Annual Report along with C&AG Comments for the Financial Year 2025-26

R VNL/SECY/STEX/AGM-23/2026 21.08.2026 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 (E), Mumbai - 400051 Mumbai- 400001 Scrip: RVNL Scrip: 542649 नशे नल (cid:232)टॉक ए(cid:200)सच(cid:581)ज ऑफ इं(cid:875)डया (cid:871)ल(cid:871)मटेड बीएसई (cid:871)ल(cid:871)मटेड ए(cid:200)सच(cid:581)ज (cid:220)लाज़ा, कॉप(cid:574)रेट सेवा (cid:874)वभाग बा(cid:289)ं ा-कुला(cid:91) कॉ(cid:224)(cid:220)ले(cid:200)स, दलाल (cid:232)(cid:282)(cid:547)ट, बा(cid:289)ं ा (पूव)(cid:91) , मबुं ई- 400051 मुंबई- 400001 ि(cid:232)(cid:272)प: RVNL ि(cid:232)(cid:272)प: 542649 Sub: Annual Report along with C&AG Comments for the Financial Year 2025-26 (cid:874)वषय: (cid:874)व(cid:419)ीय वष (cid:91) 2025-26 के (cid:871)लए सीएजी क(cid:551) (cid:465)ट(cid:220)प(cid:872)णय(cid:585) स(cid:465)हत वा(cid:874)षक(cid:91) (cid:464)रपोट(cid:91) Dear Sir/Madam, This is further to our letter dated 01.08.2026, wherein the Notice of the 23rd Annual General Meeting (AGM) of the Members of the Company and the Annual Report for the Financial Year 2025-26 were uploaded with the Stock Exchanges, pending receipt of the Comments of the Comptroller and Auditor General of India (C&AG). We wish to inform you that the C&AG Comments on the financial statements of the Company for the Financial Year 2025-26 have been received and incorporated in the Annual Report from page no. 435 onwards. Accordingly, the updated Annual Report for the Financial Year 2025-26 is available on the Company's website at: https://rvnl.org/RVNL_cms/uploads/Annualreport/23rd_annual_report_of_fy_202526.pdf कृपया ऊपर द(cid:547) गई जानकार(cid:547) को (cid:464)रकॉड (cid:91) म(cid:581) ल(cid:581)। ध(cid:219)यवाद, रेल (cid:874)वकास (cid:467)नगम (cid:871)ल(cid:871)मटेड क(cid:551) ओर से Encl. As above 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 ANNUAL REPORT 2025-26 EMBARKING ON A NEW FRONTIER BUILDING A GREENER, BETTER-CONNECTED INDIA Contents Corporate Overview 2 About Rail Vikas Nigam Limited 4 The Transition 12 Chairman’s Message 19 Corporate Information 20 Board of Directors 25 Changes in the Board of Directors 26 Financial Highlights 27 Awards & Recognition 30 Key Verticals & Projects 40 List of Joint Ventures & Associate Companies 41 List of Subsidiaries 42 Pan India Presence 43 Global Footprint 44 The Road Ahead 45 Key Focus Areas Notice of Annual General Meeting 47 Notice Statutory Reports 62 Director's Report 120 Management Discussion & Analysis 125 Report on Corporate Governance 164 Business Responsibility and Sustainability Reporting Financial Statements 220 Standalone Financial Statements 435 Comments of Comptroller & Auditor General of India Four Frontiers. One Engineering Legacy. A single railway track drawn across hill and plain, carrying the aspirations of a young nation. For decades, that one line defined the company’s purpose-and its future. Today, that single line has become four frontiers. The Track — still the heart of it. 17,171 km laid. Tunnels bored through Himalayan rock two machines deep. The Circuit — fibre where rail once ran alone, 8,206 km of it, carrying data instead of freight across Uttar Pradesh. The Coach — a sleeper train built once, in Latur, that keeps paying for itself for thirty-five years after it rolls out the factory door. The Horizon — solar fields in Uzbekistan and Saudi Arabia; a subsidiary flag planted in five countries and a pipeline worth ₹80,000 Crore waiting beyond the border. Together, they have built an order book of ₹99,262 Crore—broad enough that no single sector bears the weight alone. From railways to digital infrastructure, rolling stock to renewable energy, the business has evolved from a single line of work into a diversified platform for long-term growth. That is perhaps the strongest foundation any builder can leave behind-not a single track to follow, but multiple paths to the future. About Rail Vikas Nigam Limited Building India’s infrastructure. Redefining what a railway enterprise can become. Established in 2003 as the dedicated executing arm of the Ministry of Railways, Rail Vikas Nigam Limited has evolved into one of India’s foremost multi-sector infrastructure enterprises. Awarded Miniratna status in telecommunications and solar transition, with competitive- 2013 and elevated to Navratna energy. bidding projects now constituting in 2023, the Company today half of the order book alongside In FY26, the Company recorded operates across the full spectrum legacy railway assignments, a consolidated turnover of of national infrastructure: railways, reflecting a fundamental ₹20,412.12 Crore and a Profit metros, highways, ports, power rebalancing of the Company’s After Tax of ₹870.66 Crore. The transmission and distribution, growth architecture. year marked a deliberate strategic 99,262 ₹ Crore Order Book 20,412.12 ₹ Crore Consolidated Turnover (FY26) 158+ Projects Commissioned to Date Project Implementation Units across 23 locations in India and overseas The Company’s 27 Project Implementation Units execute projects across all Zonal Railways and 16 Indian states. International operations span the Middle East, Central Asia, East Africa and South Asia through wholly owned subsidiaries in UAE, Uzbekistan, Saudi Arabia, Oman and South Africa. Beyond its core railway mandate, the Company is now an active participant in high-value manufacturing through the Vande Bharat Sleeper programme, national-scale digital infrastructure through the BharatNet project and renewable energy through solar installations in Uzbekistan and Saudi Arabia. ANNUAL REPORT 2025-26 CORPORATE OVERVIEW STATUTORY REPORT FINANCIAL STATEMENTS Our Story 7,743.30 km Railway Lines Our Mission Electrified To be a leading Construction Company of India with presence in all infrastructure domains, both within the 17,171.19 country and outside. km Completed Our Vision To build world-class durable infrastructure using the latest technologies and designs following the best Total Projects quality and safety standards. Commissioned Our Objectives To successfully undertake and execute the development, financing and implementation of projects relating to infrastructure of all kinds. To build, maintain and sustain project implementation teams ready to launch the execution of projects won, with commitments to timely execution and highest level of technical standards. To mobilise financial and human resources for project implementation and timely execution of projects with minimal cost escalation. To maintain a cost-effective organisational setup. To foster a culture of continuous learning within the organisation and to constantly adopt innovative technologies and collaborative practices, in order to build and sustain a future- ready workforce and managerial platform. To permeate a philosophy of sustainability within the organisation by a continuous internal conversation with employees, partners, associates and consultants and to promote professional integrity, mutual trust & care. RAIL VIKAS NIGAM LIMITED The Transition. By Design. The Strategic Argument For two decades, Rail Vikas Nigam The foundation it created is manufacturing, are awarded Limited operated under a single, permanent. It is also no longer through competitive bidding. stable model. The Ministry of sufficient. The Indian infrastructure The addressable market for Railways assigned projects. RVNL landscape has entered a phase that a nomination-only entity is executed them. Revenue was demands a structurally different contracting. The addressable market predictable. Margins were protected. kind of enterprise. Government for a competitive infrastructure Growth was a function of allocation. policy now requires public sector enterprise is expanding across every undertaking [Showing first 8,000 characters — download PDF for full document]