Synopsis: Railway-focused companies are sitting on strong order books, including one with ₹87,000 crore fully under execution. Others report ₹23,801 crore, ₹9,262 crore, and ₹5,661 crore pipelines, with a majority secured through competitive bidding. Robust project visibility reflects sustained infrastructure momentum and multi-year execution opportunities.
The Indian railway sector is undergoing a major transformation, driven by modernisation, safety upgrades, and capacity expansion. Initiatives like Vande Bharat Sleeper trains, dedicated freight corridors, and the rollout of Kavach 4.0 highlight the government’s push toward speed, efficiency, and passenger safety. Moreover, the recent fare hike reflects a stronger focus on financial sustainability.
Consequently, this structural shift has created significant opportunities for investors. Railway-linked companies are witnessing increased order flows and improved earnings visibility. As infrastructure spending continues to rise, the sector is increasingly viewed as a long-term growth theme, making select railway stocks attractive for patient, forward-looking investors.
Rail Vikas Nigam Limited
Rail Vikas Nigam Limited is a government-owned infrastructure company focused on executing railway projects across India. It undertakes track doubling, electrification, metro projects, bridges, and other transportation infrastructure works. As a key arm of Indian Railways, it plays a vital role in modernising and expanding the country’s rail network.
With a market capitalization of Rs 64,396 crore, the shares closed at Rs 309 per share, decreased around 1.48 percent as compared to the previous closing price. Rail Vikas Nigam Limited has a total order book of Rs 87,000 crore, which is fully under execution. Out of this, Rs 40,000 crore comprises nomination-based projects, which have already been awarded and are progressing as planned, with completion targeted over the next three years.
Furthermore, the remaining Rs 47,000 crore from competitive bidding is also actively being executed. This includes major projects like Vande Bharat and BharatNet. Hence, the entire Rs 87,000 crore pipeline is operational, with no significant portion awaiting approvals from the railways.
Ircon International Limited
Ircon International Limited is a leading engineering and construction PSU under the Ministry of Railways. The company specializes in railway infrastructure, highways, bridges, and turnkey projects in India and abroad. With decades of execution experience, it has built a strong presence in domestic and international infrastructure development.
With a market capitalization of Rs 14,366 crore, the shares closed at Rs 153 per share, decreased around 1.10 percent as compared to the previous closing price. The total order book stands at Rs 23,801 crore as of December 31, 2025, reflecting strong execution visibility. Sector-wise, railways dominate with a 75% share, followed by highways at 18% and other segments at 7%. This highlights the company’s core strength in railway infrastructure while maintaining a diversified presence across related sectors.
Meanwhile, geographically, 91% of the order book is domestic, with 9% coming from international projects. In terms of award mode, about 61% of orders were secured through competitive bidding, while 39% came via nomination. This indicates strong competitiveness in open tenders alongside stable government-backed project allocations.
Texmaco Rail & Engineering Limited
Texmaco Rail & Engineering Limited is a prominent private-sector railway engineering company engaged in manufacturing freight wagons, rail components, and infrastructure solutions. Backed by the Adventz Group, the company also undertakes rail EPC projects and signalling works, supporting India’s railway modernisation and freight capacity expansion.
With a market capitalization of Rs 4,618 crore, the shares closed at Rs 114 per share, decreased around 2.53 percent as compared to the previous closing price. The consolidated order book for Q3 FY26 stands at Rs 5,661 crore, reflecting a well-diversified business mix. The Freight Car Division contributes the largest share at 41.8%, followed by Infra–Electrical at 32.3%. Meanwhile, Infra–Rail & Green Energy accounts for 9.3%, and other subsidiaries and JVs contribute 16.6%, highlighting balanced revenue visibility across segments.
Furthermore, within the Freight Car order book, Indian Railways accounts for 60.3%, while the private sector and export markets contribute 39.7%. This distribution indicates a healthy blend of government and non-government orders, reducing concentration risk and supporting steady growth through diversified customer exposure and expanding private participation.
RITES Limited
RITES Limited is a leading transport infrastructure consultancy and engineering company under the Ministry of Railways. It provides design, project management, and advisory services across railways, highways, ports, and urban transport. The company also exports rolling stock and delivers turnkey infrastructure solutions globally.
With a market capitalization of Rs 10,544 crore, the shares closed at Rs 219 per share, decreased around 1.42 percent as compared to the previous closing price. As of 31 December 2025, the company’s total order book stands at Rs 9,262 crore, reflecting strong execution visibility. Turnkey projects form the largest share at Rs 4,532 crore, followed by consultancy at Rs 2,739 crore and exports at Rs 1,708 crore. Leasing and REMCL contribute relatively smaller portions, indicating a diversified yet project-driven portfolio mix.
Meanwhile, during Q3FY26, the company secured fresh projects worth Rs 1,141 crore, led by Rs 440 crore in turnkey orders and Rs 346 crore in exports. Consultancy added Rs 313 crore, while leasing contributed Rs 42 crore. Notably, 61% of orders came through competitive bidding, highlighting strong market positioning and execution capabilities.
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