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IDBI Capital Report
Rail Vikas Nigam Ltd., a rail engineering, procurement, and construction company has received new orders of Rs 61 billion in H1 FY21 and order book is healthy at Rs 822 billion (6 times trailing twelve months revenue).
We expect execution (revenue) to improve in H2 FY21 (H1 FY21 is down 8% YoY), as order book in execution stage has increased to Rs 462 billion (Q2 FY21) versus Rs 358 billion QoQ i.e. order book in execution stage is now at 56% versus 44% QoQ.
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