Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹10,483Cr
Rev Gr TTM
Revenue Growth TTM
30.48%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

RAILTEL
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 53.2 | 26.2 | 39.8 | 47.1 | 19.4 | 19.4 | 40.8 | 14.8 | 57.1 | 33.3 | 12.8 | 19.0 |
| 600 | 377 | 472 | 539 | 716 | 455 | 714 | 646 | 1,129 | 628 | 797 | 780 |
Operating Profit Operating ProfitCr |
| 14.0 | 19.3 | 21.3 | 19.4 | 14.0 | 18.5 | 15.3 | 15.8 | 13.7 | 15.6 | 16.2 | 14.6 |
Other Income Other IncomeCr | 46 | -1 | 2 | -4 | 31 | 2 | 5 | 12 | 32 | 18 | -2 | 1 |
Interest Expense Interest ExpenseCr | 1 | 1 | 1 | 0 | 4 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
Depreciation DepreciationCr | 41 | 37 | 38 | 41 | 43 | 38 | 40 | 43 | 60 | 44 | 47 | 49 |
| 102 | 51 | 90 | 84 | 102 | 67 | 94 | 90 | 151 | 89 | 105 | 85 |
| 27 | 13 | 22 | 22 | 24 | 18 | 21 | 25 | 38 | 23 | 29 | 23 |
|
Growth YoY PAT Growth YoY% | 39.0 | 53.1 | 23.4 | 94.5 | 3.0 | 26.8 | 6.6 | 4.7 | 46.3 | 35.8 | 4.7 | -4.1 |
| 10.8 | 8.2 | 11.4 | 9.3 | 9.3 | 8.7 | 8.6 | 8.5 | 8.7 | 8.9 | 8.0 | 6.8 |
| 2.3 | 1.2 | 2.1 | 1.9 | 2.4 | 1.5 | 2.3 | 2.0 | 3.5 | 2.1 | 2.4 | 1.9 |
| Financial Year | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| | 48.2 | 16.0 | 0.2 | 9.6 | 23.8 | 13.8 | 28.6 | 31.2 | 35.4 | 12.6 |
| 366 | 590 | 711 | 685 | 747 | 1,010 | 1,155 | 1,579 | 2,104 | 2,944 | 3,334 |
Operating Profit Operating ProfitCr |
| 36.0 | 30.4 | 27.8 | 30.5 | 30.8 | 24.5 | 24.1 | 19.3 | 18.1 | 15.3 | 14.9 |
Other Income Other IncomeCr | 69 | 52 | 41 | -6 | -18 | 28 | 76 | 35 | 28 | 52 | 50 |
Interest Expense Interest ExpenseCr | 1 | 1 | 2 | 5 | 3 | 2 | 3 | 5 | 6 | 3 | 3 |
Depreciation DepreciationCr | 81 | 116 | 119 | 112 | 131 | 159 | 160 | 154 | 158 | 180 | 199 |
| 194 | 192 | 194 | 179 | 181 | 195 | 280 | 254 | 328 | 402 | 431 |
| 92 | 64 | 38 | 69 | 43 | 54 | 71 | 66 | 82 | 102 | 113 |
|
| | 26.3 | 21.2 | -29.7 | 26.0 | 1.5 | 48.4 | -9.6 | 30.8 | 21.8 | 6.1 |
| 17.8 | 15.2 | 15.9 | 11.1 | 12.8 | 10.5 | 13.7 | 9.6 | 9.6 | 8.6 | 8.1 |
| 3.2 | 4.0 | 4.9 | 3.4 | 4.3 | 4.4 | 6.5 | 5.9 | 7.7 | 9.3 | 9.9 |
| Financial Year | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 321 | 321 | 321 | 321 | 321 | 321 | 321 | 321 | 321 | 321 | 321 |
| 763 | 836 | 928 | 963 | 1,040 | 1,082 | 1,195 | 1,328 | 1,506 | 1,679 | 1,792 |
Current Liabilities Current LiabilitiesCr | 592 | 785 | 647 | 725 | 751 | 1,045 | 1,111 | 1,522 | 2,094 | 2,940 | 2,613 |
Non Current Liabilities Non Current LiabilitiesCr | 534 | 369 | 362 | 147 | 144 | 168 | 132 | 178 | 128 | 222 | 332 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 1,048 | 1,175 | 1,094 | 1,021 | 964 | 1,544 | 1,445 | 2,105 | 2,524 | 3,786 | 3,585 |
Non Current Assets Non Current AssetsCr | 1,162 | 1,136 | 1,165 | 1,135 | 1,292 | 1,073 | 1,314 | 1,243 | 1,525 | 1,375 | 1,473 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 154 | 254 | -19 | 32 | 154 | 374 | 258 | 284 | 556 | 255 |
Investing Cash Flow Investing Cash FlowCr | -240 | -157 | -78 | 44 | -48 | -135 | -213 | -203 | -419 | -82 |
Financing Cash Flow Financing Cash FlowCr | -26 | -54 | -62 | -77 | -62 | -110 | -104 | -79 | -77 | -113 |
|
Free Cash Flow Free Cash FlowCr | -143 | 57 | -136 | -53 | 92 | 294 | 258 | 107 | 347 | -70 |
| 151.2 | 197.4 | -12.1 | 29.4 | 111.0 | 266.6 | 124.0 | 150.8 | 226.0 | 85.2 |
CFO To EBITDA CFO To EBITDA% | 74.8 | 98.6 | -6.9 | 10.8 | 46.1 | 114.4 | 70.4 | 75.1 | 119.9 | 47.9 |
| Financial Year | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 0 | 0 | 0 | 0 | 0 | 4,070 | 2,699 | 3,245 | 11,673 | 9,715 |
Price To Earnings Price To Earnings | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 29.0 | 13.0 | 17.2 | 47.4 | 32.4 |
Price To Sales Price To Sales | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3.0 | 1.8 | 1.7 | 4.5 | 2.8 |
Price To Book Price To Book | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 2.9 | 1.8 | 2.0 | 6.4 | 4.9 |
| -2.7 | -2.3 | -1.6 | -1.1 | -0.4 | 10.8 | 6.7 | 8.0 | 24.2 | 17.3 |
Profitability Ratios Profitability Ratios |
| 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 |
| 36.0 | 30.4 | 27.8 | 30.5 | 30.8 | 24.5 | 24.1 | 19.3 | 18.1 | 15.3 |
| 17.8 | 15.2 | 15.9 | 11.1 | 12.8 | 10.5 | 13.7 | 9.6 | 9.6 | 8.6 |
| 18.0 | 16.7 | 15.6 | 14.3 | 13.2 | 14.0 | 18.3 | 15.3 | 17.8 | 19.8 |
| 9.4 | 11.1 | 12.5 | 8.6 | 10.2 | 10.0 | 13.7 | 11.4 | 13.5 | 15.0 |
| 4.6 | 5.6 | 6.9 | 5.1 | 6.1 | 5.4 | 7.5 | 5.6 | 6.1 | 5.8 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
RailTel Corporation of India Ltd (RailTel) is a **Navratna Central Public Sector Enterprise (CPSE)** under the **Ministry of Railways, Government of India**, established in 2000. It operates as one of **India’s largest neutral telecom infrastructure providers**, leveraging exclusive right of way along 67,956 km of Indian Railways tracks to build a robust, secure, and scalable digital infrastructure across the country. The company has evolved from a telecom backbone provider for Indian Railways into a **leading ICT and system integrator**, serving public and private sector clients in railways, defense, healthcare, smart cities, banking, IT, mining, and more.
RailTel operates Pan-India with **no international revenue** as of FY2024, but is now **strategically expanding into international markets**, including Africa, South Asia, and the Caribbean.
---
### **Core Infrastructure & Network**
- **Optical Fiber Network**:
- Over **63,000 route kilometers** of high-capacity optical fiber along railway corridors.
- **21,000+ km** of urban access networks.
- Reaches **7,000+ railway stations** and connects over **758 educational and research institutions**, including IITs, IIMs, and AIIMS.
- **Network Architecture**:
- Based on **SDH, PTN, DWDM, and IP-MPLS** technologies.
- Supports **scalable bandwidth from 2 Mbps to 800 Gbps**.
- Pan-India **IP-MPLS network** with a **four-tier architecture** and 1+1 redundancy at key nodes.
- **High-Availability Backbone**: 90 locations upgraded to **800G capacity**.
- **Points of Presence (PoPs)**:
- Over **11,000 PoPs**, including 6,108 at railway stations (~8–10 km apart), enabling mission-critical connectivity.
- **Critical Infrastructure Designation**:
- Network designated as **Critical Information Infrastructure (CII)** by **NCIIPC**.
- Equipment from land-border-sharing countries is **excluded** to ensure cybersecurity.
---
### **Data Centers & Cloud Services**
RailTel is a **MeitY-empaneled cloud service provider** with advanced data center capabilities:
- **Tier-III Certified Data Centers** in:
- **Secunderabad** (2.0 MW) – First in Indian Railways and 8th in India certified by Uptime Institute.
- **Gurugram** (1.5 MW)
- **Service Level Agreements (SLA)**:
- 99.983% uptime for co-location services.
- 99.95% uptime for cloud services.
- **RailCloud**:
- Proprietary **IaaS, PaaS, and hybrid cloud platform** serving government and enterprise clients.
- **Expansion Plans**:
- **102 Edge Data Centers (EDCs)** being developed across Tier-II and Tier-III cities in partnership with private players.
- A **10 MW state-of-the-art data center** being developed in **Noida** through a **Public-Private Partnership (PPP)** model.
- Earlier plans for a **30 MW Noida data center** with a private partner (INR 1,500 crore investment opportunity).
- **Revenue & Margins**:
- Data center business generates **double-digit average margins**.
- Estimated **₹50–₹70 crore annual revenue** from existing facilities.
- Government agencies are primary clients, with potential for private sector expansion.
---
### **Telecom & Broadband Services**
#### **RailWire – Retail Broadband**
- **Subscriber Base**:
- **575,000+ subscribers** (as of Jul 2025), making it the **13th largest broadband ISP in India** and **4th largest in rural areas**.
- Grew from 465,000 in May 2022 to over 575,000 in 2025.
- **ARPU**:
- Stable at **₹490–₹500**, indicating strong pricing power and monetization.
- **Revenue (FY2024–25)**: **₹341 crore**.
- **Business Model**:
- Operates on **PPP model** with **11,000+ local cable operators and MSPs**.
- Targets **rural and semi-urban markets**, covering **8,080 Gram Panchayats** in Gujarat under a revenue-sharing model.
- **Value-Added Services**:
- **Bundled OTT plans** in collaboration with **Playbox TV** (over **67,000 customers**) and **Prasar Bharati’s WAVE** platform.
- Partnership with **Dish TV** for **DTH + broadband bundles**.
- **Quad Play Services** (FTTH, IPTV, OTT, digital) in Gujarat.
- **Wi-Fi Network**:
- One of the **world’s largest public Wi-Fi networks** at **6,108 railway stations**.
- Average **49 million unique monthly logins**.
- Monetization via **digital advertising, infotainment, title sponsorships, and app-based services (PIPOnet)** with **₹14 crore/year guaranteed revenue** from a partner consortium.
---
### **System Integration & Major Projects**
RailTel has transformed into a **trusted digital transformation partner** for government agencies and PSUs:
#### **Key Sectors & Projects**
| Sector | Notable Projects |
|-------|------------------|
| **Railways** | - Ground infrastructure for **4G LTE-R** over **523 km** in Secunderabad Division.<br>- **Electronic Interlocking (EI)** in Northern, East Central, South Eastern Railways.<br>- **Automatic Block Signaling (ABS)** across SC Railway.<br>- Selected for **Kavach (Train Collision Avoidance)** project in partnership with **Quadrant Future Tek** (4G-compliant prototype under PoC). |
| **Smart Cities** | - **Integrated Command & Control Centre (ICCC)** for **Puducherry Smart City**.<br>- **Safe City Projects** with Delhi Police, Tamil Nadu, Punjab, Uttar Pradesh, and J&K (total pipeline > ₹1,000 crore). |
| **Healthcare** | - **Hospital Management Information System (HMIS)** deployed in **700+ railway hospitals** and **Brihanmumbai Municipal Corporation (BMC)**.<br>- Integrated with **Ayushman Bharat Digital Mission (ABDM)**.<br>- Processing **1 crore+ prescriptions** in 18 months. |
| **Defense** | - Secure **MPLS-VPN networks** for Air Force, DRDO, Indian Coast Guard.<br>- Orders worth **₹524 crore (Jan 2021–Apr 2022)**.<br>- Network preferred for high-security due to **non-inclusion of border-country equipment**. |
| **Banking & Finance** | - 4G LTE for **15,000 SBI ATMs**.<br>- Secure connectivity for **SBI, CBI, Federal Bank, Karur Vysya** (2,400+ branches). |
| **Education & Research** | - **National Knowledge Network (NKN)** connecting IITs, IIMs, agricultural universities.<br>- e-Office in **236 railway units**, now expanding to state governments. |
| **Coal & Mining** | - **3,000+ secure MPLS links** for Coal India & subsidiaries.<br>- Smart metering, RFID weighbridge, fleet tracking projects. |
#### **Signaling & Modernization**
- RailTel is positioning itself as a **key player in Indian Railways’ signaling modernization**.
- **Kavach** is a **₹1 lakh crore 5-year national initiative**; RailTel aims for **₹4,000–5,000 crore share** over 3–4 years.
- Partnering with **Quadrant** to submit **4G LTE-compliant Kavach tenders**, expecting issuance in 2025.
- Also implementing **Integrated Tunnel Communication Systems** (e.g., Sivok-Rangpo, Katra-Banihal) using first-of-its-kind tech.
---
### **Strategic Partnerships & Innovation**
- **Microsoft AI Partnership (Feb 2025)**:
- Five-year collaboration to co-develop **AI solutions**.
- Establish **AI Center of Excellence**.
- Aim: Become **AI-first organization** and **leading public sector system integrator**.
- **IITM Pravartak**: Training in **4G/5G, cybersecurity, networking**.
- **University of Birmingham**: Joint R&D on **Digital Twin for railway operations**.
- **IIIT-Delhi, AIIMS, CDOT, NIC, CDAC**: Co-developing solutions in **healthcare, cybersecurity, smart cities**.
- **Int’l Expansion**:
- **Jamaica**: Installed **electronic cricket scoreboards** at Sabina Park (GoI-funded).
- **Ethiopia**: Under consideration for **data center project**.
- **South Africa**: Tripartite **MoU with InoviTel & Tsiko Africa** for telecom, IT, and railway projects.
- Exploring **Vietnam Railways** collaboration.
---
### **Financials & Order Book**
- **Revenue (FY2023–24)**: **₹1,340.23 crore**.
- Other Projects: ₹1,039.98 crore
- Railway Project Works: ₹263.70 crore
- **FY2024–25 New Orders**: **₹3,146.6 crore**.
- **Order Book (Jul 2025)**: **₹7,288 crore+** — reflects strong project pipeline.
- **Opening Order Book FY2025–26**: **~₹6,000 crore** — ensures revenue visibility.
- **EBITDA Margin Guidance**: **25–30%** on expanding services.
---
### **Capital Expenditure**
- **FY2025–26 Capex**: **₹241 crore** — for network upgrades, data centers, automation.
- Investments Focus:
- **Backbone and Access Network Upgrades** (100G → 800G).
- **102 Edge Data Centers** and **Noida Hyperscale DC**.
- **Network Operations Centers (NOCs)** and **Security Operations Centre (SOC)**.
---
### **Corporate Structure & Subsidiary**
- **RailTel Engineering Limited (REL)**:
- Subsidiary established in **Apr 2023**.
- Focused exclusively on **ICT system integration** projects.
- Serves as a **separate profit center** for financial transparency.
---
### **Growth Strategy**
RailTel is implementing a **three-pronged strategy**:
1. **Optimize Product Mix**: Bundled OTT, DTH, smart city solutions.
2. **Expand Network Footprint**: 102 EDCs, 5,000+ towers, international markets.
3. **Upgrade to High-Capacity Infrastructure**: 800G backbone, AI/ML, IoT, cloud.
- **Focus Sectors**: Government, defense, healthcare, BFSI, smart cities, education.
- **Delivery Model**: Leverages **partner ecosystems** to scale with lower risk.
- **Future Vision**: To become the **preferred digital infrastructure partner for India’s knowledge economy**.
---
### **Recognition & Standing**
- **Navratna CPSE** (upgraded from Mini Ratna) – reflects **autonomy, profitability, and performance**.
- **Debt-free, dividend-paying** telecom PSU.
- One of the **few government companies** with:
- **Tier-III certified data centers**
- **MeitY-empanelled cloud (RailCloud)**
- **In-house Security Operations Centre (SOC)**
- **ISP, NLD, ILD, and IP-1 licenses**