Rail Vikas Nigam Limited (RVNL) IPO Research Note should you subscribe?

Rail Vikas Nigam Limited (RVNL) IPO Research Note should your subscribe?

Rail Vikas Limited (RVNL) has come up with an IPO at price band of Rs. 17- Rs. 19. RVNL is a wholly owned government entity under the Ministry of Railway.

Issue Highlights:

  • Rail Vikas Nigam Ltd. (RVNL) was incorporated in the year 2003 as a wholly owned Public Sector Undertaking (PSU). It assists the Indian Railways by helping them build the required engineering works. It is also Miniratna I, Schedule’ A’ company.


  • RVNL is engaged in the business of executing all types of railway project which includes new lines, gauge conversion, doubling, railway electrification, metro projects, workshops, institution buildings, etc.


  • The Ministry of Railways has assigned RVNL 172 projects out of which 166 projects are already sanctioned for execution. 60 of the sanctioned projects have already been completed amounting to Rs 167, 77.700 crores


  • RVNL have recently been assigned the hill projects in the difficult terrains of the Himalayas for the construction of new lines between Rishikesh-Karnprayag in Uttrakhand and Bhanupalli.


  • The company has seven production units to manufacture locomotives, coaches and wheels and about 50 workshops to undertake periodic overhaul or midlife rehabilitation of rolling stock.


  • The company has also been contributing to one-third of the total doubling completed by Indian Railways for the last 3 fiscals. Where the order book value for doubling of RVNL was Rs 27,721 crore.



Highlights of the issue

Issue opens March 29, 2019
Issue closes April 3, 2019
Commencement of trading on Stock Exchange April 11, 2019
Issue price Band Rs. 17-Rs. 19
Issue size Rs.  477.11 Cr.
Face value Rs. 10
Retail Discount Rs. 0.50
Employee Discount Rs. 0.50
Minimum lot 780 shares
Total shares 253,457,280 shares
Listing BSE NSE


Issue Allocation:

Particulars % of allocation
QIB 50%
NIB 15%
Retail 35%


Book Running Lead Managers

·         Yes Securities (India) Ltd.
·         Elara Capital (India) Private Ltd
·         IDBI Capital Markets & Securities Ltd.


Registrar to the Issue

·         Alankit Assignment Ltd.

Financial Highlights:
(RS. in crores)

Particulars FY15 FY16 FY17 FY18 H1FY19
Revenue 3146.53 4539.85 5915.106 7556.55 3622.88
EBITDA 145.6 217.4 281.8 388.8 319.2
EBITDA Margin (%) 4.6% 4.8% 4.8% 5.1% 5.6%
Profit Before Tax 248.33 3,69.85 488.91 564.14 285.72
Net Profit 208.62 300.32 389.10 470.05 229.24
Net Profit Margin 6.4% 6.4% 6.3% 6% 6.1%
NAV 19.48 18.83 17.06 16.41 14.68
RONW(%) 11.01% 12.55% 12.47% 14.52% 6.24%
EPS 1.62 2.06 2.13 2.73 1.22
Net Worth 3060.51 3422.42 3556.88 3925.24 4062.12


Revenue from Business verticals:

                                                                                                                              (Rs. in crores)

Segments FY16 FY17 FY18 H1FY19
New Line 648.949 1038.992 1038.992 926.074
Doubling 2742.163 2751.738 3391.919 1799.037
Gauge Conversion 212.411 584.712 488.336 230.168
Railway Electrification 178.715 384.597 747.548 352.276
Metropolitan Transport Projects (including metros) 543.310 705.546 638.666 178.954
Workshops 162.465 341.118 172.005 103.541
Others (bridge construction etc.) (in numbers) 32.832 133.637 108.403 51.841
TOTAL 4539.854 5915.106 7556.559 3622.882


Revenue from Business Vertical:  (Rs. in crores)

Rail Vikas Nigam Limited (RVNL) IPO Research Note should you subscribe?
Rail Vikas Nigam Limited

Net Profit Margin (%)

Rail Vikas Nigam Limited (RVNL) IPO Research Note should you subscribe?
Rail Vikas Nigam Limited

Business of the company:

RVNL is a Miniratna (Category- I) wholly owned government entity engaged in all stages of project execution agency on behalf of Ministry of Railway (MOR). The company executes various Metropolitan Transport Projects, Gauge Conversion, Railway Electrification, Doubling, metro projects, workshops, etc.

The projects undertaken by the company are spread across the country and for effective implementation of projects,  43 project implementation units (PIUs) as on December 31, 2018, have been authorized at different locations to execute projects in their geographical hinterland.


Order book and execution of projects:

Since inception, the company was awarded 179 projects by MOR. Out of these, 174 have been sanctioned for execution. From these 72 projects have been fully completed aggregating to Rs. 205,672.50 million and 102 ongoing projects.


Management Fees charged by RVNL:

RVNL receives consolidated management fees including the supervision and management charges for execution of projects. For the metro project, the management fee charged by RVNL is 9.25%. Whereas, for conventional projects (other plan heads) they charge 8.50% from MOR and 10% for national projects.


Project locations:

The projects are located at Delhi, Mumbai, Kolkata – 3 units, Chennai -2 units, Secunderabad – 2 units, Vijayawada, Bhubaneshwar – 3 units, Bhopal – 2 units, Jhansi, Kota, Jodhpur, Waltair (Vishakhapatnam) – 2 units, Bengaluru, Pune – 2 units, Raipur – 3 units, Lucknow – 3 units, Ranchi, Rishikesh, Ahmedabad – 2 units, Kanpur, Varanasi- 4 units, Chandigarh, Kharagpur, Agra, Ambala and Guwahati.


RVNL Customer base:

The major client of RVNL is the Indian Railways. Furthermore, other clients include various central and state government ministries, departments, and public sector undertakings.


Project sanctions by MOR to RVNL:

The Railways in India are divided into 72 zones. Further, each of these zones has its assigned regional departments that conduct projects and assignments on behalf of MOR. But, complex and higher CapEx projects are authorized to companies like RVNL, RITES, IRCON, Konkan Railways, etc. Unlike RVNL’s other CPSE peers (IRCON, RITES) they do not bid for projects under the Ministry of Shipping. MOR, Ministry of Shipping and road assigns RVNL the projects and assignments. RVNL attracts 8.5% as management fees for conventional projects and9.5% for metro projects.


SPV Pipeline of RVNL:

At present, the company has 6 Special Vehicle (SPV) in its pipeline. Out of the 6 SPV’s, three SPV’s are at different stages of operations that are expected to complete by the end of FY21. The Kutch Railway Company and Bharuch Dahej Railway Company are adequately operational. Dighi Roha Rail Company is the only SPV that has failed to steer off.


Services provided by the company

  • Project execution and development of work related to the creation of Rail infrastructure.
  • Creating Projects: specific SPVs for boosting private assistance in the funding of railway infrastructure projects
  • Undertaking execution of railway projects under a specific financial settlement for the MoR and other Government departments
  • Other Ancillary services.


Object of the Issue:

 The Net Proceeds of the Issue after deducting the issue expenses shall be utilized for the following agenda.

  • To carry out the disinvestment of 252,800,000 Equity Shares held by the Promoter of the Company i.e. President of India.
  • To achieve the benefits of listing the Equity Shares of the company on the Stock Exchanges.

RNVL will not receive any proceeds from the Offer and all such proceeds will go to the Promoter i.e. President of India.


Pre-Issue Shareholding pattern of Rail Vikas Nigam Limited

Particulars Number of Shares % of holding
Promoter and Promoter Group 2,08,50,20,100 100%


Post-Issue Shareholding Pattern

Particulars Number of Shares % of holding
Promoter and Promoter Group 1,83,22,20,100 87.84%
Public 25,28,00,000 12.16%


Promoter of the Company:

The president of India is the sole promoter of the company, acting through the Ministry of Railways, Government of India holds 99.9% stake in the company which will drop to 87.84% post issue.


Capital Structure (Rs. In crores)

Authorized Capital 3000 crores
Issued Subscribed and Paid-up share-capital 2085 crores
Paid up capital (Post-Issue) 2085  Crores


Overview of the Sector:

India has the fourth largest railway network in the world with a total network of 67,368 route kilometer (rkm). Railways in India runs nearly 21,000 trains daily; i.e. approximately 13,313 passenger trains that carry more than 2.3 crore passengers and approximately 8,000 freight trains that carry around 3 million tonnes of freight per day.

In 2016, Indian Railways has announced an Rs 856,020 crore CapEx plan for 2016-20 (five years), 90% more than the combined capital outlay in the previous 15 years. The railway transport infrastructure services industry is expected to witness project commissioning worth Rs 87,590 crore during 2017-19. Out of this, projects entailing an investment of ₹44,100 crore are expected to come on-stream in 2017-18. The remaining projects worth ₹43,490 crore are likely to be commissioned in 2018-19.


National Rail Plan 2030:

 The Ministry of Railways (MoR) aims to develop National Rail Plan, 2030 to provide a long term outlook to plan for augmenting the railway network, in deliberation with several state governments, public representatives and other important Central Ministries. NRP-2030 will strive to adapt and integrate the rail network with other modes of transport and create synergy for achieving a seamless multimodal transportation network across India.


Major Segments:

  • Construction of new lines:

Construction of new lines is authorized for providing connectivity to the regions not adequately connected with the Railway network. To bring those regions under the National main-stream of development new sanctions are awarded to companies like Rail Vikas Nigam for execution. Indian Railways envisages constructing an average of 2,500 Kms. of New lines every year according to the Railway vision 2020.


  • Gauge Construction:

Indian Railways employ three types of gauges:

  • Broad Gauge: 1,676mm (5 feet 6 inches)
  • Meter Gauge 1,000 mm ( 3feet 3/8 inches)
  • Narrow Gauge: 762 mm (2 feet, 6 inches) and 610 mm (2 feet)

To enhance passengers’ accommodation and commercial viability of Indian Railways, the government has taken a decision to convert the existing Meter Gauge and Narrow Gauge into Broad Gauge phase-wise.

In consonance with the uni-gauge policy of 1991, the conversion of the remaining portion of the MG section will provide a stout investment opportunity in this segment.


  • Doubling

The operation of doubling involves the provision of additional lines by way of doubling the existing routes to permit the Railways to expedite traffic constraints of a single line or construction and raise the chartered capacity. In some sections, 3rd and 4th lines are also being laid by MOR. According to  Vision Document 2020, there is an increased focus on achieving at least 1,200 km of doubling.

In addition to the doubling works being executed by Zonal Railways, RVNL is a significant contributor to the doubling projects and has been contributing to approximately one-third of the total doubling being commissioned on Indian Railways in last 3 fiscals. The other companies assigned with doubling projects by Indian Railways constitute IRCON Ltd and RITES Ltd.


  • Electrification

Indian Railways has taken measures in order to control the spiraling fuel bill, reduce dependence on imported fossil oil, increase the energy security of the nation, reduce pollution, improve operational efficiency and operating ratio, it is crucial that electrification is conceded priority on Railways.


  • Safety

The Safety segment is extremely sensitive in terms of both social as well as economic perspectives. It needs paramount attention as it involves the lives of the travelling public. Considering the magnitude of the safety measures, the Government has invested Rs.127, 000 in the 5 years i.e. from 2015 and aims to invest further in 2019-20 to track renewal, bridge works, the road over bridge (ROB), the road under the bridge (RUB) and Signalling & Telecommunication (S&T).


RVNL has contributed more than 33% of the doubling projects and more than 22% of electrification projects in last 5 fiscals for Indian Railways.


RVNL’s contribution on the execution of Doubling projects undertaken on behalf of Indian Railway

Year Total for Indian Railways (km) Contribution by RVNL (km) % contribution by RVNL
2012-13 705 273 38.72%
2013-14 708 241 34.04%
2014-15 705 260 36.88%
2015-16 972 242 24.90%
2016-17 881 310 35.19%
TOTAL 3,971 1326 33.39%

Railway Electrification contribution of RVNL for Indian Railway:

Year Total for Indian Railways (km) Contribution by RVNL (km) % contribution by RVNL
2012-13 1317 301 22.85%
2013-14 1350 240 17.78%
2014-15 1375 264 19.20%
2015-16 1502 335 22.30%
2016-17 1646 380 23.09%
TOTAL 7190 1520 21.14%

Key Strengths:

  • The company has established expertise in undertaking all kind of projects and executes them from conceptualizing to commissioning them in this sector.


  • The company has leveraged its expertise in diversified segments of railway infrastructure like Doubling, gauge conversion, new line, metro projects railway electrification, etc.


  • The company has been authorized by Ministry of Railway (MOR) to sanction detailed and in the prescribed time limit.


  • The company has shown a consistent track record of financial performance. The revenue has increased in the last 4 fiscals at a CAGR of 29.36%. And the Net profit increased at a CAGR of 15.20% in last 4 fiscals.


  • The company has successfully completed 7 projects awarded by MOR in relation to the construction of workshops which includes augmentation of locomotive works in Varanasi.


  • RVNL has a robust balance sheet and also maintained a healthy dividend payout in the last 4 fiscals.


  • RVNL has robust order-book pipeline, at present company has accumulated orders of Rs 77,500 crores. According to the management out of these, 77,500 crores, Rs. 30,000 crores orders will be executed within 5 to 7 years. Whereas, the remaining Rs. 44,500 crores are expected to be completed within 3 to 4 years.


  • Ministry of Railway and Government of India have shown consistent efforts to upgrade and improve the railways connect and services. This, in turn, will lead to various execution opportunities for RVNL from the MoR.


Order Book of RVNL:

Key segments Length in route kilometer Order Book Value as of December 31, 2018 (₹ in crores)
New Line (includes port connectivity) 976.76 30763.52
Doubling 3,652.93 27,721.04
Gauge Conversion 344.46 1189.35
Railway Electrification 3,813.27 3991.89
Metropolitan Transport Projects 156.82 9593.55
Workshops (in numbers) 16 2618.30
Others (bridge construction etc.) (in numbers) 15 1626.63
TOTAL 8,944.24 77,504.280


Key Risks:

  • Highly reliable on the Ministry of Railways (MOR)

The company is highly reliable on the Ministry of Railways (MOR) for funds and manpower supply which in turn might lead to delay in execution of projects. RVNL largely depends on the MoR for funds since they assign a fixed budget for the company each year for undertaking the projects. In FY18, the total capital and development expenditure of railways has been pegged at Rs 148,528 crore


  • Third-party dependency:

RVNL highly depends on the contractors, sub-contractors, and consultants that are engaged in adhering to the quality and conditions. Any casualties from the contractors, sub-contractors, and consultants will lead to an increase in the cost of projects, delay in the projects and can hamper the quality.


  • Delay in Project Execution:

The total order book value of the company as on December 31, 2018, is Rs. 775,042.80 million. Out of the 77,500 crores, two projects i.e. Rishikesh Karnprayag new line project and Bhanupalli- Bilaspur Beri new line project constitute Rs. 15,001.770 crores and Rs. 6,413.510 crores, respectively. That aggregates to 27.63% of the company’s overall order book. Any delay on account of land acquisitions, forest, and environmental clearance issues, etc. or delay in timely and adequate financing of these projects by MoR, could adversely affect the company’s order book position, business, financial condition and results of operation.


  • Long contract gestation period:

As on December 31, 2018, order book of the company stood at Rs. 77,504.280 crores of which 96.11%, was from MoR. Further, the order book may be affected due to the delays in performance of the contracts by the contractors assigned by RVNL as well as the long gestation period in the completion of projects. Therefore, this might hinder the revenue and the performance of the company.


  • The company had negative cash flow from operating and financial activities in last 4 fiscals.
  • As on December 2018, the company has an outstanding unsecured loan of Rs. 2,842.630 crores from IRFC. failing to pay can affect the profitability


  • There has been negative cash flow from one of the SPV Dighi Roha Rail Company FY16: -0.773 crores, FY17 – 0.073 crores, FY18: – 0.042 crores, H1FY19: 0.015 crores


  • The company’s cash flows can be affected as the business is seasonal in nature i.e. Monsoon affects their cash flow.


 Peer comparison:

PEER Comparison EPS (₹ per share) NAV (₹ per share) RoNW (%) P/E Ratio
Rail Vikas Nigam Limited 2.73 18.83 14.52 6.95x
IRCON International Limited 42.13 383.64 10.98 9.49x


Financial Summary:

  • During the year FY15 RVNL posted a net turnover of Rs. 3,269.649 crores/ Net profit of Rs. 208.626 crores. In FY16. The turnover posted by the company stood at Rs. 4,720.085 crores/ Net profit stood at Rs. 300.320 crores. In FY17 the turnover accounted for Rs. 6,162.663 crores/ Net profit was Rs. 389.104 crores. FY18 turnover stood at Rs.7, 781.362 crores/ Net Profit accounted to Rs. 470.055 crores. During H1FY19 the turnover of the company was Rs. 3, 77.034 crores/ Net Profit stood at Rs. 229.244 crores.


  • RVNL’s EBITDA for FY15, FY16, FY17, and FY18 stood at Rs. 6 crores, 217.4 crores, 281.8 crores, 388.8 crores respectively.


  • The average diluted EPS of the last 3 years accounts to Rs. 2.42 per share.


  • The dividend yield of RVNL is 4%.


  • The Dividend Payout Ratio was 36%.


  • The Return on Assets in FY18 is 5% whereas, in H1FY19 was 3%.


  • The Returns on Equity (ROE) in FY18 is 23% and in H1FY19 is 19%


  • Consolidate NAV for FY18 stood at Rs. 18.83 and in H1FY19 it was Rs. 19.48


  • EBITDA Margins grew on a sequential basis in FY15 EBITDA Margin was 4.6%, FY16: 4.8, FY17: 4.8%, FY18 it was 5.1%


Rail Vikas Nigam Limited (RVNL) IPO Research Note should you subscribe?
Rail Vikas Nigam Limited


Restated Summary of Cash Flow Statement (Rs. In crores)

Particulars FY15 FY16 FY17 FY18 H1FY19
Cash Flow from Operating Activities 2,12.004 (312.152) 5,70.754 652.092 113.446
 Cash Flow Investing Activities 81.917 (18.393) (25.369) 99.709 (29.173)
Cash Flow from Financing Activities (586.001) (581.199) (668.407) (182.251) (1,52.291)
Cash & Cash Equivalent at the end of the year 50.772 342.852 1254.596 1,377.618 808.069


Restated Summary Statement of Profit and Loss

                                                                                                                                (In crores)

Consolidated Profit and loss Statement FY15 FY16 FY17 FY18 H1FY19
Revenue :
Revenue from operations 3146.535 4539.854 5915.106 7556.559 3622.882
Other income 123.114 180.231 247.557 224.803 147.465
Total Income 3269.649 4720.085 6162.663 7781.362 3770.347
Expenses on Operations 2895.733 4188.936 5467.848 6983.167 3351.106
Employee benefits expenses 77.116 96.71 117.018 133.988 77.599
Finance Costs 15.279 23.084 35.454 44.658 20.555
Depreciation, amortization, and impairment 5.121 4.669 5.012 4.835 2.706
Other Expenses 23.396 30.858 42.296 42.891 22.485
CSR and R&D Expenses 4.669 5.975 6.123 7.674 10.174
Total Expenses 3021.314 4350.232 5673.751 7217.213 3484.625
Profit/(loss) before exceptional items and tax 248.335 369.853 488.912 5,64.149 285.722
Exceptional items 0.00 0 0 0.00 0.00
Profit/(Loss) before tax 248.335 369.853 488.912 564.149 285.722
Tax Expense:
(1) Current tax 48.985 77.774 103.225 118.639 58.537
(2) Deferred tax (net) -9.276 -8.241 -3.417 -24.545 -2.059
Total Tax Expense 39.709 69.533 99.808 94.094 56.478
Profit/(loss) for the period 208.626 300.320 389.104 470.055 229.244


Restated Summary Statement of Assets and Liabilities

                                                                                                                                 (In crores)

Consolidated Balance Sheet FY15 FY16 FY17 FY18 H1FY19
1 Non-current asset
Property, Plant, and equipment 5.762 5.955 7.571 248.761 248.861
Capital work-in-progress 0 0 0 0 0
Other Intangible assets 0.026 0.013 0.006 0.111 0.054
Intangible assets under development 1.658 5.582 12.729 21.137 27.316
Investments in Joint venture 895.726 1013.853 1078.549 1222.182 1246.553
Financial Assets
Investments 0 10 10 10 9.970
Lease Receivables 4,98.464 6,36.768 1146.758 1719.528 1479.865
Loans 3.441 4.892 6.562 6.476 6.868
Others 461.062 497.183 491.425 462.632 389.485
Deferred tax assets (Net) 29.219 37.497 40.961 65.563 67.622
Other non-current assets 0.848 0.898 164.056 0.27 0.205
TOTAL 1896.206 2212.641 2958.617 3756.660 3476.80
Current assets
Project-Work-in-Progress 11564.685 14824.053 766.261 1.924 6.178
Financial Assets
Trade Receivables 186.946 480.757 278.951 935.288 1176.7
Lease Receivables 75.217 108.983 200.432 241.325 262.650
Cash and cash equivalents 808.069 1377.618 1254.596 342.852 50.772
Bank Balances other than (iii) above 485 16,55. 14,50 1060 1221.255
Loans 1.388 1.054 1.061 7.417 7.617
Others 219.037 2,212.20 441.219 452.104 325.122
Other current assets 882.164 1326.878 1497.928 9.888 4.625
Current Tax Asset (Net) 16.66 7.472 10.532 1761.088 2200.692
TOTAL 14239.166 20003.035 5900.980 4811.886 5255.611
Total Assets 16135.372 22215.676 8859.597 8568.546 8732.410
Equity Share Capital 2085.020 2085.020 2085.020 2085.020 2085.020
Other Equity 975.491 1337.408 1471.885 1840.228 1977.099
TOTAL 3060.511 3422.428 3556.905 3.925.248 4062.119
Non-current liabilities
(a) Financial Liabilities
(i) Borrowing 2513.970 2624.083 2436.880 2259.149 1963.346
(ii) Other financial liabilities 0 0 0 374.828 322.544
(b) Other Non- current liabilities 0 0 0 9.161 8.167
(c) Provisions 5.081 7.505 8.887 40.084 28.469
TOTAL 2519.051 2631.588 2445.767 2683.222 2322.526
Current liabilities
(a) Financial Liabilities
(i) Trade payables 44.996 90.495 109.892 68.448 148.939
(ii) Other financial liabilities 665.741 766.170 912.194 891.275 961.560
(b) Other current liabilities 9822.674 1,5280.367 1793.948 942.351 1172.486
(c) Provisions 14.723 22.982 40.89 45.114 61.267
(d) Current Tax liability (Net) 7.675 1.645 0 12.888 3.513
TOTAL 10555.809 16161.659 2856.924 1960.076 2347.765
Total Equity and Liabilities 16135.371 22215.675 8859.596 8568.546 8732.410


Investment Rationale:

At an upper price band of the issue

  • Rail Vikas Nigam Ltd will be trading at 6.95x earnings. 
  • The Company will trade at Price to Book of 0.091x.
  • The issue is priced at PEG ratio of 14.97x.



The company has a proven track record in undertaking all kinds of projects and executing them. The Railways sector has become dynamic which is providing various investment opportunities. Government spending on infrastructure and development has increased tremendously. Government’s focus on railways has increased. RVNL has a strong order book of Rs.77,500 crores out of which Rs. 44,500 crores is expected to be completed within 3 to 4 years and the remaining Rs. 30,000 crores orders will be executed within 5 to 7 years. The stock is attractively priced at a P/E of 6.95x and P/B of 0.09x.

RVNL is highly dependent on the contracts received by MoR. Any change in the Government policy and uncertainty regarding changes in Government policy can affect the margins. Furthermore, Long gestation in projects night hurt the profitability and growth margins.

However, overall growth factor and overall positive sentiments in the sector, makes this IPO a compelling Buy





Equity Right View-

Rail Vikas Nigam Limited
Rail Vikas Nigam Limited



Rail Vikas Nigam Limited analysis is provided by Equity Right and Equity Right Research Team.

For more details about RVNL, offer details, financial performance and valuations feel free to contact our research team at

Equity Right Research provides IPO recommendations in 3 tiers i.e. subscribe, avoid or neutral.




Research Team –

Sr. Research Analyst – Mr Parag Shah.

Research Associate- Ms Varsha K

Editor: Faiz Zapdekar.


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