The sell-off in shares of Rail Vikas Nigam Ltd. (RVNL) further intensified in Monday’s trade, 8 June, with the stock falling another 2.5% to ₹229.70 apiece, marking its ninth straight session of losses. The stock was last seen trading around these levels in March 2024.
Although the stock has remained under severe pressure since the beginning of the year, the weak March quarter performance further accelerated the selling pressure, leaving the once small-cap darling of Dalal Street struggling to regain momentum.
The railway major announced its Q4FY26 results in May 2026, and since then, the stock has failed to close a single session in the green, highlighting investor disappointment along with the ongoing volatility in the broader market. The sustained decline has also turned the stock into one of the worst performers of 2026.
For the March quarter, the company reported revenue from operations of ₹6,696 crore, compared to ₹6,427 crore in the year-ago quarter, reflecting a growth of around 4.2% YoY. Total income for the quarter stood at ₹6,780.9 crore versus ₹6,614.5 crore in Q4FY25.
However, profitability remained under pressure during the quarter. Net profit after tax declined sharply by 59% YoY to ₹187 crore from ₹455.4 crore reported in the corresponding quarter last year.
The company’s EBITDA for Q4FY26 stood at around ₹268.5 crore, compared to ₹436.1 crore in Q4FY25, reflecting a 38.4% YoY decline, while EBITDA margin contracted sharply to 4% from 6.8% in the year-ago quarter.
On a sequential basis, revenue improved significantly from ₹4,684.5 crore reported in Q3FY26, while net profit declined from ₹324.1 crore in the December quarter.
For the full financial year FY26, revenue from operations rose marginally to ₹20,412.1 crore from ₹19,923.3 crore reported in FY25. Total income for the year stood at ₹21,187.4 crore compared to ₹20,923.4 crore in the previous financial year.
Meanwhile, FY26 net profit after tax declined to ₹875 crore from ₹1,278 crore in FY25, reflecting a fall of nearly 31.5% YoY. Profit before tax for the year came in at ₹1,181.2 crore versus ₹1,646.4 crore in the previous year.
Along with its financial results, the company announced a final dividend of ₹0.71 per equity share for FY26, subject to shareholders’ approval.
Shares crash over 35% in less than six months
As the stock remained under sustained selling pressure, its year-to-date losses widened to 36%, marking its biggest annual decline since listing in 2019. This comes after the stock ended 2025 with a decline of 15.5%.
The stock has witnessed a one-way fall since touching its all-time high of ₹647 in June 2024 and has so far plunged 64.6%, eroding most of its earlier gains. However, on a long-term basis, the stock still trades with strong gains, having surged nearly 630% over the last five years.
Despite the weak performance on the exchange, retail investors continued to remain bullish on the company’s growth prospects, collectively holding a 15.9% stake at the end of the March quarter, according to Trendlyne data.
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