Rail Vikas Nigam Limited (RVNL) has unveiled its ambitious growth strategy for the coming years, focusing on revenue expansion and improved profitability. The company has set its sights on achieving significant milestones by FY27, demonstrating its commitment to sustainable growth and shareholder value creation.

Key Strategic Objectives

RVNL has outlined the following key objectives in its growth plan:

Strategic Approach

To achieve these targets, RVNL plans to implement the following strategies:

1. Focus on High-Margin Projects: The company aims to prioritize projects with higher profit potential to boost overall margins.

2. Targeting HAM Projects: RVNL plans to pursue less competitive Hybrid Annuity Model (HAM) projects, which could potentially offer better returns.

3. International Expansion: The company is looking to expand its operations internationally, which could open up new revenue streams and growth opportunities.

Investor Communication

In line with its commitment to transparency and investor relations, RVNL recently held a conference call with investors, analysts, and institutions on November 12, 2025. The company has made the audio recording of this call available on its website, allowing stakeholders to gain deeper insights into its strategies and performance.

The audio recording can be accessed at: https://rvnl.org/RVNL_cms/uploads/boardmeeting/AudioRecordingofInvestorconcall12112025New.mp3

This proactive approach to investor communication underscores RVNL's dedication to keeping its stakeholders informed about its plans and progress.

As RVNL moves forward with its growth strategy, investors and market watchers will be keen to observe how effectively the company executes its plans and whether it can achieve its ambitious targets in the competitive infrastructure development sector.

Rail Vikas Nigam Limited (RVNL), a key player in India's railway infrastructure development, has reported financial results for the quarter and half-year ended September 30, while facing regulatory challenges. The company has also announced a significant appointment to its internal audit function.

Financial Highlights

For the half-year ended September 30, RVNL reported:

The company's total income saw an increase of 5.54% compared to the same period last year. However, net profit after tax decreased by 28.47%.

Regulatory Non-Compliance Issues

RVNL has received fines from both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) for non-compliance with SEBI regulations regarding board and committee composition for the quarter ended June 30. The violations pertain to Regulations 17(1)(a), 17(1)(b), 18(1)(b), and 19(1)(c) of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

The company's Board has acknowledged that these non-compliance issues stem from vacancies in Independent Director positions, including the absence of one woman Independent Director. RVNL, being a government company, has emphasized that it has no direct role in the appointment of directors.

Actions Taken

RVNL has been addressing the situation by:

1. Following up with the Ministry of Railways through multiple reminder letters.
2. Requesting immediate action for the appointment of Independent Directors.
3. Seeking the appointment of a woman Independent Director to comply with gender diversity requirements.

New Internal Auditor Appointment

RVNL's Board of Directors has approved the appointment of M/s. Ravi Rajan & Co. LLP, Chartered Accountants, as the company's Internal Auditor. The appointment is for a period up to March 31, 2026, and was decided during a board meeting held on November 11, 2025.

Ravi Rajan & Co LLP brings considerable experience to this role:

• Established in 1989, with 36 years of experience in the field
• A team of 15 partners and 225 professionals
• Offers a wide range of services, supported by lawyers, company secretaries, engineers, and insolvency professionals

This appointment is expected to strengthen RVNL's internal audit processes and contribute to improved financial oversight.

Future Outlook

While RVNL faces challenges in board composition compliance, its financial performance shows mixed results. The company's ability to resolve these regulatory issues and fill the vacant Independent Director positions will be crucial for maintaining investor confidence and ensuring smooth corporate governance.

The appointment of a reputable firm as Internal Auditor demonstrates RVNL's commitment to enhancing its financial management and compliance practices.

Investors and stakeholders will be watching RVNL's actions in the coming months, particularly its efforts to comply with SEBI regulations, strengthen its board structure, and leverage the expertise of its newly appointed Internal Auditor to improve overall governance and financial management.