Synopsis:
Indian Railways witnessed a surge in major project awards in September, with L&T winning a significant high-speed rail contract, RVNL securing a large electrification project, and RailTel obtaining a key ICT order in Bihar. Other notable wins were reported by Texmaco, Jupiter Wagons, and BHEL, reflecting strong activity and investment across the sector.
In September, the railway sector experienced significant growth, with one company standing out by securing the largest order of the month, strengthening its position in the infrastructure space and boosting investor confidence in railway-related stocks.
Below is the list of stocks that received the highest railway orders
1. Larsen & Toubro Ltd
Larsen & Toubro Limited, founded in 1938 and headquartered in Mumbai, is a diversified multinational engaged in engineering, procurement, and construction (EPC) projects across India and globally.
Its Infrastructure Projects arm handles buildings, transportation, heavy civil works, power transmission, water, and metals. The Energy Projects segment offers EPC solutions in oil & gas, petrochemicals, offshore wind, and carbon reduction technologies. Hi-Tech Manufacturing caters to critical equipment for process industries, nuclear, defense, aerospace, and green hydrogen.
IT & Technology Services segment provide IT, engineering, digital platforms, data centers, and chip design. The Financial Services segment covers retail finance, while Development Projects include metro systems, toll roads, power, and renewable energy. Additionally, the company is active in real estate, industrial valves, and construction/mining equipment.
Larsen & Toubro Ltd with the market capitalization of 5,13,742.66 crore is trading at 3,734.50, up by 2.47 percent from previous day close price of 3,644.40 per equity share.
Larsen & Toubro’s (L&T) Transportation Infrastructure business has bagged a large order worth Rs. 2,500–5,000 crore from NHSRCL for Package T1 of the Mumbai–Ahmedabad High Speed Rail corridor.
The project involves designing, supplying, constructing, testing, and commissioning 156 km of ballastless track, spanning from Mumbai’s Bandra-Kurla Complex to Zaroli in Gujarat, with 21 km underground and 135 km on elevated viaducts.
2. Rail Vikas Nigam Ltd
Rail Vikas Nigam Limited (RVNL), incorporated in 2003 and headquartered in New Delhi, is a government-owned company engaged in rail infrastructure development in India and abroad.
It handles project development, financing, and execution of works such as new lines, doubling, gauge conversion, electrification, metro projects, bridges, workshops, and safety systems.
Beyond railways, it undertakes civil engineering, solar energy, power transmission, ports, tunnels, dams, and consultancy projects. Its key clients include Indian Railways, central and state ministries, and public sector undertakings.
Rail Vikas Nigam Ltd with the market capitalization of 71,641.29 crore is trading at 343.85, down by 0.78 percent from previous day close price of 346.55 per equity share.
Rail Vikas Nigam (RVNL) has been declared the lowest bidder for a Rs. 1,694.9 crore project awarded by West Central Railway. The contract involves the design, supply, installation, testing, and commissioning of traction substations, switching posts, and SCADA systems on the Bina–RTA section of the Bhopal division. With a completion timeline of 540 days, the project aims to boost Indian Railways capacity for higher freight movement and enhance overall network efficiency.
3. RailTel Corporation of India Limited
RailTel Corporation of India Limited, incorporated in 2000 and headquartered in New Delhi, is a telecom and IT services provider operating through Telecom Services and Project Work Services.
It offers broadband, data centers, cloud, cybersecurity, managed services, VPN, railwire broadband, and e-office solutions, along with consultancy and infrastructure maintenance.
The company also undertakes projects like station Wi-Fi, BharatNet, railway signaling, knowledge networks, hospital management systems, and video surveillance. Its clients include government bodies, educational institutions, corporates, banks, NBFCs, and retail customers.
RailTel Corporation of India Limited with the market capitalization of 12,245.40 crore is trading at 381.50, up by 0.32 percent from previous day close price of 380.60 per equity share.
RailTel Corporation of India has won a Rs. 574.9 crore project from the Bihar State Educational Infrastructure Development Corporation (BSEIDC) to establish hybrid smart classrooms and ICT labs in colleges and universities across the state under the PM-USHA scheme. The initiative, designed to upgrade higher education infrastructure, is scheduled for completion by March 16, 2026.
4. Texmaco Rail & Engineering Limited
Texmaco Rail & Engineering Limited, founded in 1939 and headquartered in Kolkata, is a leading manufacturer and service provider of rail and related products in India and abroad. Operating through Heavy Engineering, Steel Foundry, and Rail EPC segments, it produces freight cars, wagons, loco components, steel castings, and bridge girders, along with undertaking EPC contracts for railway tracks, electrification, signaling, telecommunication, and hydro-mechanical projects. The company also supplies a wide range of wagon and bogie components and assemblies.
Texmaco Rail & Engineering Limited with the market capitalization of 1,274.27 crore is trading at 100, up by 4.10 percent from previous day close price of 96.06 per equity share.
Texmaco Rail has secured a Rs. 129.09 crore contract from Rail Vikas Nigam (RVNL) for electrification works on the Yavatmal–Digras section of the Nagpur Division under Central Railways.
The scope includes design, supply, erection, testing, and commissioning of 2×25 kV traction overhead equipment (OHE) along with related works. The project is targeted to be completed within 18 months from the date of award.
5. Jupiter Wagons Limited
Jupiter Wagons Limited, incorporated in 1979 and headquartered in Kolkata, manufactures and supplies railway wagons, components, and transportation equipment in India and overseas. Its portfolio includes freight wagons, passenger and metro coaches, bogies, couplers, braking systems, and track solutions, along with commercial and electric vehicles, containers, and cold chain solutions. The company also diversifies into electrical equipment, property leasing, and drone delivery services.
Jupiter Wagons Limited with the market capitalization of 14,645.18 crore is trading at 345, up by 6.53 percent from previous day close price of 32.85 per equity share.
Jupiter Tatravagonka Railwheel Factory, an unlisted arm of Jupiter Wagons (JWL), has received a Letter of Acceptance (LoA) from the Ministry of Railways to supply 9,000 LHB axles for FIAT-IR bogies.
The Rs. 113 crore order, awarded on September 9, will provide precision-engineered axles designed to improve the performance, safety, and durability of high-speed LHB coaches.
6. Bharat Heavy Electricals Limited
Bharat Heavy Electricals Limited (BHEL), incorporated in 1964 and based in New Delhi, is a global power plant equipment manufacturer. Operating in Power and Industry segments, it provides equipment, EPC services, and solutions across coal, gas, hydro, nuclear, renewable energy, transportation, defense, aerospace, e-mobility, and energy storage sectors. Its offerings include power plants, turbines, generators, industrial systems, automation, electrical machines, and rail and oilfield equipment.
Bharat Heavy Electricals Limited with the market capitalization of 80,801.28 crore is trading at 232, down by 1.12 percent from previous day close price of 234.62 per equity share.
Bharat Heavy Electricals (BHEL) has won a Rs. 22.87 crore order from Indian Railways (South Western Railway) for installing Kavach, the indigenous automatic train protection system, to enhance safety and prevent collisions.
The project, awarded on September 11 and to be completed in 18 months, will be executed from BHEL’s Bengaluru plant and covers the design, supply, installation, and commissioning of both onboard and trackside Kavach equipment.
Written by Akshay Sanghavi
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