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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
The money raised through the Offer for Sale goes to existing investors, not the company.
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Rail Vikas Nigam Limited (RVNL) was incorporated in January 2003 as a specialized project execution organ of the Ministry of Railways, Government of India. Operating as a Navratna Public Sector Enterprise, the company was established to bridge railway infrastructure deficits, execute fast-track rail projects, and mobilize extra-budgetary financial resources for Indian Railways across the country. RVNL undertakes turnkey rail infrastructure development from concept to commissioning. Its operational portfolio encompasses the construction of new rail lines, track doubling, gauge conversion, major bridges, railway electrification, workshops, metro rail projects, and port connectivity lines. The organization works primarily on a project management consultant (PMC) fee structure, receiving a fixed percentage of project execution costs from Indian Railways. As a government-owned enterprise under the administrative control of the Ministry of Railways, RVNL plays a strategic role in expanding national transport connectivity and freight corridor capacity. With a strong order book backed by Indian Railways allocations and public-private partnership (PPP) special purpose vehicles, the company manages nationwide rail construction while maintaining financial discipline.
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Source: RHP • Analysis provided for informational purposes
Last Updated: 28 July 2026, 10:55 PM
Strategic Government Support
Wholly owned by the Government of India, acting as the primary project execution agency for Indian Railways infrastructure.
Strong Order Book and Revenue Visibility
Maintains a multi-year order pipeline backed by central budgetary allocations and dedicated rail connectivity projects.
Low Risk PMC Business Model
Operates on a project management consultancy model with guaranteed percentage fee margins on executed works.
Proven Execution Track Record
Successfully commissioned thousands of kilometers of track doubling, electrification, and new rail lines across India.
Single Client Concentration
Revenue is almost entirely dependent on project awards and budgetary disbursements from the Ministry of Railways.
Land Acquisition and Environmental Delays
Large-scale linear rail projects are vulnerable to right-of-way hurdles, forest clearances, and site handover delays.
Working Capital and Receivables Drift
Timely cash flows depend on prompt milestone certifications and fund releases by railway zonal divisions.
Rail Vikas Nigam Limited
1st Floor, August Kranti Bhawan, Bhikaji Cama Place, R. K. Puram, New Delhi - 110066, India
View on Maps →Alankit Assignments Limited
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Vulnerability to Input Cost Inflation
Fluctuations in steel, cement, and contract labor costs can impact contractor execution and timeline completion.