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RITES - Rites

📊 NSE: RITES 🏢 Miscellaneous 📅 Last Updated: 12/14/2025 11:54

📢 Recent Corporate Announcements

RITES Schedules Investor Meetings with Arihant Capital and Jupiter Financials

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Mar 2026, 12:43 PM

RITES Limited has announced two separate investor meetings scheduled for March 9, 2026, via video conferencing. The first meeting is part of the Bharat Connect Conference organized by Arihant Capital, scheduled from 15:00 to 16:00 hours. This is followed by a meeting with Jupiter Financials from 16:00 to 17:00 hours. The company has clarified that discussions will be limited to information already available in the public domain.

Two investor meetings scheduled for March 9, 2026, via video conferencing.
Participation in Bharat Connect Conference hosted by Arihant Capital from 15:00 to 16:00 hours.
Dedicated session with Jupiter Financials scheduled from 16:00 to 17:00 hours.
Company confirms only publicly available information will be discussed during these sessions.

💡 No immediate action is required as these are routine investor interactions. Investors may look for any subsequent presentation filings or transcripts for potential insights into management's commentary.

RITES Secures ₹45.19 Crore Consultancy Order for Muriganga Bridge in West Bengal

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 07 Mar 2026, 01:29 PM

RITES Limited has been awarded a consultancy contract worth ₹45.19 crore (excluding GST) by the Public Works (Roads) Directorate, Government of West Bengal. The company will serve as the Project Management Consultant for the construction of a 4-lane extra-dosed bridge over the Muriganga river, connecting Sagar Island with Kakdwip. The project includes entire design and construction supervision as an Authority Engineer. This contract has an execution timeline of 48 months, contributing to the company's long-term revenue visibility in its consultancy segment.

Total order value is ₹45,18,86,400 (approx. ₹45.19 crore) excluding GST
Project involves consultancy for a 4-lane extra-dosed bridge over river Muriganga
Execution period is set for 48 months
Client is the Public Works (Roads) Directorate, Government of West Bengal
Scope includes design and construction supervision as Authority Engineer

💡 This order win strengthens RITES' position in the high-margin consultancy space and adds to its order book. Investors should maintain a positive outlook as the company continues to secure government-backed infrastructure projects with long-term execution cycles.

RITES Limited to Meet Renaissance Investment Managers on March 6, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Mar 2026, 02:38 PM

RITES Limited has scheduled an in-person meeting with Renaissance Investment Managers on March 6, 2026. The meeting is slated to take place for one hour, from 11:30 AM to 12:30 PM. This announcement follows a prior intimation made on March 4, 2026, regarding investor interactions. The company has clarified that the discussions will be restricted to information already available in the public domain.

Meeting scheduled with Renaissance Investment Managers on March 6, 2026.
The interaction is set for a 60-minute duration from 11:30 to 12:30 hours.
The meeting will be conducted in an in-person format.
Discussions will strictly involve publicly available information per SEBI regulations.

💡 No immediate action is required as this is a routine investor interaction. Investors should monitor for any subsequent investor presentations or transcripts that may provide updates on the company's growth outlook.

RITES Appoints Shri Vinod Kumar as Government Nominee Director

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 26 Feb 2026, 11:49 AM

RITES Limited has announced the appointment of Shri Vinod Kumar as a part-time Government Nominee Director, effective February 25, 2026. Shri Kumar is a 1997 batch officer of the Indian Railways Service of Mechanical Engineers (IRSME) with over 25 years of experience. He currently serves as the Executive Director (Production Units & Workshops) at the Railway Board. This appointment follows a directive from the Ministry of Railways and is a routine governance update for the CPSE.

Shri Vinod Kumar appointed as part-time Government Nominee Director effective February 25, 2026
Appointee is an IRSME officer of the 1997 batch with over 25 years of experience in Indian Railways
Currently serves as Executive Director (Production Units & Workshops) at the Railway Board
Previous board-level experience includes serving on the boards of BSCL and BCL between 2010 and 2014
The appointment is valid until he holds his current post at the Railway Board or until further orders

💡 This is a routine management update for a PSU and does not necessitate any immediate change in investment strategy. Investors should continue to focus on the company's order book and execution capabilities.

RITES Limited Announces Resignation of Independent Director Purnima Kerketta

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 24 Feb 2026, 06:49 PM

Smt. Purnima Kerketta has resigned from her position as an Independent Director at RITES Limited, effective February 24, 2026. Along with her directorship, she has also stepped down as the Chairperson of the Nomination and Remuneration Committee and as a member of the Corporate Social Responsibility Committee. The company has confirmed that there are no material reasons for her resignation other than those provided in her letter. Following this change, the board now consists of 7 directors, including 3 Independent Directors.

Resignation of Independent Director Smt. Purnima Kerketta effective February 24, 2026.
Cessation of role as Chairperson of the Nomination and Remuneration Committee.
The Board of Directors now comprises 7 members, including the Chairman & Managing Director.
Confirmation provided that no material reasons exist for the resignation other than those stated in the resignation letter.

💡 This is a routine management change and does not impact the company's operational fundamentals. Investors should monitor for the appointment of a new Independent Director to ensure continued board balance.

RITES Limited Appoints Manish Tiwari as Chief Strategy Officer Effective February 13, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 13 Feb 2026, 10:38 AM

RITES Limited has announced a transition in its senior management team effective February 13, 2026. Shri Manish Tiwari, previously Group General Manager, has been appointed as the new Chief Strategy Officer (CSO) and will also serve as the Chief Operating Officer of RITES EXPOCON. This follows the departure of Shri Rajesh Naik, the outgoing CSO and Executive Director, who has been appointed as Director (Projects) at Ircon International Limited. The transition appears to be a planned movement within the public sector undertaking (PSU) ecosystem.

Shri Manish Tiwari appointed as Chief Strategy Officer (CSO) effective February 13, 2026.
Tiwari will also hold the ex-officio position of Chief Operating Officer at RITES EXPOCON.
Outgoing CSO Shri Rajesh Naik relieved to join Ircon International Limited as Director (Projects).
New CSO Manish Tiwari brings extensive experience in Power Procurement and Quality Assurance from his tenure as GGM.

💡 This is a routine management update and does not require immediate portfolio changes. Investors should monitor if the new CSO introduces any shifts in the company's long-term strategic direction.

RITES Q3 FY26: Order Book Hits Record ₹9,262 Cr; Targets ₹10,000 Cr by Q1 FY27

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 11 Feb 2026, 04:59 PM

RITES reported a strong Q3 FY26 performance with its order book reaching an all-time high of ₹9,262 crore, driven by an average of 1.5 orders per day. The company maintained robust profitability with EBITDA margins at 24% and PAT margins at 18%, both exceeding internal 'red line' targets of 20% and 15% respectively. Export orders have seen a significant revival, totaling ₹1,700 crore, though margins in this segment are stabilizing at a lower 12-13% due to competitive bidding. Management is confident of achieving double-digit growth for the full fiscal year as execution ramps up on a relatively young order book.

Order book reached a record ₹9,262 crore as of Dec 31, 2025, with 60% of orders being less than a year old.
Secured 140+ orders in Q3 totaling ₹1,140 crore, including two export orders worth ₹350 crore.
EBITDA and PAT margins stood at 24% and 18% respectively, showing sequential growth of 10%.
International order book stands at ₹2,150 crore, including a recent ₹180 crore Mozambique order won in Jan 2026.
Management targets reaching a ₹10,000 crore order book by Q1 FY27 with continued double-digit growth guidance.

💡 Investors should view the record order book and margin resilience as strong indicators of future revenue visibility. Focus on the company's ability to maintain 20%+ EBITDA margins as the lower-margin turnkey and competitive export segments scale up.

RITES Appoints Vinod Kumar Sharma as Chief Vigilance Officer for 3-Year Term

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 09 Feb 2026, 04:41 PM

RITES Limited has appointed Shri Vinod Kumar Sharma, an ITS officer of the 1999 batch, as its new Chief Vigilance Officer (CVO) effective February 09, 2026. The appointment follows a Ministry of Railways order and is for an initial tenure of 3 years. Mr. Sharma brings over 25 years of extensive experience in the telecom sector, having worked with BSNL, BBNL, and the Department of Telecommunications. This is a routine administrative appointment within the senior management of the public sector undertaking.

Shri Vinod Kumar Sharma (ITS 1999) assumed the role of CVO on February 09, 2026.
The appointment is for an initial period of 03 years or until further orders.
The appointee has over 25 years of experience in telecom installation, expansion, and maintenance.
Prior to this role, he served as the Business Area Head in Muzaffarpur for BSNL.

💡 This is a routine administrative change for a PSU and does not affect the company's fundamentals. Investors should maintain their focus on the company's project execution and order book growth.

RITES Releases Audio Recording of Q3 FY26 Post-Results Conference Call

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Feb 2026, 04:32 PM

RITES Limited has officially released the audio recording of its post-results conference call for the third quarter and nine months ended December 31, 2025. The call, held on February 05, 2026, allowed management to discuss the company's financial performance and operational outlook with analysts and institutional investors. This disclosure is a standard regulatory requirement under SEBI (LODR) Regulations to ensure transparency for all shareholders. Investors can access the recording via the company's website to understand management's commentary on the order book and execution strategies.

Audio recording link for Q3 FY26 earnings call made available to the public.
The conference call was conducted on February 05, 2026, following the Q3 results announcement.
Covers financial performance for the quarter and nine-month period ending December 31, 2025.
Filing made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.

💡 Investors should listen to the recording to gain deeper insights into management's guidance on export orders and consultancy margins. No immediate trading action is required based on this procedural filing.

RITES Q3FY26: PAT Up 5.2% to ₹115 Cr; Order Book Hits Record ₹9,262 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 04 Feb 2026, 04:54 PM

RITES Limited reported a steady performance for Q3FY26 with consolidated PAT growing 5.2% YoY to ₹115 crore and EBITDA rising 18.6% to ₹144 crore. The company achieved its highest-ever order book of ₹9,262 crore, bolstered by ₹1,141 crore in new orders secured during the quarter. Growth was driven by the consultancy and export segments, specifically the supply of locomotives to Mozambique. Additionally, the Board recommended an interim dividend of ₹1.90 per share, maintaining a high payout ratio of 95.6%.

Consolidated EBITDA increased by 18.6% YoY to ₹144 crore, driven by a higher-margin segmental mix.
Order book reached a record high of ₹9,262 crore as of December 31, 2025, with 61% of projects won through competition.
Export revenue saw a significant jump following the supply of 2 locomotives to Mozambique during the quarter.
Consultancy segment remains the primary profit driver, contributing ₹103 crore to standalone segmental profits.
Interim dividend of ₹1.90 per share declared, representing a 95.6% dividend payout ratio.

💡 Investors should take note of the record-high order book and the revival in the high-margin export segment as strong indicators of future revenue visibility. The company's consistent dividend payout and dominant position in consultancy make it a stable long-term play in the infrastructure space.

RITES Q3FY26: PAT up 5.2% to ₹115 Cr, Record Order Book of ₹9262 Cr, ₹1.9 Dividend Declared

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 04 Feb 2026, 04:03 PM

RITES Limited reported a steady performance for Q3FY26 with consolidated operating revenue rising 5.7% YoY to ₹609 crore and PAT increasing 5.2% to ₹115 crore. The company achieved an all-time high order book of ₹9262 crore, bolstered by 140+ new orders worth over ₹1140 crore secured during the quarter. A third interim dividend of ₹1.9 per share was declared, representing a high payout ratio of 95.5%. Management indicated a strong outlook, labeling the upcoming fiscal year as a 'Year of disruptive growth' based on current order inflows.

Consolidated EBITDA grew 18.6% YoY to ₹145 crore with margins improving to 23.9%.
Order book reached a record high of ₹9262 crore as of December 31, 2025.
Consultancy segment remains the primary driver with ₹292 crore revenue and 35.4% margins.
Declared 3rd interim dividend of ₹1.9 per share with a record date of February 10, 2026.
9MFY26 PAT stands at ₹315 crore, reflecting an 11.6% growth over the previous year.

💡 The record-high order book provides strong revenue visibility, making RITES a solid pick for long-term investors seeking both growth and dividend yield. Investors should monitor the execution pace of the consultancy and export segments which are driving the current margin expansion.

RITES Q3 PAT at ₹95.5 Cr; Declares ₹1.90 Dividend per Share

🟡 NEUTRAL ⭐ 8/10

EARNINGS 📅 04 Feb 2026, 02:08 PM

RITES Limited reported a standalone Profit After Tax (PAT) of ₹95.51 crore for Q3 FY26, showing a marginal year-on-year growth from ₹94.99 crore. Revenue from operations grew by 4.5% YoY to ₹569.18 crore, significantly bolstered by a surge in export sales which reached ₹62 crore compared to just ₹0.74 crore in the previous year. The company has declared its third interim dividend of ₹1.90 per share for FY26, maintaining its track record of consistent payouts. While domestic consultancy remains the primary revenue driver at ₹275 crore, the turnkey construction segment saw a 22.7% YoY decline.

Declared 3rd interim dividend of ₹1.90 per share (19% of paid-up capital) with a record date of Feb 10, 2026.
Standalone Revenue from Operations increased 4.5% YoY to ₹569.18 crore in Q3 FY26.
Export Sale segment revenue surged to ₹62 crore from ₹0.74 crore in the same quarter last year.
Standalone PAT for the quarter stood at ₹95.51 crore, compared to ₹94.99 crore in Q3 FY25.
Domestic Consultancy revenue grew to ₹275.33 crore, contributing approximately 48% of total operational revenue.

💡 Investors should focus on the significant recovery in the high-margin export segment and the steady dividend yield. However, the flat bottom-line growth and declining turnkey project revenue suggest a 'Hold' strategy until clearer growth momentum is visible.

RITES Declares ₹1.90 Interim Dividend; Q3 Standalone PAT Stable at ₹95.5 Crore

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 04 Feb 2026, 02:05 PM

RITES Limited has declared its third interim dividend of ₹1.90 per share for FY 2025-26, setting February 10, 2026, as the record date. The company reported a standalone revenue of ₹569.18 crore for Q3 FY26, a 4.5% increase from ₹544.53 crore in the previous year. Net profit for the quarter remained flat at ₹95.51 crore compared to ₹94.99 crore YoY. The consultancy segment continues to be the strongest performer, while export sales showed a significant recovery during the quarter.

Declared 3rd interim dividend of ₹1.90 per share (19% of paid-up capital) with payment by March 5, 2026.
Standalone Revenue from Operations grew 4.5% YoY to ₹569.18 crore in Q3 FY26.
Export sales surged to ₹62 crore in Q3 FY26 from a low base of ₹0.74 crore in Q3 FY25.
Domestic Consultancy remains the largest revenue contributor at ₹275.33 crore.
Standalone EPS for the quarter stood at ₹1.99 compared to ₹1.98 in the corresponding quarter last year.

💡 Investors seeking regular income should ensure they hold shares before the February 10 record date to qualify for the dividend. The company's stable margins and recovery in export sales support a neutral to positive long-term outlook.

RITES Q3 FY26 Results: PAT Flat at ₹95.5 Cr, Declares ₹1.90 Interim Dividend

🟡 NEUTRAL ⭐ 8/10

EARNINGS 📅 04 Feb 2026, 01:58 PM

RITES Limited reported a modest 4.5% YoY growth in standalone revenue from operations, reaching ₹569.18 crore for the quarter ended December 31, 2025. Standalone Net Profit remained nearly stagnant at ₹95.51 crore compared to ₹94.99 crore in the previous year's corresponding quarter. A significant highlight was the surge in Export Sale revenue to ₹62 crore from a negligible ₹0.74 crore YoY, which helped offset a decline in the Turnkey Construction segment. The company also declared its third interim dividend of ₹1.90 per share for FY 2025-26.

Standalone Revenue from Operations increased 4.5% YoY to ₹569.18 crore.
Standalone Profit After Tax (PAT) stood at ₹95.51 crore, showing a marginal 0.5% YoY growth.
Export Sale segment revenue jumped to ₹62 crore from ₹0.74 crore in Q3 FY25.
Turnkey Construction Projects revenue declined to ₹172.41 crore from ₹223.24 crore YoY.
Declared 3rd interim dividend of ₹1.90 per share (19%) with a record date of February 10, 2026.

💡 The results show a mix of strong export growth but sluggishness in turnkey projects, leading to flat bottom-line performance. Investors may find the consistent dividend yield attractive, but should monitor the recovery in the turnkey construction segment for future growth.

RITES and SAIL Sign MoU for Locomotive Leasing and Maintenance Services

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 02 Feb 2026, 08:46 PM

RITES Limited has signed a Memorandum of Understanding (MoU) with Steel Authority of India Limited (SAIL) to provide specialized railway services. The collaboration includes the wet leasing of locomotives and higher schedule maintenance for SAIL's diesel-electric locomotive fleet across its plants and mines. This agreement formalizes a long-term partnership spanning over 20 years, aimed at strengthening rail-based logistics for SAIL's expanding steel production. The move is expected to enhance RITES' service revenue in the operations and maintenance (O&M) segment.

MoU signed for wet leasing of locomotives and specialized O&M support for SAIL.
Collaboration covers maintenance of diesel-electric locomotives at SAIL's plants and mines.
RITES leverages a 20-year existing relationship with SAIL to formalize this long-term engagement.
The partnership aims to improve the efficiency and reliability of SAIL's internal railway logistics.

💡 Investors should view this as a positive development that secures long-term service-based revenue from a major PSU client. Monitor for specific work orders and contract values that will flow from this framework agreement.

View All RITES Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

In Q2 FY26, Consultancy revenue grew 9.5% YoY to INR 298 Cr, while Leasing income rose 21.7% to INR 43 Cr. Export revenue surged 2523.4% to INR 61 Cr from a low base of INR 2 Cr. Conversely, Turnkey revenue declined 43.8% to INR 113 Cr due to projects being in the early design stage. For FY25, standalone total income was INR 2,243 Cr, down 8% from INR 2,439 Cr in FY24.

Geographic Revenue Split

Domestic operations contributed approximately 87.78% of total revenue, while the export market accounted for 12.22% as of FY23. The company is actively expanding its international footprint, with an export order book of INR 1,360 Cr as of FY25.

Profitability Margins

Net Profit Margin (PAT/Total Revenue) stood at 16.95% in FY25 compared to 18.62% in FY24. Consultancy margins are the highest at 31.9% (Q2 FY26), while Turnkey margins are significantly lower at 1.1% because it involves pass-through construction costs. Export margins are approximately 10.4% and Leasing margins are 27.3%.

EBITDA Margin

Operating Profit Margin (EBITDA) was 19.57% in FY25, a decrease from 22.75% in FY24. This decline was primarily driven by a drop in high-margin Quality Assurance (QA) business due to the redistribution of inspection work by Indian Railways.

Capital Expenditure

While specific future Capex figures are not disclosed, the company maintains a strong net worth of INR 2,533 Cr and generated net cash accruals of INR 208-210 Cr annually between FY23-FY25 to support its 'One Order a Day' strategy.

Credit Rating & Borrowing

RITES is a debt-free entity with a 'Strong' liquidity rating. It utilizes non-fund based working capital limits at a low rate of 44% to 60%. The long-term credit rating is maintained with a 'Stable' outlook by Infomerics.

⚙️ Operational Drivers

Raw Materials

Supplies and services for turnkey projects (741 Cr in FY25), rolling stock components (locomotives, coaches, wagons), and spare parts for after-sales support.

Import Sources

India (primarily through Indian Railways production units), with specific export components sourced for international gauges like Cape and Standard gauge.

Key Suppliers

Indian Railways (Ministry of Railways) serves as the primary supplier for rolling stock. Other suppliers include various construction and engineering vendors for turnkey projects.

Capacity Expansion

Currently managing a portfolio of 700+ projects in FY25. The company is expanding its locomotive leasing fleet, which led to a 21.7% increase in leasing income in Q2 FY26.

Raw Material Costs

Expenditure on supplies and services for turnkey projects decreased from INR 821 Cr to INR 741 Cr (9.7% decrease) in FY25 as older projects closed and new ones remained in the design phase.

Manufacturing Efficiency

Maintains a 'One Order a Day' enterprise status, securing fresh orders worth INR 5,256 Cr in FY24 to ensure a continuous project pipeline.

Logistics & Distribution

Distribution costs are integrated into turnkey and export contracts; export revenue booking for Mozambique locomotives started in Q2 FY26, indicating active logistics execution.

📈 Strategic Growth

Expected Growth Rate

10-12%

Growth Strategy

Execution of the highest-ever order book of INR 9,090 Cr; sequential growth in turnkey revenue expected by Q4 FY26/Q1 FY27 as 'young' orders (8-10 months old) reach the execution stage; and securing at least one export order every quarter to avoid revenue spikes.

Products & Services

Locomotives, coaches, wagons, trainsets, Detailed Project Reports (DPR), Project Management Consultancy (PMC), Third-Party Inspection (TPI), and locomotive leasing.

Brand Portfolio

RITES (Navratna Public Sector Enterprise).

New Products/Services

Semi-high-speed trainsets, highway work in Guyana, and business collaboration with NICC, Abu Dhabi for international infrastructure projects.

Market Expansion

Targeting Southeast Asia, Africa (Mozambique, South Africa), and South Asia (Bangladesh) for rolling stock exports and infrastructure consultancy.

Market Share & Ranking

Ranked among the Top-500 listed companies in India by market capitalization; leading player in transport consultancy and the sole export arm of Indian Railways for rolling stock.

Strategic Alliances

MoUs with NICC (Abu Dhabi) for business collaboration and CMPDI for mining and renewable energy consultancy.

🌍 External Factors

Industry Trends

The industry is shifting toward green mobility and urban infrastructure; RITES is positioning itself by diversifying into highways, buildings, and renewable energy consultancy.

Competitive Landscape

Facing increased competition in the Quality Assurance vertical as Indian Railways has opened the segment to three other entities.

Competitive Moat

Durable moat as the 'only export arm of Indian Railways' and its ability to get projects on a 'nomination basis' from the GoI. This is sustainable due to its 50-year track record and Navratna status.

Macro Economic Sensitivity

Highly sensitive to Government of India infrastructure spending and the transition from fossil fuel-based transport to green infrastructure.

Consumer Behavior

Shift toward urbanisation and demand for semi-high-speed rail and intelligent mobility solutions is driving the consultancy pipeline.

Geopolitical Risks

Trade barriers or political instability in export markets like Bangladesh or African nations could impact the INR 1,360 Cr export order book.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by Ministry of Railways standards and GoI appointment of directors; redistribution of QA work is a key regulatory headwind.

Environmental Compliance

Spent INR 13.30 Cr on Corporate Social Responsibility (CSR) in FY24; focusing on 'environmentally conscious' mobility solutions.

Taxation Policy Impact

Subject to standard Indian corporate tax rates for PSUs; fiscal policies favoring infrastructure (National Rail Plan) positively impact the order book.