Rail Vikas

Rail Vikas Nigam Ltd Directors Report

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Oct 8, 2026|03:59:50 PM

Rail Vikas Nigam Ltd Share Price directors Report

Dear Shareholders,

Your Directors are pleased to present the 23 rd Annual Report and Audited Financial Statements for the Financial Year ended 31 st March, 2026 together with the reports of Statutory Auditors. Comments of Comptroller & Auditor General of India are yet to be received by the Company.

1. FINANCIAL PERFORMANCE HIGHLIGHTS

The key highlights of the financial performance of the company during F.Y. 2025-26 along with the corresponding performance in F.Y. 2024-25 are mentioned below (rounded to nearest rupees/crore):

(Rs. in crore)

Particulars	2025-26	2024-25	% Increase/ Decrease
Turnover	20,012.26	19,869.35	0.72%
Total Income	20,818.75	20,888.24	-0.33%
Operating Income	1,190.60	1,470.29	-19.02%
Reserves & Surplus	6,777.80	6,538.70	3.66%
Profit Before Tax	1,102.27	1,550.18	-28.89%
Profit After Tax	800.48	1,188.62	-32.66%
Net worth Appropriations	8862.824	8,623.72	2.77%
Final Dividend	148.04*	358.62
Interim Dividend	208.50

* Final dividend amounting to Rs. 148.04 crore @ Rs. 0.71 per fully paid equity share recommended by the Board of Directors subject to the approval of shareholders in the ensuing Annual General Meeting of the Company.

Capital Structure

With an Authorized share capital of the Company of Rs. 3000 crores , there has been no change in the Capital Structure of the Company, with the Paid-up share capital of the Company remaining at Rs. 2085.02 crore . The Company has not issued any share during the year under consideration.

Employee Stock Option Plan

Your Company has not provided any Employee Stock Option Plan (ESOP); therefore, disclosure requirement in relation to ESOP under Rule 12(9) and Rule 16(4) of the Companies (Share Capital and Debentures) Rules, 2014 is not applicable.

Shareholding of President of India (POI)

As on 31.03.2026, the present Shareholding of President of India (POI) is 1,51,87,43,694 equity shares of C 10 each amounting to Rs. 15,18,74,36,940 i.e. 72.84% .

Profit

Profit before Tax decreased from Rs. 1,550.18 crore in 2024-25 to Rs. 1,102.27 crore in 2025-26 showing a decrease of 28.89% . Profit after Tax decreased from Rs. 1,188.62 crore in F. Y. 2024-25 to Rs. 800.48 crore in F. Y. 2025-26 showing a decrease of 32.66% .

Net Worth

The Net Worth of your Company has increased over the previous year from Rs. 8,623.73 crore to Rs. 8,862.82 crore on account of transfer of Profits (after payment of Dividend).

Reserves

The Reserves & Surplus of the Company for FY 2025-26 stand at Rs. 6,777.80 crore as compared to Rs. 6,538.70 crore in FY 2024-25, showing an increase of 3.66% from previous year.

Dividend

The Board recommended a final dividend of Rs. 148.04 crores (C 0.71 per share) subject to the approval of shareholders in the ensuing Annual General Meeting of the Company. Total dividend for the financial year 2025-26 is Rs. 356.54 crore .

Acceptance of Deposits

Your company has not accepted any deposit from the public during the year.

Reimbursement of Expenditure

RVNL received an amount of Rs. 12,509 crores (approx.) for project expenditure during the current year, from Ministry of Railways (MoR) for execution of various works.

Loans from IRFC

During the year, no borrowing was made from IRFC. With this, the total amount received from IRFC is Rs. 7865.08 crore . The principal and interest on the borrowings from IRFC are repaid by Ministry of Railways (MoR) as a pass-through entry in the books of RVNL. During the year, an amount of Rs. 499.51 crore towards principal & Rs. 570.15 crore towards interest was paid to IRFC on this account, leaving an outstanding loan& Principal balance of Rs. 5278.07 crore (including interest accrued of Rs. 1285.22 Cr ).

Turnover

Your Company has achieved a turnover of Rs. 20,012.26 crore in 2025-26 as compared to Rs. 19,869.35 crore in 2024-25.

At the same time, there has also been a significant increase in the revenue from the projects secured through bidding to the tune of Rs. 6283.04 crore during 2025-26 in comparison to Rs. 2771.50 crore in the previous year.

Consolidated Financial Statements

The consolidated Financial Statements of the Company prepared in accordance with the provisions of Companies Act, 2013 and the applicable Indian Accounting Standards (IND-AS) for the financial year 2025-26 forms part of the Annual Report of the Company. The accounts have been consolidated with SPVs, JVs, Associates and its wholly owned subsidiaries. The related entries appearing in the standalone accounts of RVNL have been adjusted accordingly in consonance with the relevant Indian Accounting Standards (Ind AS 110& 28). The salient features of difierences in the significant entries between the Standalone Accounts of RVNL and the Consolidated Accounts are as under:

(Rs. in crore)

Particular	Figures as on 31.3.2026	Figures as on 31.3.2026
	Standalone	Consolidated
Turnover	20012.26	20412.12
Other Income	806.49	775.23
Direct Expenses	18821.66	19187.18
Indirect Expenses	894.82	912.81
PBT	1102.27	1181.24*
PAT	800.48	870.66
Reserve & Surplus	6777.80	7733.08
Net Worth	8862.82	9818.10

* PBT includes C 93.88 crore as proportionate share of RVNL in the profit/loss of Joint Ventures.

Subsidiary, Joint Venture and Associate Companies

During the financial year under review, the Company has incorporated a wholly-owned subsidiary namely Sabbavaram Sheelanagar Road Development Limited.

The performance and financial position of the subsidiary companies, associates and joint venture is provided in the consolidated financial statement.

The Policy for determining material subsidiary Companies as approved by the Board may be accessed on the Companys website at https://rvnl.org/RVNLficms/ uploads/copolicy/RVNLMaterialityPolicies.pdf.

2. Integral Reports

Name of Report	Annexure
Management Discussion and Analysis	A
Corporate Governance Report	B
Corporate Social Responsibility (CSR) Report	C
Business Responsibility and Sustainability Report (BRSR)	D
Secretarial Auditor Report	E
Form AOC-2	F

The Management Discussion and Analysis Report provides an overview of the afiairs of the Company, its business environment, mission and objectives, outlook, operational performance, its resources and systems, strengths, opportunities, constraints, risks and concerns, strategies, prospects, etc. ( Annexure A ).

The Corporate Governance Report highlights the Companys philosophy on Corporate Governance and Key Values, composition of Board of Directors and its Committees, attendance and remuneration of Directors etc. other relevant disclosures, CEO/CFO Certification and general information for shareholders. The following compliance certificates as required under DPE Guidelines and SEBI Regulations supplement it. ( Annexure B ).

A Certificate signed by the Chairman and Managing Director affirming receipt of compliance with the Code of Conduct from all Board members and Senior Management personnel during the year 2025-26 (placed at Annexure B-1 ) as per guidelines of Department of Public Enterprises on Corporate Governance.

A Certificate from the Chairman and Managing Director (CMD) and Chief Financial Officer (CFO) with regard to the authenticity of financial statements (placed at Annexure B-2 ); and

A Certificate of compliance on Corporate Governance signed by a practicing Company Secretary (placed at Annexure B-3 ) as per guidelines of Department of Public Enterprises on Corporate Governance and Listing Regulations.

Certificate on non-disqualification of Directors as per schedule V of SEBI (LODR) Regulations, 2015 (placed at Annexure B-4 )

The Corporate Social Responsibility (CSR) Report reflects RVNLs plans, policy, budget, expenditure, evaluation process for projects and CSR activities undertaken during the year. (Annexure C)

The Business Responsibility and Sustainability Report (BRSR) describes the initiatives taken by the Company from an Environmental, Social and Governance (ESG) perspective in terms of amendment to Regulation 34 (2) (f) of SEBI (LODR) Regulations 2015 . ( Annexure D )

Pursuant to provisions of Section 204 of Companies Act, 2013, Regulation 24A of the SEBI (LODR) Regulations and Companies (Appointment and Remuneration of Managerial personnel) Rules 2014, the Company has appointed M/s. Sinha & Srivastava LLP, A firm of Company Secretaries , to undertake the Secretarial Audit of the Company. The Secretarial Audit Report is placed at

Annexure E .

As per Section 92 (3) of the Companies Act, 2013, Annual Return will be available on the website of the Company i.e., www.rvnl.org .

The disclosure of Related Party Transactions, as required under section 134 (3) (h) of Companies Act, 2013 and Rule 8 (2) of the Companies (Accounts) Rules, 2014 in Form AOC-2 is placed at Annexure F .

3. Operational Performance

Your Directors are delighted to inform that the F.Y. 2025-26 has been a year of operational excellence and growth for the Company.

In 2025-26, 173.82 km sections were commissioned consisting of 12.14 km of New Line and 161.68 km of Doubling handed over to Zonal Railways for operations.

During the year, Phephna-Indara, Mau-Shahganj (excluding Indara-Mau) (150.28 km) doubling project fully commissioned.

Out of 160 projects completed so far, 158 projects have been fully commissioned and handed over to Railways for operations and maintenance.

Signalling & Telecommunication:

RVNL is a major contributor in providing EI installations on Indian Railways in connection with Doubling, 3 rd Line, New Line and Gauge Conversion. Keeping its tradition high, during FY 2025-26, RVNL has commissioned New Electronic Interlocking and alteration in existing Electronic Interlocking at 48 Stations on Indian Railways.

RVNL has also commissioned 7 nos. Major Yard remodeling work on Indian Railways viz. Jakhapura, Milavittan, Manoharpur, Tenali, Sambalpur, Mathura and Dhuri stations with routes varying from 200 to 600+ Routes.

Railway Electrification:

During the year, Railway Electrification of 173.82 km was commissioned as part of Doubling.

3.1 Physical Size of the Projects:

Since its establishment in 2003, Ministry of Railways has transferred 185 projects to RVNL for execution, which may be broadly classified under the following heads:

Doubling	69
Gauge Conversion	12
New Lines	13
MTP	06
Railway Electrification	39
Workshops	21
Others	25

And after implementation of revocation of policy for assignment of work to PSUs in 2021, RVNL had participated in Open Bidding and projects awarded through biddings and taken Nomination work other then Railways as on March 2026 are:

Awarded through Bidding 104

Nomination work other then Railway Projects 10

The distribution of project length under various plan heads of Railway works is shown below:

3.1.1 Nature of Works being Executed by RVNL:

RVNL is executing all types of Railway Infrastructure works such as New Line, Gauge Conversion, Doubling/3 rd Line/4 th Line, Railway Electrification, Workshops, Hill Railway Projects, Institutional & Residential Buildings, Mega Bridges, Metro Railway, Port, Tunnels, Monumental Bridges, Canals, Transmission Lines, Highways, Signalling Work, MMLPs etc.

3.1.2 Project Implementation Units (PIUs):

These projects are spread all over the country and for efficient implementation of projects, 27 Project Implementation Units (PIUs) established at 23 locations to execute projects in their geographical hinterland. They are located at Ahmedabad, Agra, Bengaluru, Bhopal, Bhubaneshwar, Chennai (2 Units), Chandigarh, Indore, Kolkata (3 Units), Kharagpur, Lucknow, Mumbai, Nagpur, Patna, Pune, Raipur, Rishikesh, Ranchi, Secunderabad, Varanasi (2 Units), Delhi, Bharatnet (East-Lucknow, West-Noida) and Waltair. The PIUs are established and closed as per requirement.

The Company has foreign presence in Maldives, Abu Dhabi, Dubai, Saudi Arabia, South Africa, Uzbekistan, Oman, Rwanda and Kyrgyzstan.

3.2 Status of physical progress of projects

The status of the 299 projects is as under: -

Projects commissioned up to March 2026 :	158 No.
Doubling	63 No.
Gauge Conversion	11 No.
New Lines	07 No.
MTP	02 No.
Railway Electrification	38 No.
Workshops	19 No.
Others	20 No.
Projects under implementation :	141 No.
MoR :	27 No
Bidding Works :	104 No.
Nomination works other than Railways :	10 No.

RVNL has so far completed 160 projects.

The list of 160 projects fully completed up to March 2026 is as under:

S. No. Railway	Project Name	Type of Project	Length (km)
1. Central Railway	Diva - Kalyan 5 th & 6 th Line	Doubling	11
2. Central Railway	Pakni - Mohol Doubling	Doubling	17
3. Central Railway	Panvel - Jasai JNPT Doubling	Doubling	28.5
4. Central Railway	Pakni - Solapur Doubling	Doubling	16.28
5. Central Railway & SCR	Daund- Gulbarga- Doubling (224.9 km) and Pune- Guntakal -Electrification (641.37 km)	Doubling	224.9
6. Eastern Railway	Gurup - Saktigarh Extn of 3 rd Line	Doubling	26
7. East Central Railway	Barauni - Tilrath Bypass Doubling	Doubling	8.3
8. East Coast Railway	Talcher-Cuttack-Paradeep Doubling with 2 nd Bridge on Rivers Birupa & Mahanadi	Doubling	3
9. East Coast Railway	Jakhapura- Haridaspur 3 rd Line	Doubling	23.3
10. East Coast Railway	Cuttack - Barang Doubling	Doubling	14.3
11. East Coast Railway	Rajatgarh-Barang Doubling	Doubling	31.3
12. East Coast Railway	Khurda-Barang - 3 rd line (35 km)	Doubling	32.32
13. East Coast Railway	Sambalpur-Titlagarh (182 km)	Doubling	182.00
14. East Coast Railway	Raipur-Titlagarh (203 km)	Doubling	203
15. East Coast Railway	Banspani-Daitari-Tomka-Jakhapura (180 km)	Doubling	180
16. Northern Railway	New Delhi-Tilak Bridge- 5 th & 6 th line (2.65 km)	Doubling	2.65
17. Northern Railway	Utraitia-Raebareli (65.6 km)	Doubling	68.04
18. Northern Railway	Raebareli-Amethi (60.1 km)	Doubling	59.00

S. No. Railway	Project Name	Type of Project	Length (km)
19. Northern Railway	Rajpura-Bhatinda Doubling with Electrification (172.64 km)	Doubling	172.64
20. Northern Railway	Janghai- Phahamau DL	Doubling	49.16
21. North Central Railway	Palwal - Bhuteswar 3 rd Line	Doubling	81
22. North Central Railway	Aligarh - Ghaziabad 3 rd Line	Doubling	106.1
23. North Central Railway	Bhimsen-Jhansi (206 km) with RE	Doubling	206
24. North Eastern Railway	Varanasi- Madhosingh- Allahabad	Doubling	120.35
25. North Eastern Railway	Phephna-Indara, Mau-Shahganj (excluding Indara- Mau) (150.28 km)	Doubling	150.28
26. North Western Railway	Bhagat Ki Kothi - Luni Doubling	Doubling	30.3
27. North Western Railway	Karjoda - Palanpur Doubling	Doubling	5.4
28. North Western Railway	Rewari- Manheru Doubling	Doubling	69.02
29. North Western Railway	Rani-Keshav Ganj Doubling	Doubling	59.5
30. North Western Railway	Abu Road-Sarotra Road- Patch doubling (23.12 km)	Doubling	23.12
31. North Western Railway	Swaruganj-Abu Road - Patch doubling (25.36 km)	Doubling	25.36
32. North Western Railway	Sarotra Road-Karjoda - Patch doubling (23.59 km)	Doubling	23.59
33. Southern Railway	Attipattu - Korukkupet 3 rd Line	Doubling	18
34. Southern Railway	Pattabiram - Tiruvallur 4 th Line & Tiruvallur - Arakkonam 3 rd Line	Doubling	41.89
35. Southern Railway	Tiruvallur - Arakkonam 4 th Line	Doubling	28
36. Southern Railway	Villipuram-Dindigul Doubling	Doubling	273
37. Southern Railway	Thanjavur-Ponmalai - Doubling	Doubling	46.96
38. Southern Railway	Madurai-Maniyachi-Tuticorin (160 km)	Doubling	160
39. Southern Railway	Maniyachi-Nagercoil DL	Doubling	102
40. South Central Railway	Pullampet - Balapalle Ph I of Gooty - Renigunta Doubling	Doubling	41
41. South Central Railway	Krishnapatnam - Venkatachalam Doubling with RE	Doubling	16.5
42. South Central Railway	Gooty - Renigunta Patch Doubling	Doubling	151
43. South Central Railway	Raichur - Guntakal Doubling	Doubling	81.0
44. South Central Railway	Guntur-Tenali - Doubling with electrification (24.38 km)	Doubling	25
45. South Central Railway	Vijaywada-Gudivada- Bhimavaram-Narasapur, Gudivada-Machlipatnam and Bhimavaram- Nidadavolu (221 km) - Doubling with electrification	Doubling	221.00
46. South Central Railway	Secunderabad (Falaknuma)-Mehbubnagar doubling	Doubling	85.70
47. South Central Railway	Vijaywada \u2013 Gudur 3 rd Line Project	Doubling	287.67
48. South Eastern Railway	Tikiapara - Santragachi Doubling	Doubling	5.6
49. South Eastern Railway	Panskura - Kharagpur 3 rd Line	Doubling	45
50. South Eastern Railway	Panskura - Haldia Ph 1 Doubling	Doubling	14
51. South Eastern Railway	Rajgoda - Tamluk (Jn. Cabin) Doubling	Doubling	13.5
52. South Eastern Railway	Tamluk Jn. Cabin \u2013 Basulya Sutahata Doubling	Doubling	24.23
53. South Eastern Railway	Goelkera-Monoharpur 3 rd line (40 km)	Doubling	27.5
54. South East Central Railway	Bilaspur - Urkura 3 rd Line Doubling	Doubling	105
55. South East Central Railway	Salka Road- Khongsara Patch Doubling	Doubling	26
56. South East Central Railway	Khodri-Anuppur, with Flyover at Bilaspur (61.6 km)	Doubling	61.6
57. South Western Railway	Hospet - Guntakal Doubling	Doubling	115
58. West Central Railway	Bhopal-Bina - 3 rd line (143 km)	Doubling	144.3

S. No. Railway	Project Name	Type of Project	Length (km)
59. West Central Railway	Itarsi-Budni - 3 rd line (25.090 km)	Doubling	25.09
60. West Central Railway	Barkhera-Habibganj - 3 rd line (41.420 km)	Doubling	41.2
61. West Central Railway	Bina-Kota (282.66 km) with RE	Doubling	282.66
62. West Central Railway	Barkhera - Budni 3 rd line	Doubling	26.5
63. Western Railway	Palanpur- Samakhiali (247.73 km)	Doubling	247.3
64. North Eastern Railway	Lucknow-Pilibhit via Sitapur, Lakhimpur (262.76 km)	GC	262.76
65. North Western Railway	Delhi - Rewari Gauge Conversion	GC	94.2
66. North Western Railway	Ajmer - Phulera - Ringus - Rewari Gauge Conversion	GC	295
67. North Western Railway	Bhildi - Samdari Gauge Conversion	GC	223
68. Southern Railway	Thanjavur - Villupuram Gauge Conversion	GC	192
69. Southern Railway	Cuddalore - Salem Gauge Conversion	GC	193
70. South Western Railway	Arasikere-Hassan-Mangalore Gauge Conversion	GC	230
71. Western Railway	Bharuch - Samni - Dahej Gauge Conversion	GC	62
72. Western Railway	Gandhidham - Palanpur Gauge Conversion	GC	301
73. Western Railway	Ahmedabad-Botad (170.48 km)	GC	166.09
74. Western Railway	Dhasa-Jetalsar (104.44 km)	GC	106.69
75. East Coast Railway	Daitari - Banspani New Line	New Line	155
76. East Coast Railway	Haridaspur-Paradeep (82 km)	New Line	82
77. East Coast Railway	Angul- Sukinda Road (98.7 km)	New Line	95
78. North Eastern Railway	Mau-Gazipur-Tarighat New Line	New Line	16.79
79. Southern Railway	Vallarpadam - Idapally New Line	New Line	9
80. South Central Railway	Obulavaripalle- Krishnapattnam (113 km)	New Line	121
81. Railway Electrification	Tomka -Banspani \u2013 RE	RE	144
82. Railway Electrification	Kharagpur (Nimpura) - Bhubaneswar Including Branch Line of Talcher - Cuttack - Paradeep	RE	581
83. Railway Electrification	Bhubaneswar - Kottavalasa	RE	417
84. Railway Electrification	Daund-Manmad Incl. Puntamba- Shirdi - RE	RE	255
85. Railway Electrification	Reningunta - Guntakal RE	RE	308
86. Railway Electrification	Yelahanka - Dharmavaram - Gooty RE	RE	306
87. Railway Electrification	Bharuch - Samni - Dahej RE	RE	64
88. Railway Electrification	Manheru- Hissar RE	RE	74
89. Railway Electrification	Jakhal - Hisar (79 km)	RE	80.0
90. Railway Electrification	Chhapra-Ballia-Ghazipur-Varanasi-Allahabad RE (330 km)	RE	330
91. Railway Electrification	Guntakal-Kalluru RE (40 km)	RE	40
92. Railway Electrification	Utretia - Rae Bareli - Amethi - Janghai RE (214 km)	RE	214
93. Railway Electrification	Daund-Baramati (44 km)	RE	44
94. Railway Electrification	Amla-Chhindwara-Kalumna	RE	257
95. Railway Electrification	Raipur-Titlagarh (203 km) {Part of Vizianagaram - Rayagada - Titlagarh - Raipur (465 km)}	RE	203
96. Railway Electrification	Rajpura - Dhuri - Lehra Mohabat (151 km)	RE	151
97. Railway Electrification	Guntakal - Bellary - Hospet incl. Tornagallu - Ranjitpura Branch Line (138 km)	RE	138
98. Railway Electrification	Wani- Pimpalkutti RE (66 km)	RE	66
99. Railway Electrification	Manoharabad- Medchal (14 km)	RE	14
100. Railway Electrification	Yalahanka-Penukonda (120.55 km)-Doubling	RE	-
101. Railway Electrification	Jakhal - Dhuri - Ludhiana (123 km)	RE	123
102. Railway Electrification	Guna-Gwalior (227 km)	RE	227
103. Railway Electrification	Rani-Palanpur 166 km	RE	166

S. No. Railway	Project Name	Type of Project	Length (km)
104. Railway Electrification	Villupuram-Cuddalore Port-Mayiladuturai-Thanjavur & Mayiladuturai-Thiruvarur (228 km)	RE	228
105. Railway Electrification	Raebareli-Unchahar incl. Dalmau-Daryapur (63 km)	RE	63
106. Railway Electrification	Raninagar Jalpaigudi-New Bongaigaon - Guwahati (Incl) RE (382 km) (Part of Barauni - Katihar - Guwahati Incl. Katihar - Barsoi (836 km) RE	RE	374.98
107. Railway Electrification	Chikjajur-Bellary RE (184 km)	RE	183.15
108. Railway Electrification	Bengaluru-Omalur Via Hosur RE (196 km)	RE	196.00
109. Railway Electrification	Utratia-Raebareli-Amethi 2 nd line RE (126 km)	RE	126.00
110. Railway Electrification	RE of Sambalpur-Titlagarh Doubling project (96.596 km)	RE	96.60
111. Railway Electrification	Palanpur-Samakhiali (247.73 km) RE	RE	247.73
112. Railway Electrification	Kasganj-Bareilly-Bhojipura-Daliganj RE (401 km)	RE	401
113. Railway Electrification	RE of Dhasa - Jetalsar (104.44 km)	RE	104.44
114. Railway Electrification	RE of Ahmedabad- Botad (170.48 km)	RE	170.48
115. Deposit	RE of NTPC siding at Hotgi Station (37 km)	RE	34.41
116. Deposit	Electrification of IOCL Siding at Pakni (4 km)	RE	4.15
117. Deposit	Electrification of Ultra Tech Cement Siding at Hotgi (8km)	RE	9.75
118. Deposit	Electrification of Chettinad Cement Siding at Tilati (7.1km)	RE	5.9
119. Central Railway	Latur- Setting up of coach manufacturing factory	WKSP	-
120. Eastern Railway	Civil Engineering Works in Connection with Diesel Loco Component Factory, Dankuni	WKSP	-
121. Eastern Railway	Dankuni - Setting Up of Electric Loco Assembly and Ancillary Unit of CLW	WKSP	-
122. Eastern Railway	Ranaghat (EMU Car Shed)-Inspection bay for 15 coach maintenance facilities	WKSP	-
123. Eastern Railway	Jheel Siding Coaching Depot- Infrastructure development	WKSP	-
124. East Central Railway	Barauni - 250 High Horse Power Loco Shed	WKSP	-
125. East Central Railway	Gaya -Setting up New MEMU car shed for maintaining 30 rakes of 16 coaches	WKSP	-
126. East Coast Railway	Vadlapudi- Wagon PoH Workshop of 200 Nos Capacity Near Duvvada Station	WKSP	-
127. East Coast Railway	Khurda Road - Construction of main line electrical multiple unit car shed (Phase-2)	WKSP	-
128. North Central Railway	Kanpur - Construction of MEMU Car shed	WKSP	-
129. North Central Railway	Jhansi-Setting up of coach periodic overhauling and refurbishment workshop	WKSP	-
130. North Eastern Railway	Saidpur Bhitri- Setting up of Electric Loco Shed to home 200 Locos	WKSP	-
131. North Eastern Railway	Dullahapur Yard - Provision of tower wagon periodic overhauling shed	WKSP	-
132. Northern Railway	Sonipat-Setting up of coach periodical overhauling and refurbishment workshop	WKSP	-
133. South Eastern Railway	Setting Up of Diesel Multiple Unit (DMU) Manufacturing Factory at Sankrail / Haldia	WKSP	-
134. DLW	Varanasi - Augmentation of Production Capacity from 200 To 250 High HP Locos Per Year	WKSP	-
135. North Eastern Railway	Aunrihar - DEMU Shed	WKSP	-

S. No. Railway	Project Name	Type of Project	Length (km)
136. South Central Railway	Workshop for Manufacture of Flat Bogies for LHB Design Coaches, Yadgir	WKSP	-
137. Western Railway	Vadodara - Setting up of New PoH Shop for Electrical Locos	WKSP	-
138. South Central Railway	Hyderabad-Secunderabad - Multi modal transport system (Phase-II)-MTP	MTP	78
139. METKOL	MM of Existing Corridor Noparanagar-Baranagar- Daksineshwar	MTP	4.14
140. Eastern Railway	Barddhaman Yard - 4-lane road over bridge in lieu of 2-lane road over bridge No. 213	ROB	-
141. Southern Railway	Srirangam-Tiruchchirapalli Town - 4-lane road over bridge in lieu of 2- lane bridge No.380-A	ROB	-
142. North Western Railway	IOC Siding at Salawas (Deposit Work)	Others	2.82
143. South Central Railway	Secunderabad- Upgradation of facilities at Centralised Training Academy for Railway Accounts	TRG	-
144. South Central Railway	Moula Ali - Setting Up of Indian Railway Institute of Finance Management	TRG	-
145. South Central Railway	Lallaguda (Carriage Workshop)- Replacement of	OSW	-
	100-Year-Old Administrative Building
146. South Western Railway	New Station Building at Belguam	OSW	-
147. South Western Railway	Second Entry Station Building at Belguam	OSW	-
148. South Western Railway	Proposed Coaching Depot at Belgaum	OSW	-
149. South Western Railway	Yard Remodelling Works at Belgaum	OSW	-
150. North Western Railway	Madar - Palanpur - Removing of PSR (Kms 589/1 to 590/1)	Track Renewal	-
151. North Central Railway	Jhansi-Garhmau, Orai-Ata, Ata-Kalpi & Pokhrayan- Lalpur - Splitting of longer block sections	TF	-
152. North Central Railway	Paman-Bhimsen - New B-class station	TF	-
153. South Central Railway	Umdanagar-Timmapur - New crossing station	TFC	-
154. Western Railway	Sabarmati-Botad-subways in lieu of level crossing-23 Nos.	RSW	-
155. Western Railway	Sabarmati-Botad-Subways in lieu of LCs-14 Nos.	RSW	-
156. Western Railway	Dhasa-Jetalsar-Subways in lieu of Level Crossing-35 Nos.	RSW	-
157. Northern Railway	Final Location Survey for New Line Connectivity to Char Dham (327 km)	FLS	-
158. North Eastern Railway	Daraganj- Rebuiding (Bridge No. 111 on Ganga)	BRWG	1.934
159. Southern Railway	Pamban Bridge (Lifting Span Bridge)	BRWG	3.959
Following projects Completed in 2025-26:
160. South East Central Railway	Dallirajhara \u2013 Rowghat New Line Project	New Line	95

3.3 Total project length completed:

Cumulatively, RVNL has completed a total of 6567.94 km of doubling, 2120.36 km of gauge conversion, 655.18 km of new lines, 7743.30 km of pure Railway Electrification, 4590.53 km RE as part of NL/GC/DL and 84.40 km of Metropolitan Transport Project (MTP). Thus, as on 31.3.2026, 17171.19 km of project length of 185 sanctioned projects assigned to RVNL, have been completed.

3.4 Project length completed during 2025-26:

During 2025-26, 110.57 km (31.69 km of New Line, 78.88 of Doubling) , Railway Electrification of 110.57 km was also carried out in other than specific Railway Electrification projects as part of Doubling.

3.4.1 Sections completed under New Line Plan Head: During the year, 31.69 km of New Line was completed, the details are given below:

3.4.1.1 Bhanupalli - Bilaspur - Beri (63.1 km) : During the year, Bhanupalli – Thaluah Yard (7.15 km) section was completed in November 2025.

3.4.1.2 Angul - Sukinda (106.69 km) : During the year, Talcher Road – Kamalanga (Route-E) (7.04 km) section was completed in January 2026.

3.4.1.3 Dallirajhara – Rowghat (95 km) : During the year, Taroki - Rowghat (17.5 km) section was completed in March 2026.

3.4.2 Sections completed under Doubling Plan Head: During the year, 78.88 km of Doubling was completed, the details are given below:

3.4.2.1 Vizianagaram – Sambalpur (Titlagarh) 3 rd Line (263.64 km) : During the year, 54.27 km of project length was completed. Komatpalli (KMX) – Donkinavalasa (DNV) (9.82 km) was completed in May 2025, Gajapatinagaram (GPI) – Komatpalli (KMX) (9.57 km) was completed in June 2025, Theruvali Jn. (THV) – Bissamcuttack (BMCK) (18.5) was completed in September 2025, Garudaballi (GRBL)

– Gajapatinagaram (GPI) (10.51 km) was completed in October 2025 and Gotlam (GTLM)

– Garudaballi (GRBL) (5.87 km) was completed in December 2025.

3.4.2.2 Bhatni– Aunrihar (118 km) : During the year, 20.35 km of project length was completed. Mau - Pipridih (10.86 km) was completed in June 2025 and Salempur – Lar Road (9.49 km) was completed in August 2025.

3.4.2.3 Hospet – Hubli – Tinaighat (335.08 km) : During the year, Cansaulim - Sankaval (4.26 km) was completed in March 2026.

Projects Fully Commissioned and Handed over to Railways:

Out of 160 projects completed so far, 158 projects have been fully commissioned and handed over to Railways for operations and maintenance.

The list of 158 projects commissioned till March 2026 is as under:

S. No. Railway	Project Name	Type of Project	Length (km)
1. Central Railway	Diva - Kalyan 5 th & 6 th Line	Doubling	11
2. Central Railway	Pakni - Mohol Doubling	Doubling	17
3. Central Railway	Panvel - Jasai JNPT Doubling	Doubling	28.5
4. Central Railway	Pakni - Solapur Doubling	Doubling	16.28
5. Central Railway & SCR	Daund- Gulbarga- Doubling (224.9 km) and Pune- Guntakal -Electrification (641.37 km)	Doubling	224.9
6. Eastern Railway	Gurup - Saktigarh Extn of 3 rd Line	Doubling	26
7. East Central Railway	Barauni - Tilrath Bypass Doubling	Doubling	8.3
8. East Coast Railway	Talcher-Cuttack-Paradeep Doubling with 2 nd Bridge on Rivers Birupa & Mahanadi	Doubling	3
9. East Coast Railway	Cuttack - Barang Doubling	Doubling	14.3
10. East Coast Railway	Jakhapura- Haridaspur 3 rd Line	Doubling	23.3
11. East Coast Railway	Rajatgarh-Barang - 3 rd line	Doubling	31.3
12. East Coast Railway	Sambalpur-Titlagarh (182 km)	Doubling	182.00
13. East Coast Railway	Banspani-Daitari-Tomka-Jakhapura (180 km)	Doubling	180
14. East Coast Railway	Khurda - Barang 3 rd Line	Doubling	32.32
15. East Coast Railway	Raipur-Titlagarh (203 km)	Doubling	203
16. North Central Railway	Palwal - Bhuteswar 3 rd Line	Doubling	81
17. North Central Railway	Aligarh - Ghaziabad 3 rd Line	Doubling	106.1
18. North Central Railway	Bhimsen- Jhansi (206 km) with RE	Doubling	206

S. No. Railway	Project Name	Type of Project	Length (km)
19. North Eastern Railway	Janghai- Phahamau DL	Doubling	49.16
20. North Eastern Railway	Varanasi- Madhosingh- Allahabad	Doubling	120.35
21. North Western Railway	Bhagat Ki Kothi - Luni Doubling	Doubling	30.3
22. North Western Railway	Rani-Keshav Ganj Doubling	Doubling	59.5
23. North Western Railway	Karjoda - Palanpur Doubling	Doubling	5.4
24. North Western Railway	Rewari- Manheru Doubling	Doubling	69.02
25. North Western Railway	Abu Road - Sarotra Road Patch Doubling	Doubling	23.55
26. North Western Railway	Abu Road - Swaroopganj Patch Doubling	Doubling	25.36
27. North Western Railway	Sarotra Road-Karjoda - Patch doubling (23.59 km)	Doubling	23.59
28. Northern Railway	New Delhi - Tilak Bridge 5 th & 6 th Line Doubling	Doubling	2.65
29. Northern Railway	Utretia-Rae Bareli (65.6 km)	Doubling	68.04
30. Northern Railway	Raebareli - Amethi (60.1 km)	Doubling	59.00
31. Northern Railway	Rajpura- Bhatinda (172.64 km)	Doubling	173.38
32. Southern Railway	Attipattu - Korukkupet 3 rd Line	Doubling	18
33. Southern Railway	Pattabiram - Tiruvallur 4 th Line & Tiruvallur - Arakkonam 3 rd Line	Doubling	41.89
34. Southern Railway	Tiruvallur - Arakkonam 4 th Line	Doubling	28
35. Southern Railway	Villipuram-Dindigul Doubling	Doubling	273
36. Southern Railway	Thanjavur-Ponmalai - Doubling	Doubling	46.96
37. Southern Railway	Madurai-Maniyachi-Tuticorin (160 km)	Doubling	160
38. Southern Railway	Maniyachi-Nagercoil DL	Doubling	102
39. South Central Railway	Pullampet - Balapalle Ph I of Gooty - Renigunta Doubling	Doubling	41
40. South Central Railway	Krishnapatnam - Venkatachalam Doubling With RE	Doubling	16.5
41. South Central Railway	Gooty - Renigunta Patch Doubling	Doubling	151
42. South Central Railway	Raichur - Guntakal Doubling	Doubling	81.0
43. South Central Railway	Guntur-Tenali - Doubling with electrification (24.38 km)	Doubling	25
44. South Central Railway	Secunderabad-Mehboobnagar (85.24 km)	Doubling	85.70
45. South Central Railway	Vijaywada-Gudivada- Bhimavaram-Narasapur, Gudivada- Machlipatnam and Bhimavaram-Nidadavolu (221 km) - Doubling with electrification	Doubling	221.00
46. South Eastern Railway	Panskura - Kharagpur 3 rd Line	Doubling	45
47. South Eastern Railway	Panskura - Haldia Ph 1 Doubling	Doubling	14
48. South Eastern Railway	Rajgoda - Tamluk (Jn. Cabin) Doubling	Doubling	13.5
49. South Eastern Railway	Tikiapara - Santragachi Doubling	Doubling	5.6
50. South Eastern Railway	Tamluk Jn. Cabin \u2013 Basulya Sutahata Doubling	Doubling	24.23
51. South Eastern Railway	Goelkera-Monoharpur 3 rd line (40 km)	Doubling	27.5
52. South East Central	Bilaspur - Urkura 3 rd Line Doubling	Doubling	105
Railway
53. South East Central	Salka Road- Khongsara Patch Doubling	Doubling	26
Railway
54. South East Central	Khodri-Anuppur, with fiyover at Bilaspur (61.6 km)	Doubling	61.6
Railway
55. South Western Railway	Hospet - Guntakal Doubling	Doubling	115
56. West Central Railway	Budni - Itarsi 3 rd Line	Doubling	25.09
57. West Central Railway	Barkhera- Habibganj - 3 rd line (41.420 km)	Doubling	41.2
58. West Central Railway	Bhopal-Bina - 3 rd line (143 km)	Doubling	143
59. West Central Railway	Bina -Kota (282.66 km) with RE	Doubling	282.66
60. Western Railway	Palanpur- Samakhiali (247.73 km)	Doubling	247.3

S. No. Railway	Project Name	Type of Project	Length (km)
61. West Central Railway	Barkhera - Budni 3 rd line	Doubling	26.5
62. North Western Railway	Delhi - Rewari Gauge Conversion	GC	94.2
63. North Eastern Railway	Lucknow-Pilibhit via Sitapur, Lakhimpur (262.76 km)	GC	262.76
64. North Western Railway	Ajmer - Phulera - Ringus - Rewari Gauge Conversion	GC	295
65. North Western Railway	Bhildi - Samdari Gauge Conversion	GC	223
66. Southern Railway	Thanjavur - Villupuram Gauge Conversion	GC	192
67. Southern Railway	Cuddalore - Salem Gauge Conversion	GC	193
68. South Western Railway	Arasikere-Hassan-Mangalore Gauge Conversion	GC	230
69. Western Railway	Bharuch - Samni - Dahej Gauge Conversion	GC	62
70. Western Railway	Gandhidham - Palanpur Gauge Conversion	GC	301
71. Western Railway	Ahmedabad- Botad (170.48 km)	GC	166.09
72. Western Railway	Dhasa- Jetalsar (104.44 km)	GC	106.69
73. East Coast Railway	Daitari - Banspani New Line	NL	155
74. East Coast Railway	Haridaspur-Paradeep (82 km)	NL	82
75. East Coast Railway	Angul-Sukinda Road (98.7 km)	NL	98.7
76. North Eastern Railway	Mau-Gazipur-Tarighat New Line	NL	16.79
77. Southern Railway	Vallarpadam - Idapally New Line	NL	9
78. South Central Railway	Obulavaripalle - Krishnapatnam New Line	NL	121
79. Railway Electrification	Tomka -Banspani \u2013 RE	RE	144
80. Railway Electrification	Kharagpur (Nimpura) - Bhubaneswar Including Branch Line of Talcher - Cuttack - Paradeep	RE	581
81. Railway Electrification	Bhubaneswar - Kottavalasa	RE	417
82. Railway Electrification	Reningunta - Guntakal RE	RE	308
83. Railway Electrification	Bharuch - Samni - Dahej RE	RE	64
84. Railway Electrification	Daund-Manmad Incl. Puntamba- Shirdi - RE	RE	255
85. Railway Electrification	Yelahanka - Dharmavaram - Gooty RE	RE	306
86. Railway Electrification	Manheru- Hisar (74 km)	RE	74.0
87. Railway Electrification	Jakhal - Hisar (79 km)	RE	80.0
88. Railway Electrification	Chhapra-Ballia-Ghazipur-Varanasi-Allahabad (330 km)	RE	330
89. Railway Electrification	Guntakal-Kalluru (40 km)	RE	40
90. Railway Electrification	Daund- Bramati (44 km)	RE	44
91. Railway Electrification	Titlagarh (Excl)-Raipur -RE	RE	203
92. Railway Electrification	Utretia- Rae Bareli- Amethi- Janghai RE	RE	214
93. Railway Electrification	Hospet - Guntakal And Tomagallu - Ranjitpura	RE	138
94. Railway Electrification	Wani-Pimpalkutti (66 km)	RE	66
95. Railway Electrification	Yalahanka-Penukonda (120.55 km)-Doubling	RE	-
96. Railway Electrification	Rajpura - Dhuri - Lehra Mohabat (151 km)	RE	151
97. Railway Electrification	Jakhal - Dhuri - Ludhiana (123 km)	RE	123
98. Railway Electrification	Guna-Gwalior (227 km)	RE	227
99. Railway Electrification	Rani-Palanpur 166 km	RE	166
100. Railway Electrification	Manoharabad- Medchal (14 km)	RE	14
101. Railway Electrification	Amla - Chhindwara - Kalumna (257 km)	RE	257
102. Railway Electrification	Villupuram-Cuddalore Port-Mayiladuturai-Thanjavur & Mayiladuturai-Thiruvarur (228 km)	RE	228
103. Railway Electrification	Raebareli-Unchahar incl. Dalmau-Daryapur (63 km)	RE	63

S. No. Railway	Project Name	Type of Project	Length (km)
104. Railway Electrification	Raninagar Jalpaigudi-New Bongaigaon (incl.)-Guwahati (incl.)-382 rkm {Part of Barauni-Katihar-Guwahati incl Katihar-Barsoi (836 km)}	RE	374.98
105. Railway Electrification	Chikjajur-Bellary (184 rkm)	RE	183.15
106. Railway Electrification	Bengaluru-Omalur via Hosur (196 rkm)	RE	196.00
107. Railway Electrification	2 nd Line Utratia-Raebareli-Amethi (126 rkm) (Northern Railway) (PB#135/2018-19/CORE)	RE	126.00
108. Railway Electrification	RE of Sambalpur-Titlagarh Doubling project (96.596 km)	RE	96.60
109. Railway Electrification	Kasganj-Bareilly-Bhojipura-Daliganj RE (401 km)	RE	401
110. Western Railway	Palanpur- Samakhiali (247.73 km) RE	RE	247.73
111. Western Railway	RE of Dhasa - Jetalsar (104.44 km)	RE	104.44
112. Western Railway	RE of Ahmedabad- Botad (170.48 km)	RE	170.48
113. Deposit	RE of NTPC siding at Hotgi Station (37 km)	RE	34.41
114. Central Railway	Latur- Setting up of coach manufacturing factory	WKSP	-
115. Eastern Railway	Civil Engineering Works in Connection with Diesel Loco Component Factory, Dankuni	WKSP	-
116. Eastern Railway	Dankuni - Setting Up of Electric Loco Assembly and Ancillary Unit of CLW	WKSP	-
117. Eastern Railway	Ranaghat (EMU Car Shed)-Inspection bay for 15 coach maintenance facilities	WKSP	-
118. Eastern Railway	Jheel Siding Coaching Depot- Infrastructure development	WKSP	-
119. East Central Railway	Barauni - 250 High Horse Power Loco Shed	WKSP	-
120. East Central Railway	Gaya -Setting up New MEMU car shed for maintaining 30 rakes of 16 coaches	WKSP	-
121. East Coast Railway	Vadlapudi - Wagon PoH Workshop of 200 Nos Capacity	WKSP	-
122. East Coast Railway	Near Duvvada Station Khurda Road - Construction of main line electrical multiple unit car shed (Phase-2)	WKSP	-
123. North Central Railway	Kanpur - Construction of MEMU Car shed	WKSP	-
124. North Central Railway	Jhansi-Setting up of coach periodic overhauling and refurbishment workshop	WKSP	-
125. Northern Railway	Sonipat-Setting up of coach periodical overhauling and refurbishment workshop	WKSP	-
126. South Central Railway	Workshop for Manufacture of Flat Bogies for LHB Design Coaches, Yadgir	WKSP	-
127. South Eastern Railway	Setting Up of Diesel Multiple Unit (DMU) Manufacturing Factory at Sankrail / Haldia	WKSP	-
128. DLW	Varanasi - Augmentation of Production Capacity from 200 to 250 High HP Locos Per Year	WKSP	-
129. North Eastern Railway	Aunrihar - DEMU Shed	WKSP	-
130. North Eastern Railway	Saidpur Bhitri- Setting up of electric loco shed to home 200 locos	WKSP	-
131. North Eastern Railway	Dullahapur Yard - Provision of tower wagon periodic overhauling shed	WKSP	-
132. Western Railway	Vadodara - Setting up of New PoH Shop for Electrical Locos	WKSP	-
133. South Central Railway	Hyderabad-Secunderabad - Multi modal transport system (Phase-II)-MTP	MTP	78
134. METKOL	MM of Existing Corridor Noparanagar-Baranagar- Daksineshwar	MTP	4.14

S. No. Railway	Project Name	Type of Project	Length (km)
135. Eastern Railway	Barddhaman Yard - 4-lane road over bridge in lieu of 2-lane road over bridge No. 213	ROB	-
136. Southern Railway	Srirangam-Tiruchchirapalli Town - 4-lane road over bridge in lieu of 2- lane bridge No.380-A	ROB	-
137. Deposit	Electrification of IOC Siding at Salawas (Deposit Work)	RE	2.82
138. Deposit	Electrification of IOCL Siding at Pakni (4 km)	RE	4.15
139. Deposit	Electrification of Ultra Tech Cement Siding at Hotgi (8km)	RE	9.75
140. Deposit	Electrification of Chettinad Cement Siding at Tilati (7.1km)	RE	5.9
141. South Central Railway	Secunderabad- Upgradation of facilities at Centralised Training Academy for Railway Accounts	OSW	-
142. North Western Railway	Madar - Palanpur - Removing of PSR (Kms 589/1 to 590/1)	TR	-
143. South Central Railway	Moula Ali - Setting Up of Indian Railway Institute of Finance Management	TRG	-
144. South Central Railway	Lallaguda (Carriage Workshop)- Replacement of 100-Year-Old Administrative Building	OSW	-
145. South Western Railway	New Station Building at Belguam	OSW	-
146. South Western Railway	Second Entry Station Building at Belguam	OSW	-
147. South Western Railway	Proposed Coaching Depot at Belgaum	OSW	-
148. South Western Railway	Yard Remodelling Works at Belgaum	OSW	-
149. North Central Railway	Jhansi-Garhmau, Orai-Ata, Ata-Kalpi & Pokhrayan-Lalpur - Splitting of longer block sections	TF	-
150. North Central Railway	Paman-Bhimsen - New B-class station	TF	-
151. South Central Railway	Umdanagar- Timmapur - New Crossing Station	TFC	-
152. Western Railway	Sabarmati-Botad-subways in lieu of level crossing-23 Nos.	RSW	-
153. Western Railway	Sabarmati-Botad-Subways in lieu of LCs-14 Nos.	RSW	-
154. Western Railway	Dhasa-Jetalsar-Subways in lieu of Level Crossing-35 Nos.	RSW	-
155. Northern Railway	Final Location Survey for New Line Connectivity to Char Dham (327 km)	FLS	-
156. North Eastern Railway	Daraganj- Rebuiding (Bridge No. 111 on Ganga)	BRWG	1.934
157. Southern Railway	Pamban Bridge (Lifting Span Bridge)	BRWG	3.959
Project commissioned in 2025-26 is as under:
158. North Eastern Railway	Phephna-Indara, Mau-Shahganj (excluding Indara-Mau) (150.28 km)	Doubling	150.28

3.5 Sections of Projects Commissioned and handed over to Railways in 2025-26:

3.5.1 In 2025-26, 173.82 km sections were commissioned consisting of 12.14 km of New Line and 161.68 km of Doubling handed over to Zonal Railways for operations. Railway Electrification of 173.82 km was also carried out in other than specific Railway Electrification projects as part of Doubling, the details are given below:

SN Plan Head	Name of work	Section Targeted	Section Length (km)	Total Length (km)	Zonal Railway
1 NL	Angul - Sukinda	Talcher Road-Kamalanga (Route-E)	7.042	7.042	ECoR
2 NL	Neora- Daniawan & Barbigha & sheikpura	Barbigha- Sarsajamalpur	5.1	5.1	ECR
		Total New Line:	12.14	12.14
3 DL	Vizianagaram- Titlagarh 3 rd line	Parvatipuram-Sitanagaram-Bobbili- Donkinavalasa	36.05	43.23	ECoR
	Project	Ladda-Jimidipeta	7.18

SN Plan Head	Name of work	Section Targeted	Section Length (km)	Total Length (km)	Zonal Railway
4 DL	Vijayawada-Gudur 3 rd	Singarayakonda - Surareddipalem	17.8	50.05	SCR
	Line with RE Project	Tsunduru-Tenali-Duggirala- Pedavadlapudi	32.25
5 DL	Bhatani - Aunrihar	Mau-Pipridih-Dullahpur	18.28	32.81	NER
	Doubling	Peokol-Salempur-Lar Road	14.53
6 DL	Phephna-Indara, Mau- Shahganj (excluding Indara-Mau)	Mau-Khurahat	12.53	12.53	NER
7 DL	Sonnagar - Patratu 3	Bendi-Kumandi	6.74	18.51	ECR
	rd Line	Muhammad Ganj-Satbahini-Untari Road	11.77
8 DL	Kharagpur-Adityapur 3 rd line project	Salgajahri East- Salgajhari West (West End of LC 139)	3.05	3.05	SER
9 DL	RPJ-BTI Doubling	DUI yard remodelling	1.5	1.5	NR
		Total Doubling:	161.68	161.68
		G. Total	173.82	173.82

3.6 Signalling and Telecommunication:

The Signaling & Telecommunication (S&T) domain provides appropriate and cost-effective solutions for efficient and safe operation of trains on Indian Railways. RVNL promotes use of modern technologies on Indian Railways namely Electronic Interlocking (EI), Digital Axle Counters, Fiber Optic Cable Network, Automatic Block Signaling, ETCS L1/L2/L3, IOT based Diagnostic & Predictive Maintenance systems etc.

The technological advancement is aimed to achieve high level of safety in train operations, availability of system and increased speeds of trains with minimum head ways. This ensures the efficient punctual operation of Freight as well as of Coaching Trains. This has resulted in reduction of turnaround in freight transportation. With continuous and tireless efiort of S&T vertical of RVNL in Railway Infrastructure, Indian Railways is able to achieve increase in freight loading and operation of large number of passenger trains across the length and breadth of the country.

RVNL has taken up 55 Nos. of Non-Interlocking (NIs) of stations for commissioning of Doubling, 3 rd Line and New Line projects during the year. RVNL has also commissioned the 19 numbers of IBS, 379 Automatic Signalling using Electronic Interlocking and 29 Nos of mid-section level crossing gates have been interlocked with signals to improve safety of road user. Not only on the Signalling front, RVNL has also completed the incredible achievement in the area of telecommunication by providing 2195.7 km of Fiber Optic Network and 6 Quad Cable network in IR and and 5700 Km of Fiber Optic Network Cable network in BSNL (as part of Bharatnet Project UP East & UP West) during the year.

RVNL equiped with a strong team of IRSTELO license holders who are experienced to approve Logic & Interface Circuits and design drawings of all types of Railway signaling systems in-house. So far, RVNL has checked Interface Circuits of 16 stations and Logic Circuits of 6 stations of ECR and NCR. Moreover, RVNL Design team has checked Axle Counter Circuit of 1 no. station viz. BENDI in ECR. This has reduced significantly the workload of Zonal Railways Design team and expedited the approval process of Logic & Interface Circuits. This has resulted in timely commissioning of large number of stations by RVNL to adhere the target set by Railway Board.

RVNL has participated in various tenders of Automatic Signalling, Replacement of Panel Interlocking with EI, Vedio Survelliance System and KAVACH of Zonal Railways and has been awarded works of C 531 crore of South East

Central Railway , South Western Railway and Southern Railway during FY 2025-26.

Having played a very vital role in providing large nos. of signaling installations in connection with large infrastructure projects on Indian Railway, Signaling

& Telecommunication vertical is on the lookout for opportunities in various signalling and telecom sector of Railways & other industries within India & abroad.

3.7 Projects under implementation:

There are 141 projects under various stages of implementation by RVNL.

3.7.1 The details of 27 projects assigned by Ministry of Railways to RVNL till March 2026 and which are under implementation are as under:

S. No. Railway	Name of Project	Plan Head
1. ECR	Dhanbad-Sonnagar (Patratu-Sonnagar) - 3 rd line (291 km)	Doubling
2. ECoR	Vizianagaram-Sambhalpur (Titlagarh) 3 rd line	Doubling
3. NCR	Mathura-Jhansi 3 rd line	Doubling
4. NER	Bhatni - Aunrihar with electrification (125 km) (excl Indara - Mau (116.95 km))	Doubling
5. SCR	Vijayawada-Gudur 3 rd line	Doubling
6. SER	Kharagpur (Nimpura)-Adityapur 3 rd line (132 km)	Doubling
7. SWR	Hospet-Hubli-Londa-Tinaighat-Vasco da Gama (352.28 km)	Doubling
8. WR	Junagarh - Visavadar (42.28) km	Gauge Conversion
9. CR	Yevatmal- Nanded (206 km) NL	New Line
10. ECR	Fatuah-Islampur incl. material modification for extension of new line from Neora to Daniawan; Daniawan to Biharsharif; Biharsharif to Barbigha; Barbigha to Sheikhpura	New Line
11. NR	Rishikesh-Karnaprayag (125.09 km)	New Line
12. NR	Bhanupalli-Bilaspur-Beri (63.1 km)	New Line
13. SECR	Dallirajhara-Rowghat (90 km) {Part of Dallirajhara-Jagdalpur (235 km)}	New Line
14. WCR	Indore-Jabalpur (342 km) NL sanctioned as Budhni-Indore (205 km)	New Line
15. ER	Nabadwipghat-Nabadwipdham upto BB loop (9.58 km) {Part of Kalinarayanpur- Krishnanagar with Krishnanagar-Shantipur Nabadwipghat- GC, Krishnanagar- Chartala, MM for Krishnanagar Chapra-NL, Naihati-Ranaghat-3 rd line, Nabadwipghat- Nabadwipdham upto BB loop (9.58 km), Ranaghat-Lalgola strengthening (bridge No.2)}	New Line
16. CORE	Hospet - Hubli - Vasco da Gama (346 km)	RE
17. SCR	Kazipet - Workshop for Wagon Periodical Overhauling	WKSP
18. SR	Repair of S&T Workshop at Podanur, Tamil Nadu	WKSP
19. ER	Samudragarh - Nabadwipdham - Road over bridge in lieu of level crossing No.14	RSW
20. WR	National Rail & Transportation Institute at Vadodara (NAIR)	TRG
21. WR	Construction of hostels in centralised training institutes (Umbrella Work 2019-20)	TRG
22. WR	Infrastructure up-gradation of Training Institutes at NAIR Campus	TRG
23. SECR	Direct Power Supply from Central Generating Agencies	OEW
24. SCR	Ghatkesar-Raigir (Yadadri)-Extension of multi modal transportation system Phase-II	MTP
25. METRO	Baranagar-Barrackpore & Dakshineswar - Construction of Metro Railway (14.5 km)	MTP
26. METRO	Dum Dum Airport-New Garia via Rajerhat - Construction of Metro Railway (32 km) including Naupara (Ex.)-Baranagar (2.6 km) {Part of Dumdum-Baranagar Metro Railway sanctioned as MM to Dumdum-New Garia Metro Railway vide letter No. 96/Proj/C/5/1/ Pt. Dated 30.10.09}	MTP
27. METRO	Joka-Binoy Badal Dinesh Bagh via Majerhat - Construction of Metro railway (16.72 km) incl material modification for extension from Joka Diamond Park (Phase-I)	MTP

3.7.2 The list of 104 projects awarded to RVNL through Competitive Bidding and under execution is as under:

3.7.2.1 The details of 91 projects awarded to RVNL through competitive biddings up to March 2025 are as under:

S. No. Agency / Client	Name of Project	Plan Head
1. MP Metro	Design and Construction of Elevated 10 km Viaduct and 09 Elevated Metro Stations including all Civil, Structural, Roof structure, MEP works, Architectural finishes, Faade, etc for Indore Metro Rail Project.	Metro Works
2. MP Metro	Design and Construction of 07 Elevated Metro Stations including Structures, Architectural Finishes, E&M Works etc. of Indore Metro Rail Project.	Metro Works
3. NHIDCL	DPR Preparation for Highways in North-East Region in state of Nagaland for length of 200 KM.	DDC
4. NHIDCL	DPR Preparation for Highways in North-East Region in state of Nagaland for length of 280 KM.	DDC
5. NHIDCL	DPR Preparation for Highways in North-East Region in state of Mizoram for length of 740 KM.	DDC
6. NFR	Construction of Single BG Tunnel Line No. 06 (approx. length 4930m) between Ch. 45800 to Ch. 50730 including Escape Tunnel (Total length 4600m), in connection with DMV-Kohima new BG Line Project	Civil
7. GMRCL	Supply Installation Testing and Commissioning of Ballastless track (L -55 TKM) from Sarthana to Dream city in elevated and underground section for corriodr -1, Surat Metro, Phase -II	Civil
8. NHAI	Construction Of 4 Laning of Nh-5 From Kaithlighat To Shakral Village (Shimla Bypass Package 1: From Km 128.835 To Km 146.300 For Design Length=17.465km) In Himachal Pradesh On Hybrid Annuity Mode.	Civil
9. NHAI	Construction of 4 lane highway from Samarlakota to Achampeta Junction (from km. 0.000 to Km. 12.250) as a part of Kakinada port to NH-16 connectivity in the State of Andhra Pradesh under Bharatmala Pariyojana on EPC mode.	Civil
10. AMC	Development of Kharicut Canal (Between Naroda Smashan Gruh & Vinzol Vehla) in AMC area Pakage-2: Kharicut Canal Development Navyug School Canal Crossing to Nidhipark Society (Ch. 2500 - Ch. 5000)	Civil
11. AMC	Development of Kharicut Canal (Between Naroda Smashan Gruh & Vinzol Vehla) in AMC area Pakage-3: Kharicut Canal Development Nidhipark Society to Odhav Fire Station (Ch. 5000 - Ch. 7600)	Civil
12. GoG- NH Division	Up gradation to Six Lane with Paved Shoulder of Sarkhej-Changodar Section of NH 8A (New NH 47) from KM 11+950 to KM 16+000 on EPC mode in the State of Gujarat	Civil
13. CMRCL	Construction of Elevated Viaduct (approximate length of 10 km), nine (9) Elevated Metro Stations at Sholinganallur Lake-I, Sri Ponniamman Temple Sholinganallur Lake- II, Sathyabama University Semmeancheri-I, Semmeancheri-II, Gandhi Nagar, Navallur, Siruseri, Siruseri Sipcot-1 And Siruseri SIPCOT-2 and stabling viaduct at SIPCOT	Civil
14. GMRCL	Construction of Bhesan Depot Cum Workshop Which Includes DCC, BCC and Associated E&M Works Under Corridor - C2, Bhesan To Saroli, For Surat Metro Rail Project Phase \u2013 1, DC-2	Civil
15. CORE	Design, Supply, Erection, Testing and Commissioning for OHE Modification Work in the existing 25 kV OHE for increasing speed potential to 160 KMPH under East Central Railway Pradhankhanta - Bandhua Section of Dhanbad Division (DHN).	Electrical
16. MEA	Development of the UTF Harbour Project in Maldives	Civil
17. Southern Railway	Provision of Automatic Block Signalling with Dual MSDAC, EI/OC interface and Block Optimization in Arakkonam Junction(AJJ)-Nagari (NG) Section of Chennai (MAS) Division in Southern Railway (Reach-I).	S&T
18. Southern Railway	Provision of Automatic Block Signaling with Dual MSDAC, EI/OC Interface and Block Optimization in NAGARI(NG) - TADUKU(TDK) section and Replacement of EI/RRI at VEPAGUNTA (VGA) Station of CHENNAI (MAS) Division in Southern Railway (Reach-II).	S&T
19. Southern Railway	Provision of Automatic Block Signaling with Dual MSDAC, EI/OC Interface and Block Optimization in TADUKU(TDK)-RENIGUNTA (RU) section and Replacement of EI/RRI at TADUKU (TDK), PUDI (PUDI) & SRI VENKATA PERUMAL RAJU PURAM (SVF) Stations of CHENNAI (MAS) Division in Southern Railway (Reach-III).	S&T

S. No. Agency / Client	Name of Project	Plan Head
20. MPPKVVCL	Commissioning of 33 KV Line associated works such as 33 KV Line Bifurcation, 33 KV Line Interconnection and 33 KV Line Conductor Augmentation in Rewa, Satna, Sidhi, Singrauli, Sagar, Damoh, Chhatarpur, Panna and Tikamgarh Circles (Package-10) area of MPPKVVCL, Jabalpur under Revamped \u2013 Reforms \u2013 Based and Results \u2013 Linked Distribution Sector Scheme	Electrical
21. GMRCL	Supply, Erection, Testing and Commissioning of power Supply Receiving & Distribution System, 750 V D Third Rail Traction Electri_cation and Scada system for Ahmedabad Metro	Electrical
22. NWR	Provision of Automatic Block Signalling on Madar-Sakhun Section (51.13 Kms) of Jaipur Division over North Western Railway.	S&T
23. IR	Manufacturing cum Maintenance of 200 nos. of Vande Bharat Trainsets including upgradation of the Government Manufacturing Units & Trainsets Depots	Manufacturing
24. MPPKVVCL	Madhya Pradesh Madhya Kshetra Vidyut Vitaran Company Limited
MPMKVVCL - Civil Electrical
25. MPPKVVCL	Madhya Pradesh Poorva Kshetra: Revamped \u2013 Reforms \u2013 Based and Results \u2013 Linked Distribution Sector Scheme (RDSS) (Pkg-12)	Electrical
26. NHAI	Constructionof6-laneGreen_eldVaranasi-Ranchi-KolkataHighwayfromSonepurbigha village to junction with NH-22 (Chatra Bypass) near Chatra from km 184.700 to km 222.000 under Bharatmala Pariyojana in the state of Jharkhand on Hybrid Annuity Mode (Package 8).	Civil
27. NHAI	Construction of Six Lane Elevated Kona Expressway from Km. 0.145 to Km. 7.337 of NH- 117 in the state of West Bengal on EPC mode	Civil
28. North Central Railway	Provision of EI based Automatic Signaling with continuous track circuiting and other associated works including suitable Indoor alteration in Electronic Interlocking/RRI/ PI stations enroute in Jhansi (incl)-Gwalior (Incl.) section of Jhansi Division of North Central Railway.	S&T
29. GMRCL	Supply, Erection, Testing and Commissioning of Power Supply Receiving & Distribution System, 750 V Dc Third Rail Traction Electri_cation And Scada System For Surat Metro Rail Project Phase-I	Metro
30. HORC	C-4: Composite Contract package in connection with New BG Railway Line of HORC project for: (i) Design & Construction of Twin Tunnel using NATM and Cut & Cover method from km 24.880 to km 29.580; (ii) Design & Installation of Ballastless Track (excluding supply of rails) from km 24.856 to km 29.680; (iii) Detailed Design, Supply, Installation, Testing & Commissioning of General Electrical Services including Supply, Erection, Testing and Commissioning of 11kV HT/LT Power and Control Cable Network, GIS Substation (11/0.433) kVA, Tunnel lighting system, etc. from km 24.880 to km 29.680; (iv) Design & Construction of Embankment, Bridges and other miscellaneous works from km 12.00 to km 18.00.	Civil
31. MMRDA	Design, Manufacture, Supply, Installation, Testing and Commissioning of 2 nos. 110 kV receiving substation including 110 kV, 33kV & 25kV cabling work, complete 25kV overhead catenary system alongwith switching station, 33kV auxiliary power distribution system including 33/0.415 kV auxiliary sub-station (ASS) and complete SCADA system for main line & depot of Mumbai Metro line 2B of MMRDA. (IFB No: MMRDA/2B/MMRP/CA-40). Design, Manufacture, Supply, Installation, Testing and Commissioning of 2 nos. 110 kV	Electrical
32. CMRL	Construction of Five (05) UG Stations at KMC(Kilpauk), Sterling Road, Nungambakkam, Gemini (Anna Flyover), Thousand Lights and Thousand Lights Cross Over Box and works other than Diaphragm wall of Two UG Stations at Royapettah Chetpet Metro in C3 of CMRL Phase-II Project. UG-03	Metro
33. CMRL	Construction of Four Underground Stations at Dr. Radhakrishan Salai, Thirumayilai, Mandaiveli and Adyar Junction and Two Cross Passage Shafts and One Emergency Escape Shaft and works other than Diaphragm wall of One Underground Stations at Greenways Road Metro in Corridor-3 of CMRL Phase-II Project\u201d. UG -04	Metro
34. CMRL	Construction of three (03) Underground Stations at Adyar Depot, Indira Nagar and Taramani Road Junction (Taramani) & Ramp and works other than Diaphragm wall of One Underground Station at Thiruvanmiyur Metro in Corridor-3 of CMRL Phase-II Project\u201d.- UG - 5	Metro

S. No. Agency / Client	Name of Project	Plan Head
35. MMRDA	Design, Manufacture, Supply, Installation, Testing and Commissioning of 2 nos. 110 kV receiving substation including 110 kV, 33kV & 25kV cabling work, complete 25kV overhead catenary system alongwith switching station, 33kV auxiliary power distribution system including 33/0.415 kV auxiliary sub-station (ASS) and complete SCADA system for main line & depot of Mumbai Metro line 2B of MMRDA. (IFB No: MMRDA/2B/MMRP/CA-40). Design, Manufacture, Supply, Installation, Testing and Commissioning of 2 nos. 110 kV	Electrical
36. CMRL	Construction of Five (05) UG Stations at KMC(Kilpauk), Sterling Road, Nungambakkam, Gemini (Anna Flyover), Thousand Lights and Thousand Lights Cross Over Box and works other than Diaphragm wall of Two UG Stations at Royapettah Chetpet Metro in C3 of CMRL Phase-II Project. UG-03	Metro
37. WATER RESOURCES ZONE, UDAIPUR	Planning, Design and construction of main Canal and Structures including associated distribution system to provide Irrigation facility to 41903 ha. area through Piped Irrigation network for Upper High-Level Canal of Mahi Bajaj Sagar Project, Banswara (Raj) on Engineering, Procurement and Construction (E.P.C.) single Responsibility turnkey basis, including 10 years O&M.	Canal
38. South Central Railway	Comprehensive Signalling and Telecommunication Works For Provision Of Automatic Block Signalling System In Balharshah \u2013 Makudi Section of Secunderabad Division In South Central Railway.	Signalling
39. MPPKVVCL	Supply, Installation, Testing and Commissioning of New 11 KV Lines, LT Line on AB cable, Distribution Transformer Substation and Supporting works such as DPs, TPs, crossing etc. for separation of 11 KV mix Feeders & Mix DTRs under Revamped Reforms- based and Results-linked Distribution Sector (Package-16) in Chhatarpur circle of MPPKVVCL, Jabalpur Company Area.	Transmission Line
40. MPPKVVCL	Supply, Installation, Testing and Commissioning of New 11 KV Lines, LT Line on AB cable, Distribution Transformer Substation and Supporting works such as DPs, TPs, crossing etc. for separation of 11 KV mix Feeders & Mix DTRs under Revamped Reforms- based and Results-linked Distribution Sector (Package-17) in Seoni & Narsinghpur circle of MPPKVVCL, Jabalpur Company Area.	Transmission Line
41. MMRCL	Design and construction of Elevated metro viaduct of length 6.92 Km between Ch. (-) 657.182 m to Ch. (-) 7576.78 m in reach 2A of NMRP phase-2	Metro
42. NHAI	Rehabilitation and Up gradation from 4 to 8 laning of Chandikhole \u2013 Paradip Section of NH-53 (Old NH \u2013 5A) from Km.60.000 to Km.76.646 (Package-4) in the State of Odisha on HAM mode \u2013 2 nd Call	NHAI
43. Madhya Gujarat Vij Company Limited	MADHYA GUJARAT VIJ COMPANY LTD.: Revamped \u2013 Reforms \u2013 Based and Results \u2013 Linked Distribution Sector Scheme (RDSS) (Vadodara)	Transmission Line
44. Madhya Gujarat Vij Company Limited	MADHYA GUJARAT VIJ COMPANY LTD.:Full Turnkey Contract (Design, Supply and Installation) for Development of Distribution Infrastructure work for Loss reduction at Dist. Dahod under Revamped Reforms- Based and Result-linked Distribution Sector Scheme	Transmission Line
45. MMRCL	Construction of A) Six Elevated Metro Station viz. Pili Nadi to Lekha Nagar in Reach-2A, B) One Elevated and one At-Grade station viz. Eco park and Metro City in Reach-1A respectively. C) At-Grade section Formation earthwork, boundary wall and retaining wall between Ch. 19550 to Ch.20421.016 & Ch. 20498.516 to Ch. 21296.917, D) Elevated Metro track supporting structure for Ecopark Metro station between Ch.20421.016 to Ch. 20498.516 and E) Multi-Storied Building at Tulsi School Land (at Sitabuldi) of NMRP Phase-2	Metro
46. Western Railway	All civil engineering works (Earthwork, Blanketing, Retaining Wall / Boundary Wall/ Side Drain, Major Bridges, Minor Bridges and LHS/RUB, LCs, Construction of Station Buildings, Platform, Subways cover over Platforms, Sta_ Quarters, Passenger Amenities, Circulating Area, approach roads, O_ces, Service Buildings, watering, Sanitation, protection works etc. and Supply of 50 mm Machine Crushed Stone Ballast, Complete track works including linking of Track works in connection with Gauge Conversion work between Petlad - Bhadran (22.50kms) of Vadodara Division on Western Railway.	Track Work

S. No. Agency / Client	Name of Project	Plan Head
47. Western Railway	All civil engineering works (Earthwork, Blanketing, Retaining Wall/ Boundary Wall/ Side Drain, Major Bridges, Minor Bridges and LHS/RUB, LCs, Construction of Station Buildings, Platform, Subways cover over Platforms, Stafi Quarters, Passenger Amenities, Circulating Area, approach roads, Offices, Service Buildings, watering, Sanitation, protection works etc. and Supply of 50 mm Machine Crushed Stone Ballast, Complete track works including linking of Track works in connection with Gauge Conversion work between Nadiad - Petlad (37.26kms) of Vadodara Division on Western Railway.	Track Work
48. Central Railway	Construction of 4 nos Tunnels (total Length 1.6km) with ballast less track, Earthwork in formation, Construction of Important Bridges (2nos), Major Bridges (1No), Minor Bridges (25nos) , Supply of Stone ballast, Track linking, side drain retaining wall etc. from Km. 831.8 to Km. 841.9 in Dharakoh Maramjhiri section in connection with third line.	Tunnels
49. HPSEBL	Development of Distribution Infrastructure at SOUTH ZONE of Himachal Pradesh under the Revamped Reforms-based and Results-linked, Distribution Sector Scheme [Loss Reduction Works] NIT/RFB No: CE(MM)/RDSS-(P-03)/SOUTH ZONE	Transmission Line
50. HPSEBL	Development of Distribution Infrastructure at NORTH ZONE of Himachal Pradesh under the Revamped Reforms-based and Results-linked, Distribution Sector Scheme [Loss Reduction Works]	Transmission Line
51. MPMRCL	Part Design and Construction of Elevated Viaduct, Five (5) Elevated Metro Rail Stations (viz. Shaheed Bagh, Khajrana Chauraha, Bengali Chauraha, Patrakar Colony & Palasia Chauraha) and Ramp between Chainages 31+755 to 34+898.061 & 3+669.547 to 5+862 for Indore Metro Rail Project (Package IN-04)	Metro
52. IR SR	Varkala Sivagiri Railway station - Major upgradation / Redevelopement of Varkala Sivagiri Railway station in Kerala	Railway Infrastructure
53. MPPKVVCL	Supply, Installation, Testing and Commissioning of 11 KV Line associated works such as 11 KV Line Bifurcation, 11 KV Line Interconnection, 11 KV Line Conductor Augmentation, LT AB cabling augmentation and conversion of LT Bare conductor to AB cabling under Revamped Reforms-based and Results-linked Distribution Sector (Package-11) in Jabalpur (City), Jabalpur(O&M),Katni, Mandla, Dindori, Seoni, Chhindwara, Narsinghpur, Balaghat, Shahdol, Anuppur and Umariya Circles of MPPKVVCL, Jabalpur Company Area.	Transmission Line
54. MPPKVVCL	Supply, Installation, Testing and Commissioning of New 11 KV line for Bifurcation & Interconnection, Additional 11 KV Bay at 33/11 KV Sub-station, Augmentation of conductor of 33 KV & 11 KV Lines, Additional Distribution Transformer Substations with associate New 11 KV Lines, LT Line on AB cable, Conversion of bare LT line with AB Cable, Augmentation of LT AB Cable, Cover conductor for 11 KV Line Crossing Agriculture& Non Agriculture Feeder, 11 kv and 33 kv Bus Bar renovation other associated work, and Supporting works such as DPs, TPs, Crossing etc. in Jhabua O&M Division (LOT-12) under the Revamped Reforms-based and Results-linked, Distribution Sector Scheme	Transmission Line
55. MPPKVVCL	Construction of 220KV & 132KV Transmission Lines and associated Feeder Bays on total Turnkey basis in Eastern MP	Transmission Line
56. MMRCL Pune Metro	Design and Construction of Elevated Viaduct of Length 4.519 Kms from CH: (-)1079.899m to CH: (-)5599.298m between PCMC and NIGDI (Bhakti Shakti) on the North-South Corridor of Pune Metro Rail Project- Reach1 \u2013 Extension.	Metro
57. RRVPNL	Supply & ETC of 132/33kV Grid Sub-stations alongwith associated Lines & Bays	Transmission Line
58. Central Railway	Signalling and Telecommunication work for provision of Automatic block signaling on Khapri-Sewagram Section of Nagpur Division. Tender No. 55-2023-GSU-AUTO-KRISEGM	Signalling
59. IR SCR	Engineering, Procurement and Construction (EPC) Tender for \u201cProposed Doubling of Track between Ankai station (Excluding) at Km 16.00 (Ch 16000) & Karanjgaon Station (Excluding) at Km 69.01(Ch 69010) [i.e. (53.01 km)] including Electrification and Signaling works in connection with Aurangabad-Ankai Doubling Project in Nanded Division of South Central Railway\u201d.	Track Work
60. IR SR	Redevelopment of Thiruvananthapuram Central Railway Station (JV with KRDCL)	Railway Infrastructure

S. No. Agency / Client	Name of Project	Plan Head
61. IR Southern Railway	Provision of Automatic Block Signaling system in Jolarpettai Junction to Erode Junction of Salem Division in Southern Railway.	Signalling
62. IR Eastern Railway	Construction of Sitarampur bye pass line under Asansol Division of Eastern Railway.	Track Work
63. IR South East Central Railway	Provision of Auto Signalling with Electronic Interlocking (OFC Based) between Champa- Saragaon-Baraduar-Sakti section with alteration in existing Electronic Interlocking & Supply, Installation, Testing, Commissioning of new Electronic Interlocking, MSDAC & IPS etc., execution of all indoor & outdoor works & construction and Electrification of the huts etc. in Champa-Sakti Section of Bilaspur Division of S.E.C. Railway.	Signalling
64. NMRCL	Construction of 6 Nos Elevated Metro Stations (Cantonment, Kamptee Police Station, Kamptee Municipal Council, Dragon Palace, Golf Club And Kanhan River Metro Station) Between Ch.-7576.78mm To Ch-13457.76m In Reach 2b of NMRP Phase 2	Metro
65. IR North Central Railway	Provision of EI based Automatic Signaling with continuous track circuiting and other Associated works along with suitable indoor alterations in Electronic interlocking / RRI/PI stations enroute in Dhaulpur-Gwalior Section of Jhansi division of North Central Railway	Signalling
66. NTPC	PEA contract for execution of Balance Civil & HM works of Barrage Complex including part HRT package of Rammam Hydro Electric Project Stage-III (3x40 MW).	Infrastructure
67. Southern Railway	Provision of Automatic Signalling on Ernakulam JN(ERS) - Vallattol Nagar (VTK) Section on B-Route of Thiruvananthapuram Division in Southern Railway	Signalling
68. Central Railway	OHE modification work for Up-gradation of existing 1 x 25 kV Electric Traction System to 2 x 25 kV AT Feeding System in Amla-Nagpur Section in Nagpur division of Central Railway to meet 3000 MT loading target.	Electrical
69. Bangalore Metro	Engineering, Supply, Erection, Testing and Commissioning of 33 Kv Distribution, 750v Dc Third Rail Traction Electrification Including Traction Substations, Auxiliary Substations and Scada System for Phase-2a & Phase-2b	Metro
70. East Coast Railway	Provision of Automatic Block Signaling system with dual MSDAC and alteration in existing EI/PI/RRI stations in the section of Jakhapura-Nergundi, Khurda Road- Bhusundpur & Bhusundpur-Golanthra over Khurda Road Division of East Coast Railway. Tender No. SNTPBBS-032024-JKPR-GTA	Signalling
71. SER	Design, Supply, Erection, Testing & Commissioning of 132 KV Traction Substation, Sectioning post (SPs), and Sub sectioning post (SSPs) in 2x25KV System on Rajkhaswan- Nayagarh-Bolani section of Chakradharpur division of South Eastern Railway to meet 3000MT loading target on EPC mode	Electrical
72. Central Railway	OHE modification work for Up-gradation of existing 1 x 25 kV Electric Traction System to 2 x 25 kV AT Feeding System in Wardha-Ballarshah Section in Nagpur division of Central Railway to meet 3000 MT loading target	Electrical
73. Central Railway	Design, Supply, Erection, Testing & Commissioning of 132 KV Traction Substation Sectioning post (SPs) and Sub sectioning post (SSPs) in 2x25KV System on Kharagpur - Bhadrak section of Kharagpur division of South Eastern Railway to meet 3000MT	Electrical
74. Himachal Central zone	Development of Distribution Infrastructure at CENTRAL ZONE of Himachal Pradesh under the Revamped Reforms-based and Results-linked, Distribution Sector Scheme [Loss Reduction Works	Transmission Line
75. Southern Railway	Provision of MSDAC with existing DCTC at Stations (To serve as Dual detection) and replacing balance AFTCs in MAS- GDR & MSB-TBM automatic block signalling sections of Chennai Division in Southern Railway.	Signalling
76. ECR	Design, Supply, Erection, Testing and Commissioning of 2x25KV feeder line along the track with 25KV OHE modification works to meet 3000 MT loading target for UP & DN line of Garwa Road -Mahadiya Section of Dhanbad Division under E.C. Railway (Total 229/458 RKM/TKM).	Electrical

S. No. Agency / Client	Name of Project	Plan Head
77. East Coast Railway	3 rd & 4 th line between Jarapada & Talcher Road and Construction of New line between Angul-Balram (MCRL Inner Corridor Phase-I Doubling 14 Kms).: Execution of balance earthwork in formation, minor bridges, major bridges, P.way linking works, supply of ballast, S&T Buildings, Level Crossing and other Misc. works between Jarapada and Talcher Road excluding station yards in connection with 3 rd & 4 th line of Jarapada- Budhapank Project and between Angul & Balram including yards of MCRL Inner Corridor Phase-I Doubling	Track Work
78. NMRCL	Construction Of (A) Elevated Metro Stations Seven Nos In Reach 3a , Namely (1) Hingna Mount View, (2) Rajiv Nagar, (3) Wanadongri,(4) Apmc,(5)Raipur,(6) Hingna Bus Station (7) Hingna,(B) Elevated Metro Stations Three Nos In Reach 4a , Namely (1) Pardi,(2) Kapsi Khurd (3)Transport Nagar of NMRP Phase-2.	Metro
79. ECR	Design, Supply, Erection, Testing & Commissioning of Traction Sub Stations with associated Switching Posts for upgradation work of electric traction system from 1X25 to 2 X 25 KV AT feeding system in Gomoh - Patratu Section of Dhanbad Division of East Central Railway	Electrical
80. South Central Railway	Engineering, Procurement and Construction (EPC) contract Agreement for Doubling of Track between Parbhani to Parli stations (58.06Kms) (excluding Gangakhed yard from km 292.075 to km 298.85 =6.775 Km) including Electrification & Signaling works in connection with Parbhani -Parli doubling project of South Central Railway in the state of Maharashtra.\u201d	Track Work
81. ER	Earthwork in cutting and filling, blanketing, construction of minor bridges, major bridges, RUB, ROB, retaining wall, level crossing, side drain, catch water drain, P.way work and other ancillary works from IR Ch. 205.000 km to 260.2 Km between Kalipahari (inc.) to Pradhankhuta (exc.) in connection with construction of multi tracking Railway BG line.	Track Work
82. BSNL	BHARAT SANCHAR NIGAM LIMITED (A Government of India Enterprise)-Bid Document for Development (Creation, Upgradation and Operation & Maintenance) of Middle mile network of BharatNet on Design Build Operate and Maintain (DBOM) Model. Package No. -1 to 8. OPEX (Operation & Maintenance) for 10 years for Pkg 3.	BharatNet
83. BSNL	BHARAT SANCHAR NIGAM LIMITED (A Government of India Enterprise)-Bid Document for Development (Creation, Upgradation and Operation & Maintenance) of Middle mile network of BharatNet on Design Build Operate and Maintain (DBOM) Model. Package No. -1 to 8. OPEX (Operation & Maintenance) for 10 years for Pkg 6.	BharatNet
84. KRIDE	Package C-4A: Construction of Nine (9 Nos.) Stations i.e. Elevated (1 No.) and At-Grade (8 Nos.) BSRP Stations of Corridor-4A at Heelalige, Singena Agrahara, Huskur, Ambedkar Nagar, Carmelaram, Bellandur, Marathahalli, Doddanakundi, Kaggadasapura including Civil, Structural, Entry / Exit Structure, Steel FOB, Roof Structures, PEB works Architectural finishes and E&M Works and Detailed Design & Engineering (DDC) with all associated works for Bengaluru Suburban Rail Project\u201d (BSRP)\u201d	Metro
85. SCR	SCR Construction Organization: Engineering Procurement Construction (EPC) Contract of Doubling of Track between Navipet station (Excl) From Km 446.900 to Indalvai Station (Incl) Km 482.900 (33.70 km), {Excluding Nizamabad Yard from Km 458.825 to 461.125 (i.e.) 2.3Km} including Electrification & Signaling works in of South-Central Railway in connection with Mudkhed-Medchal Doubling Project in the State of Telangana.	Track Work
86. Punjab RDSS	Development of Distribution Infrastructure Work for Package-3 Central Zone for Execution of Ht/Lt Infrastructure Loss Reduction Works Under Reforms- Based and Results-Linked, Revamped Distribution Sector Scheme (RDSS) In the State of Punjab.	Electrical
87. CR	Design, Supply, Erection, Testing & Commissioning of 132/55 KV Traction Substation, Sectioning post (SPs) and Sub sectioning post (SSPs) in 2 x 25 KV Traction System (Scott Connected Transformer) of Bhusaval - Khandwa Sections of Central Railway, to meet 3000 MT loading target on EPC mode.	Electrical

S. No. Agency / Client	Name of Project	Plan Head
88. East Coast Railway	Koraput-Singapur Road Doubling Project: \u201cExecution of 27 Nos of Major Bridges i.e. (22 Nos of Major Bridges & 5 Nos of ROBs) and earth work in formation of approaches, protection works and other connected miscellaneous works between Tikiri and Bhalumaska stations in connection with Koraput-Singapur Road Doubling Project of Waltair Divison, East Coast Railway	Track Work
89. SER	Design, Supply, Erection, Testing and Commissioning for upgradation of Electric traction system from 1 x 25 KV to 2 x 25 KV traction system for Kharagpur (Excl.) -Tatanagar (Incl.) section of Kharagpur/Chakradharpur division of South Eastern Railway to meet 3000 MT loading target.	Electrical
90. SWR	Engineering, Procurement and Construction (EPC) for Design, Supply, Erection, Testing, Commissioning of 2x25 KV OHE & PSI System (TSSS, SPS & SSPS) Including Electrical General Services, Engineering & Telecommunication Works Between Rayadurga (Excl.) (Ch:205/463) To Pavagada (Incl.) (Ch:106/000) of TK-RDG Section (99.463 rkm/114.145 tkm)	Electrical
91. NHAI	Construction of six lane connectivity to Visakhapatnam Port Road from Km 0.000 (Sabbavaram bypass of Anakapalli \u2013 Anandapuram corridor) to Km 12.660 (Sheela nagar junction) of NH 516C on Hybrid Annuity Mode in the State of Andhra Pradesh under NH(O)	Road

3.7.2.2 The list of projects 13 projects awarded to RVNL through Competitive Bidding in 2025-26 and under execution is as under:

S. No. Agency / Client	Name of Project	Plan Head
1 South Western Railway	Survey, design, supply, installation, testing and commissioning of KAVACH equipment and other associated works over 790 RKM of Hubballi & Mysuru Divisions of South Western Railway.	Signalling
2 CR	OHE Modification Work for Up-gradation of existing 1x25 KV Electric Traction System to 2x25 KV AT Feeding System in Itarsi - Amla Section in Nagpur Division of Central Railway to meet 3000 MT Loading Target.	Electrical
3 DMRC	Contract D2C-02; Part Design and Construction of Viaduct of Length 7.298 kms. from Chainage 1202.782 m to Chainage 8501.25 m including seven (07) stations (Only platforms) namely Pushp Vihar, Saket District Court, Pushpa Bhawan, Chirag Delhi, GK- 1, Andrews Ganj and Lajpat Nagar including Pre-Engineered Building Structure in all stations of Lajpat Nagar to Saket G Block Corridor of Delhi MRTS Phase-IV Project.	Metro
4 SR	Upgradation work of Electric traction system from 1x25 kV to 2x25 kV traction system for Salem Jn. (SA) - Podanur Jn. (PTJ) & Irugur (IGU) - Coimbatore Jn. (CBE) - Podanur Jn.(PTJ) section of Salem division of Southern Railway to meet 3000 MT loading target.	Electrical
5 SCR	Design, Supply, Erection, Testing and Commissioning for OHE upgradation of existing 1X25kV system to 2X25kV AT feeding system with feeder and earthing works in Duvvada- Rajahmundry & Samalkot - Kakinada Port section of Vijayawada Division under South Central Railway, Total 195.5 RKM/ 391 TKM.	Electrical
6 SR	Design, Supply, Erection, Testing & Commissioning of Traction Sub Stations (Scott- Connected) Inclusive of Power Quality Compensating Equipment with Associated Switching Posts (SP/SSP) for 2x25 kV AT Feeding System and SCADA & Automatic Fault Locator (AFL) In Jolarpettai Jn. - Salem Jn. (JTJ-SA) Section of Salem Division of Southern Railway In Connection With Mission 3000MT Loading Target.	Electrical
7 SECR (IRCON)	Supply of various signalling, telecommunications and EIMWB materials; Installation, Testing and Commissioning of Distributed/Centralised Electronic Interlocking (El) Installations at 10 new stations, viz., Surakachhar, Block Cabin, Katghora Road, Bhingra, Putuwa, Matin, Sendurgarh, Putipakhana, Dhangawan and Bhadi stations; 06 new IBSs in the Bhingra-Putuwa, Putuwa-Matin, Sendurgarh-Putipakhana, Putipakhana-Bhadi, BhadiDhangawan & Dhangawan-Pendra Road block sections; Installation, Testing and Commissioning of New Section Control System with Headquarters and Wayside Train Control Communication Equipment I System in the Gevra Road - Pendra Road section; Installation, Testing and commissioning of new Telephone Exchange and EIMWBs at appropriate location(s) through execution of various signalling & telecommunications works; alterations I modifications in the existing Panel Interlocking Installation at Kusmunda Block Station (KBS) yard and the existing Electronic Interlocking Installation at East Cabin of the SECL SILO Siding (KMKA) yard including other miscellaneous works.	Signalling

S. No. Agency / Client	Name of Project	Plan Head
8 SR	Provision of Video Surveillance System (VSS) at 441 D & E Category Stations along with Augmentation at 43 Stations (Categories A1, A, B, and C) over Southern Railway\u201d.	Signalling
9 NER	Construction of substructure of Important Bridge No. 50 (14x61.0 m) with Double D type well foundation for double line with RDSO 25 T Axel loading standard over river Gandak between Paniyahwa - Valmikinagar station in connection with Doubling work between Gorakhpur Cantt-Valmikinagar section of North Eastern Railway.	Civil
10 ECoR	Setting up of Wagon POH Workshop of 200 Nos. Capacity at Kantabanji.	WKSP
11 SCR	Design, Supply, Erection, Testing and Commissioning for OHE up gradation of existing 1X25kV system to 2X25kV AT feeding system with feeder and earthing works in Ramgundam(RDM) - Kazipet(KZJ) section of Secunderabad Division under South Central Railway, Total 92 RKM/ 276 TKM.	Electrical
12 CR	Design, Supply, Erection, Testing & Commissioning of 220/132/55 KV Traction Substation, Sectioning post (SPs) and Sub sectioning post (SSPs) in 2 x 25 KV Traction System (Scott Connected Transformer) of Daund - Solapur Sections of Central Railway, to meet 3000 MT loading target on EPC mode	Electrical
13 NR	Design and Construction of New Rail Cum Road Bridge No. 11 over river Ganga, 50 Meters downstream of the existing old Malviya Bridge near Kashi Railway Station, including sub structure and super structure of the Bridge (8 X 108.5 m + 2 X 103.3 m Open Web Steel Girder) for four line tracks on lower deck and six lane Road on upper deck, including Railway and Road approaches as per GAD along with associated OHE Works and General Electric works in Lucknow Division of Northern Railway at Varanasi, Uttar Pradesh, India	Civil

3.7.2.3 The list of Non-Railway Nomination projects are under execution is an under:

S. No. Agency / Client	Name of Project	Plan Head
1 AAI	Construction of Sub-ways / Underpass to connect operational area to the Airport Authority of India residential colony in Kolkata	Civil
2 VPA	Construction of internal fiyovers to enhance the smooth evacuation of cargo and eliminate the eleven (11) level crossings that currently hindering the free fiow of traffic at VPA	Civil
3 Uzbakisthan	Supply, testing and commissioning of Solar PBcell for 250 K watt Electricityfi Uzbakisthan	Electrical
4 Tabarjal	Supply, testing and commissioning of Solar PBcell for 400 K watt ElectricityfiTabarjal	Electrical
5 NMDC	Construction of 15 nos Type III (600 Units), 01 No Type IV (40 Units), 01 No Type V (30 Units) Residential Towers, 01 HOP Bungalow and shopping complex in existing NMDC Bacheli Township, Chhattisgarh	Civil
6 NMDC	Development of new township near Arvind College area and construction of residential towers in existing NMDC Kirandul Township, Chhattisgarh	Civil
7 NMDC	Construction of Type-IV Residential Towers, Club house in NMDC Kirandul Township at Arvind College Area, Chhattisgarh	Civil
8 NMDC	Construction of Residential Towers at Bacheli Complex under Capacity expansion of Bailadilla Iron Ore Deposit-10/11A NMDC Bacheli, Chhattisgarh.	Civil
9 NMDC	Construction of Residential Towers at Bacheli under Capacity expansion of Bailadila Iron Ore Deposit-5 NMDC Bacheli Township, Chhattisgarh	Civil
10 NMDC	Refurbishment of Permanent Way of NMDC Sidings & Mobile Equipment Tracks including Maintenance at Kirandul & Bacheli, Chhattisgarh	Civil

3.8 Major Projects awarded through Bidding:

3.8.1 Indore Metro Project:

Rail Vikas Nigam Limited (RVNL) has been awarded three major packages (IN02, IN03 & IN04) of the yellow line of the project.

Package 02- (7 no. of Elevated Metro Stations)

Package 03- (10.9 Km Viaduct & 9 no. of Elevated Metro Stations)

Package 04 with JV - (1.3 km Viaduct & 2 no. of Elevated Metro Stations)

ACHIEVEMENTS:

Commercial operations for 5.9 km viaduct and 5 elevated metro station are in progress since June 2025.

The three-day CMRS visit from 15.03.2026 to 17.03.2026, covering SC-02 to Malviya Nagar station, has been successfully completed, including speed trial and inspection of 6 km viaduct with 11 stations of the Indore Metro Priority Corridor (Yellow Line).

Along with the earlier commissioned 5.9 km viaduct and 5 stations by RVNL, a total of 10.9 km viaduct and 16 stations (Pkg-02 & 03) secured through bidding stand completed.

Commercial operation for remaining stretch is proposed in June 2026.

Package IN-04: Works are currently in progress for Viaduct section and two nos. of elevated stations.

3.8.2 Underground Metro Projects at Chennai (CMRL)

RVNL has won 3 contracts on bidding with Chennai Metro Rail Limited (CMRL) as part of its massive Phase -II expansion in the year 2023 comprising Construction of 16 Nos of underground stations spread over 3 contract packages.

Package	Stations	Status
UG03	Kilpauk, Sterling Road, Nungambakkam, Gemini (Anna Flyover), 1000 Lights, Chetpet, Royapettah \u2013 7 Stations	Diaphragm wall & slab works in progress. Utility diversion works nearing completion.
UG04	RK Salai, Thirumayilai (C3 & C4), Mandaiveli, Greenways Road, Adyar Junction \u2013 5 Stations	Diaphragm wall & slab works in progress. Utility diversion works nearing completion.
UG05	Adyar Depot, Indira Nagar, Tiruvanmiyur, Taramani Road Junction \u2013 4 Stations 16 stations	Diaphragm wall & Utility diversion works in progress.

All the 3 projects are progressing as per the timelines. The project includes some of the deepest stations on the Chennai metro network and are being executed in the heart of the city. The projects on completion are destined to transform the city of Chennai the significant contribution of RVNL in shaping the urban infrastructure will be recorded & recognized as a Nation building exercise.

UG-04 – RK SALAI STATION (North shaft Roof slab casting in progress)

	The List of machineries mobilized for each package as on date is as follows:
	Min Requirement		Actual Mobilization
Package	Trench Cutter	GRAB	Trench Cutter	GRAB	Piling Rig
UG \u2013 3	3	3	7	2	8
UG \u2013 4	4	1	5	3	3
UG \u2013 5	2	2	2	2	3
Total	9	6	15	7	14

3.8.3 Nagpur Metro Projects - Phase – II.

Project -1: Design and Construction of Elevated Metro Viaduct of length 6.92 km.

Project Brief: DOC – 06.10.23 with original completion date as 05-04.26 i.e. 30 Months.

(Approved EOT Date is 30.06.27).

Achievements:

1. 3.5km has been completed out of 6.93 Km.

2. Package involves CLC Construction work of 210m, Its Hammer Head construction work is 50% completed.

3. Physical (%) Completion – 71%

Project -2: Construction of 6 Nos of Elevated Metro Station - Reach-2A & 2 Nos of At-Grade Stations-Reach1A with Track Supporting Structures.

Project Brief: DOC – 06.10.23 with original completion date as 05-04.26 i.e. 30 Months. (Reach2A- Approved EOT Date is 30.09.27).

Achievements:

Reach-2A Station - RCC Work -52% completed. Physical (%) Completion – 49%.

Reach-1A Station - RCC Work -98% completed. Finishing – 65% completed.

Physical (%) Completion – 85%.

Project -3: Construction of 6 Nos of Elevated Metro Stations - Reach-2B

Project Brief: DOC – 09.07.24 with original completion date as 04-01.27 i.e. 30 Months.

Achievements:

1.RCC Work – 34% completed. 2. Physical (%) Completion – 29%.

Project -4: Construction of 7 Nos of Elevated Metro Stations - Reach-3A & 3 Nos in Reach 4A.

Project Brief: DOC – 16.12.24 with original completion date as 14-06.27 i.e 30 Months project duration.

Achievements:

1.RCC Work – 17% completed. 2. Physical (%) Completion – 15%.

3.8.4 Kakinada 4 - Lane Project of NHAI

Under Bharatmala pariyojana, RVNL PIU/Waltair is executing the 12.25km 4-lane highway from Samarlakota to Achampeta junction as a part of port connectivity road from Kakinada port to NH-16 (Kolkata-Chennai). Completion of this project will enhance logistic eficiency and reduce logistics costs of freight movements.

LOA Issued	29-09-2022
Agreement Signed Date	01-05-2023
Appointed Date	17-08-2023
Physical Progress	93%

3.8.5 Development of Kharicut Canal, Ahmedabad Municipal Corporation area Package 2 & 3

Kharicut canal is 137 years old canal system catering 10200 ha command area for disposal of rain and storm water from upstream catchment area between Sabarmati and Khari rivers and also used for irrigation purpose. Approximate 23 Km length of Kharicut canal which was passing through agricultural land and surrounding villages of Ahmedabad City is now passing through the dense eastern part of Ahmedabad city.

The work of development of the Kharicut Canal was awarded by AMC on 19.10.2022 & RVNLs scope of work covers a total length of 5.1 km, falling under Package 2 & 3, from chainage 2500 to 7600. The primary objective of this project is to improve the environmental and sanitary conditions for residents living along the canal by eliminating unhygienic and foul-smelling surroundings, thereby reducing the risk of diseases. Additionally, the canal alignment has been integrated with a four-lane road, aimed at easing traffic congestion and improving urban mobility. The work has been successfully completed and the Kharicut Canal development projects was inaugurated by Honble Prime Minister Narendra Modi on 31.03.2026

3.8.6 Manufacturing of 120 Nos. Trainsets (VANDE BHARAT)

The Vande Bharat Trainset Project is a major Indian Railways modernization initiative aimed at manufacturing

120 semi-high-speed electric trainsets comprising

1,920 cars , designed to operate at a speed of 160 kmph. The project involves an estimated D 14,400 crore for manufacturing and around D 20,000 crore for maintenance over a 35-year period , ensuring complete life-cycle support from design and production to long-term depot maintenance.

The project is being executed by KINET Railway Solutions Limited, a SPV created for this purpose, with shareholding of LES – 40%, MWM – 35%, and RVNL – 25% . MWM and LES are responsible for the core technical design and manufacturing support, while RVNL is handling key activities such as training, simulator deployment, and upgradation of manufacturing workshop and maintenance depots.

Manufacturing activities for the first prototype are being progressively scaled up at the fully upgraded MRCF Latur facility . The final painting work of DTC-1 has been completed , while in DTC-2, core welding work has been completed , and painting along with other finishing activities are currently in progress. For DTC-3, manufacturing work is also under progress , indicating significant advancement in trainset production.

Long-term maintenance of the trainsets will be supported through three major depots: Jodhpur , targeted for completion by February 2027 ; Bengaluru contract awarded on 27.4.2026 with 30-month completion period from the date of award of contract; and Bijwasan , where the tender is scheduled to open on 30.6.2026 . Each depot will be equipped with all modern facilities to maintain approximately 40 to 50 trainsets .

These fully air-conditioned, faster-accelerating Vande Bharat trainsets are intended to gradually replace conventional rolling stock and enhance indigenous manufacturing capabilities. With modern features such as premium interiors, automatic doors, CCTV surveillance, bio-vacuum toilets, and Divyangjan-friendly accessibility, the project is expected to significantly improve passenger comfort, safety, and overall travel experience and usher in an era of superior human transport over Indian Railways.

3.8.7 First overseas project in Maldives

RVNL bagged the first ofishore order for development of a port and construction of allied infrastructure in Maldives, i.e. for development of UTF (Uthuru Thila Falhu- Island) Harbour Project. This is a strategic project of Government of India. The agreement was signed in January 2023.

The work has progressed well, with overall physical progress is 80% which includes 96% progress of marine works & 60% in Landside works.

3.8.8 Araria–Thakurganj–Galgalia New BG Line Electrification Project (110 RKM/129 TKM) represents a landmark infrastructure initiative of strategic importance for NFR, creating a vital alternate Katihar–Siliguri corridor and significantly strengthening rail connectivity to Northeast India and the border regions adjoining Nepal. The project involved comprehensive 25 kV AC railway electrification infrastructure, including Overhead Equipment, Traction Substations, SP/SSP installations, and SCADA systems, thereby enabling efficient, reliable, and environment-friendly electric traction on this important route. One of the most notable benefits of the project is the reduction in the New Jalpaiguri–Delhi route distance from approximately 1,650 km to 1,409 km, resulting in a saving of about 241 km. This will translate into reduced travel time, lower operating costs, improved asset utilization, enhanced throughput, and greater operational flexibility for passenger as well as freight services. The physical progress achieved under the project was substantial, with around 2,790 OHE foundations cast, 2,884 masts and structures erected, 2,821 bracket assemblies installed, and 153 OHE wiring shots executed , reflecting the scale, speed, and quality of execution.

The successful completion of the project was achieved despite formidable challenges such as shortage of skilled manpower and specialized equipment, high embankments, flood-prone terrain, sandy soil conditions, heavy rainfall, theft-prone locations, restricted site access due to absence of level crossings, dependence on other executing agencies, and uncertainties in traffic block availability. These constraints were effectively addressed through proactive planning, deployment of additional UTVs, crane, operators, and safety supervisors, engagement of multiple subcontractors for parallel execution, enhanced security through retired RPF personnel, direct procurement of OHE conductors, and round-the-clock working at critical locations. The project was commissioned in phases, with Thakurganj (Excl.)–Bibiganj (Incl.) (42 RKM/47 TKM) commissioned on 30.06.2025 , followed by Bibiganj (Excl.)–Araria (Excl.) and Araria Court (Excl.) (68 RKM/82 TKM) on 15.10.2025 , while the Kaliaganj 132/25 kV TSS was commissioned on 23.12.2025 . Completion of this strategically significant project ahead of the contractual schedule demonstrates RVNLs execution capability, project management excellence, and commitment to nation-building. It is also a milestone achievement as RVNLs first Railway Electrification project executed under the BD mode , setting a strong benchmark for future BD-mode electrification works.

3.9 Strategic Railway Projects by RVNL

3.9.1 RISHIKESH-KARANPRAYAG NEW RAIL LINK PROJECT – 125 KM

This transformative project in Uttarakhand is being executed by RVNL. It will connect the states remote hinterlands directly by rail, marking a new chapter in regional connectivity and development. The project spans 125 kms, and the route is charted through the challenging Himalayan terrain. The project comprises 12 new stations 28 tunnels with a cumulative tunnel length of 213 kms. and 19 major rail bridges, making it one of the most challenging projects currently underway in India. This line may also serve as the main feeder route for any future Chardham connectivity.

The first block section, 5.7 km stretch between Virbhadra and Yog Nagari Rishikesh was successfully completed and commissioned in March 2020. Out of the total 213 kms of tunnel excavation planned, 205.82 km have already been completed along with 146.76 km of final lining. 8 out of the 19 major rail bridges have been completed, ensuring vital connectivity across dificult river crossings and valleys. In addition, Three key road bridges have been constructed to facilitate access to work sites and future stations. 40 Breakthroughs out of 46 drives have been successfully achieved.

The New Line is expected to be a catalyst for the socio economic development of the region and will considerably reduce travel time. The Breakthrough of 14.57-km-long tunnel no 8 between Devprayag and Janasu was witnessed by Honble Railway Minister. This is the Indias longest transportation tunnel.

3.9.2 BHANUPALI-BILASPUR-BERI NEW LINE

The 63Km long Railway line passes through the challenging hill terrain of the lower Himalayas with a total route tunneling of 25.9 Km. The proposed electrified BG rail line shall enable regional development through the connectivity of Himachal Pradesh with the national railway network, and will act as a gateway to connect with the international borders towards Leh for strategic purposes.

3.9.3 Kolkata Metro Projects:

3.9.3.1 Indian Railways transferred the works of four major projects for extension of

Kolkata Metro to RVNL in March 2010 viz.

Joka-BBD Bag via Majerhat (16.72 km)

Dum Dum Airport-New Garia via Rajarhat (32 km)

Baranagar-Barrackpore& Dakshineswar (14.5 km)

Noapara (Ex.)-Baranagar (2.6 km)

3.9.3.2 Thereon RVNL was entrusted to build Metro corridors of about 65 km in Kolkata without any survey of underground utilities and without any DPR (Detailed Project Report). The issues like removal of encroachments and relocation of utilities along with delay in availability of traffic diversion have Affected the execution. RVNL has taken all possible action for implementation and early commissioning of Metro projects for larger interest of people of Kolkata.

3.9.3.3 The foundation stone for Joka-BBD Bag project was laid by Her Excellency, President of India on 22.01.2010. Subsequently, 2 packages for viaduct and 2 packages for stations were awarded in December 2010 and April 2012 respectively. This entire Metro corridor has been planned in 3 phases i.e. in 1 st phase from Joka to Majerhat elevated section and in the 2 nd phase from Majerhat to Mominpur in 3 rd phase from Mominpur to Esplanade station as underground section. Originally sanctioned as elevated section but Material Modification is sanctioned by Ministry of Railways for underground system from Mominpur to Esplanade. For construction of Mominpur station, working permission from Army HQ has been received only on 20.03.2023 and work going on full swing.

3.9.4.4 Joka – Esplanade Metro Corridor

In the Metro corridor from Joka to Majerhat, from Joka to Taratala (Phase-I) 6.50 Km has been inaugurated by Honble Prime Minister on 30.12.2022 & commercial services started by Metro Railway on 02.01.2023. Another phase of 1.25 Km from Taratala to Majerhat has been inaugurated by Honble Prime Minister on 06.03.2024 & commercial services started by Metro Railway has been commenced from 15.03.2024. The station over yard at Majerhat is on three layers. Beyond Majerhat, the Joka to Majerhat Metro Corridor is being extended upto Esplanade going underground from Mominpore ramp. The Works contract for the underground section has been awarded and the works of underground portion has been started. Working permission has accorded after Honble High Court/ Kolkatas clearance for execution in Defence land in the Maidan area for the public interest of Kolkata. The NOC from Victoria Memorial Trust has been received recently to go ahead with underground station near Victoria Memorial.

Since this Metro stretch is a standalone system, a Maintenance Depot has been developed in Joka which is under operation. Earlier, due to non-availability of land (24.48 hectare), the tender for the depot was discharged twice, once in February 2013 and again on October 2017.

The commissioning is planned in 3 phases i.e

(a)Ph-I-Joka-Taratala,

(b)Ph-II-Taratala-Majerhat,

(c) Ph-III- Majerhat-Esplanade. After starting of commercial services of 1 st & 2 nd phase commissioning the outskirt population of Kolkata has been connected to Kolkata which is a great relief for the people residing away from Kolkata but normally come to Kolkata on daily basis doing a tough journey every day. On Phase 3 work is in progress, for tunnelling both TBMs namely DURGA and DIVYA have commenced mining towards Victoria, progress of mining is 1594 m and 1264 m, respectively. Further, Station Construction activities are in progress at Victoria and Park Street Stations, while works at Khidderpore and Esplanade Stations are yet to commence. At Victoria Station, construction of the D-Wall, piles, and top slab has been completed, and the concourse slab is currently in progress. At Park Street Station, D-Wall construction is in progress. Critical issues affecting progress are shifting of B. C. Roy Market, transfer of land from the Consulate General of Nepal, and relocation of the PWD office.

3.9.4.5 New Garia-Airport Metro Corridor

In the section of New Garia to Rabindra Tirtha of Dum Dum Airport-New Garia project, initially 4 packages of Viaduct were awarded on 21.10.2011. About 20 km viaduct has been completed. The contracts for 21 stations (3 packages) were awarded on 05.03.2014. Out of 21 stations, station land for Technopolis Metro station is now handed over. The project got delayed because of issues relating to land acquisition, traffic diversion, utility diversion and other permission over busy EM Bypass road. Further, change of alignment proposed by State Government where unauthorized buildings were constructed even after the Gazette Notification for Metro construction, and other impediments like shifting of markets, traffic guard, raising of 220 KV overhead line, removal of encroachments, etc. slowed down the progress of work. Substantial part of these impediments have been either removed and the balance are on the way of being removed. The alignment from City Centre-II to Airport is now approved by State Government after long persuasion and contract for construction of Metro beyond Titumir to Airport has been awarded on 18.01.2021, The work is under progress. In this section the commissioning was planned in 3 phases phases earlier i.e

(a) Ph-I-New Garia-Hemanta Mukhopadhyay,

(b)Ph-II-Hemanta Mukhopadhyay to Salt Lake Sector-V and

Due to unavailable work front in various stretches of the corridor and considering commissioning point of view the phases were revised i.e.

(a) Ph-I-New Garia-Hemanta Mukhopadhyay,

(b)Ph-II-Hemanta Mukhopadhyay to Beleghata,

(d) Ph-IV- Salt Lake Sector-V to City Centre 2 and

(e)Ph-V City Centre 2 to Airport.

Now in present scenario ,

(a) Ph-I-New Garia-Hemanta Mukhopadhyay (5.4 Km) commercial run has been started from 15.03.2024 after being dedicated to the nation by the Honble Prime Minister on 06.03.2024,

(b) Ph-II-Hemanta Mukhopadhyay to Beleghata (4.46 Km) commercial run has been started from 25.08.2025 after being dedicated to the nation by the Honble Prime Minister on 22.08.2025. ,

(c) Ph-III Beleghata to Salt Lake Sector-V was planned for commission in Dec2026, however due to non-availability of traffic diversion block between Belaghata to Gour Kishore Ghosh stations, work of launching of viaduct is held up since Feb 2025 to mid of May 2026. Now work has been started again and it will take 5-6 months to complete the remaining work. Balance 02 phase i.e.

(d) Ph-IV- Salt Lake Sector-V to City Centre 2 has been planned for commission in Jun2027 and

(e)Ph-V City Centre 2 to Airport are planned for commission upto Dec2027.

3.9.4.6 Noapara - Baranagar – Dakshineswar Metro

For Baranagar-Barrackpore & Dakshineswar and Noapara-Baranagar, the work was planned in 2 phases i.e. the first phase being Noapara-Baranagar-Dakshineswar and in the second phase, from Baranagar-Barrackpore. The first phase, i.e. from Noapara to Dakshineswar, the Metro corridor has been inaugurated and dedicated to the Nation by Honble Prime Minister on 22.02.2021 for public use.

For the second phase of this Metro corridor, i.e. Baranagar-Barrackpore, a MoU was signed between State Government, Metro Railway and RVNL in October 2011. Original sanctioned alignment via B.T. Road was not agreed by State Govt. despite signing of the MoU in Oct 2011 for closing of 2 pipelines and even after completion of new pipeline work of 64 dia by State Govt. Repeated observations raised by KMC have been complied by RVNL. However, Technical approval / NOC from State Govt. is still awaited. Pursuant to the Railway Board review on 24.05.2026, a joint meeting with KMC, RVNL, and DM/ Barasat was held on 25.05.2026. As per the Minutes of the meeting dated 25.05.2026, KMC proposed to sacrifice the existing 42-inch dia age old pipeline whereas RVNL requested to KMC for sacrificing the existing age old 48-inch dia pipeline with replacement of a new peoposed 72-inch dia MS pipeline from Tallah (TPS) to Palta (IGWTP) along with Metro construction work in parallel to maintain uninterrupted water supply to the City people and mitigate the future demand also. This will ease finalization of Metro alignment at earliest from Baranagar (Ex.) to Barrack pore as per the earlier submitted proposal to KMC. In the VC held on 26.05.2026 between Chairman & CEO/Railway Board and Chief Secretary/GoWB, RVNL was advised to examine laying a new 72-inch dia. pipeline, while KMC was directed to engage IIT KGP to assess adequacy of water supply under the proposed arrangement.

3.9.4.7 Phase Commissioning of Metro Project:

(i) Noarpara – Baranagar – Dakshineswar: The project has been inaugurated by Honble PM on 22.02.2021 and Commercial Operation of train service started w.e.f. 23.02.2021.

(ii) Joka-Taratala in Joka – Esplanade Metro Corridor: 9.0 km of continuous stretch from Joka Depot has been completed. Major structures and stations have been completed at Joka, Thakurpukur, Shaker Bazar, Behala Chowrasta, Behala Bazaar, Taratala. The first phase i.e. Joka to Taratala of Joka-Esplanade Section has been inaugurated by Honble Prime Minister on 30.12.2022 and commissioned on the same day.

(iii) Taratala-Majerhat Joka – Esplanade Metro Corridor: 2 nd phase of 1.25 Km has been inaugurated by Honble PM on 06.03.2024 and Commercial Operation of train service started w.e.f. 15.03.2024.

(iv) New Garia-Hemanta Mukhopadhyay in New Garia-Airport corridor: 5.4 Km has been inaugurated by Honble PM on 06.03.2024 and Commercial Operation of train service started w.e.f. 15.03.2024.

(v) Hemanta Mukhopadhyay to Beleghata in New Garia-Airport corridor: 4.4 Km commercial run has been started from 25.08.2025 after being dedicated to the nation by the Honble Prime Minister on 22.08.2025.

3.10 Accidents

During 2025-26, no accident was reported from any of the project sites of RVNL.

3.11 ADB funded projects:

The first ADB loan (IND-1981) sanctioned for Railway Sector Improvement was closed on 31.12.2011. A 2 nd ADB Loan has been sanctioned for funding of 5 projects, namely:

Raipur-Titlagarh doubling

Sambalpur-Titlagarh doubling

Hospet-Tinaighat doubling

Daund-Gulbarga doubling

Pune-Guntakal Railway Electrification

The funding by ADB requires compliance of various loan covenants on resettlement and rehabilitation of project affected persons, procurement of works and stores following international competitive bidding and implementation of plans for mitigation of social and environmental impact norms. A Multi Tranche Financing Facility of $ 500 million has been agreed to by ADB. The loan agreement for first Tranche (Loan No. 2793-IND) of this MFF for an amount of $ 150 million was signed in July 2012 and the loan agreement for second Tranche (Loan No. 3108-IND) of this MFF for an amount of $ 130 million was signed in February 2014, the loan was closed on 20.12.2019 Project Agreement & Loan Agreement against ADB loan No. 3623-IND (Railway Sector Investment Program- Tranche

III) for an amount of $ 130 million have been signed on 16.3.2018 and made effective on 07.06.2018. The loan was fully disbursed on 29 October 2021 and the loan account was closed effective on 2 December 2021. Project Completion Report (PCR) submitted to ADB and loan is fully closed.

Currently, the following five railway projects are funded through the Asian Development Bank (ADB) loan:

Raipur–Titlagarh Doubling

Sambalpur–Titlagarh Doubling

Hospet–Tinaighat Doubling

Daund–Gulbarga Doubling

Pune–Guntakal Railway Electrification

The ADB funding requires compliance with respect to following parameters:

Resettlement & rehabilitation of affected people

International competitive bidding for procurement

Environmental and social safeguard plans during implementation

The ADB loan supported railway capacity expansion and electrification projects in India, are tied to strict safeguards on social justice, environmental protection, and transparent procurement practices.

3.12Contracting:

As the size of projects being executed by RVNL is quite large, to ensure fast award and execution of projects, RVNL invites tenders consisting of multiple packages. Each tender may consist of up to 3 contract packages. This approach has a number of advantages such as:

a) Multiple contracts can be awarded through one tender which saves time and efiort in invitation and finalization of tenders.

b) Both small and large agencies can compete for any contract package which increases competition.

c) Large agencies who are capable of executing big contracts can quote for multiple packages to achieve economy of scale and pass on the benefit to RVNL by quoting discounts in case of award of more than one package.

d) Smaller agencies, which would not be eligible to quote if the tender for the project was fioated in a single package, are now able to compete in any of the contract packages individually as they may meet the qualification requirements of individual packages which are of comparatively smaller value.

During 2025-26, contracts worth approximately Rs. 4339.55 Cr . were awarded.

The following major contracts were awarded by the Company during the year:

PACKAGE - 1C : Construction of Roadbed, Minor Bridges, Buildings, Installation of Track (excluding Supply of Rails, Sleeper & Thick Web Switches), and other Civil Engineering and General Electrical works in connection with New BG Railway Line between Pipaliya Nankar (excl.) - Budni (incl.) Stations (chainages 129.000 - 198.000 km) in Indore-Budni section of Bhopal Division West Central Railway in Madhya Pradesh State, India ( Rs. 755.79crore)

Package-1B : Construction of Roadbed, Minor Bridges, Buildings, Installation of Track (Excluding Supply of Rails, Sleeper & Thick Web Switches), and other Civil Engineering and General Electrical Works in Connection With New BG Railway Line Between Kheri (Excl) - PipaliyaNankar Station (Chainages 57.400 – 129.000 Km) in Indore-Budni Section of Bhopal Division West Central Railway In Madhya Pradesh State, India ( Rs. 699.98 Crore)

Construction of Foundations, Substructure & Superstructure along With River Training/Protection Work, Temporary & Allied works for 2 Important / Major Bridges in between Chainage Km 36+100 To Km 40+480, in connection with Bhanupali-Bilaspur-Beri New Railway Line in District Bilaspur of Himachal Pradesh State, India ( Rs. 401.98 Crore)

Supply, Erection, Testing & Commissioning Of Electro Mechanical (E&M comprising of 33/11kv & 11/0.433kv GIS Substations, HT & LT Cables, Lighting, Ups System, Ventilation Systems & Fire Fighting Systems and associated works for Tunnel T-1, T-2, T-3 & T-4 under package E-1 Of Rishikesh-Karanprayag New BG Rail Line Project In The State Of Uttarakhand. ( Rs. 388.39 Crore)

Construction of Foundations, Substructure & Superstructure along With River Training/Protection Work, Earthwork & allied works for Rail Bridge 16A (CH. 0+901.158 to 1+066.525), Rail Bridge 16B (CH.0+888.967 TO 1+054.711) and Road Bridge 2 (CH. 0+050 TO 0+167.995) at Karanprayag Yard in connection with New Single Line Broad Gauge Rail Link Between Rishikesh and Karanprayag (125km) in State of Uttarakhand, India ( Rs. 283.59crore)

Design, Supply, Erection & Testing and commissioning of Electrical and Mechanical works of 4 stations including tunnels in Mominpur-Esplanade underground section in Joka-Esplanade Corridor of Metro Railway, Kolkata, (West Bengal), India ( Rs. 229.80crore)

Package 4 : Construction of Station Buildings, Platforms, FOBS, Circulating area amenities and other Misc. Yard Structures along with General Electrical works in Karanprayag Yard (km - 124+990) in connection with Rishikesh - Karanprayag 125km long New BG Rail Line Project in the State of Uttarakhand, India. ( Rs. 224.10CRORE)

Construction of Viaduct of length 2.405km (ch:-2.705 to 5.110) for Electrified New BG Railway Line between Mangaliyagaon and Panod Stations in Bhopal Division of West Central Railway In Madhya Pradesh State, INDIA. ( Rs. 161.17CRORE)

PACKAGE 2 : Construction of Station Buildings, Platforms, FOBS, Circulating area amenities and other Misc. Yard Structures along with General Electrical Works in Devprayag (km - 47+390), Janasu(km - 62+220), Maletha (km – 66+970) and Srinagar (km-72+148) Yards in connection with Rishikesh – Karanprayag 125km long New BG Rail Line Project in the state of Uttarakhand, India ( Rs. 144.95CRORE)

Special Limited Tender for Construction of Reinforced Soil Wall from (Ch. 124+460 to 124+900) and Formation Works Ch. 125+180 to 125+887) along with slope stabilization in connection with New Single Line Broad Gauge Rail Link between Rishikesh and Karanprayag (125km) in the State of Uttarakhand, India ( Rs. 128.17crore)

Package 3 : Construction sf Station Buildings, Platforms, FOBs, Circulating area amenities and other misc. yard structures along with general electrical works in Dhari Devi (Km–83+389), Tilani (Km-101+004),Gholtir (Km 108+554.991) and Gauchar (Km-116+393.588) yards in connection with Rishikesh – Karnprayag 125km Long New BG Rail Line Project in the State of Uttarakhand, India. ( Rs. 106.61crore)

Package-VI - Installation and linking of BG railway track, P-way material supply, Track Ballast supply, Mobile Flash Butt Welding of Joint and all other associated P-way work (excluding supply of rails, line/ordinary wider base PSC sleepers) in section between Yavatmal (Ex.) to Belgaon (Ex.) from Km 78 to Km 157 in connection with Yavatmal-Nanded New BG line of Central Railway in Maharashtra State, India. ( Rs. 100.64crore)

Design, Engineering, Supply, Erection, Testing & Commissioning of Electro Mechanical (E&M) System which includes 33/11kV Substations & 11/0.433kV Substations, 33kV & 11kV Power Cable Network, DG Sets, Ventilation & Control System, lighting, UPS system, Fire Fighting system & SCADA System, etc. and associated works complete in all respect as required for tunnel T-1 to T-7 between Ch. 0.000 to Ch. 20.000 in connection of Bhanupli-Bilaspur-Beri New Railway Line Broad Gauge Rail Link in Districts Rupnagar of Punjab and Bilaspur of Himachal Pradesh States, India. ( Rs. 86.38crore)

Design, Supply, Erection, Testing & Commissioning of Traction Sub Stations with associated Switching Posts for 2 x 25 KV AT feeding system in Phaphamau-Janghai sections (incl. Phaphamau-Prayagraj section) of Lucknow Division of Northern Railway in connection with doubling of tracks between Phaphamau(Excl.)Janghai(Excl.) Section of Lucknow Division on N. Railway in the state of Uttar Pradesh, India on EPC mode ( Rs. 65.67crore)

PACKAGE – EHT –3: Design, Supply, Erection, Testing and Commissioning of 132KV /220KV transmission line owned by Madhya Pradesh power transmission company limited as diversion / modification work (including identification & resolution of row issues by payment of compensation to the affecting land owners) due to infringement in the alignment of proposed new B.G. Railway line between mangaliyagaon (Indore) – Budni section on Ratlam division of western railway and Bhopal division of West Central Railway in the State of Madhya Pradesh, India ( Rs. 59.88crore)

Extension of Beleghata and Barun Sengupta Metro Stations above platform level in New Garia-Airport metro corridor of Kolkata Metro Railway, West Bengal, India. ( Rs. 55.40crore)

Construction Of Station Buildings, Platforms, Fobs, Circulating area amenities and other misc. yard structures along with general electrical works in Shivpuri (Km – 18+095) and Byasi (Km-32+395) Yards in connection with Rishikesh – Karnprayag 125km Long New BG Rail Line Project in the State of Uttarakhand, India). ( Rs. 51.67crore)

Package-3: Design, Supply, Erection, Testing and Commissioning of 220KV, 3Phase D/C transmission line (12KM) from Kumhari (PGCIL GSS) to Bhilai TSS, Bhilai TSS to Rajnandgaon TSS (55 KM), Rajnandgaon TSS to Paniajob TSS (45KM), Bhilai TSS to Urkura Bus Coupler (35 KM) and Urkura Bus Coupler to Urkura TSS (5 KM); Extension of 220KV bay at Kumhari (PGCIL); LILO 2 Nos at Bhilai&Rajnandgaon and Bus Coupler 1 No at Urkura along with associated works in connection with Direct Power Supply from Central Generating Agencies over South East Central Railway, Bilaspur, Chhattisgarh (India). Rs. ( 49.95crore)

Design, Supply, Installation, Testing & Commissioning of Integrated Communication System for Tunnels (T1-T7) consisting of VHF communication, CCTV, PA System, Emergency Call and Service Telephone & IPIS at stations in connection with New Single Broad-Gauge Rail Line Between the Bhanupali-Bilaspur-Beri Section in the state of Punjab and Himachal Pradesh, India. ( Rs. 47.25 Crore)

Package – EHT – 1: Design, Supply, Erection, Testing and Commissioning of 400KV transmission line owned by Power Grid Corporation of India limited as diversion / modification work (including setup of emergency restoration system (ERS) with identification & resolution of row issues by payment of compensation to the affecting land owners) due to infringement in the alignment of proposed New B.G. Railway line between Mangaliyagaon (Indore) – Budni section on Ratlam division of Western Railway and Bhopal division of West Central Railway in the state of Madhya Pradesh, India. ( Rs. 46.11 Crore)

Package – EHT –3: Design, Supply, Erection, Testing and Commissioning of 132KV /220KV Transmission line owned by Madhya Pradesh Power Transmission company limited as diversion / Modification work (including identification & resolution of row issues by payment of compensation to the affecting land owners) due to infringement in the alignment of proposed New B.G. railway line between Mangaliyagaon (Indore) – Budni section on Ratlam division of western railway and Bhopal division of West Central Railway in the state of Madhya Pradesh, India ( Rs. 32.95 Crore)

Design, Supply, Erection, Testing & Commissioning of 2X25 KV, 50 Hz, Single Phase, Traction OverHead Equipment, Switching Station, SCADA, General Electrical Services Works along with Telecommunication work, Civil Engineering work and other associated works between section Taroki (Excl.) – Rowghat (Incl.) 18.85 RKM / 24.74 TKM of Raipur Division in South East Central Railway, Chhattisgarh, INDIA. ( Rs. 32.44crore)

Package – EHT – 4: Design, Supply, Erection, Testing and Commissioning of 132KV / 220KV Transmission Line owned by Madhya Pradesh Power Transmission Company Limited as Diversion /Modification Work (Including Identification & Resolution Of Row Issues by payment of Compensation To The Effecting Land Owners) due to infringement in the alignment of proposed New B.G. Railway Line between Mangaliyagaon (Indore) – Budni Section on Ratlam Division of Western Railway and Bhopal Division of West Central Railway in the State of Madhya Pradesh, India ( Rs. 25.08crore)

Conversion of 33kV / 11kV Overhead Power Lines / Distribution Lines into Underground Cable Lines including Replacement / Relocation of associated lines & Distribution Transformers with H-Beam, PCC Poles structure / lines to remove infringement of Alignment of New Electrified Broad Gauge Railway Line between Kheri (57.400 KM) to Pipaliya Nanker (129.00 KM) Section in Bhopal Division of West Central Railway in the State of Madhya Pradesh, India. ( Rs. 21.86 Crore)

Execution of P.Way track linking, precast bridge with launching, fixing of RH Girder and miscellaneous building works for doubling of Cansaulim - Vasco section of Hospet-Vasco doubling project in the State of Goa . ( Rs. 19.43 Crore)

Krishna Canal junction Yard remodellig - Balance works at KCC yard including formation works, upgrading of Platform No.8 & 9, extension of minor bridges, track linking, assembling & laying of P&C, Dismantling of P&C, Modification of FOB, Slewing of track, linking of track in connection with Construction of 3 rd Line between KCC-KRV Section in Vijaywada Division of South Central Railway, india ( Rs. 15.44 Crore)

General Electrical, Power Distribution, Lift, Fire detection & Alarm and Fire Fighting works for 240 nos. Dwelling Units (DUs) at Panagarh Military Station, West Bengal, India ( Rs. 11.30 Crore)

Improvement of long haul siding and construction of goods loading platform at Sundlak station in connection with Bina – Kota doubling project in Kota Division of West Central Railway. ( Rs. 9.91 crore)

Design, Supply, Erection, Testing & Commissioning of Feeder wire, AEC, BEC, Super Mast, Auto Transformer and other modificaiton work for 2x25KV traction system between section Dallirajhara (Excl.) - Bhanupratappur SP (Excl.) 27.850 RKM/30.850 TKM of Raipur Division in South East Central Railway, Chhattisgarh, India ( Rs. 7.86crore)

Construction of HL Platform, Surfacing, Fixing of chequered tiles at Island platform No. 2 & 3 of KVQ, 4 & 5 of MDJ and 1,2,3 & 4 of SQS Station and other Miscellaneous Works in connection with construction of 3 rd Line from Sonnagar to Garhwa Road in DDU Division of East Central Railway ( Rs. 7.66crore)

Construction of 6 m wide Foot Over Bridge and other miscellaneous work at Japla (JPL) yard in connection with construction of 3 rd line from Sonnagar to Garhwa Road in DDU Division of East Central Railway. ( Rs. 7.11crore)

Construction of W/R wall, U- through wall of 5 nos. bridges, Approach road of 2 RUBs and Approach road of 3 Halts and other misc. work from Gonpura to Jatdumri section in connection with construction of new line from Neora (including) to Jatdumri (excluding) (18.40 Km) on Danapur Division of East Central Railway in Bihar, India ( Rs. 7.06 Crore)

Construction of G+4 Residential Building, G+1 Store Building, 2 nos. Container for Storage and other allied works in connection with shifting of 42 nos. Dhobi line hutments inside premises of Kolkata Armed Police HQ, Kolkata in connection with construction of Mominpur - Esplanade underground section of Joka - Esplanade Metro Railway Corridor. ( Rs. 6.86 Crore)

Construction of RVNL office building at Saket Nagar, Bhopal on Railway land ( Rs. 6.48 Crore)

Construction of G+2 Building and other allied works inside premises of Consulate General of Nepal at National Library Avenue, Kolkata in connection with Construction of Mominpur-Esplanade underground Section of Joka-Esplanade Metro Railway Corridor ( Rs. 6.25 Crore)

Execution for Laying of 1100 mm and 16mm wall thick MS pipe by Trenchless Method and Pushing the Pipe by Hydraulic Jack in the side drain between Duburi - Baguapal Block Section in connection with Angul-Sukinda Railway Line under Khurda Road Division of East Coast Railway ( Rs. 6.21 Crore)

Construction of Goods platform (With released PSC Sleepers), linking of track for line no.7 at Japla and other miscellaneous work at Japla (JPL) in connection with construction of 3 rd line from Sonnagar to Garhwa Road in DDU Division of East Central Railway ( Rs. 5.72 crore)

Modification of existing 132KV Vontithadi-Garividi S/C line to improve the ground clearance for 3 rd line constructed in between Gotlam-Vizianagaram Railway crossing (Loc.No:113-114) at railway Loc.No. 463/12 near KL Puram (V), Vizianagaram District in connection with 3 rd line project between Titlagarh-Vizianagaram in WAT division of East coast Railway, India ( Rs. 5.64 crore)

Repair and Mainenance contract of Railway Officers Encalve, Moti Bagh, New Delhi ( Rs. 5.48 crore)

Construction of U-trough wall (LHS & RHS) of RUB, Br.No.26 (Ch.11+650) in connection with Neora-Jatdumri New bg Line Project ( Rs. 5.30 crore)

Package- AAI Subway: Construction of AAI Subway/ Underpass across VIP Road from Airport Operational Area to AAI Residential Colony at NSCBI Airport, Kolkata passing below the Metro Ramp structure of New Garia-Airport Metro Corridor, West Bengal. ( Rs. 5.12 crore)

Execution of General Electrical works for the section Gotlam(Excl.)-Vizinagaram(Excl.) including Bye-pass line between stations Gotlam-Nellimarla and associated temporary diversion of power lines in connection with Vizianagram – Titlagarh 3 rd line works between TIG-VZM in WAT division of East Coast Railway, India. ( Rs. 3.40 crore)

Augmentation of existing 11/0.433 KV SubStation including Supply, Installation, testing & commissioning of 02 nos.1MVA power transformers, LT & HT panels, laying of HT & LT cables and other associated works including heavy repair of existing substation building at DRM office Moradabad in connection with New MTCC Building at Moradabad for 125kM New BG Rail Line between Rishikesh and Karnprayag in the State of Uttarakhand. ( Rs. 3.18 crore)

Provision of Barricading as Protection Measure in deep cutting Area of Angul - Sukinda New Line near Duburiunder Khurda road division of East coast Railway in State of Odisha, India ( Rs. 1.39 crore)

Besides these Works Contract, FLS, DD&PMC and PMC contracts on nomination basis for Rs. 41.89 crore have also been awarded during 2025-26.

4. PROJECT PLANNING & DEVELOPMENT

4.1 PUBLIC PRIVATE PARTNERSHIP (PPP) in Indian Railway Connectivity Projects Strategic

Overview: -

As part of Rail Vikas Nigam Limiteds (RVNL) mandate to undertake project development, mobilize financial resources, and implement projects aimed at strengthening the Golden Quadrilateral network and enhancing connectivity to various ports, five Special Purpose Vehicles (SPVs) have been incorporated as Joint Venture (JV) companies on Public Private Partnership (PPP) models. RVNL holds a minimum equity participation of 26% in each of these SPVs, demonstrating its strategic commitment in the development and implementation of these critical rail infrastructure projects.

Key Achievements: -

Through these SPVs, RVNL has successfully mobilized a cumulative investment of C 10,839.47 crore, comprising C 3,959.91 crore through equity and C 6,879.56 crore through debt financing. Out of the total investment mobilized, RVNL has contributed C1,544.65 crore towards equity in these five SPVs, which constitutes only about 14.25% of the aggregate project investment, thereby demonstrating significant leveraging of resources through the SPV model (refer table below).

Details of Details of Equity & Debt of RVNLs SPVs (2025-26): -

(As on 31.03.2026)

SPV	Length (Km)	Paid-up Equity	RVNL Equity	Debt	Total Investment
Kutch Railway Company Ltd.	301	821.00	410.50	1,584.41	2,405.41
Bharuch Dahej Railway Company Ltd.	67.12	155.11	55.00	230.00	385.11
Krishnapatnam Railway Company Ltd.	113	625.00	311.00	1,074.97	1,699.97
Haridaspur Paradip Railway Company Ltd.	82	1,300.00	390.00	1,451.61	2,751.61
Angul Sukinda Railway Ltd.	104	1,058.80	378.15	2,538.57	3,597.37
Total	667.12	3,959.91	1,544.65	6,879.56	10,839.47

(a) Kutch Railway Company Limited (KRC) Salient Features of the Project: -

a) Kutch Railway Company Limited (KRC)

Railway/Division/State	Western Railway / Ahmedabad / Gujarat
Project Type& Length	Gauge Conversion, 301 Km
Year of Sanction	1988-89
Date of Transfer to RVNL	14.05.2003
Date of MoU	03.01.2004
Date of EOI	NA
Date of Incorporation	22.01.2004
Shareholders Agreement signed on	22.04.2004
Traffic Guarantee Agreement signed on	Not signed
Concession Agreement signed on	08.11.2005
Construction Agreement signed on	GC - 06.10.2005, DL-13.08.2018, RE - 09.02.2021
O&M Agreement signed on	21.08.2005
Original cost ( D Crore)	344.63
Project cost ( D Crore)	550.00
Equity Participants	Rail Vikas Nigam Limited	410.50	50.00%
	Deendayal Port Authority	213.46	26.00%
	Adani Ports & SEZ Limited	164.20	20.00%
	Govt. of Gujarat	32.84	4.00%
	Total ( D Crore)	821.00	100.0%
	Note: -
	Bonus shares amounting to C50 crore issued in November 2011 in the ratio of 1:4.
	Doubling and Railway Electrification works executed at a cost of C 3,153.70 crore and C755 crore respectively. Full project commissioned on 24.02.2023 and RE completed on 24.03.2023.
Commercial Operations Date (COD)	01.07.2006

b) Bharuch Dahej Railway Company Limited (BDRCL)

Railway/Division/State	Western Railway/Vadodara/Gujarat
Project Type& Length	Gauge Conversion, 67.12 Km
Year of Sanction	2005-06
Date of Transfer to RVNL	22.03.2006
Date of MoU	13.01.2005
Date of EOI	27.02.2006
Date of Incorporation	15.11.2006
Shareholders Agreement signed on	12.01.2007
Traffic Guarantee Agreement signed on	Not signed
Concession Agreement signed on	25.06.2008
Construction Agreement signed on	01.07.2009
O&M Agreement signed on	Not signed
Original cost ( Rs. Crore)	262.00
Project cost ( Rs. Crore)	395.00
Equity Participants	Rail Vikas Nigam Limited	55.00	35.46%
	Gujarat Maritime Board	17.86	11.51%
	Gujarat Industrial Development Corporation	17.86	11.51%
	Adani Petronet (Dahej) Port Private Limited	17.33	11.17%
	Gujarat Narmada Valley Fertilizer Company	13.53	8.72%
	Hindalco Industries Limited	13.53	8.72%
	Dahej SEZ Limited Texmaco West Rail Limited (Formerly known as Jindal Rail	10.00	6.45%
	Infrastructure Limited)	10.00	6.45%
	Total ( Rs. Crore)	155.11	100.0%
Commercial Operations Date (COD)	08.03.2012

b) Krishnapatnam Railway Company Limited (KRCL)

Railway/Division/State	South Central Railway/Vijayawada/Andhra Pradesh
Project Type& Length	New Line, 113.12 Km
Year of Sanction	2006-07
Date of Transfer to RVNL	14.05.2003
Date of MoU	22.11.2005
Date of EOI	27.02.2006
Date of Incorporation	11.10.2006
Shareholders Agreement signed on	13.10.2006
Participation Agreement- I signed on	23.02.2008
Participation Agreement \u2013II signed on	12.10.2020
Traffic Guarantee Agreement signed on	Not signed
Concession Agreement signed on	23.11.2007
Construction Agreement signed on	29.09.2011
O&M Agreement signed on	06.01.2012
Revised O&M Agreement signed on	08.11.2021
Original cost ( Rs. Crore)	732.81
Estimated Project cost ( Rs. Crore)	2831.00
Equity Participants	Rail Vikas Nigam Limited	311.00	49.76%
	Sagarmala Development Co. Ltd	125.00	20.00%
	Adani Krishnapatnam Port Co Ltd	81.00	12.96%
	National Mineral Development Corporation Ltd	40.00	6.40%
	Govt. of Andhra Pradesh	35.00	5.60%
	Bramhani Industries Ltd	33.00	5.28%
	Total ( Rs. Crore)	625.00	100.0%
Commercial Operations Date (COD)	a. Venkatachalem \u2013 Nidiguntapalem \u2013 01.10.2008
	b. Nidiguntapalem \u2013 Krishnapatnam \u2013 28.02.2009
	c. Doubling of 21 km line from VKT to KAPT \u2013 02.03.2014
	d. The complete connectivity was commissioned in June 2019

d) Haridaspur Paradip Railway Company Limited (HPRCL) Salient Features of the Project:

Railway/Division/State	East Coast Railway/Khurda Road/Odisha
Project Type & Length	New Line, 82 Km
Year of Sanction	1996-97
Date of Transfer to RVNL	14.05.2003
Date of MoU	24.02.2005
Date of EOI	21.01.2006
Date of Incorporation	25.09.2006
Shareholders Agreement signed on	11.10.2006
Traffic Guarantee Agreement signed on	04.04.2008
Concession Agreement signed on	20.12.2007
Construction Agreement signed on	11.08.2009
O&M Agreement signed on	24.10.2021
Original cost ( Rs. Crore)	301.64
Estimated Project cost ( Rs. Crore)	2397.00
Equity Participants	Rail Vikas Nigam Limited	390.00	30.00%
	Sagarmala Development Company Ltd.	336.79	25.91%
	Govt. of Odisha	237.79	18.29%
	Paradip Port Trust	138.52	10.66%
	Orissa Mining Corporation	110.00	8.46%
	Essel Mining & Industries Ltd	30.00	2.31%
	Rungta Mines Ltd	30.00	2.31%
	MSPL Ltd	15.00	1.15%
	Jindal Steel Power Limited	5.00	0.38%
	Steel Authority of India Ltd.	5.00	0.38%
	Odisha Industrial Infrastructure Development Corporation (IDCO)	1.90	0.15%
	Total ( Rs. Crore)	1300.0	100.0%
Commercial Operations Date (COD)	30.07.2020

e) Angul Sukinda Railway Limited (ASRL)

Railway/Division/State	East Coast Railway/Khurda Road/Odisha
Project Type & Length	New Line with Y-connection, 104.242 Km
Year of Sanction	1997-98
Date of Transfer to RVNL	22.02.2006
Date of MoU	19.11.2008
Date of EOI	17.06.2008
Date of Incorporation	20.02.2009
Shareholders Agreement signed on	27.05.2009
Traffic Guarantee Agreement signed on	Not signed
Concession Agreement signed on	14.05.2010
Construction Agreement signed on	24.04.2015
O&M Agreement signed on	Not signed
Original cost ( Rs. Crore)	391.00
Estimated Project cost ( Rs. Crore)	2913.00
Equity Participants	Rail Vikas Nigam Limited	378.15	35.71%
	Govt. of Odisha	259.47	24.51%
	CONCOR	250.80	23.69%
	Odisha Mining Corporation	106.18	10.03%
	Jindal Steel Power Limited	60.00	5.67%
	Odisha Industrial Infrastructure Development Corporation (IDCO)	4.20	0.40%
	Total ( Rs. Crore)	1058.80	100%
Commercial Operations Date (COD)	01.03.2023

4.2 Details of SPVs/JVs of Rail Vikas Nigam limited (RVNL) for other projects

Rail Vikas Nigam Limited has following JVs/SPVs for other projects:

	Details of Equity of RVNL\u2019s new SPVs/JVs (as on 31.03.2026)
S. No. Name of SPV	Date of Incorporation	Paid up Equity	RVNL\u2019s Equity		Partners\u2019 Equity
		Crore (RS. )	Crore (Rs. )	%age	Crore (Rs. )	%age
1. Shimla Bypass Kaithlighat Shakral Pvt. Ltd.	05.08.2022	130.10	65.05	50.00%	65.05	50.00%
2. Chatra Expressways Pvt. Ltd.	24.04.2023	3.01	1.47	49%	1.54	51%
3. Kinet Railway Solutions Limited	19.04.2023	411.00	102.75	25%	308.25	75%
4. JGPL-RVNL EPC Private Limited	15.01.2024	0.01	0.0049	49%	0.0051	51%

# Other Investments (upto 10%): Chennai MMLP, Indore MMLP, Bengaluru MMLP and IPRCL. a) Shimla Bypass Kaithlighat Shakral Pvt. Ltd. (SBKSPL)

The Government of India had entrusted to the Authority (NHAI) the development, maintenance and management of Greenfield alignment of National Highway No 5-including the section from km 128.835 to km 146.300 (approx. 17.465 km). The Authority had resolved to Construction of 4 Laning of NH-5 from Kaithlighat to Shakral Village for Design Length 17.465km in the State of Himachal Pradesh by Four-Laning thereof on design, build, operate and transfer (the DBOT Annuity or Hybrid Annuity) basis, which shall be partly financed by the Concessionaire who shall recover its investment and costs through payments to be made by the Authority.

The Consortium has been promoted and incorporated the Concessionaire as a limited liability company under the Companies Act 2013 named Shimla Bypass Kaithlighat Shakral Pvt. Ltd. by Rail Vikas Nigam Ltd. and M/s S P Singla Constructions Pvt. Ltd as its lead members for the execution of the project.

Brief of the Project:

Location and State	4-Lane Bypass, Package-I, Kaithlighat to Shakral, Shimla, Himachal Pradesh
Project Type & Length	Hybrid Annuity Mode & 17.465 km
Date of MoU	15.05.2022
Date of Incorporation	05.08.2022
Project cost	\u2022 id Project Cost (BPC) \u2013 C1844.77 Crore excluding GST
	\u2022 First Year O&M Bid \u2013 C2.77 Crore excluding GST
	Adjusted Bid Price \u2013 C 1637.96 Crore (NPV of BPC and First Year O&M)
Equity Participants and their % share	S. No. Nominees\u2019 Name	Representative of company	No. of Shares	% of Shareholding
	1. M/s S P S Construction India Private Limited (Formerly known as SP Singla Construction India Private Limited)	Mr. Sat Paul Singla	6,50,50,000	50
		Mr. Deepak Singla
	2. M/s Rail Vikas Nigam Limited (RVNL)-	Mr. Chandan	6,50,50,000	50
		Kumar Verma
		Mr. Rakesh Sabharwal
Anticipated Commercial Operations Date (COD)	After the end of Construction period tentatively 20.04.2026

b) Chatra Expressways Pvt. Ltd.

Chatra Expressways Private Limited (CEPL) is a Special Purpose Vehicle (SPV) formed as a joint venture between Rail Vikas Nigam Limited (RVNL) and its project partner for the development of a national highway project under the Bharatmala Pariyojana on the Hybrid Annuity Mode (HAM). The company has been established to undertake the construction, operation and maintenance of the project in accordance with the concession agreement executed with the National Highways Authority of India (NHAI). CEPL reflects RVNLs strategic expansion into the highway infrastructure sector and reinforces the Companys commitment to developing multi-modal infrastructure through efficient project execution and long-term asset management.

Location and State	Chandauli, Uttar Pradesh to Bangam, Kolkata
Project Type & Length	Construction of 6-lane Greenfield Varanasi-Ranchi-Kolkata Highway from Sonepurbigha village to junction with NH-22 (Chatra Bypass) near Chatra from km 184.700 to km 222.000 under Bharatmala Pariyojana in the State of Jharkhand on Hybrid Annuity Mode (Package 8) .
	The length of the project is 37.300 Kms.
Date of MoU	01.03.2023
Date of Incorporation	24.04.2023
Project cost	C 1271.99 Crores (Without GST)
Equity Participants and their % share	Tracks & Towers Infratech (P) Ltd.- 51%
	Rail Vikas Nigam Limited- 49%
Construction Period	730 days (24 months)
Scheduled Completion	730 Days from Appointed Date (Additional 90 Days)

Project Alignment:

c) Kinet Railway Solutions Ltd.

RVNL, in collaboration with its consortium partners, has signed the prestigious Manufacturing cum Maintenance Agreement of Vande Bharat Trainsets including upgradation of the Government Manufacturing Units & Trainset Depots. This project is being executed through a Special Purpose Vehicle (SPV) named Kinet Railway Solutions Limited (KRSL), jointly owned by RVNL and its consortium partners namely JCS Meterowagonmash (MWM), JSC Locomotive Electronic Systems (LES), and Rail Vikas Nigam Limited (RVNL). The shareholding of the KRSL as on Marrch 31, 2026 is as follows due to changes in shareholding pattern of the company on the approval of Indian Railway:

MWM	35%
LES	40%
RVNL	25%

Acting as the Technology Partner, KRSL is spear heading the implementation of this visionary initiative.

Key highlights of this project include:

KRSL has been entrusted with the manufacturing of 120 Vande Bharat Trainsets at the Manufacturing Unit located in Latur, Maharashtra.

A planned maintenance regime has been devised, earmarking three designated depots – Bijwasan, Jodhpur, and Thanisandra – for the servicing and upkeep of these cutting-edge trainsets, ensuring their operational excellence for a period spanning 35 years.

Comprehensive infrastructural planning, including the provision of state-of-the-art facilities as well as machinery, has been undertaken to equip the designated depots, ensuring seamless operations and maintenance activities.

The project timeline entails the delivery of the first prototype of the Vande Bharat Trainset to the Indian Railways by December 2026, followed by second prototype by February 2027. Regular deliveries follow marking a significant milestone in the nations pursuit of advanced railway infrastructure.

The Production was started at its Latur factory in February 2026.

KRSL has received 2 internation design awards for its Vande Bharat Sleeper train design:

The exterior design concept of the new Vande Bharat Sleeper Train, developed by KRSL, has been recognized as a winner of the Red Dot Award: Design Concept 2026 in the Trains, Planes and Watercraft category. This prestigious international award is one of the worlds most influential honors in industrial and mobility design. The international jury praised the project for its vision of combining modern design language trends with cultural depth.

The Vande Bharat Sleeper First AC compartment concept, developed by KRSL, has received the prestigious international 2026 A Design Award for its outstanding contribution to mobility and transportation design. The international jury highly praised the project for its passenger-centric approach, thoughtful functionality, and refined visual identity, granting it the Bronze A Design Award in the 2026 edition of the competition.

Location and State	New Delhi, India
Project Type	\u201c Manufacturing cum Maintenance of Vande Bharat Trainsets including upgradation of the Government Manufacturing Units & Trainset Depots\u201d
	- 200 Vande Bharat Train sets of Sleeper version, each of 16 cars.
	- Supply and undertake comprehensive maintenance thereof for a period of 35 years.
	The L1 selected bidder would have to manufacture/assemble total 120 Trainsets at Railway\u2019s Marathwada Rail Coach Factory (MRCF)/Latur.
	The L2 selected bidder would have to manufacture/assemble total 80 Trainsets at Railway\u2019s ICF/Chennai.
Date of MoU	14.11.2022
Date of Incorporation	19.04.2023
Project cost	The total quantity is 120 Trainsets and cost per set is C 120 Crores. (as per LOA)
Equity Participants and their % share	RVNL- 25%
	Joint Stock Company Metrowagonmash- 35%
	Joint Stock Company Locomotive Electronic Systems- 40%

d) JGPL-RVNL EPC PRIVATE LIMITED

JGPL-RVNL EPC Private Limited is a joint venture company formed by Rail Vikas Nigam Limited (RVNL) and Jakson Green Private Limited to undertake engineering, procurement and construction (EPC) projects in the renewable energy sector. The company has been established to execute large-scale grid-connected solar power projects integrated with Battery Energy Storage Systems (BESS), supporting the transition towards sustainable and clean energy infrastructure. Through the combined expertise of RVNL in infrastructure development and Jakson Green in renewable energy solutions, the joint venture aims to deliver technologically advanced and reliable energy projects while contributing to Indias and international clean energy initiatives.

Location and State	A 626, 6 th Floor, DLF Tower A, Jasola, Sarita Vihar, South Delhi - 110076
Project Type	Grid Connected Solar PV Project along with Battery Energy Storage System (250 MW \u2013 Solar and 63 MW BESS)
Date of Incorporation	15.01.2024
Project cost	Approx. US$157.82 million (C1,326 crore)
Equity Participants and their % share	RVNL- 49%
	Jakson Green Private Limited-51%
Anticipated Commercial Operations Date (COD)	16 September 2025 (scheduled commissioning)

The RVNL has following wholly owned Subsidiary Companies in India and abroad:

1. HSRC Infra Services Limited

2. Masakani Paradeep Road Vikas Limited

3. Sabbavaram Sheelanagar Road Development Limited

4. RVNL Infra South Africa

5. RVNL Infra Middle East (Oman)

6. RVNL Middle East Contracting L.L.C. (Dubai)

7. Rail Vikas Nigam LLC (Uzbekistan)

8. Rail Vikas Nigam Ltd. Company (One Person) (Kingdom of Saudi Arabia)

5. PERSONNEL DEVELOPMENT

Human Resources continued to remain a key strategic enabler for Rail Vikas Nigam Limited (RVNL) in achieving its business objectives during the year. The Companys HR philosophy is centred on attracting, developing, motivating and retaining a highly competent workforce capable of delivering complex infrastructure projects across the country. RVNL has consistently maintained a lean yet professionally skilled workforce, supported by progressive HR policies and a performance-oriented work culture.

Considering the dynamic and project-based nature of its operations, RVNL adopts a balanced manpower strategy comprising experienced officers on deputation from Indian Railways and other Government organizations, alongside a steadily expanding regular cadre.

As on 31 st March, 2026 , the on-roll strength of the Company stood at 357 employees , comprising 250 regular employees and 108 officers on deputation .

RVNL continued to review and strengthen its employee-friendly policies aimed at improving employee engagement, productivity and organizational effectiveness. The Company provides a conducive work environment supported by competitive compensation, welfare measures, transparent career progression policies and performance-based recognition systems.

Learning and Development

Continuous learning and capability building remained an important focus area during the year. Employees at various levels were nominated for in-house, external and customized training programmes covering technical, managerial, financial, contractual, digital and behavioural competencies. The training initiatives were designed to enhance professional capabilities, leadership skills and adaptability to emerging technologies and evolving business requirements, thereby enabling employees to effectively contribute to the Companys expanding and diversified portfolio of infrastructure projects.

Employee Recognition

RVNL continued its tradition of recognizing and rewarding excellence through its Annual Day celebrations. Individual Awards, Group Awards, Shields and Cash Awards were presented to employees and project units demonstrating outstanding performance, innovation, commitment and excellence in project execution. Such recognition serves as an important motivational tool and reinforces the Companys culture of meritocracy and high performance.

Employee Welfare

Employee welfare continued to receive high priority during the year. In line with the Government guidelines and the Companys commitment towards employee well-being, various welfare initiatives were organized. Medical health check-up camps and awareness programmes were organized at difierent locations.

The International Womens Day was celebrated with active participation of women employees across the organization.

Cadre Development

RVNL continued its long-term strategy of building a strong in-house cadre while maintaining the operational flexibility required for execution of project-based assignments. The Company has progressively enhanced the strength of its regular workforce through absorption and direct recruitment, thereby reducing reliance on deputation in a calibrated manner without compromising project execution capabilities. This balanced manpower strategy will continue to support RVNLs growth trajectory and expanding business portfolio in the years ahead.

5.1 Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013.

The RVNL Conduct and Discipline Rules are in line with the requirements of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. An Internal Complaints Committee has been set up in RVNL to redress complaints received regarding sexual harassment. All employees are covered under this policy. The following is a summary of sexual harassment complaints received and disposed off during the financial year: -

i) No. of complaints received: Nil

ii) No. of complaints disposed of: NA

5.2 Right to Information Act

The Company diligently complies with the provisions of the Right to Information Act, ensuring timely responses to all requests received. Appellate Authority, Chief Public Information Officer (CPIO), and Assistant Public

Information Officers (APIOs) have been designated at the Corporate Office, with APIOs also nominated at each PIU. During FY 2025–26, a total of 264 RTI applications were received, of which 250 were disposed of. Seven applications remained under process, while initial action on seven applications was pending at the close of the financial year.

5.3 Rajbhasha (Official Language)

The company has been making concerted efforts to implement the directives of the Government of India on use of Rajbhasha (Official Language). The Rajbhasha Department of the Company has a Part-time Mukhya Rajbhasha Adhikari and Sr. DGM (Rajbhasha) cum Up-Mukhya Rajbhasha Adhikari. All the computers in the Corporate Office have been provided with Unicode compliant software and fonts to facilitate access to common templates in Devnagari. To encourage use of Rajbhasha, total 12 officials who use Rajbhasha in Hindi drafting notes and letters were identified from all the departments and given Late Shankar Dayal Singh Smriti Puraskar amounting to Rs.4,000/- each. A competition on Hindi essay writing, Hindi noting and drafting, Hindi Shabd Gyan and Quiz was organized on the occasion of Hindi Pakhwara in the month of September, 2025. Cash awards of Rs. 1,02,300/- were distributed to 38 successful participants. The Company has also set up a reading room-cum-library room in the Corporate Office with a good collection of books, newspapers and periodicals in Hindi. During 2025-26, 4 meetings of the Rajbhasha Implementation Committee of RVNL were held and promotion of Rajbhasha was discussed and reviewed. During Financial Year 2025-26, Parliamentary Committee (On Official Language) carried out inspection of RVNLs Corporate Office and Committee has expressed satisfaction. During Financial Year 2025-26, Nagar Official Language Implementation Committee, Upkram-2 has provided Rajbhasha Shield to RVNL for organizing Hindi Chitra Varnan Pratiyogita for member offices of Nagar OLIC Upkram-2.

5.4 Presidential Directives:

During the year 2025-26, no presidential directive was received by the Company .

6. Vigilance

The Vigilance Department of RVNL, headed by the Chief Vigilance Officer (CVO), works mainly on a preventive approach to strengthen transparency, accountability, and proper work procedures. Along with investigating complaints from various sources, it also conducts preventive inspections and checks. The findings from these activities are shared with management to enable corrective actions and system improvements, and follow-up is done to ensure compliance.

During FY 2025–26, the department focused on pending cases related to the Central Vigilance Commission (CVC) and Chief Technical Examiner Organisation (CTE) by actively coordinating with field units for responses and action taken reports. It also supported one intensive CTE/CVC examination of a work in PIU Chandigarh and responded to observations from earlier inspections.

In total, five CTE-type examinations and two preventive checks were conducted during the year. The department also carried out broader preventive vigilance activities, including surprise inspections, file scrutiny, review of property returns, and examination of audit reports.

DISPOSAL OF COMPLAINTS/INVESTIGATIONS:

The complaints received by Vigilance from time to time were dealt with as per procedure prescribed by CVC & DoPT. During the FY 2025-26, out of (80) complaints (other than PIDPI), 77 complaints were promptly disposed (Filed/ Sent for NA/Registered for Investigation).

A) DISCIPLINARY ACTION:

Minor/Major Penalty dealt in the FY 2025-26.

Sl. No.	Penalty		Remarks
	Minor	Major
01	02	00	Two officials on deputation to RVNL, Minor penalty Cases processed by RVNL Vigilance

B) VIGILANCE STATUS:

During FY 2025-26 approx. 475 Employees vigilance were processed by RVNL Vigilance as required by HR/RVNL, Railway Board Vigilance, Zonal railways Vigilance etc. All Vigilance status/clearance cases were processed through e-office for prompt disposal.

PREVENTIVE CHECK:

Two preventive check conducted on procurement of heavy duty commercial networks printers and procurement of Antivirus Software at corporate office RVNL.

C) RECOVERY IN THE FY 2025-26 ON ADVICE OF RVNL VIGILANCE:

Based upon the investigation and inspection of vigilance an amount of rupees C28,331,430/- has been recommended for recovery.

D) VIGILANCE AWARENESS WEEK:

In a move to promote the true spirit of participative vigilance, the Central Vigilance Commission (CVC) issued instructions for a three-month campaign period from 18 th August 2025 to 17 th November 2025. As per the CVCs guidance, the following preventive vigilance areas were identified as focus points for all Ministries, Departments, and Organizations:

Disposal of pending complaints Disposal of pending cases Capacity building programmes Asset management Digital initiatives

In addition to the above, Rail Vikas Nigam Limited (RVNL) conducted several training and awareness programmes during the campaign period on key themes, including:

Cyber Security and Hygiene Public Procurement Preventive Vigilance Conduct Rules

Ethics, integrity, and attitudinal change Vigilance – Our Shared Responsibility Transparency and vigilance in public works

Further, during Vigilance Awareness Week (VAW) 2025, the following activities were also undertaken:

1. Administration of the Integrity Pledge

2. Quiz competitions

3. Nukkad Natak (street plays)

4. Online slogan competitions

5. Webinar on Public Interest Disclosure and Protection of Informers (PIDPI) training programme

7. M emorandum of Understanding

T he Company secured a rating Very of Good by Department of Public Enterprises for the year 2024-25 on the basis of the achievement of the committed targets fixed in the Memorandum of Understanding signed between RVNL and Ministry of Railways.

During FY 2025-26, MoU includes some of the compliance parameters/Main parameters and their compliance status are as follows:

S. No. Compliance Parameter	Status of compliance
1 DPE Guidelines on CSR Expenditure	Complied
2 Provision in the Companies Act, 2013 (or SEBI (LODR) regulations in case of listed entities) on Corporate Governance:	Complied (to the extent the compliance are within the ambit of RVNL.)
a. Compositions of board of Directors
b. Board Committees
c. Holding Board and Committees Meetings
d. Related Party Transactions
e. Disclosures and Transparency
3 Onboarding of CPSE on all operational TReDS platforms	Complied
4 Timely payments to MSE vendors as prescribed in MSMED Act	Complied
5 Procurement of goods and services (as % of total procuremnet), from:	Complied
a. MSE overall- 25%
b. SC/ST owned MSEs- 4%
c. Women owned MSEs- 3%
6 Steps and initiative taken for Health and Safety improvement of Human Resourses in CPSEs	Complied
7 Targets under PM Internship scheme of MCA	Not Applicable
8 Leadership Development Plan	Complied
9 Surplus non-core assets (land & building) monetization plan)	Complied Company has not received any target for the financial year 2025-26.

The details of DPE MOU 2025-26 target parameter vs achievement alongwith compliance with the DPE OM No. M-03/0006/2024-DPE (MoU) dated 24.03.2026 prescribing mandatory disclosures in the Annual Report of Central Public Sector Enterprises (CPSEs), has been given at Annexure-I .

7.1 Turnover in last 10 years

8. Particulars relating to Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo etc.

8.1 Conservation of Energy and Technology Absorption

Rail Vikas Nigam Limited is committed to sustainable development through energy efficiency, resource conservation, and environmental protection by promoting renewable energy such as solar installations, energy-efficient LED lighting, and sensor-based systems to reduce power consumption and carbon footprint; implementing water conservation measures including rainwater harvesting, tunnel water utilization, and efiuent treatment and reuse; adopting net-zero waste practices and circular economy principles through recycling and eco-friendly infrastructure; undertaking afiorestation and ecological restoration through plantation of native species, slope stabilization via turfing, and wildlife conservation to support biodiversity; integrating green building initiatives through energy-efficient design, sustainable materials, and environmentally conscious planning; supporting community development through livelihood and skill enhancement and local infrastructure improvement; and following sustainable construction practices to minimize environmental impact through efficient resource use and pollution control. Across its projects and offices, the company regularly monitors electricity consumption to improve operational eficiency, with diesel usage largely restricted to emergency backup power requirements, while water consumption and wastewater discharge are systematically tracked to promote responsible use. It also implements environmentally sound waste management practices, including waste segregation at source and disposal of plastic and e-waste through authorized recyclers in compliance with environmental regulations, reflecting its continued commitment to sustainable infrastructure development, regulatory compliance, resource eficiency, and circular economy principles.

8.2 Foreign Exchange Earnings and Outgo

The Foreign Exchange outgo during the year in terms of actual outflows as compared to previous year is mentioned below:

(Rs. In crores)

Particulars	2025-26	2024-25
Import of Material	364.81	-
Import of Capital Goods	-	-
Foreign Exchange on foreign travel of Company\u2019s officials	1.09	1.32
Import of Service	3.56	3.55
Rent	0.21	-
Purchase of tender	-	0.04
Total	369.67	4.91

9. Risk Management

Your Company has a comprehensive Enterprise Risk Management (ERM) framework in place to proactively identify, assess, and mitigate potential risks. In line with the requirements of the Companies Act, 2013 and SEBI (LODR) Regulations 2015, the Board has constituted a Sub-Committee known as the Risk Management Committee (RMC), which is chaired by the Director (Projects). During FY25-26, the RMC identified following as top risks for the Company:

1. Compliance & Legal Risks

2. Social Risks

3. Financial Risks

4. Cyber Risks

5. Project related Risks

6. Operational & Safety Risks

The RMC meets regularly and monitors the top risks through reporting of key risk indicators, prepare mitigation plans and monitors their implementation. The risk assessment and the progress of the mitigation measures are reported regularly to the Board of Directors.

10. Corporate Social Responsibility (CSR)

The Companys Corporate Social Responsibility (CSR) Policy is guided by the objective of creating sustainable and inclusive social impact through focused interventions. The key principles of the Policy are as follows:

a) Undertaking CSR initiatives through a project/ programme-based approach to ensure effective implementation and measurable outcomes.

b) Giving priority to the peripheral areas of RVNLs projects, while also addressing the needs of other deserving areas, wherever considered appropriate.

c) Focusing on high-impact sectors such as education and healthcare to promote sustainable community development.

d) Contributing to inclusive socio-economic development with special emphasis on the welfare and empowerment of economically and socially weaker sections of society, including communities residing in aspirational and backward districts of the country.

In compliance with the provisions of Section 135 of the Companies Act, 2013, read with the Companies (Corporate Social Responsibility Policy) Rules, 2014, as amended, and the applicable guidelines issued by the Department of Public Enterprises (DPE), the Company has constituted a Corporate Social Responsibility (CSR) Committee. The details relating to the composition of the CSR Committee, the salient features of the CSR Policy, and the CSR initiatives undertaken by the Company during the Financial Year 2025–26 are provided in **Annexure C**, forming part of this Report.

11. Compliance of provisions of Companies Act, 2013, SEBI (LODR) Regulations, 2015 and Secretarial Standards issued by ICSI

All the provisions of the Companies Act, 2013 and the Rules made thereunder, Secretarial Standards issued by ICSI and SEBI (LODR) Regulations, 2015 to the extent possible and applicable to the Company as well as all relevant notifications thereon issued by the Government of India, are being strictly complied with.

12. Compliance of DPE Guidelines and Policies

All the guidelines and policies including guidelines having financial implications issued by Department of Public Enterprises from time to time are duly complied with by the Company.

13. Compliance of the Public Procurement Policy for Micro and Small Enterprises (MSEs) Order, 2012

The Government of India has notified Public Procurement policy for Micro and Small Enterprises (MSEs) Order, 2012 with effect from 1 st April, 2012. As the mandate of the Public Procurement Policy for Micro and Small Enterprises (MSEs) Order 2012, every Central Ministries/ CPSUs is required to set an annual target of minimum 25% procurement of goods & services from MSE Sector. Out of Total annual procurement, a sub target of 4% & 3% should be from MSEs owned by SC/ST and Women entrepreneurs respectively.

Rail Vikas Nigam Limited (RVNL) has taken several steps for effective implementation of MSE Policy. The benefits of waiver of cost of tender documents and deposit of earnest money, prescribed under the policy, are incorporated in the tenders for stores procurement and obtaining services etc.

Shri Ravindra Kumar, ED/HR is working as Nodal as well as the Grievance Officer for seamless implementation of the MSE policy in RVNL. Contact details of said officer is uploaded on RVNL website.

Annual Procurement Plan for purchase from MSEs during the year 2025-26 was made available on RVNL website for information of MSEs and to help them participate in procurement of goods and services.

In the year 2025-26, RVNL procured goods and services amounting to a total of C 59.17 crores. Out of this, the total value of goods and services purchased from MSEs (Including MSEs owned by SC/ST and Women entrepreneurs) was to the tune C 17.51 crores i.e. 29.59% of the total procurement. Thus, RVNL has fully complied with the Public Procurement Policy for Micro and Small Enterprises (MSEs) Order, 2012.

As desired, the expenditure incurred by RVNL on under mentioned head of accounts for the period from 01.04.2025 to 31.03.2026 is given below:

Particulars		Details of MSME upto 31.03.2026 FY 2025-26 Rs. In crore
GL Name	GL Code	Total Provisional Expenditure	MSME			Total MSME	MSE/SC- ST Tgt 4% of total provisional expenditure	MSE/ Women Tgt 3% of total provisional expenditure	Total MSE Tgt 25% of total provisional expenditure
			MSE	MSE/ SC-ST	MSE/ Women
Vehicle hiring	5206050004	5.80	1.38	2.32	-	3.70	40.10%	0.00%	63.85%
Photocopy Exp./Printing & stationary	5206110002/ 5206110003	1.90	0.25	0.08	0.24	0.58	4.43%	12.81%	30.54%
Outsourcing Stafi	5206120003	20.46	2.45	-	0.01	2.46	0.00%	0.05%	12.01%
House Keeping /Security Service	5206170003/ 5206170004	15.29	5.32	0.09	2.49	7.91	0.61%	16.29%	51.71%
Office Equipments	1101010001	1.16	0.05	0.01	-	0.06	0.53%	0.00%	5.08%
Furniture and Fixtures	1101020001	3.24	0.00	-	0.01	0.01	0.00%	0.26%	0.39%
EDP Assets	1101030001	2.30	0.08	-	0.04	0.12	0.00%	1.65%	5.24%
Total (A)		50.15	9.54	2.51	2.79	14.84	5.00%	5.56%	29.59%
GST calculate on total (A) @18% (Provisional)		9.03	1.72	0.45	0.50	2.67
Total (A) (including GST)		59.17	11.26	2.96	3.29	17.51	5.00%	5.56%	29.59%

14. Research and Development

Implementation of an Integrated IT Solution for RVNL

RVNL is utilizing a number of IT initiatives to automate the business processes of the organization across employee services, office procedures, project management, and vendor bill processing. Among the latest systems implemented, the following are noteworthy accomplishments:

RVNL is embarking on the adoption of Data Analytics and Artificial Intelligence (AI) technologies, making its processes more centralized, digitized, and automated.

RVNL upgraded its Data Centre infrastructure and migrated it to RailTel. With this, the Companys systems are now running on modern and upgraded hardware, resulting in improved performance, reliability, and scalability.

RVNL continues to enhance its digital ecosystem through the implementation of various IT solutions for improved efficiency, transparency, and governance.

RVNL, being a Navratna Public Sector Enterprise, ensures compliance with the provisions of the Information Technology Act, 2000, and has always remained at the forefront of adopting new technology solutions for the continual improvement of its business processes. With a vision to become a digitally empowered organization for operational excellence and stakeholder value creation, the Company has adopted several innovative technologies in its technology stack.

Various IT projects that are in the pipeline for implementation include:

Upgradation of SAP systems from ECC 6.0 to SAP S/4HANA.

Upgradation of the e-Office platform to enhance digital file management and office automation.

Revamping of the RVNL Corporate Website to improve user experience, accessibility, and stakeholder engagement.

15. Directors Responsibility Statement

Pursuant to Section 134(5) of the Companies Act, 2013, the Directors confirm that –

a) In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

b) The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period;

c) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) The Directors have prepared the annual accounts on a going concern basis.

e) The Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively.

f) The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

16. Directors and Key Managerial Personnel

RVNL being a Government Company, the appointment of directors on its Board are done by the Govt. of India through Administrative Ministry i.e. Ministry of Railways, from time to time.

As on date of this report, the strength of the Board of the Company comprises of Eight (8) Directors, out of which Five (5) are whole-time Directors (including Chairman and Managing Director), Two (2) Government Nominee Director from Administrative Ministry i.e., Ministry of Railways (MoR) as (Part-time) (official) Directors and One (1) Independent Director as (Part-time) (non-official) Director. Position of six (6) Independent Directors (including one-woman Independent Director) is vacant. However, the composition of the Board of Directors was not in conformity with the provisions of the Companies Act, 2013, SEBI (LODR) Regulations,2015 and DPE Guidelines on Corporate Governance, due to absence of requisite number of Independent Directors including one Woman Independent Director on its Board.

The Company has been requesting Ministry of Railways (MoR), Government of India to appoint requisite number of Independent directors (including woman Independent Director) to ensure the compliance to the provisions of SEBI (LODR) Regulations, 2015 and DPE Guidelines on Corporate Governance. Except the appointment of Independent Directors (including woman Independent Director), the composition of the Board is in compliance with Regulation 17 of SEBI (LODR) Regulations, 2015.

The following Directors held office during the year and till the date of this report-

S. No. Name & DIN of Directors	Designation	Date of Appointment/ Cessation
Whole Time Directors/Functional Directors
1. Mr. Saleem Ahmad (DIN: 10119432)	Chairman and Managing Director	From 23.12.2025 onwards
2. Mr. Sukhmal Chand Jain (DIN: 07564584)	Chairman and Managing Director	From 01.09.2025 upto 23.12.2025
3. Mr. Pradeep Gaur (DIN: 07243986)	Chairman and Managing Director	From 01.09.2018 upto 31.08.2025
4. Mrs. Anupam Ban (DIN: 07797026)	Director (Personnel)	From 09.02.2023 onwards
5. Mr. Mritunjay Pratap Singh (DIN: 08165734)	Director (Operations)	From 26.11.2024 onwards
6. Mr. Abhishek Kumar (DIN: 10644411)	Director (Finance)	From 05.06.2025 onwards
7. Mr. Sanjeeb Kumar (DIN: 03383641)	Director (Finance) & CFO	from 06.05.2020 upto 31.05.2025
8. Mr. Amit Tandon (DIN: 10167354)	Director (Projects)	From 02.01.2026 onwards
9. Mr. Sandeep Jain (DIN: 09435375)	Director (Projects)	From 25.11.2024 upto 07.08.2025
Government Nominee Directors/Part time Official Directors
10. Mr. Bhartesh Kumar Jain (DIN: 11508692)	Govt. Nominee Director	From 28.01.2026 onwards
11. Mr. Naresh Chandra Karmali (DIN: 09103211)	Govt. Nominee Director	From 20.05.2024 onwards
12. Mr. Prem Sagar Gupta (DIN: 09329458)	Govt. Nominee Director	From 06.11.2024 upto 05.01.2026
Independent Directors/ Part time Non-Official Directors
13. Mr. Surender Singh (DIN: 11108145)	Independent Director	From 15.05.2025 onwards

*The Company has received declarations from the Independent Directors confirming that they meet the criteria of independence as prescribed under the Companies Act, 2013 and SEBI (LODR) Regulations, 2015 as amended from time to time.

Woman Director & Independent Woman Director

In terms of the provisions of Section 149 of the Companies Act, 2013 read with the Companies (Appointment and Qualification of Directors) Rules, 2014, a Company shall have at least one-Woman Director on the Board of the Company. Further, as per SEBI (LODR) (Amendment) Regulations, 2018, a Company shall have at least one Independent Women Director. Your Company had no Independent Woman Director on the Board of the Company since 18.09.2020. The Company has requested Ministry of Railways for appointment of Women Independent Directors in order to comply with the requirements under Regulation 17 of SEBI (LODR) Regulations 2015 and Companies Act, 2013.

Appointment/Resignations of Key Managerial Personnels

The Board of Directors of the Company has designated all the Whole-time Directors, Chief Executive Officer (CEO), Chief Financial Officer (CFO) and Company Secretary as the Key Managerial Personnel (KMP) of the Company; and Chairman & Managing Director (CMD) and Executive Director (Finance) have been designated as CEO and CFO, respectively.

Changes (Appointment/Cessation) in Key Management Personnels (KMP) during the year and till the date of this report is mentioned in Report on Corporate Governance.

Name	Designation	Date of change	Reasons
Mr. Amit Tandon (DIN: 10167354)	Director (Projects)	02.01.2026	Appointment as an Additional Director
Mr. Saleem Ahmad (DIN: 10119432)	Chairman & Managing Director & Chief Executive Officer	23.12.2025	Appointment as an Additional Director & Chief Executive Officer
Mr. Sukhmal Chand Jain (DIN: 07564584)	Chairman & Managing Director	23.12.2025	Cessation of office as an Additional Director
		01.09.2025	Appointment as an Additional Director
Mr. Pradeep Gaur (DIN: 07243986)	Chairman & Managing Director	01.09.2025	Cessation of Office due to retirement
Mr. Sandeep Jain (DIN: 09435375)	Director (Projects)	07.08.2025	Cessation of Office
Mr. Abhishek Kumar (DIN: 10644411)	Director (Finance)	28.08.2025	Change in designation from Additional Director to Whole-time Director
		05.06.2025	Appointment as an Additional Director
Mr. Sanjeeb Kumar (DIN: 03383641)	Director (Finance) & CFO	01.06.2025	Cessation of Office due to retirement
Mr. Surender Singh (DIN: 11108145)	Independent Director	28.08.2025	Change in designation from Additional Director to Independent Director
		15.05.2025	Appointment as an Additional Director
Mr. Chandan Kumar Verma (DIN: 10298031)	ED (Finance) & Chief Financial Officer	02.07.2025	Appointment as a Chief Financial Officer

Annual evaluation by the Board of its own performance and that of its Committees and Individual Directors-

RVNL being a Government Company is exempted vide notification No. F.No.1/2/2014-CL. V dated 5.6.2015 issued by Ministry of Corporate Afiairs, to comply with the provisions of Sec 134(3)(e) and Sec 134(3)(p) with respect to Annual evaluation by the Board of its own performance and that of its Committees and Individual Directors. Ministry of Corporate Afiairs (MCA) vide General Circular dated 5 th June, 2015 has exempted Government Companies from the provisions of Section 178(2) which requires performance evaluation of every director by the Nomination & Remuneration Committee. In case of RVNL, the performance evaluation of Directors is done by the Ministry of Railways as per their laid down procedure .

Further, DPE, through our Administrative Ministry (MOR) has started the exercise of performance evaluation/ assessment of non-official (Independent) Directors on the Board of the Company.

Retirement of Directors by Rotation

The Companies Act, 2013 provides that the provisions in respect of retirement of Directors by rotation will not be applicable to Independent Directors. In view of this, no Independent Director is considered to be retiring by rotation; However, all other directors are considered to be retiring by rotation. Accordingly, as per provisions of section 152 of Companies Act, 2013, one third among all other directors namely Smt Anupam Ban, (DIN: 07797026), Director (Personnel) and Shri M.P. Singh, (DIN: 08165734), Director (Operations) being longest in office, are liable to retire by rotation and being eligible, offer himself for re-appointment. The details of Director seeking re-appointment at the ensuing AGM are contained in the Notice convening the ensuing AGM of the Company.

Meetings of the Board of Directors and Other Committees of the Board and their Composition

Pursuant to the Companies Act, 2013 and Rules framed there under, seven (7) Board Meetings were held in the F.Y. 2025-26. The details of the Meetings are in the Corporate Governance Report forming part of this report. Your Company has Audit Committee, CSR Committee, and other Committees of the Board in place in compliance to Companies Act, 2013 and SEBI (LODR) Regulations. The Composition and scope of the Committees are provided in the report of Corporate Governance, forming part of this report in Annexure-B . Further, there has been no instance where the Board of Directors have not accepted the recommendation of Audit Committee.

A Statement regarding Opinion of the Board with regard to Integrity, Expertise and Experience (including the Proficiency) of the Independent Directors appointed during the year

The Independent directors appointed on the Board of the Company are eminent personalities drawn from fields like Science, Finance, management, industry etc. having wide experience. Upon induction on the Board of the Company, the Independent directors are familiarized with profile of the Company, its business, industry scenario, operations, organizational structure, statutory & regulatory responsibilities through familiarization programme. During the Financial year 2025-26, no Independent Director on the board of Rail Vikas Nigam Limited (RVNL) has resigned from the post of Independent Director. However, the present Independent Director has wide experience in his field and has contributed towards the growth of the Company. In the opinion of the Board, the Independent Director fulfils the conditions specified in the Listing Regulations and are independent of the management.

However, the composition of the Board of Directors was not in conformity with the provisions of the Companies Act, 2013, SEBI LODR Regulations and DPE Guidelines on Corporate Governance, due to absence of requisite number of Independent Directors including Woman Independent Director on its Board. The Company has been requesting Ministry of Railways (MoR), Government of India to appoint requisite number of Independent directors (including woman Independent Director) to ensure the compliance to the provisions of SEBI (LODR) Regulations, 2015 and DPE Guidelines on Corporate Governance. Except the appointment of Independent Directors (including woman Independent Director), the composition of the Board is in compliance with Regulation 17 of SEBI (LODR) Regulations, 2015.

17. Auditors

Statutory Auditor

The Comptroller & Auditor General of India has appointed

M/s., Gandhi Minocha & Co., Chartered Accountants as Statutory Auditors of the Company for the year ended 31 st March, 2026 . The Board would like to thank them for their valuable support and guidance during the audit of accounts under review.

Secretarial Auditor

The Board of Directors has appointed M/s Sinha & Srivastava LLP, Practicing Company Secretary to conduct the Secretarial Audit for a priod of 5 years starting from financial year 2025-26 . The Secretarial Audit Report is annexed and forms part of this Annual Report in Annexure E.

18. Reporting of Frauds by Auditors

During the year, neither the Statutory Auditor nor the Secretarial Auditor have reported to the Audit Committee under Section 143(2) of the Companies Act, 2013, any instance of fraud committed against the Company by its officers or employees.

19. Comments of Comptroller & Auditor General (C&AG) of India

The Comptroller & Auditor General of India has undertaken supplementary audit on the accounts of the Company for the year ended 31 st March, 2026 under Section 139(5) of the Companies Act, 2013. The comments of the C&AG on the Annual Accounts of the Company for the year ended 31 st March, 2026 along with management reply, if any, will forms part of this report as and when received.

20. Details of Significant and Material Orders passed by the Regulators or Courts or Tribunals impacting the Going Concern Status and Companys Operations in Future.

No Significant and Material Orders Passed by The Regulators or Courts or Tribunals impacting the Going Concern Status and Companys Operations in Future during the year under Review

21. Particulars of Employees and Related Disclosures

The provisions of Section 134(3) (e) of the Companies Act, 2013 are not applicable to a Government Company. Similarly, Section 197 of the Companies Act, 2013 shall not apply to a Government Company. Consequently, there is no requirement of disclosure of the ratio of the remuneration of each Director to the median employees remuneration and other such details, including the statement showing the names and other particulars of every employee of the Company, who, if employed throughout/part of the financial year, was in receipt of remuneration in excess of the limits set out in the Rules.

22. Material Changes and Commitments affecting Financial position between the end of the Financial Year and Date of Report

There are no material changes and commitments Affecting financial position of the Company which occurred between 01.04.2025 to 31.03.2026 and date of signing of this Report .

23. Cost Records

The Board of Directors has appointed M/s R M Bansal & Co. to conduct the Cost Audit for financial year 2025-26.

24. Difference in amount of the Valuation

There was no such instance of either settlement or loan from Bank or Financial Institution during the year under review.

25. General

Your Directors state that no disclosure or reporting is required in respect of the following matters as there were no transactions on these matters during the year under review:

Details relating to deposits covered under Chapter V of the Companies Act 2013.

Issue of equity shares with differential rights as to dividend, voting or otherwise.

There has been no change in the nature of business of the Company.

26. Corporate Insolvency Resolution Process initiated under the Insolvency and Bankruptcy Code, 2016

The Company has no information to disclose under above.

27. Failure to implement any Corporate Action

The Company has implemented all Corporate Actions successfully within prescribed timelines. Therefore, the Company has nothing to report.

28. Acknowledgements

Your Directors also take this opportunity to gratefully acknowledge the co-operation, guidance, and support in effective management of companys afiairs and resources provided by Government of India, in particular Ministry of Railways (MoR), Ministry of Finance, Department of Public Enterprises, various banks, Asian Development Bank, the Zonal Railways, IRFC and our equity partners in Joint Venture SPVs for their continued interest and support to the Company. Your Directors would like to express their thanks for the devotion, commitment and dedication of each and every employee of the Company due to which your Company could face the new challenges and opportunities and create a niche for itself as a major provider of rail infrastructure in the country. Your Directors also acknowledge the support and guidance received from officials of Comptroller & Auditor General of India, Statutory Auditors, and Secretarial Auditors for their suggestions. Last but not the least, the Directors would like to express their deep appreciation and gratitude towards all their predecessors who have been associated with RVNL, for their valuable contribution to the growth and development of the Company in attainment of the Companys aim and goals in all the spheres.

Place: New Delhi	For and on behalf of Board of Directors
Date: 25.07.2026	Sd/-
	(Saleem Ahmad)
	Chairman & Managing Director
	DIN: 10119432

Rail Vikas Nigam Ltd Directors Report

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