State-owned Rail Vikas Nigam Ltd (RVNL) has emerged as the lowest bidder (L1) for a Northern Railway project involving the design, supply, erection, testing and commissioning of overhead equipment (OHE) modification and feeder wire work for a 2x25 kV traction system.

The contract covers capacity upgradation in the UTR–MWP section spanning 184 RKM/368 TKM in the Lucknow division of North Eastern Railway. The project, valued at Rs 1.81 billion including taxes, will be executed in the normal course of business and completed within 24 months. RVNL noted that the contract does not involve any promoter or promoter-group interest and is not a related-party transaction.

For the September quarter, RVNL reported a 19.7 per cent year-on-year decline in net profit to Rs 2.303 billion, compared with Rs 2.869 billion a year earlier. Revenue from operations rose 5.5 per cent to Rs 51.23 billion, up from Rs 48.55 billion in the corresponding period.

Operating performance weakened, with EBITDA falling 20.3 per cent to Rs 2.169 billion from Rs 2.72 billion last year. The EBITDA margin narrowed to 4.2 per cent from 5.6 per cent, reflecting higher costs and reduced profitability despite increased revenue. However, margins improved sharply from the June 2025 quarter, when the EBITDA margin stood at just 1.4 per cent and topline growth was weaker.

Shares of RVNL closed at Rs 314.05 on the BSE on 21 November, down Rs 5.05 or 1.58 per cent.