-182	-668	-581	319	827	416	-189	-1,036
Net Cash Flow	600	-68	571	-126	-910	-56	-11	1,144	3,154	-3,762

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	9	22	38	30	35	23	21	23	18	17
Inventory Days
Days Payable
Cash Conversion Cycle	9	22	38	30	35	23	21	23	18	17
Working Capital Days	1,375	1,418	97	21	70	100	122	135	21	57
ROCE %		3%	7%	9%	11%	13%	13%	16%	17%	18%

Shareholding Pattern

Numbers in percentages

2 Recently

	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
	78.21%	78.20%	78.20%	78.20%	78.20%	78.20%	78.20%	78.20%	78.20%	78.20%	72.84%	72.84%
	0.42%	0.25%	0.26%	0.86%	0.84%	0.95%	1.76%	2.45%	1.53%	1.75%	2.32%	2.59%
	9.43%	9.26%	9.10%	8.62%	8.33%	8.29%	7.43%	6.45%	6.51%	5.75%	5.83%	6.08%
	11.94%	12.29%	12.44%	12.32%	12.63%	12.56%	12.61%	12.92%	13.76%	14.30%	19.01%	18.50%
No. of Shareholders	3,66,354	4,00,866	4,37,074	5,31,174	5,63,523	5,79,899	5,66,880	6,60,435	7,20,323	8,86,922	13,41,098	13,97,699

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Dec 2023
	100.00%	87.84%	78.21%	78.20%	78.20%	72.84%
	0.00%	0.55%	0.42%	0.84%	1.53%	2.59%
	0.00%	2.61%	9.43%	8.33%	6.51%	6.08%
	0.00%	9.00%	11.94%	12.63%	13.76%	18.50%
No. of Shareholders	7	1,77,379	3,66,354	5,63,523	7,20,323	13,97,699

* 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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