DIRECTOR'S REPORT

Rail Vikas Nigam Ltd.

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Market Cap. (₹)	44304.59 Cr.	P/BV	4.44	Book Value (₹)	47.84
52 Week High/Low (₹)	401/204	FV/ML	10/1	P/E(X)	50.65
Bookclosure	18/08/2026	EPS (₹)	4.20	Div Yield (%)	0.80

Year End :2026-03

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):

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	8862.824	8,623.72	2.77%
Appropriations
Final Dividend	148.04*	358.62
Interim Dividend	208.50

* Final dividend amounting to D148.04 crore @ D0.71 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
D3000 crores, there has been no change in the Capital
Structure of the Company, with the Paid-up share capital
of the Company remaining at D2085.02 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 C10 each
amounting to D 15,18,74,36,940 i.e. 72.84%.

Profit

Profit before Tax decreased from D1,550.18 crore in

2024- 25 to D1,102.27 crore in 2025-26 showing a
decrease of 28.89%. Profit after Tax decreased from
D1,188.62 crore in F. Y. 2024-25 to D800.48 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 D8,623.73 crore to D8,862.82 crore on

account of transfer of profits (after payment of Dividend).

Reserves

The Reserves & Surplus of the Company for FY 2025-26
stand at D6,777.80 crore as compared to D6,538.70
crore in FY 2024-25, showing an increase of 3.66% from
previous year.

Dividend

The Board recommended a final dividend of D148.04
crores (C0.71 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 D356.54 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 D12,509 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 D7865.08
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 D499.51 crore towards principal
& D570.15 crore towards interest was paid to IRFC on
this account, leaving an outstanding loan& Principal
balance of D5278.07 crore (including interest accrued of
D1285.22 Cr).

Turnover

Your Company has achieved a turnover of D20,012.26
crore in 2025-26 as compared to D 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 D6283.04 crore during 2025-26 in
comparison to D2771.50 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 differences in the significant entries between
the Standalone Accounts of RVNL and the Consolidated
Accounts are as under:

Particular	Figures as on 31.3.2026 Standalone	Figures as on 31.3.2026 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 C93.88 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 Company's website athttps://rvnl.org/RVNL cms/
uploads/copolicv/RVNLMaterialitvPolicies.pdf.

Integral Reports

Name of Report Annexure

Management Discussion and Analysis A

Corporate Governance Report B

Corporate Social Responsibility (CSR) C

Report

Business Responsibility and Sustainability D

Report (BRSR)

Secretarial Auditor Report E

Form AOC-2 F

The Management Discussion and Analysis Report
provides an overview of the affairs 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
Company's 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 RVNL's 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^rdLine/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^,d 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'^d 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^,d 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 - 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'^d 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 - 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 - 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 100-Year-Old Administrative Building	OSW	-
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 - 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^,d 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 - Basulya Sutahata Doubling	Doubling	24.23
51.	South Eastern Railway	Goelkera-Monoharpur 3^rd line (40 km)	Doubling	27.5
52.	South East Central Railway	Bilaspur - Urkura 3^rd Line Doubling	Doubling	105
53.	South East Central Railway	Salka Road- Khongsara Patch Doubling	Doubling	26
54.	South East Central Railway	Khodri-Anuppur, with flyover at Bilaspur (61.6 km)	Doubling	61.6
55.	South Western Railway	Hospet - Guntakal Doubling	Doubling	115
56.	West Central Railway	Budni - Itarsi 3'^d 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 - 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 Near Duvvada Station	WKSP	-
122.	East Coast Railway	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 effort 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 C531 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^,d 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, Fagade, 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 - 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 - Reforms - Based and Results - Linked Distribution Sector Scheme	Electrical
21.	GMRCL	Supply, Erection, Testing and Commissioning of power Supply Receiving & Distribution System, 750 V D Third Rail Traction Electrification 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 - Reforms - Based and Results - Linked Distribution Sector Scheme (RDSS) (Pkg-12)	Electrical
26.	NHAI	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).	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 Electrification 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". 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".- 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 - 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 - Paradip Section of NH-53 (Old NH - 5A) from Km.60.000 to Km.76.646 (Package-4) in the State of Odisha on HAM mode - 2 nd Call	NHAI
43.	Madhya Gujarat Vij Company Limited	MADHYA GUJARAT VIJ COMPANY LTD.: Revamped - Reforms - Based and Results - 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, Staff 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 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, Staff 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 - 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 "Proposed 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".	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."	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" (BSRP)"	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: "Execution 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 - 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".	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 flyovers to enhance the smooth evacuation of cargo and eliminate the eleven (11) level crossings that currently hindering the free flow of traffic at VPA	Civil
3	Uzbakisthan	Supply, testing and commissioning of Solar PBcell for 250 K watt Electricity_ Uzbakisthan	Electrical
4	Tabarjal	Supply, testing and commissioning of Solar PBcell for 400 K watt Electricity_Tabarjal	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 it's 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 - 7 Stations	Diaphragm wall & slab works in progress. Utility diversion works nearing completion.
UG04	RK Salai, Thirumayilai (C3 & C4), Mandaiveli, Greenways Road, Adyar Junction - 5 Stations	Diaphragm wall & slab works in progress. Utility diversion works nearing completion.
UG05	Adyar Depot, Indira Nagar, Tiruvanmiyur, Taramani Road Junction - 4 Stations	Diaphragm wall & Utility diversion works in progress.
16 stations

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:
Package	Min Requirement	Actual Mobilization
	Trench Cutter GRAB	Trench Cutter	GRAB	Piling Rig
UG - 3	3 3	7	2	8
UG - 4	4 1	5	3	3
UG - 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 PlU/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 efficiency
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 & RVNL's 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 Hon'ble 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 D14,400 crore
for manufacturing and around D20,000 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 offshore 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 RVNL's execution capability,
project management excellence, and commitment to
nation-building. It is also a milestone achievement as
RVNL's 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 state's 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 difficult 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 Hon'ble Railway Minister. This is the India's
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
Hon'ble 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 Hon'ble 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 Hon'ble
High Court/ Kolkata's 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^ndphase 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 (c) Ph-III- Salt Lake Sector-V to Airport.
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, (c) Ph-III Beleghata to Salt Lake Sector-V and
(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
Hon'ble 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 Hon'ble Prime Minister on 22.08.2025. ,
(c) Ph-III Beleghata to Salt Lake Sector-V was planned for
commission in Dec'2026, 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 Jun'2027 and (e)Ph-V City Centre 2 to
Airport are planned for commission upto Dec'2027.

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 Hon'ble
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 I IT 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 Hon'ble 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 Hon'ble 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 Hon'ble
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 Hon'ble 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 Hon'ble 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 effort 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 floated 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
D4339.55 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 (D755.79crore)

• “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" (D699.98 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" (D 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. (D388.39 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" (D283.59crore)

• 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 (D229.80crore)

• 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. (D 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. (D 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
(D 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" (D128.17crore)

• 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.
(D106.61crore)

• "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" (D100.64crore)

• 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". (D86.38crore)

• 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 (D65.67crore)

• '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' (D59.88crore)

• Extension of Beleghata and Barun Sengupta Metro
Stations above platform level in New Garia-Airport
metro corridor of Kolkata Metro Railway, West
Bengal, India. (D55.40crore)

• 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
125 km Long New BG Rail Line Project in the State of
Uttarakhand, India). (D51.67crore)

• 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).
(D49.95crore)

• "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".
(D47.25 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. (D46.11 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' (D32.95 Crore)

• Design, Supply, Erection, Testing & Commissioning
of 2X25 KV, 50 Hz, Single Phase, Traction Over¬
Head 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. (D32.44crore)

• '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’(D25.08crore)

• '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' (D21.86 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" . (D 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" (D 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" (D11.30 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. (D9.91 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 (D7.86crore)

• 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
(D7.66crore)

• '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' (D7.11crore)

• 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 (D7.06 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.
(D6.86 Crore)

• Construction of RVNL office building at Saket Nagar,
Bhopal on Railway land’ (D6.48 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"
(D6.25 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 (D6.21 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 (D5.72 crore)

• 'Modification of existing 132KV Vontithadi-Garividi
S/C line to improve the ground clearance for 3^rdline 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 (D5.64 crore)

• Repair and Mainenance contract of Railway Officers
Encalve, Moti Bagh, New Delhi (D5.48 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 (D5.30 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.
(D5.12 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. (D3.40 crore)

• Augmentation of existing 11/0.433 KV Sub¬
Station 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.
(D3.18 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" (D1.39 crore)

Besides these Works Contract, FLS, DD&PMC and PMC
contracts on nomination basis for D41.89 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 Limited's (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 C10,839.47 crore, comprising
C3,959.91 crore through equity and C6,879.56 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).

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 (DCrore)	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 Note: -	100.0%
	• Bonus shares amounting to C50 crore issued ir ratio of 1:4.	i November 2011 in the
	• Doubling and Railway Electrification works	executed at a cost of
	C3,153.70 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

tailway/Division/State Western Railway/Vadodara/Gujarat
^Jroject Type& Length Gauge Conversion, 67.12 Km
ear 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
hareholders Agreement signed on	12.01.2007
rraffic Guarantee Agreement signed on	Not signed
oncession Agreement signed on	25.06.2008
onstruction Agreement signed on	01.07.2009
&M Agreement signed on	Not signed
Driginal cost (D Crore)	262.00
^Jroject cost (D 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	10.00	6.45%
	(Formerly known as Jindal Rail Infrastructure Limited)	10.00	6.45%
	Total (D Crore)	155.11	100.0%
ommercial Operations Date (COD)	08.03.2012

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 -II 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 (D Crore)	732.81
Estimated Project cost (D 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 (D Crore) 625.00	100.0%
Commercial Operations Date (COD)	a. Venkatachalem - Nidiguntapalem - 01.10.2008 b. Nidiguntapalem - Krishnapatnam - 28.02.2009 c. Doubling of 21 km line from VKT to KAPT - 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 (D Crore)	301.64
Estimated Project cost (D 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 (D Crore)	1300.0	100.0%
Commercial Operations Date (COD)	30.07.2020

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 (D Crore)	391.00
Estimated Project cost (D 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 (D Crore)	1058.80	100%
Commercial Operations Date (COD)	01.03.2023

4.2 Details of SPV's/JV's 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's new SPVs/JVs (as on 31.03.2026)
S.	Name of SPV	Date of	Paid up Equity	RVNL's Equity		Partners' Equity
No.	Name of SPV	Incorporation	Crore	Crore	%age	Crore	%age
		Incorporation	(D)	(D)	%age	(D)	%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	• id Project Cost (BPC) - C1844.77 Crore excluding GST • First Year O&M Bid - C2.77 Crore excluding GST
	Adjusted Bid Price - C 1637.96 Crore (NPV of BPC and First Year O&M)
Equity Participants and their % share
Equity Participants and their % share	S. Representative of Nominees' Name No. company	No. of Shares	% of Shareholding
	1. M/s S P S Construction Mr. Sat Paul Singla India Private Limited (Formerly known as Mr. Deepak Singla SP Singla Construction India Private Limited)	6,50,50,000	50
	2. M/s Rail Vikas Nigam Mr. Chandan Limited (RVNL)- Kumar Verma	6,50,50,000	50
	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 RVNL's strategic expansion into the highway infrastructure sector and reinforces the Company's
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	Tracks & Towers Infratech (P) Ltd.- 51%
% share	Rail Vikas Nigam Limited- 49%
Construction Period	730 days (24 months)
Scheduled Completion	730 Days from Appointed Date (Additional 90 Days)

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
nation's 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
world's 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	"Manufacturing cum Maintenance of Vande Bharat Trainsets including upgradation of the Government Manufacturing Units & Trainset Depots" - 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's Marathwada Rail Coach Factory (MRCF)/Latur. The L2 selected bidder would have to manufacture/assemble total 80 Trainsets at Railway's 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 C120 Crores. (as per LOA)
Equity Participants and their	RVNL- 25%
% share	Joint Stock Company Metrowagonmash- 35% Joint Stock Company Locomotive Electronic Systems- 40%

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)

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 India's 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 - Solar and 63 MW BESS)
Date of Incorporation	15.01.2024
Project cost	Approx. US$157.82 million (C 1,326 crore)
Equity Participants and their	RVNL- 49%
% share	Jakson Green Private Limited-51%
Anticipated Commercial Operations Date (COD)	16 September 2025 (scheduled commissioning)

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 Company's
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 Company's 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
Company's 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 Company's commitment towards employee well¬
being, various welfare initiatives were organized. Medical
health check-up camps and awareness programmes were
organized at different locations.

The International Women's 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 RVNL's 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 C4,000/- 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 C 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 RVNL's 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 clearing
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. Penalty	Remarks
No. 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^thAugust 2025 to 17^th November 2025. As per the CVC's
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

. Memorandum of Understanding

The Company secured a rating of "Very 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: a. Compositions of board of Directors b. Board Committees c. Holding Board and Committees' Meetings d. Related Party Transactions e. Disclosures and Transparency	Complied (to the extent the compliance are within the ambit of RVNL.)
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: a. MSE overall- 25% b. SC/ST owned MSEs- 4% c. Women owned MSEs- 3%	Complied
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.

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:

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:

Particulars	2025-26	2024-25
Import of Material	364.81	-
Import of Capital Goods	-	-
Foreign Exchange on foreign travel of Company's 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

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 effluent
treatment and reuse; adopting net-zero waste practices
and circular economy principles through recycling and
eco-friendly infrastructure; undertaking afforestation 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 efficiency, 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 efficiency, and circular economy principles.

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 Company's 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 RVNL's
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 C59.17 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 GL Name	Details of MSME upto 31.03.2026 FY 2025-26 EIn crore MSME MSE/SC- Total ST Tgt 4% Total ^Provisional MSE/ MSE/ _MSME ^{of total GL Code} Expenditure ^MSE SC_-ST W_omen provisional expenditure							MSE/ Women Tgt 3% of total provisional expenditure	Total MSE Tgt 25% of total provisional expenditure
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 Staff	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%

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.

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 Company's
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;

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.

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 01.09.2025	Cessation of office as an Additional Director 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 05.06.2025	Change in designation from Additional Director to Whole-time Director 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 15.05.2025	Change in designation from Additional Director to Independent Director 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

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.

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 Affairs, 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 Affairs (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.

Appointment/Resignations of Key Managerial
Personnel's

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
Personnel's (KMP) during the year and till the date of this
report is mentioned in Report on Corporate Governance.

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, i ndustry 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
Company's Operations in Future.

No Significant and Material Orders Passed by The
Regulators or Courts or Tribunals impacting the Going
Concern Status and Company's 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 employee's 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 company's affairs 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
Company's aim and goals in all the spheres.

For and on behalf of Board of Directors

Place: New Delhi

Date: 25.07.2026 Sd/-

(Saleem Ahmad)

Chairman & Managing Director
DIN: 10119432

Market

DIRECTOR'S REPORT

Rail Vikas Nigam Ltd.

Employee Stock Option Plan

Shareholding of President of India (POI)

Profit

2024- 25 to D1,102.27 crore in 2025-26 showing adecrease of 28.89%. Profit after Tax decreased fromD1,188.62 crore in F. Y. 2024-25 to D800.48 crore in F. Y.

Net Worth

Reserves

Dividend

Acceptance of Deposits

Reimbursement of Expenditure

Loans from IRFC

Turnover

Consolidated Financial Statements

Subsidiary, Joint Venture and Associate Companies

The Corporate Social Responsibility (CSR) Report

3.3 Total project length completed:

3.4 Project length completed during 2025-26:

Projects Fully Commissioned and Handed over to Railways:

3.8.1 Indore Metro Project:

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

3.8.2 Underground Metro Projects at Chennai (CMRL)

3.8.3 Nagpur Metro Projects - Phase - II.

Achievements:

Achievements:

3.8.4 Kakinada 4 - Lane Project of NHAI

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

3.8.6 Manufacturing of 120 Nos. Trainsets (VANDE BHARAT)

3.9.1 RISHIKESH-KARANPRAYAG NEW RAIL LINK PROJECT- 125 KM

3.9.2 BHANUPALI-BILASPUR-BERI NEW LINE

3.9.3 Kolkata Metro Projects:

3.9.4.4 Joka - Esplanade Metro Corridor

3.9.4.5 New Garia-Airport Metro Corridor

3.9.4.6 Noapara - Baranagar - Dakshineswar Metro

3.9.4.7 Phase Commissioning of Metro Project:

Key Achievements: -

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

4.2 Details of SPV's/JV's of Rail Vikas Nigam limited (RVNL) for other projects

# Other Investments (upto 10%): Chennai MMLP, Indore MMLP, Bengaluru MMLP and IPRCL.

c) Kinet Railway Solutions Ltd.

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

Learning and Development

Employee Recognition

Employee Welfare

Cadre Development

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

5.2 Right to Information Act

5.3 Rajbhasha (Official Language)

5.4 Presidential Directives:

DISPOSAL OF COMPLAINTS/INVESTIGATIONS:

A) DISCIPLINARY ACTION:

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

B) VIGILANCE STATUS:

PREVENTIVE CHECK:

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

D) VIGILANCE AWARENESS WEEK:

8.1 Conservation of Energy and Technology Absorption

Woman Director & Independent Woman Director

Appointment/Resignations of Key ManagerialPersonnel's

Secretarial Auditor

2024- 25 to D1,102.27 crore in 2025-26 showing a
decrease of 28.89%. Profit after Tax decreased from
D1,188.62 crore in F. Y. 2024-25 to D800.48 crore in F. Y.

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

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

3.9.1 RISHIKESH-KARANPRAYAG NEW RAIL LINK PROJECT
- 125 KM

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

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.

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

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

Appointment/Resignations of Key Managerial
Personnel's