Rail Vikas Nigam Limited (RVNL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-50.6%

₹91.33

vs ₹185.05 price

Levered DCF

₹29.84

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	59.44×	56.93×	35.18×	10.65×	6.15×	6.11×	3.53×	5.77×
P/B	5.29×	7.63×	6.24×	1.97×	1.08×	1.09×	0.52×	0.9×
P/S	2.55×	3.66×	2.49×	0.71×	0.35×	0.39×	0.18×	0.39×
EV / EBITDA	34.09×	64.47×	42.62×	15.72×	7.38×	11.84×	8.68×	13.14×
Gross margin	4.8%	7.6%	7.8%	7.7%	7.6%	7.6%	7.7%	7.6%
Operating margin	3.6%	6.6%	6.9%	6.6%	6.5%	6.2%	6.2%	5.7%
Net margin	4.3%	6.4%	7.1%	6.6%	5.7%	6.4%	5.2%	6.8%
Current ratio	1.91×	2.06×	2.13×	2.04×	2.04×	3.98×	3.16×	1.85×
Debt / equity	0.49×	0.57×	0.69×	0.89×	1.05×	1.07×	0.89×	0.75×
Interest coverage	1.74×	2.84×	2.96×	2.53×	2.37×	2.21×	228.58×	4.39×
Dividend yield	1.1%	0.6%	0.8%	3.0%	6.2%	7.8%	0.9%	5.5%
Payout ratio	65.5%	34.3%	28.6%	32.3%	37.9%	47.9%	3.1%	31.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.9%	13.4%	17.7%	18.5%	17.6%	17.8%	14.8%	15.6%
Return on invested capital	3.6%	6.6%	7.4%	7.3%	7.5%	6.6%	7.1%	5.9%
Return on assets	4.0%	6.3%	7.9%	7.3%	5.6%	7.0%	6.1%	5.7%
Free cash flow yield	-3.3%	2.0%	4.8%	-28.9%	68.7%	8.5%	-37.0%	-8.0%
Earnings yield	1.7%	1.8%	2.8%	9.4%	16.3%	16.3%	28.4%	17.3%
Enterprise value	₹562.5B	₹752.9B	₹595B	₹199.1B	₹88.5B	₹105.8B	₹69.5B	₹69.7B
Net debt / EBITDA	2.58×	1.96×	3.53×	4.43×	1.7×	5.05×	5.35×	5.65×
Cash conversion cycle (days)	75	29	53	50	71	126	124	166