Transcript of Conference Call with Investors

RVNL/SECY/STEX/2026 18.08.2026 National Stock Exchange of India Ltd. BSE Ltd. Exchange Plaza, Department of Corporate Service, Plot no. C/1, G Block, Phiroze Jeejeebhoy Towers, Bandra-Kurla Complex, Dalal Street, Bandra (East), Mumbai - 400051 Mumbai- 400001 Scrip: RVNL Scrip: 542649 Sub: Transcript of Conference Call with Investors Ref: Regulation 30 of the SEBI (LODR) Regulations, 2015 Dear Sir/Madam, This is in continuation to our letter dated 13.08.2026 regarding uploading of the Audio Recording of Conference Call with Investors/Analysts/Institutions on the website of the Company. Transcript of the said Conference Call is attached herewith. Transcript of the audio call is available on the website at the below link: https://rvnl.org/RVNL_cms/uploads/ScheduleOfAnalystsResult/final_transcript.pdf Regd. Office: World Trade Center, Tower A, 6th to 9th Floor, Nauroji Nagar, New Delhi- 110029 Phone: +91-11-26738299, Fax: +91-11-26182957, E-mail: info@rvnl.org, Web: www.rvnl.org Rail Vikas Nigam Limited Q1 FY2026-27 Earnings Conference Call Event Date/Time : 13/08/2026, 16.00 Hrs IST MANAGEMENT DETAILS: Shri Saleem Ahmad Chairman and Managing Director Smt. Anupam Ban Director (Personnel) Shri Mritunjay Pratap Singh Director (Operations) Shri Abhishek Kumar Director (Finance) Shri Amit Tandon Director (Projects) Shri Chandan Kumar Verma Chief Financial Officer Rail Vikas Nigam Limited Q1 FY2026-27 Earnings Conference Call 13.08.2026 Q&A PARTICIPANTS: 1 Vishal Periwal : PL Capital Group 2 Ashutosh Kumar : Centrum Broking Limited 3 Priyank Shah : Indsec Securities And Finance Limited 4 Sunil Bhat : Choice Limited 5 Abhishek Leekha : Neste Wealth LLP 6 Prakhar Tibrewala : Individual Investor 7 Mayur Pednekar : Individual Investor Rail Vikas Nigam Limited Q1 FY2026-27 Earnings Conference Call 13.08.2026 Moderator Good evening, ladies and gentlemen. I am Karthikeyan, moderator for the conference call. I would like to welcome you all to the Investors’ Call of Rail Vikas Nigam Limited for Q1 FY2026-27. We have with us today the management team of RVNL: Shri Saleem Ahmad, Chairman and Managing Director; Smt. Anupam Ban, Director (Personnel); Shri Mritunjay Pratap Singh, Director (Operations); Shri Abhishek Kumar, Director (Finance); Shri Amit Tandon, Director (Projects); and Shri Chandan Kumar Verma, Chief Financial Officer. As a reminder, all participants will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing * then 0 on a touch-tone telephone. Please note that this conference is being recorded. We will start with a brief opening remark from the CMD, sir, which will be followed by a question-and- answer session. Thank you, and over to you, sir. Saleem Ahmad Good evening, everyone. I extend our welcome to all of you to the RVNL’s Q1 FY2026-27 Earnings Call. It is my pleasure to have you with us as we share our performance and key developments for the quarter. The Indian infrastructure sector is witnessing strong growth, driven by sustained government investment, modernization, multimodal connectivity, and the transition towards green mobility, creating significant opportunities for RVNL. The company remains committed to supporting the nation's infrastructure vision through high-quality, sustainable projects while diversifying its order book across transmission, roads and highways, ports and harbours, metros, solar energy, and overseas market. This diversified portfolio enhances RVNL’s resilience, extends growth opportunities, and positions of the company for sustained long-term value creation. The first quarter of FY27 has commenced on a positive and steady note for RVNL, with the company remaining firmly focused on sustaining operational momentum and advancing its key projects. Our fundamentals remain robust, supported by a healthy order book, a strong project pipeline, and continued focus on operational efficiency. At the same time, we are actively pursuing new business opportunities across the infrastructure sector. With the government's continued focus on railway and infrastructure development, we see significant opportunities ahead in real estate, ports and hydro, highways, and sustainable infrastructure. We remain confident that execution will gather further momentum in the coming quarters and that RVNL is well- positioned to sustain its growth trajectory and create long-term value for all stakeholders. Rail Vikas Nigam Limited Q1 FY2026-27 Earnings Conference Call 13.08.2026 The company is targeting work orders of around INR 20,000 crore during this year, in addition to the existing order book, out of which approximately INR 5,000 crore has already been received during Q1. Further, the company expects its top line to grow by around 15%, while the bottom line is projected to increase by approximately 15-20%, reflecting continued business momentum and a positive growth outlook. I'm pleased to share that our order book continues to remain strong and diversified, providing healthy multi-year execution visibility for the company. During the quarter ended April to June 2026, the order inflow stood at INR 5,417 crore. As on June 30, 2026, the company’s total order book is stood at an impressive INR 93,492 crore. Order book is primarily driven by railways with INR 58,000 crore, followed by S&P at INR 12,000 crores, ports, roads and highways at INR 3,651 crores, metros at INR 5,700 crores, power and transmission at INR 4,000 crores, and hydro and irrigation projects at INR 1,626 crore. The growth and movement in the order book was supported by new railway and multi-sector infrastructure works awarded to RVNL, steady execution leading to revenue recognition, and our disciplined, margin-focused selective bidding strategy. This strong and well-balanced order book positions the company confidently for sustained growth in the coming years. Company also demonstrated a consistent execution pace in Q1 of FY27, achieving healthy YoY revenue expansion, with standalone turnover at INR 4,300 crores, higher by 9.62% YoY, reflecting steady execution momentum and improved project activity during the quarter. On a consolidated basis, turnover stood at INR 4,321 crore, which is higher by 10.55% YoY, Q1 FY26 to Q1 FY27, demonstrating sustained project delivery and solid core execution strengths. Profitability also improved on a YoY basis. Standalone EBITDA stood at INR 171 crore as compared to INR 81 crore in Q1 FY26, which is higher by almost 110% on a YoY basis, while EBITDA margin also improved to 3.99% from 2.08% in Q1 FY26. As a result, PAT stood at INR 155 crore, which is higher by 21.72% on a YoY basis. Our standalone earnings per share for the quarter stood at INR 0.75, higher by 22.95% YoY. Consolidated performance followed a similar trend. Consolidated EBITDA stood at INR 190 crore as compared to INR 64.91 crore in Q1 FY26. Consolidated EBITDA margin stood at 4.41% as compared to 1.66% in Q1 FY26, while PAT stood at INR 159.52 crore, higher by 18.73% YoY. Overall, the quarterly results highlight robust execution and good revenue visibility for the company. Margins, while showing improvement over Q1 FY27, remain an important area of focus that we will keep tracking closely moving forward. The building works have also contributed 31.51% to the total revenue from operations, showing an increase of 16.63% from the previous years. Now I would like to highlight some important projects carried out by RVNL. The BharatNet project was awarded by Bharat Sanchar Nigam Limited with an INR 13,000 crore initiative to provide high-speed broadband connectivity in rural and remote areas through 82,000 kilometers of OFC infrastructure under the DB-1 model. Rail Vikas Nigam Limited Q1 FY2026-27 Earnings Conference Call 13.08.2026 Rail Vikas Nigam Limited has made significant progress in project execution, with work now progressin [Showing first 8,000 characters — download PDF for full document]