# Railways — company-by-company sector analysis

> Railways: Indian Railway Finance Corporation Ltd owns the largest revenue base; Cosmic CRF Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

The 52-week sector comparison is unavailable. 2 of 9 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Indian Railway Finance Corporation Ltd leads with revenue of ₹27,284 crore, based on 9 of 9 comparable companies through Mar 2026. Cosmic CRF Ltd has the fastest current revenue growth at 100%, across 9 of 9 comparable companies.

### Is the Railways sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 2 of 9 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which Railways company is largest by revenue?

Indian Railway Finance Corporation Ltd leads with revenue of ₹27,284 crore, based on 9 of 9 comparable companies through Mar 2026.

### Which Railways company is growing fastest?

Cosmic CRF Ltd has the fastest current revenue growth at 100%, across 9 of 9 comparable companies.

### Which Railways company has the strongest 4-Factor Sector Score?

Cosmic CRF Ltd ranks first at 68.4/100 with 59.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Railways company reports the most CAPEX?

Indian Railway Finance Corporation Ltd reports the largest latest CAPEX at ₹10 crore, with 1 of 9 companies comparable.

### Which Railways company has the least gross debt?

Rites Ltd has the lowest comparable gross debt at ₹7 crore. Indian Railway Finance Corporation Ltd has the highest at ₹4,36,471 crore.

### Which Railways company has the lowest comparable PEG?

Texmaco Rail & Engineering Ltd has the lowest comparable Guarded PEG at 0.81, among 7 of 9 companies that pass the metric’s comparability rules.

### How much history does this Railways comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

The 52-week comparison of Railways against NIFTY 500 is not available from the current market series. 2 of 9 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is broad. Cosmic CRF Ltd is the strongest against the sector itself at +25.3%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 2/9
Stocks leading sector: 7/9

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 9
Combined market value: ₹2.0 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Cosmic CRF Ltd (543928): 68/100 — Thin evidence · provisional; evidence 60%
   - Growth & earnings 23.8/35 | Capital efficiency 13.8/25 | Valuation 10.8/20 | Relative strength 20.0/20
   - Exact sum: 23.8 + 13.8 + 10.8 + 20 = 68.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
2. Railtel Corporation of India Ltd (RAILTEL): 60/100 — Mixed-positive evidence; evidence 94%
   - Growth & earnings 22.1/35 | Capital efficiency 17.1/25 | Valuation 10.7/20 | Relative strength 10.0/20
   - Exact sum: 22.1 + 17.1 + 10.7 + 10 = 59.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Rites Ltd (RITES): 57/100 — Mixed-positive evidence; evidence 94%
   - Growth & earnings 14.3/35 | Capital efficiency 22.7/25 | Valuation 6.7/20 | Relative strength 13.0/20
   - Exact sum: 14.3 + 22.7 + 6.7 + 13 = 56.7
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
4. Titagarh Rail Systems Ltd (TITAGARH): 51/100 — Mixed-positive evidence; evidence 89%
   - Growth & earnings 13.9/35 | Capital efficiency 10.6/25 | Valuation 9.5/20 | Relative strength 16.7/20
   - Exact sum: 13.9 + 10.6 + 9.5 + 16.7 = 50.7
   - Decision use: Price leads the evidence: RS versus the benchmark is 5.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
5. Indian Railway Catering & Tourism Corporation Ltd (IRCTC): 49/100 — Mixed-negative evidence; evidence 87%
   - Growth & earnings 12.7/35 | Capital efficiency 21.8/25 | Valuation 6.5/20 | Relative strength 8.2/20
   - Exact sum: 12.7 + 21.8 + 6.5 + 8.2 = 49.2
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
6. Texmaco Rail & Engineering Ltd (TEXRAIL): 47/100 — Mixed-negative evidence; evidence 93%
   - Growth & earnings 13.7/35 | Capital efficiency 9.6/25 | Valuation 15.2/20 | Relative strength 8.9/20
   - Exact sum: 13.7 + 9.6 + 15.2 + 8.9 = 47.4
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
7. Oriental Rail Infrastructure Ltd (531859): 46/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 23.9/35 | Capital efficiency 10.8/25 | Valuation 11.1/20 | Relative strength 0.0/20
   - Exact sum: 23.9 + 10.8 + 11.1 + 0 = 45.8
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -21.7% and the one-year return is -35%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
8. Indian Railway Finance Corporation Ltd (IRFC): 44/100 — Mixed-negative evidence; evidence 85%
   - Growth & earnings 16.6/35 | Capital efficiency 6.0/25 | Valuation 11.3/20 | Relative strength 10.2/20
   - Exact sum: 16.6 + 6 + 11.3 + 10.2 = 44.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Jupiter Wagons Ltd (JWL): 23/100 — Adverse evidence; evidence 94%
   - Growth & earnings 2.1/35 | Capital efficiency 7.0/25 | Valuation 0.9/20 | Relative strength 12.5/20
   - Exact sum: 2.1 + 7 + 0.9 + 12.5 = 22.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Indian Railway Finance Corporation Ltd is the scale leader at ₹27,284 crore, 423.2% ahead of Indian Railway Catering & Tourism Corporation Ltd. Cosmic CRF Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 197.9% from a ₹1,117 crore base, with 8 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Indian Railway Finance Corporation Ltd is the scale benchmark; Cosmic CRF Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Indian Railway Finance Corporation Ltd's growth falls below Cosmic CRF Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Indian Railway Finance Corporation Ltd · ₹27,284 crore | 423.2% versus #2 · Indian Railway Catering & Tourism Corporation Ltd | 6/8 recent comparable periods | 9/9 companies · 161 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Indian Railway Finance Corporation Ltd (IRFC): ₹27.3K Cr
2. Indian Railway Catering & Tourism Corporation Ltd (IRCTC): ₹5.2K Cr
3. Texmaco Rail & Engineering Ltd (TEXRAIL): ₹4.4K Cr
4. Titagarh Rail Systems Ltd (TITAGARH): ₹3.2K Cr
5. Jupiter Wagons Ltd (JWL): ₹2.9K Cr

### Revenue growth — fastest growers
1. Cosmic CRF Ltd (543928): 100%
2. Railtel Corporation of India Ltd (RAILTEL): 32%
3. Indian Railway Catering & Tourism Corporation Ltd (IRCTC): 12%
4. Rites Ltd (RITES): 9.6%
5. Indian Railway Finance Corporation Ltd (IRFC): 0.5%

### 20-quarter Revenue history
- 531859: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹106 Cr | Mar 2023 ₹120 Cr | Jun 2023 ₹93 Cr | Sep 2023 ₹115 Cr | Dec 2023 ₹147 Cr | Mar 2024 ₹172 Cr | Jun 2024 ₹123 Cr | Sep 2024 ₹186 Cr | Dec 2024 ₹153 Cr | Mar 2025 ₹140 Cr | Jun 2025 ₹118 Cr | Sep 2025 ₹133 Cr | Dec 2025 ₹169 Cr | Mar 2026 ₹153 Cr
- 543928: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹13 Cr | Dec 2022 — | Mar 2023 ₹109 Cr | Jun 2023 — | Sep 2023 ₹123 Cr | Dec 2023 — | Mar 2024 ₹130 Cr | Jun 2024 — | Sep 2024 ₹169 Cr | Dec 2024 — | Mar 2025 ₹232 Cr | Jun 2025 — | Sep 2025 ₹304 Cr | Dec 2025 — | Mar 2026 ₹412 Cr
- IRFC: Jun 2021 ₹4.6K Cr | Sep 2021 ₹4.7K Cr | Dec 2021 ₹97 Cr | Mar 2022 ₹5.9K Cr | Jun 2022 ₹5.6K Cr | Sep 2022 ₹5.8K Cr | Dec 2022 ₹6.2K Cr | Mar 2023 ₹6.2K Cr | Jun 2023 ₹6.7K Cr | Sep 2023 ₹6.8K Cr | Dec 2023 ₹6.7K Cr | Mar 2024 ₹6.5K Cr | Jun 2024 ₹6.8K Cr | Sep 2024 ₹6.9K Cr | Dec 2024 ₹6.8K Cr | Mar 2025 ₹6.7K Cr | Jun 2025 ₹6.9K Cr | Sep 2025 ₹6.4K Cr | Dec 2025 ₹6.7K Cr | Mar 2026 ₹7.3K Cr
- IRCTC: Jun 2021 ₹243 Cr | Sep 2021 ₹405 Cr | Dec 2021 ₹540 Cr | Mar 2022 ₹690 Cr | Jun 2022 ₹853 Cr | Sep 2022 ₹806 Cr | Dec 2022 ₹918 Cr | Mar 2023 ₹965 Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹991 Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.5K Cr
- TITAGARH: Jun 2021 ₹507 Cr | Sep 2021 ₹460 Cr | Dec 2021 ₹483 Cr | Mar 2022 — | Jun 2022 ₹529 Cr | Sep 2022 ₹607 Cr | Dec 2022 ₹766 Cr | Mar 2023 ₹974 Cr | Jun 2023 ₹911 Cr | Sep 2023 ₹935 Cr | Dec 2023 ₹955 Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹903 Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹902 Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹679 Cr | Sep 2025 ₹799 Cr | Dec 2025 ₹832 Cr | Mar 2026 ₹875 Cr
- JWL: Jun 2021 ₹56 Cr | Sep 2021 ₹96 Cr | Dec 2021 ₹116 Cr | Mar 2022 ₹911 Cr | Jun 2022 ₹295 Cr | Sep 2022 ₹417 Cr | Dec 2022 ₹644 Cr | Mar 2023 ₹712 Cr | Jun 2023 ₹753 Cr | Sep 2023 ₹879 Cr | Dec 2023 ₹896 Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹880 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹459 Cr | Sep 2025 ₹786 Cr | Dec 2025 ₹890 Cr | Mar 2026 ₹780 Cr
- RITES: Jun 2021 ₹355 Cr | Sep 2021 ₹755 Cr | Dec 2021 ₹775 Cr | Mar 2022 ₹766 Cr | Jun 2022 ₹605 Cr | Sep 2022 ₹659 Cr | Dec 2022 ₹677 Cr | Mar 2023 ₹687 Cr | Jun 2023 ₹544 Cr | Sep 2023 ₹582 Cr | Dec 2023 ₹683 Cr | Mar 2024 ₹643 Cr | Jun 2024 ₹486 Cr | Sep 2024 ₹541 Cr | Dec 2024 ₹576 Cr | Mar 2025 ₹602 Cr | Jun 2025 ₹490 Cr | Sep 2025 ₹549 Cr | Dec 2025 ₹609 Cr | Mar 2026 ₹768 Cr
- RAILTEL: Jun 2021 ₹307 Cr | Sep 2021 ₹358 Cr | Dec 2021 ₹418 Cr | Mar 2022 ₹466 Cr | Jun 2022 ₹377 Cr | Sep 2022 ₹429 Cr | Dec 2022 ₹454 Cr | Mar 2023 ₹704 Cr | Jun 2023 ₹468 Cr | Sep 2023 ₹599 Cr | Dec 2023 ₹668 Cr | Mar 2024 ₹833 Cr | Jun 2024 ₹558 Cr | Sep 2024 ₹843 Cr | Dec 2024 ₹768 Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹744 Cr | Sep 2025 ₹951 Cr | Dec 2025 ₹913 Cr | Mar 2026 ₹1.7K Cr
- TEXRAIL: Jun 2021 ₹331 Cr | Sep 2021 ₹374 Cr | Dec 2021 ₹470 Cr | Mar 2022 ₹447 Cr | Jun 2022 ₹299 Cr | Sep 2022 ₹484 Cr | Dec 2022 ₹625 Cr | Mar 2023 ₹835 Cr | Jun 2023 ₹657 Cr | Sep 2023 ₹805 Cr | Dec 2023 ₹896 Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹911 Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.2K Cr

### 20-quarter Revenue growth history
- 531859: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 39% | Mar 2024 43% | Jun 2024 32% | Sep 2024 62% | Dec 2024 4.1% | Mar 2025 -19% | Jun 2025 -4.1% | Sep 2025 -28% | Dec 2025 10% | Mar 2026 9.3%
- 543928: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 846% | Dec 2023 — | Mar 2024 19% | Jun 2024 — | Sep 2024 37% | Dec 2024 — | Mar 2025 78% | Jun 2025 — | Sep 2025 80% | Dec 2025 — | Mar 2026 78%
- IRFC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 24% | Dec 2022 6,310% | Mar 2023 4.4% | Jun 2023 19% | Sep 2023 16% | Dec 2023 8.4% | Mar 2024 4.5% | Jun 2024 1.3% | Sep 2024 2.1% | Dec 2024 0.4% | Mar 2025 3.8% | Jun 2025 2.2% | Sep 2025 -7.7% | Dec 2025 -1.5% | Mar 2026 9.1%
- IRCTC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 251% | Sep 2022 99% | Dec 2022 70% | Mar 2023 40% | Jun 2023 17% | Sep 2023 23% | Dec 2023 22% | Mar 2024 20% | Jun 2024 12% | Sep 2024 7.4% | Dec 2024 9.6% | Mar 2025 9.9% | Jun 2025 3.8% | Sep 2025 7.7% | Dec 2025 18% | Mar 2026 15%
- TITAGARH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.3% | Sep 2022 32% | Dec 2022 59% | Mar 2023 — | Jun 2023 72% | Sep 2023 54% | Dec 2023 25% | Mar 2024 8.0% | Jun 2024 -0.9% | Sep 2024 13% | Dec 2024 -5.6% | Mar 2025 -4.4% | Jun 2025 -25% | Sep 2025 -24% | Dec 2025 -7.8% | Mar 2026 -13%
- JWL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 427% | Sep 2022 334% | Dec 2022 455% | Mar 2023 -22% | Jun 2023 155% | Sep 2023 111% | Dec 2023 39% | Mar 2024 57% | Jun 2024 17% | Sep 2024 15% | Dec 2024 15% | Mar 2025 -6.3% | Jun 2025 -48% | Sep 2025 -22% | Dec 2025 -14% | Mar 2026 -25%
- RITES: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 70% | Sep 2022 -13% | Dec 2022 -13% | Mar 2023 -10% | Jun 2023 -10% | Sep 2023 -12% | Dec 2023 0.9% | Mar 2024 -6.4% | Jun 2024 -11% | Sep 2024 -7.0% | Dec 2024 -16% | Mar 2025 -6.4% | Jun 2025 0.8% | Sep 2025 1.5% | Dec 2025 5.7% | Mar 2026 28%
- RAILTEL: Jun 2021 — | Sep 2021 27% | Dec 2021 1.7% | Mar 2022 8.4% | Jun 2022 23% | Sep 2022 20% | Dec 2022 8.6% | Mar 2023 51% | Jun 2023 24% | Sep 2023 40% | Dec 2023 47% | Mar 2024 18% | Jun 2024 19% | Sep 2024 41% | Dec 2024 15% | Mar 2025 57% | Jun 2025 33% | Sep 2025 13% | Dec 2025 19% | Mar 2026 28%
- TEXRAIL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -9.7% | Sep 2022 29% | Dec 2022 33% | Mar 2023 87% | Jun 2023 120% | Sep 2023 66% | Dec 2023 43% | Mar 2024 37% | Jun 2024 66% | Sep 2024 67% | Dec 2024 48% | Mar 2025 18% | Jun 2025 -16% | Sep 2025 -6.5% | Dec 2025 -21% | Mar 2026 -13%

## Operating Economics & Margin Trend

What the numbers say: Indian Railway Finance Corporation Ltd leads opm at 98.4%; Titagarh Rail Systems Ltd leads margin change at +9 percentage points.

Investor read: Indian Railway Finance Corporation Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Indian Railway Finance Corporation Ltd · 98.4% | 264.4% versus #2 · Indian Railway Catering & Tourism Corporation Ltd | 0/8 recent comparable periods | 9/9 companies · 168 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Indian Railway Finance Corporation Ltd (IRFC): 98%
2. Indian Railway Catering & Tourism Corporation Ltd (IRCTC): 27%
3. Rites Ltd (RITES): 22%
4. Oriental Rail Infrastructure Ltd (531859): 15%
5. Railtel Corporation of India Ltd (RAILTEL): 11%

### Margin change — fastest expanders
1. Titagarh Rail Systems Ltd (TITAGARH): +9.0 pp
2. Oriental Rail Infrastructure Ltd (531859): +3.0 pp
3. Texmaco Rail & Engineering Ltd (TEXRAIL): +2.0 pp
4. Railtel Corporation of India Ltd (RAILTEL): +0.4 pp
5. Cosmic CRF Ltd (543928): 0.0 pp

### 20-quarter OPM history
- 531859: Jun 2021 16% | Sep 2021 18% | Dec 2021 17% | Mar 2022 19% | Jun 2022 24% | Sep 2022 21% | Dec 2022 8.0% | Mar 2023 -5.0% | Jun 2023 14% | Sep 2023 15% | Dec 2023 16% | Mar 2024 7.0% | Jun 2024 11% | Sep 2024 12% | Dec 2024 11% | Mar 2025 12% | Jun 2025 12% | Sep 2025 16% | Dec 2025 15% | Mar 2026 15%
- 543928: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 10% | Dec 2022 — | Mar 2023 10% | Jun 2023 — | Sep 2023 9.0% | Dec 2023 — | Mar 2024 8.0% | Jun 2024 — | Sep 2024 13% | Dec 2024 — | Mar 2025 10% | Jun 2025 — | Sep 2025 12% | Dec 2025 — | Mar 2026 10%
- IRFC: Jun 2021 100% | Sep 2021 99% | Dec 2021 100% | Mar 2022 99% | Jun 2022 100% | Sep 2022 99% | Dec 2022 100% | Mar 2023 99% | Jun 2023 100% | Sep 2023 100% | Dec 2023 99% | Mar 2024 99% | Jun 2024 100% | Sep 2024 99% | Dec 2024 99% | Mar 2025 99% | Jun 2025 99% | Sep 2025 99% | Dec 2025 98% | Mar 2026 98%
- IRCTC: Jun 2021 46% | Sep 2021 52% | Dec 2021 52% | Mar 2022 40% | Jun 2022 38% | Sep 2022 38% | Dec 2022 35% | Mar 2023 34% | Jun 2023 34% | Sep 2023 37% | Dec 2023 35% | Mar 2024 31% | Jun 2024 34% | Sep 2024 35% | Dec 2024 34% | Mar 2025 30% | Jun 2025 34% | Sep 2025 35% | Dec 2025 32% | Mar 2026 27%
- TITAGARH: Jun 2021 8.8% | Sep 2021 11% | Dec 2021 11% | Mar 2022 11% | Jun 2022 9.3% | Sep 2022 8.8% | Dec 2022 9.0% | Mar 2023 9.0% | Jun 2023 12% | Sep 2023 12% | Dec 2023 12% | Mar 2024 11% | Jun 2024 11% | Sep 2024 12% | Dec 2024 10% | Mar 2025 2.0% | Jun 2025 9.0% | Sep 2025 9.0% | Dec 2025 11% | Mar 2026 11%
- JWL: Jun 2021 9.8% | Sep 2021 14% | Dec 2021 7.5% | Mar 2022 8.6% | Jun 2022 10% | Sep 2022 12% | Dec 2022 12% | Mar 2023 13% | Jun 2023 13% | Sep 2023 14% | Dec 2023 14% | Mar 2024 13% | Jun 2024 16% | Sep 2024 14% | Dec 2024 14% | Mar 2025 14% | Jun 2025 13% | Sep 2025 13% | Dec 2025 13% | Mar 2026 10%
- RITES: Jun 2021 27% | Sep 2021 30% | Dec 2021 25% | Mar 2022 27% | Jun 2022 30% | Sep 2022 27% | Dec 2022 29% | Mar 2023 28% | Jun 2023 30% | Sep 2023 24% | Dec 2023 25% | Mar 2024 27% | Jun 2024 22% | Sep 2024 20% | Dec 2024 20% | Mar 2025 31% | Jun 2025 23% | Sep 2025 24% | Dec 2025 23% | Mar 2026 22%
- RAILTEL: Jun 2021 19% | Sep 2021 31% | Dec 2021 17% | Mar 2022 21% | Jun 2022 18% | Sep 2022 23% | Dec 2022 16% | Mar 2023 14% | Jun 2023 16% | Sep 2023 19% | Dec 2023 12% | Mar 2024 15% | Jun 2024 12% | Sep 2024 11% | Dec 2024 10% | Mar 2025 11% | Jun 2025 9.7% | Sep 2025 11% | Dec 2025 9.3% | Mar 2026 11%
- TEXRAIL: Jun 2021 11% | Sep 2021 10% | Dec 2021 7.8% | Mar 2022 6.3% | Jun 2022 -3.1% | Sep 2022 9.0% | Dec 2022 9.0% | Mar 2023 7.0% | Jun 2023 3.0% | Sep 2023 9.0% | Dec 2023 9.0% | Mar 2024 7.0% | Jun 2024 10% | Sep 2024 10% | Dec 2024 10% | Mar 2025 7.0% | Jun 2025 8.0% | Sep 2025 10% | Dec 2025 9.0% | Mar 2026 9.0%

### 20-quarter Margin change history
- 531859: Jun 2021 −3.8 pp | Sep 2021 +3.8 pp | Dec 2021 +3.6 pp | Mar 2022 +5.8 pp | Jun 2022 +8.8 pp | Sep 2022 +2.9 pp | Dec 2022 −8.8 pp | Mar 2023 −23.8 pp | Jun 2023 −10.3 pp | Sep 2023 −5.8 pp | Dec 2023 +8.0 pp | Mar 2024 +12.0 pp | Jun 2024 −3.0 pp | Sep 2024 −3.0 pp | Dec 2024 −5.0 pp | Mar 2025 +5.0 pp | Jun 2025 +1.0 pp | Sep 2025 +4.0 pp | Dec 2025 +4.0 pp | Mar 2026 +3.0 pp
- 543928: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −1.0 pp | Dec 2023 — | Mar 2024 −2.0 pp | Jun 2024 — | Sep 2024 +4.0 pp | Dec 2024 — | Mar 2025 +2.0 pp | Jun 2025 — | Sep 2025 −1.0 pp | Dec 2025 — | Mar 2026 0.0 pp
- IRFC: Jun 2021 +0.9 pp | Sep 2021 −0.1 pp | Dec 2021 +0.0 pp | Mar 2022 −0.3 pp | Jun 2022 −0.3 pp | Sep 2022 +0.0 pp | Dec 2022 −0.3 pp | Mar 2023 +0.6 pp | Jun 2023 −0.0 pp | Sep 2023 +0.1 pp | Dec 2023 −0.0 pp | Mar 2024 +0.2 pp | Jun 2024 −0.0 pp | Sep 2024 −0.1 pp | Dec 2024 −0.1 pp | Mar 2025 −0.1 pp | Jun 2025 −0.2 pp | Sep 2025 −0.2 pp | Dec 2025 −1.0 pp | Mar 2026 −1.0 pp
- IRCTC: Jun 2021 +79.2 pp | Sep 2021 +58.5 pp | Dec 2021 +9.5 pp | Mar 2022 −2.5 pp | Jun 2022 −8.2 pp | Sep 2022 −14.4 pp | Dec 2022 −16.2 pp | Mar 2023 −6.3 pp | Jun 2023 −3.6 pp | Sep 2023 −0.8 pp | Dec 2023 −0.5 pp | Mar 2024 −3.0 pp | Jun 2024 0.0 pp | Sep 2024 −2.0 pp | Dec 2024 −1.0 pp | Mar 2025 −1.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 −2.0 pp | Mar 2026 −3.0 pp
- TITAGARH: Jun 2021 +7.6 pp | Sep 2021 +4.1 pp | Dec 2021 +5.2 pp | Mar 2022 +6.2 pp | Jun 2022 +0.6 pp | Sep 2022 −2.4 pp | Dec 2022 −2.3 pp | Mar 2023 −1.9 pp | Jun 2023 +2.7 pp | Sep 2023 +3.2 pp | Dec 2023 +3.0 pp | Mar 2024 +2.0 pp | Jun 2024 −1.0 pp | Sep 2024 0.0 pp | Dec 2024 −2.0 pp | Mar 2025 −9.0 pp | Jun 2025 −2.0 pp | Sep 2025 −3.0 pp | Dec 2025 +1.0 pp | Mar 2026 +9.0 pp
- JWL: Jun 2021 +5.6 pp | Sep 2021 +7.6 pp | Dec 2021 +1.2 pp | Mar 2022 +0.2 pp | Jun 2022 +0.2 pp | Sep 2022 −1.8 pp | Dec 2022 +4.5 pp | Mar 2023 +4.4 pp | Jun 2023 +3.0 pp | Sep 2023 +2.2 pp | Dec 2023 +2.0 pp | Mar 2024 0.0 pp | Jun 2024 +3.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 +1.0 pp | Jun 2025 −3.0 pp | Sep 2025 −1.0 pp | Dec 2025 −1.0 pp | Mar 2026 −4.0 pp
- RITES: Jun 2021 +9.4 pp | Sep 2021 +0.5 pp | Dec 2021 −4.1 pp | Mar 2022 −1.6 pp | Jun 2022 +2.3 pp | Sep 2022 −2.1 pp | Dec 2022 +3.8 pp | Mar 2023 +1.3 pp | Jun 2023 +0.4 pp | Sep 2023 −3.5 pp | Dec 2023 −4.0 pp | Mar 2024 −1.0 pp | Jun 2024 −8.0 pp | Sep 2024 −4.0 pp | Dec 2024 −5.0 pp | Mar 2025 +4.0 pp | Jun 2025 +1.0 pp | Sep 2025 +4.0 pp | Dec 2025 +3.0 pp | Mar 2026 −9.0 pp
- RAILTEL: Jun 2021 −3.6 pp | Sep 2021 +5.0 pp | Dec 2021 −13.0 pp | Mar 2022 +4.0 pp | Jun 2022 −1.0 pp | Sep 2022 −8.0 pp | Dec 2022 −1.0 pp | Mar 2023 −7.0 pp | Jun 2023 −2.0 pp | Sep 2023 −4.0 pp | Dec 2023 −4.3 pp | Mar 2024 +0.9 pp | Jun 2024 −4.2 pp | Sep 2024 −8.4 pp | Dec 2024 −1.5 pp | Mar 2025 −4.3 pp | Jun 2025 −2.1 pp | Sep 2025 +0.7 pp | Dec 2025 −0.9 pp | Mar 2026 +0.4 pp
- TEXRAIL: Jun 2021 +17.6 pp | Sep 2021 +1.8 pp | Dec 2021 −3.1 pp | Mar 2022 −1.7 pp | Jun 2022 −14.2 pp | Sep 2022 −1.4 pp | Dec 2022 +1.2 pp | Mar 2023 +0.7 pp | Jun 2023 +6.1 pp | Sep 2023 +0.1 pp | Dec 2023 0.0 pp | Mar 2024 0.0 pp | Jun 2024 +7.0 pp | Sep 2024 +1.0 pp | Dec 2024 +1.0 pp | Mar 2025 0.0 pp | Jun 2025 −2.0 pp | Sep 2025 0.0 pp | Dec 2025 −1.0 pp | Mar 2026 +2.0 pp

## Profit Scale & Acceleration

What the numbers say: Indian Railway Finance Corporation Ltd leads with ₹7,009 crore of TTM profit, 403.2% above Indian Railway Catering & Tourism Corporation Ltd. Cosmic CRF Ltd shows ≥100% on the scoring scale (295% uncapped) growth from a ₹79 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Indian Railway Finance Corporation Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Indian Railway Finance Corporation Ltd · ₹7,009 crore | 403.2% versus #2 · Indian Railway Catering & Tourism Corporation Ltd | 7/8 recent comparable periods | 9/9 companies · 161 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Indian Railway Finance Corporation Ltd (IRFC): ₹7.0K Cr
2. Indian Railway Catering & Tourism Corporation Ltd (IRCTC): ₹1.4K Cr
3. Rites Ltd (RITES): ₹454 Cr
4. Railtel Corporation of India Ltd (RAILTEL): ₹214 Cr
5. Texmaco Rail & Engineering Ltd (TEXRAIL): ₹193 Cr

### Profit growth — fastest growers
1. Cosmic CRF Ltd (543928): 100%
2. Oriental Rail Infrastructure Ltd (531859): 48%
3. Indian Railway Finance Corporation Ltd (IRFC): 7.8%
4. Rites Ltd (RITES): 7.6%
5. Railtel Corporation of India Ltd (RAILTEL): 6.5%

### 20-quarter Net profit history
- 531859: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2 Cr | Mar 2023 ₹-8 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹12 Cr
- 543928: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹1 Cr | Dec 2022 — | Mar 2023 ₹6 Cr | Jun 2023 — | Sep 2023 ₹7 Cr | Dec 2023 — | Mar 2024 ₹6 Cr | Jun 2024 — | Sep 2024 ₹18 Cr | Dec 2024 — | Mar 2025 ₹11 Cr | Jun 2025 — | Sep 2025 ₹24 Cr | Dec 2025 — | Mar 2026 ₹26 Cr
- IRFC: Jun 2021 ₹1.5K Cr | Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.7K Cr
- IRCTC: Jun 2021 ₹83 Cr | Sep 2021 ₹159 Cr | Dec 2021 ₹209 Cr | Mar 2022 ₹210 Cr | Jun 2022 ₹246 Cr | Sep 2022 ₹226 Cr | Dec 2022 ₹256 Cr | Mar 2023 ₹279 Cr | Jun 2023 ₹232 Cr | Sep 2023 ₹295 Cr | Dec 2023 ₹300 Cr | Mar 2024 ₹284 Cr | Jun 2024 ₹308 Cr | Sep 2024 ₹308 Cr | Dec 2024 ₹341 Cr | Mar 2025 ₹358 Cr | Jun 2025 ₹331 Cr | Sep 2025 ₹342 Cr | Dec 2025 ₹394 Cr | Mar 2026 ₹326 Cr
- TITAGARH: Jun 2021 ₹17 Cr | Sep 2021 ₹6 Cr | Dec 2021 ₹1 Cr | Mar 2022 — | Jun 2022 ₹0 Cr | Sep 2022 ₹45 Cr | Dec 2022 ₹33 Cr | Mar 2023 ₹48 Cr | Jun 2023 ₹62 Cr | Sep 2023 ₹71 Cr | Dec 2023 ₹75 Cr | Mar 2024 ₹79 Cr | Jun 2024 ₹67 Cr | Sep 2024 ₹81 Cr | Dec 2024 ₹63 Cr | Mar 2025 ₹-124 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹45 Cr | Mar 2026 ₹54 Cr
- JWL: Jun 2021 ₹-4 Cr | Sep 2021 ₹2 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹49 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹24 Cr | Dec 2022 ₹45 Cr | Mar 2023 ₹39 Cr | Jun 2023 ₹63 Cr | Sep 2023 ₹82 Cr | Dec 2023 ₹81 Cr | Mar 2024 ₹105 Cr | Jun 2024 ₹92 Cr | Sep 2024 ₹89 Cr | Dec 2024 ₹96 Cr | Mar 2025 ₹103 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹45 Cr | Dec 2025 ₹62 Cr | Mar 2026 ₹27 Cr
- RITES: Jun 2021 ₹78 Cr | Sep 2021 ₹174 Cr | Dec 2021 ₹144 Cr | Mar 2022 ₹142 Cr | Jun 2022 ₹145 Cr | Sep 2022 ₹140 Cr | Dec 2022 ₹147 Cr | Mar 2023 ₹139 Cr | Jun 2023 ₹120 Cr | Sep 2023 ₹110 Cr | Dec 2023 ₹129 Cr | Mar 2024 ₹137 Cr | Jun 2024 ₹90 Cr | Sep 2024 ₹82 Cr | Dec 2024 ₹109 Cr | Mar 2025 ₹141 Cr | Jun 2025 ₹91 Cr | Sep 2025 ₹109 Cr | Dec 2025 ₹115 Cr | Mar 2026 ₹139 Cr
- RAILTEL: Jun 2021 ₹21 Cr | Sep 2021 ₹68 Cr | Dec 2021 ₹66 Cr | Mar 2022 ₹54 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹55 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹76 Cr | Jun 2023 ₹38 Cr | Sep 2023 ₹68 Cr | Dec 2023 ₹62 Cr | Mar 2024 ₹78 Cr | Jun 2024 ₹49 Cr | Sep 2024 ₹73 Cr | Dec 2024 ₹65 Cr | Mar 2025 ₹113 Cr | Jun 2025 ₹66 Cr | Sep 2025 ₹76 Cr | Dec 2025 ₹62 Cr | Mar 2026 ₹142 Cr
- TEXRAIL: Jun 2021 ₹7 Cr | Sep 2021 ₹6 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹-21 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹45 Cr | Jun 2024 ₹59 Cr | Sep 2024 ₹74 Cr | Dec 2024 ₹76 Cr | Mar 2025 ₹39 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹64 Cr | Dec 2025 ₹42 Cr | Mar 2026 ₹58 Cr

### 20-quarter Profit growth history
- 531859: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 550% | Mar 2024 — | Jun 2024 20% | Sep 2024 25% | Dec 2024 -38% | Mar 2025 25% | Jun 2025 0.0% | Sep 2025 10% | Dec 2025 75% | Mar 2026 140%
- 543928: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 600% | Dec 2023 — | Mar 2024 0.0% | Jun 2024 — | Sep 2024 157% | Dec 2024 — | Mar 2025 83% | Jun 2025 — | Sep 2025 33% | Dec 2025 — | Mar 2026 136%
- IRFC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 14% | Dec 2022 2.5% | Mar 2023 -14% | Jun 2023 -6.3% | Sep 2023 -9.9% | Dec 2023 -2.1% | Mar 2024 34% | Jun 2024 1.3% | Sep 2024 4.4% | Dec 2024 2.0% | Mar 2025 -2.0% | Jun 2025 11% | Sep 2025 10% | Dec 2025 10% | Mar 2026 0.1%
- IRCTC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 196% | Sep 2022 42% | Dec 2022 22% | Mar 2023 33% | Jun 2023 -5.7% | Sep 2023 31% | Dec 2023 17% | Mar 2024 1.8% | Jun 2024 33% | Sep 2024 4.4% | Dec 2024 14% | Mar 2025 26% | Jun 2025 7.5% | Sep 2025 11% | Dec 2025 16% | Mar 2026 -8.9%
- TITAGARH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -100% | Sep 2022 650% | Dec 2022 3,200% | Mar 2023 — | Jun 2023 — | Sep 2023 58% | Dec 2023 127% | Mar 2024 65% | Jun 2024 8.1% | Sep 2024 14% | Dec 2024 -16% | Mar 2025 -257% | Jun 2025 -54% | Sep 2025 -54% | Dec 2025 -29% | Mar 2026 —
- JWL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1,100% | Dec 2022 2,150% | Mar 2023 -20% | Jun 2023 385% | Sep 2023 242% | Dec 2023 80% | Mar 2024 169% | Jun 2024 46% | Sep 2024 8.5% | Dec 2024 19% | Mar 2025 -1.9% | Jun 2025 -66% | Sep 2025 -49% | Dec 2025 -35% | Mar 2026 -74%
- RITES: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 86% | Sep 2022 -20% | Dec 2022 2.1% | Mar 2023 -2.1% | Jun 2023 -17% | Sep 2023 -21% | Dec 2023 -12% | Mar 2024 -1.4% | Jun 2024 -25% | Sep 2024 -25% | Dec 2024 -16% | Mar 2025 2.9% | Jun 2025 1.1% | Sep 2025 33% | Dec 2025 5.5% | Mar 2026 -1.4%
- RAILTEL: Jun 2021 — | Sep 2021 134% | Dec 2021 -5.7% | Mar 2022 100% | Jun 2022 24% | Sep 2022 -19% | Dec 2022 -52% | Mar 2023 41% | Jun 2023 46% | Sep 2023 24% | Dec 2023 94% | Mar 2024 2.6% | Jun 2024 29% | Sep 2024 7.4% | Dec 2024 4.8% | Mar 2025 45% | Jun 2025 35% | Sep 2025 4.1% | Dec 2025 -4.6% | Mar 2026 26%
- TEXRAIL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -400% | Sep 2022 150% | Dec 2022 550% | Mar 2023 260% | Jun 2023 — | Sep 2023 67% | Dec 2023 131% | Mar 2024 150% | Jun 2024 354% | Sep 2024 196% | Dec 2024 153% | Mar 2025 -13% | Jun 2025 -51% | Sep 2025 -14% | Dec 2025 -45% | Mar 2026 49%

## Capacity Spending & Returns On It

What the numbers say: Indian Railway Finance Corporation Ltd reports ₹10 crore of CAPEX; Indian Railway Finance Corporation Ltd has the highest covered intensity at 0.1%. Coverage is only 1 of 9 companies and 20 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Indian Railway Finance Corporation Ltd · ₹10 crore | Not enough peers | 1/8 recent comparable periods | 1/9 companies · 20 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Indian Railway Finance Corporation Ltd (IRFC): ₹10 Cr

### CAPEX intensity — highest reinvestment intensity
1. Indian Railway Finance Corporation Ltd (IRFC): 0.1%

### 20-quarter CAPEX history
- IRFC: Jun 2021 ₹0 Cr | Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹10 Cr

### 20-quarter CAPEX intensity history
- IRFC: Jun 2021 0.0% | Sep 2021 0.0% | Dec 2021 1.0% | Mar 2022 0.1% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.1% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 0.1%

## Debt Load & Balance-Sheet Headroom

What the numbers say: Indian Railway Catering & Tourism Corporation Ltd has the clearest covered balance-sheet capacity with ₹2,787 crore net cash and gross debt of ₹81 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Rites Ltd · ₹7 crore | 89.1% versus #2 · Railtel Corporation of India Ltd | 8/8 recent comparable periods | 9/9 companies · 150 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Rites Ltd (RITES): ₹7 Cr
2. Railtel Corporation of India Ltd (RAILTEL): ₹64 Cr
3. Indian Railway Catering & Tourism Corporation Ltd (IRCTC): ₹81 Cr
4. Cosmic CRF Ltd (543928): ₹133 Cr
5. Oriental Rail Infrastructure Ltd (531859): ₹305 Cr

### Net debt — lowest net debt
1. Indian Railway Catering & Tourism Corporation Ltd (IRCTC): ₹-2.8K Cr
2. Rites Ltd (RITES): ₹-890 Cr
3. Railtel Corporation of India Ltd (RAILTEL): ₹-590 Cr
4. Titagarh Rail Systems Ltd (TITAGARH): ₹306 Cr
5. Jupiter Wagons Ltd (JWL): ₹345 Cr

### 20-quarter Gross debt history
- 531859: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹178 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹314 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹294 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹282 Cr | Jun 2025 — | Sep 2025 ₹229 Cr | Dec 2025 — | Mar 2026 ₹305 Cr
- 543928: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹12 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹36 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹19 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹78 Cr | Jun 2025 — | Sep 2025 ₹115 Cr | Dec 2025 — | Mar 2026 ₹133 Cr
- IRFC: Jun 2021 ₹3.3 L Cr | Sep 2021 ₹3.4 L Cr | Dec 2021 ₹3.7 L Cr | Mar 2022 ₹3.9 L Cr | Jun 2022 ₹3.9 L Cr | Sep 2022 ₹3.9 L Cr | Dec 2022 ₹4.0 L Cr | Mar 2023 ₹4.2 L Cr | Jun 2023 ₹4.1 L Cr | Sep 2023 ₹4.1 L Cr | Dec 2023 ₹4.1 L Cr | Mar 2024 ₹4.1 L Cr | Jun 2024 ₹4.1 L Cr | Sep 2024 ₹4.0 L Cr | Dec 2024 ₹4.1 L Cr | Mar 2025 ₹4.1 L Cr | Jun 2025 ₹4.1 L Cr | Sep 2025 ₹4.1 L Cr | Dec 2025 ₹4.2 L Cr | Mar 2026 ₹4.4 L Cr
- IRCTC: Jun 2021 — | Sep 2021 ₹108 Cr | Dec 2021 ₹108 Cr | Mar 2022 ₹105 Cr | Jun 2022 ₹107 Cr | Sep 2022 ₹178 Cr | Dec 2022 ₹178 Cr | Mar 2023 ₹84 Cr | Jun 2023 ₹84 Cr | Sep 2023 ₹67 Cr | Dec 2023 ₹67 Cr | Mar 2024 ₹60 Cr | Jun 2024 ₹60 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹90 Cr | Jun 2025 ₹90 Cr | Sep 2025 ₹78 Cr | Dec 2025 ₹78 Cr | Mar 2026 ₹81 Cr
- TITAGARH: Jun 2021 ₹846 Cr | Sep 2021 ₹868 Cr | Dec 2021 ₹868 Cr | Mar 2022 ₹920 Cr | Jun 2022 ₹920 Cr | Sep 2022 ₹341 Cr | Dec 2022 ₹341 Cr | Mar 2023 ₹353 Cr | Jun 2023 ₹353 Cr | Sep 2023 ₹362 Cr | Dec 2023 ₹362 Cr | Mar 2024 ₹166 Cr | Jun 2024 ₹166 Cr | Sep 2024 ₹498 Cr | Dec 2024 ₹498 Cr | Mar 2025 ₹627 Cr | Jun 2025 ₹627 Cr | Sep 2025 ₹637 Cr | Dec 2025 ₹637 Cr | Mar 2026 ₹623 Cr
- JWL: Jun 2021 ₹56 Cr | Sep 2021 ₹67 Cr | Dec 2021 ₹67 Cr | Mar 2022 ₹139 Cr | Jun 2022 ₹139 Cr | Sep 2022 ₹234 Cr | Dec 2022 ₹234 Cr | Mar 2023 ₹288 Cr | Jun 2023 ₹288 Cr | Sep 2023 ₹374 Cr | Dec 2023 ₹374 Cr | Mar 2024 ₹349 Cr | Jun 2024 ₹349 Cr | Sep 2024 ₹450 Cr | Dec 2024 ₹450 Cr | Mar 2025 ₹502 Cr | Jun 2025 ₹502 Cr | Sep 2025 ₹749 Cr | Dec 2025 ₹749 Cr | Mar 2026 ₹996 Cr
- RITES: Jun 2021 ₹29 Cr | Sep 2021 ₹25 Cr | Dec 2021 ₹25 Cr | Mar 2022 ₹28 Cr | Jun 2022 ₹28 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹7 Cr
- RAILTEL: Jun 2021 — | Sep 2021 ₹35 Cr | Dec 2021 ₹35 Cr | Mar 2022 ₹32 Cr | Jun 2022 ₹32 Cr | Sep 2022 ₹30 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹42 Cr | Jun 2023 ₹42 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹48 Cr | Mar 2024 ₹46 Cr | Jun 2024 ₹46 Cr | Sep 2024 ₹49 Cr | Dec 2024 ₹49 Cr | Mar 2025 ₹45 Cr | Jun 2025 ₹45 Cr | Sep 2025 ₹71 Cr | Dec 2025 ₹71 Cr | Mar 2026 ₹64 Cr
- TEXRAIL: Jun 2021 ₹763 Cr | Sep 2021 ₹756 Cr | Dec 2021 ₹756 Cr | Mar 2022 ₹710 Cr | Jun 2022 ₹710 Cr | Sep 2022 ₹887 Cr | Dec 2022 ₹887 Cr | Mar 2023 ₹984 Cr | Jun 2023 ₹984 Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹631 Cr | Jun 2024 ₹631 Cr | Sep 2024 ₹938 Cr | Dec 2024 ₹938 Cr | Mar 2025 ₹948 Cr | Jun 2025 ₹948 Cr | Sep 2025 ₹906 Cr | Dec 2025 ₹906 Cr | Mar 2026 ₹895 Cr

### 20-quarter Net debt history
- IRFC: Jun 2021 ₹3.3 L Cr | Sep 2021 ₹3.4 L Cr | Dec 2021 ₹3.7 L Cr | Mar 2022 ₹3.9 L Cr | Jun 2022 ₹3.9 L Cr | Sep 2022 ₹3.8 L Cr | Dec 2022 ₹4.0 L Cr | Mar 2023 ₹4.2 L Cr | Jun 2023 ₹4.1 L Cr | Sep 2023 ₹4.0 L Cr | Dec 2023 ₹4.1 L Cr | Mar 2024 ₹4.1 L Cr | Jun 2024 ₹4.1 L Cr | Sep 2024 ₹3.9 L Cr | Dec 2024 ₹4.1 L Cr | Mar 2025 ₹4.1 L Cr | Jun 2025 ₹4.1 L Cr | Sep 2025 ₹3.9 L Cr | Dec 2025 ₹4.2 L Cr | Mar 2026 ₹4.4 L Cr
- IRCTC: Jun 2021 — | Sep 2021 ₹-2.0K Cr | Dec 2021 ₹-2.0K Cr | Mar 2022 ₹-1.6K Cr | Jun 2022 ₹-1.6K Cr | Sep 2022 ₹-1.7K Cr | Dec 2022 ₹-1.7K Cr | Mar 2023 ₹-1.8K Cr | Jun 2023 ₹-1.8K Cr | Sep 2023 ₹-2.0K Cr | Dec 2023 ₹-2.0K Cr | Mar 2024 ₹-2.2K Cr | Jun 2024 ₹-2.1K Cr | Sep 2024 ₹-2.4K Cr | Dec 2024 ₹-2.4K Cr | Mar 2025 ₹-2.2K Cr | Jun 2025 ₹-2.2K Cr | Sep 2025 ₹-2.9K Cr | Dec 2025 ₹-2.9K Cr | Mar 2026 ₹-2.8K Cr
- TITAGARH: Jun 2021 ₹722 Cr | Sep 2021 ₹762 Cr | Dec 2021 ₹762 Cr | Mar 2022 ₹878 Cr | Jun 2022 ₹878 Cr | Sep 2022 ₹173 Cr | Dec 2022 ₹173 Cr | Mar 2023 ₹251 Cr | Jun 2023 ₹253 Cr | Sep 2023 ₹192 Cr | Dec 2023 ₹192 Cr | Mar 2024 ₹-448 Cr | Jun 2024 ₹-443 Cr | Sep 2024 ₹-73 Cr | Dec 2024 ₹-73 Cr | Mar 2025 ₹139 Cr | Jun 2025 ₹160 Cr | Sep 2025 ₹377 Cr | Dec 2025 ₹377 Cr | Mar 2026 ₹306 Cr
- JWL: Jun 2021 ₹47 Cr | Sep 2021 ₹63 Cr | Dec 2021 ₹63 Cr | Mar 2022 ₹98 Cr | Jun 2022 ₹70 Cr | Sep 2022 ₹196 Cr | Dec 2022 ₹196 Cr | Mar 2023 ₹171 Cr | Jun 2023 ₹121 Cr | Sep 2023 ₹213 Cr | Dec 2023 ₹213 Cr | Mar 2024 ₹173 Cr | Jun 2024 ₹173 Cr | Sep 2024 ₹-630 Cr | Dec 2024 ₹-630 Cr | Mar 2025 ₹-69 Cr | Jun 2025 ₹-222 Cr | Sep 2025 ₹58 Cr | Dec 2025 ₹58 Cr | Mar 2026 ₹345 Cr
- RITES: Jun 2021 ₹-1.0K Cr | Sep 2021 ₹-721 Cr | Dec 2021 ₹-721 Cr | Mar 2022 ₹-755 Cr | Jun 2022 ₹-756 Cr | Sep 2022 ₹-807 Cr | Dec 2022 ₹-807 Cr | Mar 2023 ₹-907 Cr | Jun 2023 ₹-910 Cr | Sep 2023 ₹-882 Cr | Dec 2023 ₹-882 Cr | Mar 2024 ₹-767 Cr | Jun 2024 ₹-770 Cr | Sep 2024 ₹-838 Cr | Dec 2024 ₹-838 Cr | Mar 2025 ₹-948 Cr | Jun 2025 ₹-951 Cr | Sep 2025 ₹-907 Cr | Dec 2025 ₹-907 Cr | Mar 2026 ₹-890 Cr
- RAILTEL: Jun 2021 — | Sep 2021 ₹-268 Cr | Dec 2021 ₹-268 Cr | Mar 2022 ₹-351 Cr | Jun 2022 ₹-338 Cr | Sep 2022 ₹-440 Cr | Dec 2022 ₹-440 Cr | Mar 2023 ₹-445 Cr | Jun 2023 ₹-271 Cr | Sep 2023 ₹-275 Cr | Dec 2023 ₹-275 Cr | Mar 2024 ₹-598 Cr | Jun 2024 ₹-598 Cr | Sep 2024 ₹-217 Cr | Dec 2024 ₹-217 Cr | Mar 2025 ₹-753 Cr | Jun 2025 ₹-753 Cr | Sep 2025 ₹-248 Cr | Dec 2025 ₹-248 Cr | Mar 2026 ₹-590 Cr
- TEXRAIL: Jun 2021 ₹622 Cr | Sep 2021 ₹649 Cr | Dec 2021 ₹649 Cr | Mar 2022 ₹654 Cr | Jun 2022 ₹537 Cr | Sep 2022 ₹728 Cr | Dec 2022 ₹728 Cr | Mar 2023 ₹953 Cr | Jun 2023 ₹831 Cr | Sep 2023 ₹950 Cr | Dec 2023 ₹950 Cr | Mar 2024 ₹304 Cr | Jun 2024 ₹-67 Cr | Sep 2024 ₹691 Cr | Dec 2024 ₹691 Cr | Mar 2025 ₹803 Cr | Jun 2025 ₹655 Cr | Sep 2025 ₹619 Cr | Dec 2025 ₹619 Cr | Mar 2026 ₹466 Cr

## Return On Capital Employed

What the numbers say: Indian Railway Catering & Tourism Corporation Ltd leads ROCE at 46.1%, 24.1 percentage points above Rites Ltd. Cosmic CRF Ltd has the strongest latest improvement at +5 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Indian Railway Catering & Tourism Corporation Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Indian Railway Catering & Tourism Corporation Ltd · 46.1% | 109.5% versus #2 · Rites Ltd | 0/8 recent comparable periods | 9/9 companies · 88 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Indian Railway Catering & Tourism Corporation Ltd (IRCTC): 46%
2. Rites Ltd (RITES): 22%
3. Railtel Corporation of India Ltd (RAILTEL): 16%
4. Cosmic CRF Ltd (543928): 14%
5. Oriental Rail Infrastructure Ltd (531859): 12%

### ROCE change — fastest improvers
1. Cosmic CRF Ltd (543928): +5.0 pp
2. Oriental Rail Infrastructure Ltd (531859): +1.0 pp
3. Railtel Corporation of India Ltd (RAILTEL): +0.8 pp
4. Texmaco Rail & Engineering Ltd (TEXRAIL): +0.2 pp
5. Rites Ltd (RITES): −0.5 pp

### 20-quarter ROCE history
- IRCTC: Jun 2021 — | Sep 2021 28% | Dec 2021 — | Mar 2022 40% | Jun 2022 — | Sep 2022 45% | Dec 2022 — | Mar 2023 45% | Jun 2023 — | Sep 2023 43% | Dec 2023 54% | Mar 2024 41% | Jun 2024 52% | Sep 2024 39% | Dec 2024 49% | Mar 2025 38% | Jun 2025 49% | Sep 2025 34% | Dec 2025 46% | Mar 2026 35%
- TITAGARH: Jun 2021 — | Sep 2021 6.4% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 10% | Dec 2022 — | Mar 2023 20% | Jun 2023 — | Sep 2023 22% | Dec 2023 32% | Mar 2024 17% | Jun 2024 25% | Sep 2024 17% | Dec 2024 22% | Mar 2025 15% | Jun 2025 7.1% | Sep 2025 12% | Dec 2025 3.7% | Mar 2026 11%
- JWL: Jun 2021 — | Sep 2021 64% | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 21% | Dec 2022 — | Mar 2023 27% | Jun 2023 — | Sep 2023 33% | Dec 2023 46% | Mar 2024 27% | Jun 2024 41% | Sep 2024 19% | Dec 2024 30% | Mar 2025 19% | Jun 2025 21% | Sep 2025 14% | Dec 2025 14% | Mar 2026 8.8%
- RITES: Jun 2021 — | Sep 2021 22% | Dec 2021 — | Mar 2022 23% | Jun 2022 — | Sep 2022 24% | Dec 2022 — | Mar 2023 23% | Jun 2023 — | Sep 2023 21% | Dec 2023 23% | Mar 2024 20% | Jun 2024 21% | Sep 2024 17% | Dec 2024 19% | Mar 2025 16% | Jun 2025 20% | Sep 2025 15% | Dec 2025 20% | Mar 2026 15%
- RAILTEL: Jun 2021 — | Sep 2021 13% | Dec 2021 15% | Mar 2022 11% | Jun 2022 18% | Sep 2022 11% | Dec 2022 14% | Mar 2023 13% | Jun 2023 16% | Sep 2023 14% | Dec 2023 — | Mar 2024 16% | Jun 2024 — | Sep 2024 18% | Dec 2024 — | Mar 2025 17% | Jun 2025 — | Sep 2025 16% | Dec 2025 — | Mar 2026 18%
- TEXRAIL: Jun 2021 — | Sep 2021 10% | Dec 2021 — | Mar 2022 6.9% | Jun 2022 — | Sep 2022 3.8% | Dec 2022 — | Mar 2023 6.5% | Jun 2023 — | Sep 2023 9.6% | Dec 2023 15% | Mar 2024 7.9% | Jun 2024 16% | Sep 2024 10% | Dec 2024 20% | Mar 2025 12% | Jun 2025 15% | Sep 2025 11% | Dec 2025 12% | Mar 2026 12%

### 20-quarter ROCE change history
- IRCTC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +17.5 pp | Dec 2022 — | Mar 2023 +5.8 pp | Jun 2023 — | Sep 2023 −2.9 pp | Dec 2023 — | Mar 2024 −4.6 pp | Jun 2024 — | Sep 2024 −4.0 pp | Dec 2024 −5.2 pp | Mar 2025 −3.2 pp | Jun 2025 −3.9 pp | Sep 2025 −4.4 pp | Dec 2025 −2.9 pp | Mar 2026 −2.4 pp
- TITAGARH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.8 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +11.5 pp | Dec 2023 — | Mar 2024 −2.3 pp | Jun 2024 — | Sep 2024 −5.0 pp | Dec 2024 −10.5 pp | Mar 2025 −2.0 pp | Jun 2025 −18.1 pp | Sep 2025 −4.8 pp | Dec 2025 −18.0 pp | Mar 2026 −4.7 pp
- JWL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −42.8 pp | Dec 2022 — | Mar 2023 +13.8 pp | Jun 2023 — | Sep 2023 +12.4 pp | Dec 2023 — | Mar 2024 +0.9 pp | Jun 2024 — | Sep 2024 −13.9 pp | Dec 2024 −15.4 pp | Mar 2025 −8.9 pp | Jun 2025 −19.8 pp | Sep 2025 −5.3 pp | Dec 2025 −15.8 pp | Mar 2026 −9.7 pp
- RITES: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.8 pp | Dec 2022 — | Mar 2023 −0.6 pp | Jun 2023 — | Sep 2023 −2.5 pp | Dec 2023 — | Mar 2024 −2.5 pp | Jun 2024 — | Sep 2024 −4.3 pp | Dec 2024 −4.3 pp | Mar 2025 −4.5 pp | Jun 2025 −1.4 pp | Sep 2025 −1.8 pp | Dec 2025 +1.1 pp | Mar 2026 −0.5 pp
- RAILTEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.3 pp | Dec 2022 −1.7 pp | Mar 2023 +1.4 pp | Jun 2023 −1.7 pp | Sep 2023 +2.6 pp | Dec 2023 — | Mar 2024 +3.5 pp | Jun 2024 — | Sep 2024 +4.2 pp | Dec 2024 — | Mar 2025 +0.5 pp | Jun 2025 — | Sep 2025 −1.5 pp | Dec 2025 — | Mar 2026 +0.8 pp
- TEXRAIL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.6 pp | Dec 2022 — | Mar 2023 −0.4 pp | Jun 2023 — | Sep 2023 +5.8 pp | Dec 2023 — | Mar 2024 +1.4 pp | Jun 2024 — | Sep 2024 +0.8 pp | Dec 2024 +4.6 pp | Mar 2025 +4.1 pp | Jun 2025 −1.6 pp | Sep 2025 +1.0 pp | Dec 2025 −7.4 pp | Mar 2026 +0.2 pp

## Valuation Against Growth & Quality

What the numbers say: Texmaco Rail & Engineering Ltd has the lowest comparable Guarded PEG at 0.81×, 52.1% below Titagarh Rail Systems Ltd. Only 7 of 9 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Texmaco Rail & Engineering Ltd · 0.81× | 52.1% versus #2 · Titagarh Rail Systems Ltd | 0/8 recent comparable periods | 7/9 companies · 49 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Texmaco Rail & Engineering Ltd (TEXRAIL): 0.8
2. Titagarh Rail Systems Ltd (TITAGARH): 1.7
3. Railtel Corporation of India Ltd (RAILTEL): 1.8
4. Rites Ltd (RITES): 2.3
5. Indian Railway Finance Corporation Ltd (IRFC): 2.4

### P/E — lowest P/E
1. Indian Railway Finance Corporation Ltd (IRFC): 16.3
2. Oriental Rail Infrastructure Ltd (531859): 17.4
3. Cosmic CRF Ltd (543928): 22.3
4. Texmaco Rail & Engineering Ltd (TEXRAIL): 22.7
5. Rites Ltd (RITES): 25.0

### 20-quarter Guarded PEG history
- IRFC: Jun 2021 0.1 | Sep 2021 0.2 | Dec 2021 0.1 | Mar 2022 0.1 | Jun 2022 0.4 | Sep 2022 0.2 | Dec 2022 0.5 | Mar 2023 0.8 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.7 | Jun 2024 — | Sep 2024 — | Dec 2024 3.7 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 5.1 | Mar 2026 2.4
- IRCTC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.5 | Dec 2022 2.5 | Mar 2023 1.4 | Jun 2023 — | Sep 2023 1.7 | Dec 2023 3.7 | Mar 2024 — | Jun 2024 2.1 | Sep 2024 — | Dec 2024 3.8 | Mar 2025 1.8 | Jun 2025 4.4 | Sep 2025 4.3 | Dec 2025 3.8 | Mar 2026 2.4
- TITAGARH: Jun 2021 — | Sep 2021 2.9 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.8 | Jun 2024 — | Sep 2024 1.1 | Dec 2024 1.7 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- JWL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 4.5 | Mar 2025 1.0 | Jun 2025 3.8 | Sep 2025 — | Dec 2025 — | Mar 2026 —
- RITES: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 0.5 | Jun 2022 0.5 | Sep 2022 0.4 | Dec 2022 1.1 | Mar 2023 2.7 | Jun 2023 3.3 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 2.3
- RAILTEL: Jun 2021 0.9 | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.7 | Sep 2022 0.4 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 3.0 | Sep 2024 12.2 | Dec 2024 — | Mar 2025 1.1 | Jun 2025 2.1 | Sep 2025 — | Dec 2025 — | Mar 2026 1.8
- TEXRAIL: Jun 2021 — | Sep 2021 — | Dec 2021 0.6 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.2 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.8 | Dec 2025 — | Mar 2026 —

### 20-quarter P/E history
- 531859: Jun 2021 18.1 | Sep 2021 31.9 | Dec 2021 40.0 | Mar 2022 46.5 | Jun 2022 41.3 | Sep 2022 36.5 | Dec 2022 23.3 | Mar 2023 13.6 | Jun 2023 80.0 | Sep 2023 97.5 | Dec 2023 175.6 | Mar 2024 74.6 | Jun 2024 48.2 | Sep 2024 51.8 | Dec 2024 56.3 | Mar 2025 34.9 | Jun 2025 35.6 | Sep 2025 32.0 | Dec 2025 38.4 | Mar 2026 20.4
- 543928: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 43.7 | Dec 2025 — | Mar 2026 15.2
- IRFC: Jun 2021 7.7 | Sep 2021 5.6 | Dec 2021 5.3 | Mar 2022 4.8 | Jun 2022 4.2 | Sep 2022 4.5 | Dec 2022 6.6 | Mar 2023 5.3 | Jun 2023 6.8 | Sep 2023 16.1 | Dec 2023 21.6 | Mar 2024 31.1 | Jun 2024 35.4 | Sep 2024 31.8 | Dec 2024 29.4 | Mar 2025 24.9 | Jun 2025 28.1 | Sep 2025 23.9 | Dec 2025 25.6 | Mar 2026 17.2
- IRCTC: Jun 2021 110.6 | Sep 2021 144.7 | Dec 2021 120.8 | Mar 2022 94.0 | Jun 2022 56.0 | Sep 2022 63.5 | Dec 2022 54.6 | Mar 2023 45.6 | Jun 2023 51.2 | Sep 2023 51.3 | Dec 2023 64.2 | Mar 2024 66.9 | Jun 2024 68.5 | Sep 2024 62.1 | Dec 2024 51.9 | Mar 2025 47.2 | Jun 2025 49.0 | Sep 2025 43.0 | Dec 2025 42.1 | Mar 2026 29.5
- TITAGARH: Jun 2021 36.8 | Sep 2021 49.0 | Dec 2021 29.4 | Mar 2022 22.5 | Jun 2022 15.4 | Sep 2022 22.1 | Dec 2022 27.6 | Mar 2023 27.7 | Jun 2023 43.3 | Sep 2023 52.5 | Dec 2023 60.0 | Mar 2024 45.3 | Jun 2024 83.4 | Sep 2024 55.5 | Dec 2024 50.8 | Mar 2025 36.8 | Jun 2025 56.3 | Sep 2025 62.9 | Dec 2025 83.8 | Mar 2026 59.6
- JWL: Jun 2021 — | Sep 2021 5.4 | Dec 2021 7.4 | Mar 2022 7.9 | Jun 2022 9.6 | Sep 2022 13.0 | Dec 2022 26.1 | Mar 2023 25.3 | Jun 2023 55.7 | Sep 2023 75.1 | Dec 2023 55.1 | Mar 2024 56.5 | Jun 2024 84.6 | Sep 2024 58.9 | Dec 2024 56.9 | Mar 2025 40.2 | Jun 2025 42.7 | Sep 2025 44.2 | Dec 2025 51.4 | Mar 2026 42.3
- RITES: Jun 2021 15.3 | Sep 2021 15.2 | Dec 2021 13.2 | Mar 2022 12.3 | Jun 2022 10.7 | Sep 2022 13.5 | Dec 2022 14.9 | Mar 2023 15.6 | Jun 2023 16.5 | Sep 2023 23.1 | Dec 2023 25.1 | Mar 2024 34.6 | Jun 2024 36.5 | Sep 2024 40.4 | Dec 2024 33.8 | Mar 2025 28.4 | Jun 2025 35.0 | Sep 2025 30.9 | Dec 2025 29.6 | Mar 2026 21.4
- RAILTEL: Jun 2021 27.1 | Sep 2021 28.1 | Dec 2021 20.2 | Mar 2022 15.7 | Jun 2022 15.0 | Sep 2022 16.3 | Dec 2022 21.2 | Mar 2023 20.6 | Jun 2023 25.9 | Sep 2023 41.2 | Dec 2023 57.9 | Mar 2024 62.3 | Jun 2024 79.7 | Sep 2024 80.2 | Dec 2024 68.3 | Mar 2025 51.8 | Jun 2025 73.3 | Sep 2025 64.7 | Dec 2025 64.8 | Mar 2026 44.6
- TEXRAIL: Jun 2021 70.6 | Sep 2021 21.7 | Dec 2021 20.7 | Mar 2022 38.9 | Jun 2022 61.4 | Sep 2022 64.4 | Dec 2022 945.0 | Mar 2023 103.5 | Jun 2023 97.0 | Sep 2023 70.0 | Dec 2023 80.3 | Mar 2024 65.1 | Jun 2024 80.4 | Sep 2024 51.4 | Dec 2024 38.2 | Mar 2025 21.1 | Jun 2025 28.6 | Sep 2025 25.3 | Dec 2025 26.5 | Mar 2026 18.8

## Enterprise Value & Book Value

What the numbers say: Rites Ltd leads ev/ebitda at 8.4×; Oriental Rail Infrastructure Ltd leads p/bv at 1.76×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Rites Ltd · 8.4× | 2.3% versus #2 · Cosmic CRF Ltd | 0/8 recent comparable periods | 9/9 companies · 162 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Rites Ltd (RITES): 8.4
2. Cosmic CRF Ltd (543928): 8.6
3. Texmaco Rail & Engineering Ltd (TEXRAIL): 9.1
4. Oriental Rail Infrastructure Ltd (531859): 10.1
5. Indian Railway Finance Corporation Ltd (IRFC): 10.4

### P/BV — lowest P/BV
1. Oriental Rail Infrastructure Ltd (531859): 1.8
2. Texmaco Rail & Engineering Ltd (TEXRAIL): 1.9
3. Indian Railway Finance Corporation Ltd (IRFC): 2.0
4. Cosmic CRF Ltd (543928): 2.5
5. Jupiter Wagons Ltd (JWL): 3.5

### 20-quarter EV/EBITDA history
- 531859: Jun 2021 13.4 | Sep 2021 18.7 | Dec 2021 22.2 | Mar 2022 25.1 | Jun 2022 24.1 | Sep 2022 22.6 | Dec 2022 15.4 | Mar 2023 8.8 | Jun 2023 15.2 | Sep 2023 25.0 | Dec 2023 43.1 | Mar 2024 33.8 | Jun 2024 27.5 | Sep 2024 27.1 | Dec 2024 29.7 | Mar 2025 17.2 | Jun 2025 16.4 | Sep 2025 15.2 | Dec 2025 16.6 | Mar 2026 10.1
- 543928: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 22.0 | Dec 2025 — | Mar 2026 8.6
- IRFC: Jun 2021 20.0 | Sep 2021 21.5 | Dec 2021 13.0 | Mar 2022 12.1 | Jun 2022 17.3 | Sep 2022 19.1 | Dec 2022 18.8 | Mar 2023 18.1 | Jun 2023 19.0 | Sep 2023 20.5 | Dec 2023 20.4 | Mar 2024 22.7 | Jun 2024 24.3 | Sep 2024 23.0 | Dec 2024 21.8 | Mar 2025 21.2 | Jun 2025 22.0 | Sep 2025 20.8 | Dec 2025 21.2 | Mar 2026 10.4
- IRCTC: Jun 2021 94.5 | Sep 2021 108.7 | Dec 2021 88.7 | Mar 2022 69.8 | Jun 2022 41.9 | Sep 2022 47.6 | Dec 2022 41.2 | Mar 2023 35.1 | Jun 2023 38.2 | Sep 2023 39.1 | Dec 2023 49.0 | Mar 2024 50.2 | Jun 2024 47.2 | Sep 2024 42.8 | Dec 2024 35.4 | Mar 2025 32.3 | Jun 2025 34.1 | Sep 2025 29.9 | Dec 2025 29.0 | Mar 2026 19.9
- TITAGARH: Jun 2021 13.8 | Sep 2021 11.9 | Dec 2021 11.3 | Mar 2022 11.1 | Jun 2022 9.7 | Sep 2022 10.4 | Dec 2022 13.3 | Mar 2023 16.4 | Jun 2023 23.5 | Sep 2023 28.7 | Dec 2023 35.1 | Mar 2024 27.6 | Jun 2024 51.7 | Sep 2024 32.9 | Dec 2024 30.6 | Mar 2025 21.6 | Jun 2025 29.7 | Sep 2025 31.9 | Dec 2025 38.0 | Mar 2026 26.8
- JWL: Jun 2021 3.5 | Sep 2021 3.4 | Dec 2021 4.7 | Mar 2022 4.4 | Jun 2022 18.1 | Sep 2022 25.5 | Dec 2022 27.3 | Mar 2023 18.8 | Jun 2023 27.6 | Sep 2023 40.9 | Dec 2023 33.5 | Mar 2024 35.0 | Jun 2024 55.8 | Sep 2024 39.8 | Dec 2024 36.1 | Mar 2025 24.9 | Jun 2025 27.2 | Sep 2025 26.2 | Dec 2025 29.8 | Mar 2026 23.3
- RITES: Jun 2021 4.5 | Sep 2021 5.0 | Dec 2021 4.8 | Mar 2022 4.5 | Jun 2022 2.8 | Sep 2022 5.2 | Dec 2022 5.9 | Mar 2023 6.1 | Jun 2023 6.7 | Sep 2023 10.3 | Dec 2023 11.4 | Mar 2024 17.1 | Jun 2024 17.9 | Sep 2024 20.5 | Dec 2024 15.7 | Mar 2025 12.0 | Jun 2025 16.3 | Sep 2025 13.4 | Dec 2025 13.4 | Mar 2026 8.4
- RAILTEL: Jun 2021 14.0 | Sep 2021 9.7 | Dec 2021 8.4 | Mar 2022 6.3 | Jun 2022 5.6 | Sep 2022 6.5 | Dec 2022 8.7 | Mar 2023 7.9 | Jun 2023 10.3 | Sep 2023 17.7 | Dec 2023 25.8 | Mar 2024 27.8 | Jun 2024 35.8 | Sep 2024 36.0 | Dec 2024 30.6 | Mar 2025 23.0 | Jun 2025 32.9 | Sep 2025 28.9 | Dec 2025 29.0 | Mar 2026 19.7
- TEXRAIL: Jun 2021 11.8 | Sep 2021 8.6 | Dec 2021 8.8 | Mar 2022 10.8 | Jun 2022 11.9 | Sep 2022 20.4 | Dec 2022 20.0 | Mar 2023 13.2 | Jun 2023 17.9 | Sep 2023 21.3 | Dec 2023 28.7 | Mar 2024 25.7 | Jun 2024 32.3 | Sep 2024 21.7 | Dec 2024 18.3 | Mar 2025 11.6 | Jun 2025 13.6 | Sep 2025 12.6 | Dec 2025 13.3 | Mar 2026 9.1

### 20-quarter P/BV history
- 531859: Jun 2021 3.7 | Sep 2021 5.1 | Dec 2021 6.2 | Mar 2022 6.8 | Jun 2022 7.1 | Sep 2022 5.7 | Dec 2022 3.6 | Mar 2023 2.0 | Jun 2023 2.4 | Sep 2023 4.4 | Dec 2023 10.3 | Mar 2024 10.9 | Jun 2024 13.1 | Sep 2024 6.0 | Dec 2024 6.5 | Mar 2025 3.4 | Jun 2025 3.5 | Sep 2025 2.7 | Dec 2025 2.9 | Mar 2026 1.9
- 543928: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 5.2 | Jun 2025 — | Sep 2025 2.6 | Dec 2025 — | Mar 2026 1.3
- IRFC: Jun 2021 0.9 | Sep 2021 0.8 | Dec 2021 0.8 | Mar 2022 0.7 | Jun 2022 0.7 | Sep 2022 0.6 | Dec 2022 1.0 | Mar 2023 0.8 | Jun 2023 0.9 | Sep 2023 2.1 | Dec 2023 2.8 | Mar 2024 3.9 | Jun 2024 5.0 | Sep 2024 4.0 | Dec 2024 3.7 | Mar 2025 3.1 | Jun 2025 3.7 | Sep 2025 2.9 | Dec 2025 3.1 | Mar 2026 2.1
- IRCTC: Jun 2021 22.2 | Sep 2021 37.3 | Dec 2021 40.8 | Mar 2022 33.1 | Jun 2022 24.5 | Sep 2022 25.2 | Dec 2022 22.9 | Mar 2023 18.5 | Jun 2023 20.5 | Sep 2023 19.1 | Dec 2023 25.0 | Mar 2024 23.0 | Jun 2024 24.5 | Sep 2024 22.9 | Dec 2024 17.7 | Mar 2025 16.5 | Jun 2025 19.4 | Sep 2025 15.4 | Dec 2025 13.2 | Mar 2026 9.6
- TITAGARH: Jun 2021 1.0 | Sep 2021 1.3 | Dec 2021 1.3 | Mar 2022 1.4 | Jun 2022 1.4 | Sep 2022 2.0 | Dec 2022 3.0 | Mar 2023 3.7 | Jun 2023 7.2 | Sep 2023 9.7 | Dec 2023 9.6 | Mar 2024 8.9 | Jun 2024 23.0 | Sep 2024 7.5 | Dec 2024 6.6 | Mar 2025 4.5 | Jun 2025 5.7 | Sep 2025 4.8 | Dec 2025 4.8 | Mar 2026 3.2
- JWL: Jun 2021 2.7 | Sep 2021 2.8 | Dec 2021 3.7 | Mar 2022 0.6 | Jun 2022 0.7 | Sep 2022 3.9 | Dec 2022 4.9 | Mar 2023 1.2 | Jun 2023 2.3 | Sep 2023 15.8 | Dec 2023 12.1 | Mar 2024 14.7 | Jun 2024 32.2 | Sep 2024 13.2 | Dec 2024 8.4 | Mar 2025 6.1 | Jun 2025 9.8 | Sep 2025 5.2 | Dec 2025 5.3 | Mar 2026 3.9
- RITES: Jun 2021 2.6 | Sep 2021 2.8 | Dec 2021 2.5 | Mar 2022 2.6 | Jun 2022 2.3 | Sep 2022 3.0 | Dec 2022 3.2 | Mar 2023 3.4 | Jun 2023 3.6 | Sep 2023 4.5 | Dec 2023 4.7 | Mar 2024 6.2 | Jun 2024 6.4 | Sep 2024 6.6 | Dec 2024 5.2 | Mar 2025 4.2 | Jun 2025 4.7 | Sep 2025 4.5 | Dec 2025 4.6 | Mar 2026 3.4
- RAILTEL: Jun 2021 3.4 | Sep 2021 2.9 | Dec 2021 2.6 | Mar 2022 2.0 | Jun 2022 2.1 | Sep 2022 2.1 | Dec 2022 2.6 | Mar 2023 2.1 | Jun 2023 2.8 | Sep 2023 4.4 | Dec 2023 6.3 | Mar 2024 6.8 | Jun 2024 8.7 | Sep 2024 8.7 | Dec 2024 7.4 | Mar 2025 5.6 | Jun 2025 8.0 | Sep 2025 7.0 | Dec 2025 7.0 | Mar 2026 4.8
- TEXRAIL: Jun 2021 1.1 | Sep 2021 0.9 | Dec 2021 0.9 | Mar 2022 1.2 | Jun 2022 1.1 | Sep 2022 1.2 | Dec 2022 1.4 | Mar 2023 1.0 | Jun 2023 1.9 | Sep 2023 3.0 | Dec 2023 3.9 | Mar 2024 4.4 | Jun 2024 5.7 | Sep 2024 3.4 | Dec 2024 3.0 | Mar 2025 2.0 | Jun 2025 2.8 | Sep 2025 2.0 | Dec 2025 1.9 | Mar 2026 1.2

## Market action

Titagarh Rail Systems Ltd has the strongest one-year price move in Railways at -7.1%. Cosmic CRF Ltd leads on Mansfield relative strength against NIFTY at +23.5%. 2 of 9 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

### Strongest one-year price performers
1. Titagarh Rail Systems Ltd (TITAGARH): -7.1%
2. Cosmic CRF Ltd (543928): -15%
3. Rites Ltd (RITES): -21%
4. Railtel Corporation of India Ltd (RAILTEL): -27%
5. Texmaco Rail & Engineering Ltd (TEXRAIL): -27%

### Strongest relative strength versus NIFTY 500
1. Cosmic CRF Ltd (543928): 23%
2. Titagarh Rail Systems Ltd (TITAGARH): 5.1%
3. Rites Ltd (RITES): -5.8%
4. Texmaco Rail & Engineering Ltd (TEXRAIL): -5.9%
5. Railtel Corporation of India Ltd (RAILTEL): -12%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Thin comparisons: Capital expenditure have fewer than three usable current readings.

## Every company
- Indian Railway Finance Corporation Ltd (IRFC) — market value ₹1.1 L Cr; latest fundamentals Mar 2026
- Indian Railway Catering & Tourism Corporation Ltd (IRCTC) — market value ₹39.6K Cr; latest fundamentals Mar 2026
- Titagarh Rail Systems Ltd (TITAGARH) — market value ₹11.0K Cr; latest fundamentals Mar 2026
- Jupiter Wagons Ltd (JWL) — market value ₹10.5K Cr; latest fundamentals Mar 2026
- Rites Ltd (RITES) — market value ₹10.3K Cr; latest fundamentals Mar 2026
- Railtel Corporation of India Ltd (RAILTEL) — market value ₹9.1K Cr; latest fundamentals Mar 2026
- Texmaco Rail & Engineering Ltd (TEXRAIL) — market value ₹4.5K Cr; latest fundamentals Mar 2026
- Cosmic CRF Ltd (543928) — market value ₹1.1K Cr; latest fundamentals Mar 2026
- Oriental Rail Infrastructure Ltd (531859) — market value ₹734 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 7. Unverified: 2. Withheld: 0. Graded companies: 9.

Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld.

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Railways index?

The Nifty Railways index tracks India's listed Railways companies as a single basket. This page follows the same 9 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Railways sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Railways stocks in India?

Ranked by this page's four-factor score, Cosmic CRF Ltd places first among 9 listed Railways companies, followed by Railtel Corporation of India Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Railways stocks are listed in India?

This comparison covers 9 listed Railways companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which Railways company is the biggest?

Indian Railway Finance Corporation Ltd is the largest, with trailing-twelve-month revenue of ₹27,284 crore, ahead of Indian Railway Catering & Tourism Corporation Ltd at ₹5,215 crore. That covers 9 of 9 companies with comparable reporting through Mar 2026.

### Which Railways company is growing fastest?

Cosmic CRF Ltd has the fastest revenue growth at 100% year on year, across 9 of 9 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Railways company has the best profit margins?

Indian Railway Finance Corporation Ltd has the highest operating margin at 98.4%, from 9 of 9 comparable companies. Titagarh Rail Systems Ltd shows the biggest recent improvement, at +9 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Railways company makes the most profit?

Indian Railway Finance Corporation Ltd earns the most, at ₹7,009 crore of trailing-twelve-month net profit, from 9 of 9 comparable companies. Cosmic CRF Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Railways company earns the highest return on capital?

Indian Railway Catering & Tourism Corporation Ltd leads on return on capital employed at 46.1%, across 9 of 9 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Railways stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Texmaco Rail & Engineering Ltd screens cheapest at 0.81×. Only 7 of 9 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Railways company has the strongest balance sheet?

Rites Ltd carries the lowest comparable gross debt at ₹7 crore, from 9 of 9 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Railways stock has the strongest price momentum?

Cosmic CRF Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Railways company scores highest for research priority?

Cosmic CRF Ltd scores 68.4 out of 100 with 59.6% evidence confidence, from 23.8 points on growth and earnings, 13.8 on capital efficiency, 10.8 on valuation and 20 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Railways companies does this comparison cover, and over what period?

It compares 9 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Railways sector?

The 9 Railways companies on this page carry ₹2,01,434 crore of combined market value. Indian Railway Finance Corporation Ltd is the largest at ₹1,14,506 crore, about 57% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Railways sector's P/E ratio?

The median price-to-earnings ratio across the 9 Railways companies on this page is 25×, measured on the 9 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Railways sector performing?

2 of the 9 covered Railways companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/railways