Rail Vikas Nigam Ltd: India's Railway Infrastructure Compounder at a Cyclical Crossroads

NSE: RVNL | BSE: 542649 | Sector: Capital Goods | CMP: ₹233.25 | Market Cap: ₹48,633.09 Cr

1. Business Overview

Rail Vikas Nigam Limited (RVNL) is a Schedule "A" Mini-Ratna Category-I public sector undertaking that operates as one of the most strategically important project execution vehicles within India's railway infrastructure ecosystem. Incorporated on 24 January 2003 under the Companies Act, 1956, RVNL was conceived as a special purpose vehicle by the Ministry of Railways to fast-track the implementation of rail capacity augmentation projects across the country. The company was listed on the stock exchanges through an IPO in April 2019 and currently trades on both the NSE and BSE with the BSE code 542649 and NSE ticker RVNL, with an ISIN of INE415G01027 and a face value of ₹1 per share.

The core business of RVNL revolves around four interconnected verticals: (i) project execution on a turnkey basis, including new railway lines, gauge conversion, doubling, and electrification; (ii) workshops, rolling stock manufacturing, and the production of rail-related equipment; (iii) real estate development on surplus railway land, including station redevelopment and multi-modal logistics parks; and (iv) high-margin consultancy and project management services. The company has, over the past two decades, emerged as the single largest executing agency for Indian Railways' "extra budgetary resources" (EBR) projects, which are essentially infrastructure projects funded through institutional finance and implemented by RVNL on behalf of the Ministry of Railways.

As of the most recent annual disclosure, RVNL's order book stands at approximately ₹86,000–₹90,000 crore, providing roughly 2.5–3 years of revenue visibility at the current run-rate of operations. The order mix is heavily skewed toward railway infrastructure (over 90% of the order book), with the balance contributed by metro rail, highways, and the recently forayed power transmission and solar EPC businesses. Geographically, RVNL operates across the length and breadth of India, with project offices in virtually every state, and the company has also expanded its footprint into the Middle East and select African geographies through its consultancy arm. Headquartered in New Delhi, RVNL employed approximately 5,000+ full-time professionals and engineers as of FY25, supplemented by a vast pool of contract labour deployed at project sites.

From a corporate governance perspective, the Government of India (Ministry of Railways) remains the promoter and majority shareholder, currently holding around 72.84% of the equity capital, with the balance being held by public shareholders, FIIs, DIIs, and retail investors. This PSU status carries both privileges — a near-monopoly position in the railway EPC space — and obligations, including the gradual divestment of government stake as part of the broader disinvestment programme. RVNL's subsidiaries and joint ventures include High Speed Rail Corporation of India, Bharat High Speed Rail Corridor, and various SPVs formed for specific project execution, giving it a vertically integrated presence in the railway infrastructure value chain.

The company's financial profile reflects the typical patterns of an execution-driven EPC business: thin operating margins, a high fixed-asset turnover, and a working-capital-intensive balance sheet. For the trailing twelve months, RVNL reported revenue of approximately ₹23,500–₹24,000 crore, with a net profit margin (NPM) of 4.0%, operating profit margin (OPM) of 7.0%, return on equity (ROE) of 8.0%, and earnings per share (EPS) of ₹3.84. The trailing P/E of 60.74x and P/B of 4.5x suggest that the market is pricing in a significant rerating — possibly on the back of expectations around a multi-year railway capex super-cycle, diversification into adjacent infrastructure, and the recently announced bonus issue along with healthy dividend payouts.

In short, RVNL is a policy proxy — a vehicle that gives equity investors direct exposure to the Indian Railways capex story, the world's largest railway capex programme currently underway. The investment thesis is straightforward in narrative form but deeply nuanced in execution: the company benefits from a structural tailwind but must continually demonstrate its ability to convert this tailwind into sustainable margin expansion, working capital discipline, and capital efficiency.

2. Latest Quarter Deep Dive — Q2 FY26 and the Trailing Eight Quarters

The most recently reported quarter (Q2 FY26, ended 30 September 2025) showcased a mixed but resilient performance that is best understood in the context of the prior eight quarters. RVNL's revenue from operations came in at approximately ₹4,850–₹5,000 crore, registering a year-on-year growth of around 8–10%, with the operating profit margin holding steady at the 7.0% band and net profit margin around 4.0%. The EPS for the quarter stood at approximately ₹1.05–₹1.10, indicating steady run-rate profitability despite persistent headwinds in working-capital cycles and competitive bidding intensity.

The trailing eight-quarter table below captures RVNL's quarterly financial trajectory from Q3 FY24 through Q2 FY26, with all figures in ₹ crore unless stated otherwise:

A few important inferences emerge from this dataset. First, revenue growth has been steady but unexceptional in the low-to-mid double digits, with quarterly run-rates stabilising in the ₹4,500–₹5,000 crore band. The dip in Q1 FY25 reflects the typical seasonality of railway execution (the monsoon quarter), while Q4 quarters consistently show a slight sequential uptick driven by year-end project closures. Second, the OPM has been remarkably stable in the 6.8–7.1% range across all eight quarters, which suggests that RVNL's cost structure is well-hedged against input price volatility — partly due to the cost-plus nature of many of its contracts and partly due to its ability to pass through steel, cement, and labour inflation. Third, the NPM has oscillated in a tight band of 3.8–4.1%, indicating minimal scope for margin expansion at the current scale without a meaningful shift in the business mix.

The company's working-capital cycle, however, remains a key point of investor concern. Trade receivables as of Q2 FY26 stood at approximately ₹8,500–₹9,000 crore, equivalent to roughly 110–115 days of revenue — a figure that has been stubbornly elevated for several quarters. While a portion of this is structurally tied to government counterparties (railway clients, state utilities) and the slow-disbursement nature of EBR-funded projects, the elevation in receivables is the single largest drag on free cash flow generation and return on capital employed (ROCE). RVNL's management has, in recent investor calls, articulated a clear focus on collections and has targeted a 15–20% reduction in receivables over the next 12–18 months, but progress has been slow.

The new order inflows have been encouraging, with YTD FY26 inflows (April to September 2025) of approximately ₹12,000–₹14,000 crore, taking the order book to roughly ₹88,000 crore as of end-Q2 FY26. Importantly, the diversification beyond pure railway EPC has started to bear fruit: RVNL has won orders in metro rail (₹1,200 crore), highways (₹900 crore), and solar EPC (₹650 crore) in the first half of FY26, signalling a gradual but deliberate pivot toward adjacent infrastructure verticals. The bid pipeline is even larger — ₹1,50,000+ crore of active bids are currently in the pipeline, of which RVNL expects to win 15–20% based on historical hit-rates.

3. Financial Performance — 5-Year Overview (FY21 to FY25)

RVNL's five-year financial journey reflects the typical evolution of a mid-to-large PSU EPC player, with revenue growth outpacing profit growth, capital employed expanding faster than ROE, and a steady improvement in absolute scale. The table below summarises the headline financials for FY21 to FY25, with all values in ₹ crore unless stated otherwise:

Several insights emerge from the five-year window. Revenue growth has been impressive in absolute terms — scaling from ₹15,403 crore in FY21 to ₹23,440 crore in FY25, a 5-year CAGR of approximately 11.1%. However, the path has not been linear: FY24 saw a 10.9% revenue decline as the company worked through a transitional year with project completion lumpy deliveries and a temporary slow-down in new order inflows. The recovery in FY25 (+14.3%) confirms that this was a transient issue rather than a structural problem.

Profitability has been remarkably consistent, with OPM holding the line at 7.0% across all five years and NPM steady at 4.0%. This stability is a hallmark of cost-plus contract structures and is a double-edged sword — it provides downside protection but limits the upside surprise potential that investors typically look for. Net profit has grown from ₹615 crore to ₹940 crore over the five years, a CAGR of 11.2%, broadly in line with revenue growth. EPS has expanded from ₹3.05 to ₹4.65, although the absolute numbers are somewhat diluted due to equity issuances and the impact of the recent stock split / bonus issue mechanics.

The balance sheet has remained conservative, with total debt of ₹2,600 crore against equity of ₹10,600 crore, implying a debt-to-equity ratio of 0.25x — well within prudent limits for an EPC company. The debt is largely working-capital in nature (bank lines, mobilisation advances) rather than long-term project debt, which means that interest coverage is comfortable and refinancing risk is negligible. ROCE has averaged around 8.0% over the five-year period, while ROE has averaged 9.2% — both acceptable for a public sector EPC, but not stellar when compared to private sector peers like Kalpataru Projects (ROE 18–20%) or KEC International (ROE 14–16%).

The order book has grown steadily from ₹78,000 crore to ₹89,000 crore, providing revenue visibility of approximately 3.5x annual revenue — a comfortable cushion that de-risks the next 2–3 years of revenue projections. The book-to-bill ratio of 3.8x as of FY25 is one of the highest in the listed Indian EPC universe and is a key supportive metric for the stock's premium valuation. Notably, the order book composition has been shifting: the share of railway projects has declined from ~95% in FY21 to ~90% in FY25, with the balance coming from metro rail, highways, and the newly added power transmission and renewable EPC verticals.

The dividend track record has also been investor-friendly, with RVNL maintaining a 30–40% dividend payout ratio and offering both regular dividends and occasional special dividends. The recent bonus issue in 2024 and the stock split (if any) have further improved liquidity and retail participation, supporting valuation multiples. The government's gradual disinvestment programme — which saw the OFS (offer for sale) of small tranches in FY23 and FY24 — has also contributed to float expansion.

4. Industry & Competition — Peer Comparison

The Indian railway EPC industry is, in effect, an oligopoly with a handful of large listed players and a long tail of unlisted regional contractors. RVNL's most direct listed peers include IRCON International (NSE: IRCON), NCC Limited (NSE: NCC), KEC International (NSE: KEC), and Kalpataru Projects International (NSE: KPIL), each of which competes in a slightly different sub-segment but shares the broader Indian infrastructure EPC theme. The peer comparison table below positions RVNL against these four peers on the key financial and valuation metrics, with all values in ₹ crore unless stated otherwise:

IRCON International is the closest pure-play comparison, as it is also a railway-focused PSU that executes projects both domestically and internationally. IRCON is materially smaller in scale (revenue of ₹12,800 crore versus RVNL's ₹23,440 crore) but is more profitable on a percentage basis (NPM of 5.5% versus RVNL's 4.0%) and trades at a lower P/E of 34.3x versus RVNL's 60.7x. The valuation gap reflects RVNL's larger order book, brand recall, and its higher diversification into metro and other infrastructure verticals.

NCC Limited is a more diversified construction major with a strong presence in roads, urban infra, water, and electrical works, in addition to railways. NCC's higher OPM of 9.0% and ROE of 12.0% reflect its diversified mix, but its order book of ₹38,000 crore is materially smaller than RVNL's, and its book-to-bill ratio of 1.9x is roughly half of RVNL's. NCC trades at 28.8x P/E, the cheapest in the peer set.

KEC International (part of the RPG Group) is a transmission and distribution (T&D) major with growing exposure to railways, civil works, and cable businesses. KEC's revenue scale is similar to RVNL's (₹22,000 crore), but its NPM of 3.5% is the weakest in the peer set, reflecting the competitive intensity of the T&D segment. KEC trades at 44.05x P/E, lower than RVNL but higher than the broader peer average.

Kalpataru Projects International (KPIL) is arguably the best-in-class private sector EPC peer, with a globally diversified order book spanning T&D, railways, oil & gas, and buildings. KPIL's superior OPM (10.5%), ROE (18.5%), and ROCE (16.0%) reflect its operational excellence and execution capabilities. At 28.1x P/E, KPIL trades at a meaningful discount to RVNL despite clearly superior financial metrics — a paradox that is partly explained by KPIL's higher leverage (D/E of 0.80x), the cyclicality of its international T&D order book, and the PSU-versus-private valuation premium that the Indian market accords to railway-linked names.

From a strategic positioning standpoint, RVNL occupies a unique niche as the largest railway EPC PSU with quasi-monopoly access to a large slice of Indian Railways' EBR-funded projects. This structural advantage is difficult to replicate, but it comes with constraints: limited pricing power, mandated cost-plus structures, and a politically-motivated dividend payout policy. The investment case for RVNL is, in essence, a bet on (i) sustained railway capex of ₹2.5–3.0 lakh crore per annum by the Indian Railways over the next 5–7 years, (ii) margin expansion as the business mix shifts toward higher-margin consultancy and metro projects, (iii) working capital normalisation that will unlock cash flows and improve ROE, and (iv) successful diversification into highways, power transmission, and renewables.

5. DCF Valuation Framework

Valuing an EPC company through discounted cash flow (DCF) is inherently challenging because of the lumpy revenue recognition, the working capital intensity, and the contract-by-contract margin variability. Nevertheless, a well-constructed DCF can provide a useful sanity check against the current market price. The following framework applies a 10-year explicit forecast period (FY26E to FY35E) followed by a terminal value, discounted at a weighted average cost of capital (WACC) of 11.0%. All projections are in ₹ crore unless stated otherwise.

The DCF-derived intrinsic value of ₹158.20 per share is approximately 32% below the current market price of ₹233.25, suggesting that the market is pricing in materially more aggressive assumptions than the base case. The base case assumes: (i) revenue growth tapering from 13.1% in FY26E to 6.4% in FY35E, (ii) OPM holding at 7.0–7.5%, (iii) terminal growth rate of 2.5%, and (iv) WACC of 11.0% (cost of equity ~13%, cost of debt ~7%, with debt-to-cap of 25%).

To bridge the gap between the DCF value and the market price, the bull case needs to assume one or more of the following: (a) OPM expansion to 8.5–9.0% by FY30, driven by the higher-margin metro and consultancy businesses; (b) revenue CAGR of 12–14% sustained for longer; (c) terminal growth of 3.5–4.0% reflecting RVNL's structural moat; or (d) lower WACC of 9.5–10.0% as the market re-rates PSU infrastructure names. Under a moderately bullish scenario (OPM 8.0%, terminal growth 3.0%, WACC 10.0%), the DCF value rises to approximately ₹245–₹260 per share, which is broadly in line with the current market price.

A relative valuation cross-check using EV/EBITDA multiples further confirms that RVNL is trading at the upper end of its historical and peer ranges. RVNL's current EV/EBITDA of approximately 25.0x compares to a 5-year average of 18–20x and a peer average of 15–18x. The trailing P/E of 60.74x is similarly elevated relative to peers (average 34.0x) and to RVNL's own historical average of 25–30x. The P/B of 4.5x is also above the peer average of 3.5–4.0x and well above RVNL's 5-year average of 2.5–3.0x.

In sum, the current market price embeds a structural growth and rerating story that goes beyond what a conservative DCF can justify. Investors should view the stock as priced for strong execution rather than a margin of safety, and any disappointment on growth, margins, or working capital could trigger a meaningful de-rating.

6. Shareholding Pattern

The shareholding pattern of RVNL reflects its status as a Government of India PSU under the administrative control of the Ministry of Railways. The promoter — President of India acting through the Ministry of Railways — remains the single largest shareholder, with a holding that has been gradually declining as the government has executed several tranches of Offer for Sale (OFS) over the past three years. The current shareholding pattern, based on the most recent quarterly disclosure, is summarised below:

The promoter holding of 72.84% is the central structural feature of the equity story. While this high government stake provides implicit support in terms of business continuity, it also creates a persistent overhang risk — every tranche of disinvestment is met with selling pressure, and the market continuously discounts the possibility of further OFS. The government has, over the past three years, divested approximately 5–6% of its stake through successive OFS tranches, and the disinvestment programme is likely to continue, with the long-term aspiration being a promoter holding of 51% or less over the next 5–7 years.

The FII holding of 6.20% is modest by PSU standards and reflects a combination of global fund interest in Indian infrastructure and the limited free float available for foreign investment. DII holding of 9.50% has been steadily rising over the past three years as domestic mutual funds and insurance companies have built positions, attracted by the consistent dividend payouts, the policy stability, and the index inclusion benefits (RVNL is a constituent of the Nifty 200, Nifty PSU Bank-eligible baskets, and various thematic indices). The public and retail holding of 11.46% has also expanded, partly due to the retail enthusiasm generated by the IPO, the bonus issue, and the stock split (if any), which have made the per-share price more accessible.

Notably, there is no single large non-promoter shareholder with a holding above 5%, which means that the stock's price discovery is driven by institutional flow rather than by any anchor investor's behaviour. The float-adjusted market cap is approximately ₹13,200 crore (free float of 27.16% × market cap of ₹48,633 crore), which is comfortable for daily trading volumes but still smaller than several private sector peers. Insider trading activity is negligible given the PSU nature of the company, and there have been no meaningful related-party transactions of note in the recent past.

7. Key Risks

While the investment thesis for RVNL is structurally compelling, the stock carries several material risks that investors must underwrite carefully. These risks span operational, financial, regulatory, and macro dimensions, and any one of them materialising could trigger a meaningful de-rating.

1. Execution and Project Completion Risk: RVNL operates in a sector where delays are endemic. Land acquisition challenges, environmental clearances, monsoon disruptions, and right-of-way issues routinely cause project timelines to slip by 6–18 months. Each year of delay on a project has a dual impact: revenue recognition is pushed out (deferred top-line), and cost overruns erode margins. The company's project execution track record is good but not flawless, and any cluster of major project delays in FY26 or FY27 could materially impact revenue and profit growth.

2. Working Capital and Receivable Risk: The most acute financial risk is the persistent elevation in trade receivables, which stand at ₹8,500–₹9,000 crore (~110 days of revenue). A large portion of these receivables is owed by Indian Railways, Railway Board, and state government undertakings, which are typically slow payers. Any tightening of government fiscal position or a delay in budgetary allocations could extend receivable days further, force higher borrowings, and suppress return on capital. A 15–20% write-down of receivables is highly unlikely, but even a partial provisioning (say, 5%) would translate to a ₹400–₹450 crore hit to net profit — equivalent to nearly 50% of one year's net profit.

3. Policy and Political Risk: As a PSU under the Ministry of Railways, RVNL is exposed to policy risks including (i) a slowdown in railway capex due to fiscal constraints, (ii) a shift in the project execution model (e.g., greater reliance on private sector participation through PPP), (iii) a major change in the EBR funding mechanism, and (iv) government-mandated pricing controls that limit margin expansion. The continuous disinvestment programme is also a structural overhang on the stock.

4. Competitive Intensity: While RVNL enjoys a quasi-monopoly in railway EBR projects, competition is intensifying in adjacent verticals (metro, highways, solar EPC) where established private players like L&T, KEC, Kalpataru, and NCC have deeper execution capabilities. RVNL's attempts to win orders in these segments have been modestly successful, but the bid-to-win ratio is lower and the margin is thinner than in its core railway business.

5. Commodity and Input Cost Risk: Steel, cement, copper, aluminium, and diesel collectively account for 55–60% of project costs. While most contracts have escalation clauses that pass through input cost inflation, the lag between cost incurrence and reimbursement can create quarterly margin volatility. A sustained period of high commodity prices (e.g., a 20–30% spike in steel prices) could compress margins by 100–150 bps in the short term.

6. Valuation and Multiple Risk: As discussed in Section 5, the stock trades at a P/E of 60.74x and P/B of 4.5x — both at the upper end of historical and peer ranges. A re-rating to peer-average multiples would imply a 30–40% downside in the absence of corresponding earnings growth. Any disappointment on quarterly numbers, working capital, or new order inflows could trigger a sharp multiple compression.

7. Macro and Interest Rate Risk: The Indian EPC sector is highly sensitive to interest rate cycles. A sustained period of high real interest rates (e.g., RBI repo rate at 7.0%+) would increase RVNL's working capital cost, reduce government capex, and compress valuation multiples. Conversely, a rate cut cycle would be a clear tailwind.

8. What This Means for Investors

For investors evaluating RVNL today, the central question is whether the railway infrastructure compounding story justifies the already-rich valuation. The honest answer is that the stock is no longer a value play — it is a growth-and-quality play that requires strong execution and a benign macro/policy environment to deliver forward returns.

Bull case scenario (12–18 month target: ₹280–₹320 per share, +20% to +37% upside): This scenario assumes (i) sustained railway capex of ₹2.7–₹3.0 lakh crore per annum through FY30, (ii) RVNL winning ₹25,000–₹30,000 crore of new orders per year, (iii) gradual OPM expansion to 7.5–8.0% driven by metro and consultancy mix shift, (iv) working capital improvement of 15–20 days over the next 18 months, and (v) a modest re-rating of FII/DII flows as the stock's free float expands and index weight increases. In this scenario, FY27E EPS of ₹5.5–₹6.0 would justify a forward P/E of 50–55x, leading to a price target of ₹275–₹330.

Base case scenario (12–18 month target: ₹220–₹250 per share, -5% to +7% return): This scenario assumes (i) modest railway capex growth of 5–7% per annum, (ii) order inflows of ₹20,000–₹22,000 crore per year, (iii) OPM holding at 7.0%, (iv) working capital remaining elevated at 105–115 days, and (v) valuation multiples compressing to 45–50x P/E. In this scenario, the stock essentially delivers a dividend yield of 1.5–2.0% plus modest capital appreciation.

Bear case scenario (12–18 month target: ₹160–₹190 per share, -20% to -32% downside): This scenario assumes (i) a slowdown in railway capex due to fiscal pressures or a change in political priorities, (ii) a sharp deterioration in working capital (receivable days rising to 130+), (iii) margin compression to 6.0–6.5% due to competitive bidding intensity, and (iv) a de-rating to peer-average multiples of 30–35x P/E. In this scenario, the stock would meaningfully underperform the broader market and the railway/infrastructure sector.

Portfolio construction perspective: RVNL is best held as a 5–8% allocation within a diversified Indian equity portfolio, as a core infrastructure/PSU exposure. Investors with a 3–5 year horizon and a high conviction in the Indian railway capex story can accumulate on dips, while short-term traders should be cautious given the elevated valuations and the multiple expansion that has already occurred. The stock is also an attractive dividend play for income-oriented investors, with a current dividend yield of 1.5–1.8% and a payout ratio that is likely to remain at 30–40%.

Key monitoring metrics: Investors should track the following KPIs on a quarterly basis to validate or invalidate the thesis: (i) new order inflows (target: ₹20,000+ crore per year), (ii) receivable days (target: reducing to <100 days), (iii) OPM trajectory (target: 7.0–7.5% sustained, expanding to 8.0%+ over 2 years), (iv) order book composition (target: increasing share of metro, highways, and renewable EPC), (v) government disinvestment activity (any OFS announcement), and (vi) railway capex announcements in the Union Budget (target: ₹2.7+ lakh crore per annum).

Comparative positioning: For investors who are bullish on the Indian infrastructure theme but cautious on PSU valuations, Kalpataru Projects (KPIL) offers a superior risk-reward with a P/E of 28.1x, ROE of 18.5%, and a globally diversified order book. For those seeking a more direct railway exposure at a cheaper multiple, IRCON International at 34.3x P/E provides a more conservative entry point. RVNL, in our view, is the best-positioned of the railway infrastructure names but is also the most expensive, and the entry timing matters materially.

Conclusion: RVNL is a high-quality, structurally advantaged franchise that deserves a place in any Indian infrastructure-focused portfolio — but at a CMP of ₹233.25 and a trailing P/E of 60.74x, the easy money has likely been made. Investors should size their positions with discipline, accumulate on weakness rather than chase on strength, and remain attentive to the working capital and order inflow trajectories that will determine whether the bull case plays out or the valuation air-pocket risks materialising.

9. Disclaimer

This article is for informational and educational purposes only and does not constitute investment advice, financial advice, trading advice, or any other form of professional advice. The views expressed are those of the author as of the publication date and are subject to change without notice. The financial data, projections, peer comparisons, and valuation analyses presented in this article are based on publicly available information, including BSE/NSE filings, company disclosures, Screener.in, and the BSE-verified dataset provided by NiftyBrief, but no representation or warranty, express or implied, is made as to the accuracy, completeness, or reliability of the information.

Past performance is not indicative of future results. Investing in equities involves substantial risks, including the possible loss of principal. The stock of Rail Vikas Nigam Ltd (NSE: RVNL, BSE: 542649) is subject to market volatility, sector-specific risks, regulatory changes, and company-specific execution risks as detailed in Section 7. Readers should conduct their own due diligence, consult with a SEBI-registered investment advisor, and consider their personal financial situation, risk tolerance, and investment horizon before making any investment decision.

No part of this article should be construed as a solicitation to buy or sell securities. The author and NiftyBrief do not hold any positions in RVNL as of the publication date, although this may change without notice. Any forward-looking statements, projections, and DCF-based valuations are based on assumptions that may or may not materialise, and actual results may differ materially.

Data sources: BSE (bseindia.com), NSE (nseindia.com), Screener.in, company annual reports and quarterly filings, investor presentations, and the BSE-verified dataset provided to NiftyBrief. Market price (CMP) of ₹233.25 and other price-related metrics are as of the close on the most recent trading session prior to publication. Market cap of ₹48,633.09 crore is calculated on a fully diluted basis. 52-week high of ₹380 and 52-week low of ₹200 are based on the trailing 52-week price range.

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