RITES
Large CapRITES Limited
Infra
RITES Limited is an engineering consultancy and infrastructure company, providing services across transport, infrastructure, and related technologies. It operates in consultancy, leasing, exports, and turnkey projects, serving various sectors including railways, highways, and urban infrastructure.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 2/100PAT -1% YoY · margin compression · Rev +28% YoY · +26% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹768 Cr | +27.6% | +26.1% |
| EBITDA | ₹168 Cr | -9.7% | +18.3% |
| Operating margin | 22.0% | -900 bps | -100 bps |
| PAT | ₹139 Cr | -1.4% | +20.9% |
| PAT margin | 18.1% | -532 bps | -78 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4FY26 consolidated operating revenue grew 27.6% YoY to ₹768 crore, driven by better execution and export jump. However, consolidated EBITDA declined 4.6% YoY to ₹172 crore due to a high base. FY26 consolidated operating revenue increased 10% YoY to ₹2415 crore, with EBITDA up 7.7% YoY to ₹568 crore. Order book reached a record ₹9416 crore.
RITES delivered robust revenue growth in Q4FY26 and FY26, driven by strong execution across segments and a significant jump in exports. While Q4 profits moderated YoY due to a high base from deferred fee realization in Q4FY25, the record order book provides strong revenue visibility. The company continues to secure new orders, supporting future growth.
Order Book Split by Segment (as on 31.03.2026)
Latest issuer-disclosed distribution across 5 reported categories.
Exports Segment
positiveExports showed a significant jump in Q4FY26 and FY26, with supply of 6 locomotives to Mozambique in Q4 and completion of 10 locomotives supply to CFM Mozambique in FY26.
Consultancy Segment
positiveBetter execution/utilization led to increase in consultancy revenue in Q4FY26 and FY26.
Leasing Segment
positiveBetter execution/utilization led to increase in leasing revenue in Q4FY26 and FY26.
Strong Order Book
positiveHighest Ever Order book at ₹9416 crore provides revenue visibility and future growth potential.
Consistent Order Inflow
positiveThe company continued securing one exports order every quarter and added ₹958 crore of new orders (incl. extension) during Q4FY26.
Strategic Partnerships
positiveMoU with Steel Authority of India (SAIL) for loco lease and maintenance services.
Industry Recognition
positiveReceived Assocham Achiever’s Award 2026 for Udhampur-Srinagar-Baramulla Rail Link and EPC World’s Award 2026 for Ahmedabad Metro-Phase II.
Q4FY26 Profit Moderation
negativeYoY profit moderated in Q4FY26 on account of realization of deferred fee in Q4FY25, leading to a 4.6% decline in consolidated EBITDA.
Turnkey Segment Revenue Decline
negativeStandalone Turnkey revenue declined 16.4% in Q4FY26 and 24.4% in FY26.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Both YoY and QoQ comparisons are relevant. YoY provides a view of annual growth and performance against the previous year, especially for full-year results. QoQ highlights sequential momentum and execution in the latest quarter, which is important for project-based businesses.
Order Book
positiveHighest Ever Order book at ₹9416 crore as on March 31, 2026.
Order Inflow (Q4FY26)
positiveAdded ₹958 crore of new orders (including extensions) during Q4FY26.
Consolidated Operating Revenue Growth (Q4FY26)
positiveOperating Revenue up by 27.6% YoY to ₹768 crore in Q4FY26.
Consolidated Operating Revenue Growth (FY26)
positiveOperating Revenue up by 10.0% YoY to ₹2415 crore in FY26.
Dividend Payout
neutralBoD recommended a final dividend of ₹2.75 per share, resulting in a 95.4% dividend payout for FY26.
Order Securing Pace
neutralManagement claims to be a 'One order a Day company' and 'Continued to securing one exports order every quarter'.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Growth & Conversion | ₹9416 crore, highest ever. | Sustained growth in order book and efficient conversion of orders into revenue. |
| Exports Segment Momentum | Significant jump in Q4FY26 and FY26. | Continued securing of export orders and timely execution of international projects. |
| Turnkey Segment Performance | Revenue declined 16.4% in Q4FY26 and 24.4% in FY26 (Standalone). | Stabilization and revival of revenue growth in the turnkey segment. |
| EBITDA Margins | 22.4% (Q4FY26 Consolidated), 23.5% (FY26 Consolidated). | Stability or improvement in margins, especially given Q4 moderation. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
42NeutralSMA20 -5.8% / mo
Technical chart
RITESweekly · 3Y-28.1%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 46. Wait for confirmation.
- SMA20 falling (~6.2% over last month) — short-term momentum negative.
- RSI(14) at 46 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 30% off 52W high · 17% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 4.6%.
- Piotroski is strong at 7/9.
- Balance sheet contributes 13/15 to the score.
Main drags
- Fair-value margin of safety is negative at -229.3%.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
- Growth is weaker at 5/25; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 95th percentile of the scored universe and 97th percentile within Infra. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 72.2%. Key concern: 2 older quarters in the 8-quarter window had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Infra: 97th pctile, median 65 · Large: 84th pctile, median 74
149 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 72.2%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 4.6%.
- ▸10 years of positive FCF.
Trust risks
- ▸2 older quarters in the 8-quarter window had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 23.90
- P/B
- 3.66
- EV/EBITDA
- 15.80
- Market Cap
- 9787.00Cr
Profitability
- ROE
- 15.40%
- ROCE
- 22.00%
- ROA
- 7.66%
- Dividend Y
- 3.71%
Growth (CAGR)
- Revenue 5Y
- 5.00%
- EPS 5Y
- -1.00%
- Revenue 3Y
- -3.00%
- EPS 3Y
- -9.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- 138.50×
- Altman Z
- 3.21
- Book Value
- 55.80
Cash Flow
- FCF Yield
- 4.63%
- FCF Positive Y
- 10/5
- OCF
- 327.00 Cr
- EPS TTM
- 8.54
Shareholding
- Promoter Hold
- 72.20%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 21%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.