Indian Railway Finance Corporation Ltd:

It is a government-owned financial institution established to raise funds and provide financial

assistance for the development & modernization of the Indian Railways. It is the dedicated market
borrowing arm for the Indian Railways

🔹M Cap: ₹1,31,887 Cr

🔹P/E: 21.7

🔹CMP: ₹101

🔹ROCE: 5.32%

Rail Vikas Nigam Ltd:

Co works on railway projects for the Ministry of Railways, including track expansion, railway
electrification, bridge construction, while also sharing freight revenue as per agreements.

New Projects:

 RVNL is bidding for projects in various sectors including railways, metro, marine,
irrigation, and municipality.
 The company is optimistic about the Kyrgyzstan project and is actively pursuing
it.
 RVNL is looking to expand its presence in the Middle East, Africa, and Vietnam.
 RVNL sees a significant opportunity in the rolling stock manufacturing sector
and has received interest from companies for partnerships.

Vande Bharat Trains:

 RVNL has invested in joint ventures and special purpose vehicles for the
manufacturing of Vande Bharat trains.
 New tenders for Vande Bharat trains will be issued parallelly with the
submission of prototypes.

🔹M Cap: ₹39,136 Cr
🔹P/E: 26.5

🔹CMP: ₹188

🔹ROCE: 17.8%

✍️Ircon International Ltd:

It's an integrated engineering & construction company that operates in various infrastructure
sectors, including railways, highways, bridges, metro systems, railway electrification & more.

Strong Order Book of Rs.32,152 crore as on 30.09.2023

🔹M Cap: ₹17,498 Cr

🔹P/E: 19.8

🔹CMP: ₹186

🔹ROCE: 15.7%

Vande Bharat

➢ As of July 2023, a total of 50 Vande Bharat trains have been incorporated into the railway
network.

➢ Opportunity size of Rs. 58,000 Cr to manufacture 200 Vande Bharat trains and maintaining them
for next 35 years

➢ IR to fast-track modernisation with 800 semi-high-speed Vande Bharat train sets by 2030

Metro

As per National Urban Transport Policy, metro rail system to be constructed in every city having
more than 20 lakh population

➢ Rs. 19,500 Crores allocated to Metro projects across India in the Union Budget 2023-24

➢ The government has announced 50 metro projects which translates to an opportunity size of Rs.
50,000 – 70,000 Crores
➢ Limited players in the space thus offering immense opportunities for existing players

Railways plans to procure 90,000 wagons in next 3 years. The 90,000-wagon procurement plan is the
largest in history and it is nearly 5 times the number of wagons procured by railways in a year.

✍️Titagarh Rail Systems Ltd:

Co is engaged in the manufacturing and selling of Freight Wagons, Passenger Coaches, Metro Trains,
Train Electricals, Steel Castings, Specialised Equipments & Bridges, Ships, etc.

35% of the existing wagons are older than 15 years which will be due for replacement soon

🔹M Cap: ₹13,696 Cr

🔹P/E: 64.6

🔹CMP: ₹1,017

🔹ROCE: 17.6%

✍️Jupiter Wagons Ltd:

Engaged in the business of manufacturing metal fabrication comprising load bodies for commercial
vehicles, rail freight wagons, and components.

🔹M Cap: ₹13,119 Cr

🔹P/E: 56.5

🔹CMP: ₹318

🔹ROCE: 24.4%
✍️Ramkrishna Forgings Ltd:

Co is engaged in manufacturing and sale of forged components of automobiles, railway wagons &
coaches and engineering parts.

🔹M Cap: ₹12,943 Cr

🔹P/E: 44.6

🔹CMP: ₹716

🔹ROCE: 18.5%

HBL Power Systems Ltd:

Co has flagship in Railway Electronics like TCAS for safety & TMS for track efficiency & also
manufactures industrial batteries for various sectors, including Railways, Solar, Power & more.

🔹M Cap: ₹12,682 Cr

🔹P/E: 70.9

🔹CMP: ₹458

🔹ROCE: 13.7%

✍️Rites Ltd:
A leading player in the transport consultancy & engineering sector in India, offers global services in
transportation infrastructure & related technologies, with a strong presence in the railway sector.

🔹M Cap: ₹12,550 Cr

🔹P/E: 26.0

🔹CMP: ₹522

🔹ROCE: 29.7%

Order Book (as on 30.09.2023) ₹ 5,529 Crore

✍️BEML Ltd:

Co manufactures a wide range of heavy earthmoving equipment catering to the mining &
construction industry, vehicles for defense forces & coaches for the metro & Indian Railways.

🔹M Cap: ₹11,711 Cr

🔹P/E: 58.3

🔹CMP: ₹2,812

🔹ROCE: 10.5%

✍️Railtel Corporation of India Ltd:

Co provides telecommunication services & network infrastructure to Indian Railways& other

government organizations.

🔹M Cap: ₹11,687 Cr
🔹P/E: 62.3

🔹CMP: ₹364

🔹ROCE: 16.2%

Texmaco Rail & Engineering Ltd:

Co is involved in manufacturing railway wagons, coaches, steel castings & construction of Rail EPC,
bridges & other steel structures.

🔹M Cap: ₹6,590 Cr

🔹P/E: 101

🔹CMP: ₹172

🔹ROCE: 6.63%

Gabriel India Ltd:

Co is involved in the manufacturing of a wide range of ride control products, including shock
absorbers, struts and front forks.

🔹M Cap: ₹5,736 Cr

🔹P/E: 37.7

🔹CMP: ₹399

🔹ROCE: 22%
Oriental Rail Infrastructure Ltd:

Co manufactures a wide range of products, including Recron, Seat & Berth, Lavatory Door &
Compreg Boards, which are used across all types of railway coaches & in all types of trains.

🔹M Cap: ₹1,446 Cr

🔹P/E: 204

🔹CMP: ₹268

🔹ROCE: 5.93%

✍️Cosmic CRF Ltd:

Co is engaged in manufacturing of Railway Components, Sheet Piles and Structures from its Cold
Rolled Forming (CRF) Unit for railways, coaches, and wagons.

🔹M Cap: ₹455 Cr

🔹P/E: 70.9

🔹CMP: ₹657

🔹ROCE: 35.7%