October 2026
Largest Rail Infrastructure Public Companies
Benchmark revenue and EBITDA valuation multiples for public comps like
CRRC Corp., LS Electric, China Railway Group, Getlink and China Railway Construction.
 | CRRC Corp Ltd is engaged in research and development, design, manufacturing, refurbishment, sales, leasing and technical services of railway locomotives, MUs, urban rail transit vehicles, engineering machinery, various electromechanical equipment, electronic equipment and components, as well as electronic devices and environmental protection equipment; information consultation; industry investment and management; asset management; import and export business. Its business operations are spread across Mainland China which derives the highest revenue, and a few other countries. | $1 | -10% | $27B | $28B | 0.7x | 6.7x | ||
 | LS Electric Co Ltd is involved in the business of smart power transmission, smart power distribution, and smart industrial automation. The company's main activities include the manufacturing and distribution of power supply technology, automation solutions, and railway solutions. The firm's products include smart-grid, switchgear, electronic meter, integrated protection and monitoring equipment, process automation, low voltage VFD, and others. Its operating segments include the Automation division, the Information Technology (IT) division, the Metal division, and the Power division. | $119 | +95% | $18B | $18B | 4.9x | 42.6x | ||
| China Railway Group Ltd is a construction conglomerate company. The company's operating segment includes Infrastructure construction; Survey, design and consulting services; Engineering equipment and component manufacturing; Property development, and Other businesses. It generates maximum revenue from the Infrastructure construction segment. The Infrastructure construction segment includes the construction of railways, highways, bridges, tunnels, metropolitan railways (including subways and light railways), buildings, irrigation works, hydroelectricity projects, ports, docks, airports, and other municipal works. | $1 | -20% | $15B | $114B | 0.7x | 12.6x | ||
 | Getlink SE operates a railroad tunnel connecting continental Europe and the UK. It is organized into the following segments: Eurotunnel, Europorte, and ElecLink. The Eurotunnel segment, which derives maximum revenue, operates and markets its shuttle services in the tunnel and also provides access, on payment of a toll, for the circulation of the railway companie's high-speed passenger trains (Eurostar) and rail freight services through its railway network. The Europorte segment covers the entire rail freight transport logistics chain in France as well as cross-border flows to Belgium and Germany. The ElecLink segment is engaged in the operation of its electricity interconnector which runs through the Channel Tunnel linking the French and British electricity grids. | $22 | +20% | $12B | $16B | 9.1x | 20.0x | ||
| China Railway Construction Corp Ltd operates as an infrastructure construction firm. It largely derives contracting revenue. It builds railways, highways and municipal works, such as subways and light rail systems. The company also engages in survey and design, manufacturing, logistics, and property development. It operates the following business segments: Construction, Planning & Design, manufacturing and Real Estate; and Other Business Operations. The firm's revenue gets dominated by the Construction segment that engages in the construction of infrastructure such as railways, highways, metropolitan railways, and real estate projects. | $1 | -18% | $12B | $110B | 0.7x | 11.5x | ||
| Zhuzhou CRRC Times Electric Co Ltd is in the R&D, design, manufacturing, and sales of rail transit equipment products and the provision of related services, and has an industrial structure of components, systems, and complete machines. Its products mainly include rail transit electrical equipment, railway engineering machinery, communication signal systems, and others. Meanwhile, the Company actively expands to industries other than rail transit and conducts business in the fields of semiconductors, automobiles, new energy, marine, and industrial operations. The Company operates in the domestic market and overseas markets. | $3 | -55% | $10B | $11B | 2.5x | 15.2x | ||
| Alstom develops and markets equipment, systems, and services for the railway transport sector, including rolling stock, maintenance and modernization services, signaling, and infrastructure, which are offered separately, bundled, or as fully integrated solutions. The company is one of the key international players in the industry with a strong position in European markets. | Railways+2 | $18 | -29% | $8.2B | $11B | 0.5x | 7.4x | |
| China Railway Signal & Communication Corp Ltd provides products and services on the entire industrial chain of rail transit control systems. The company's operating segments are the rail transportation control system segment which provides specialized three-in-one services of design and integration, equipment manufacturing, and system implementation services for rail transportation control systems; General engineering contracting segment engages in the provision of services relating to municipal and other construction projects; and other segments mainly engage in trading. The firm generates a majority of its revenue from the rail transportation control system segment. | $0 | -50% | $7.1B | $6.2B | 1.2x | 8.4x | ||
| Glarun Technology Co Ltd is involved in fields associated with electronic information technology from high starting points and focuses on the growth and development in aspects of traffic electronics, supply chain integration service, microwave and communication, software and information service, energy electronics and other relevant industries. Its business fields include Rail transit; Air traffic; Intelligent transportation and Maritime traffic. | $4 | +3% | $5.1B | $5.1B | 10.0x | 42.6x | ||
 | Rail Vikas Nigam Limited is a listed Government of India railway-infrastructure company established in 2003. It executes rail-line doubling, electrification, gauge conversion, station, bridge and connectivity projects for Indian Railways and other public clients. The company earns project-management, construction and infrastructure-development revenue and also enters special-purpose ventures for transport assets. Customers and counterparties include central ministries, railway zones, state agencies and industrial infrastructure companies. RVNL joined Chennai Multimodal Logistics Park with an initial 26% ownership interest to provide the rail-development and network-integration capability needed for an intermodal freight hub. Its role complements the road platform, Chennai Port Authority's maritime gateway and TIDCO's state industrial-development mandate. The company is headquartered in New Delhi and its shares trade publicly in India. | $2 | -47% | $4.1B | $4.5B | 2.1x | 30.6x | ||
| Indian Railway Catering And Tourism Corp Ltd is engaged in catering and hospitality services at stations, on trains, and other locations, and to promote domestic and international tourism through the development of budget hotels, special tour packages, information, and commercial publicity and world-wide reservation systems. The company's segments are Catering, Rail Neer, Internet Ticketing, and Tourism & Train Operation. A vast majority of its revenues are derived from the Catering business. | $5 | -42% | $3.7B | $3.4B | 6.3x | 18.6x | ||
| Ramkrishna Forgings makes forged and machined components such as crankshafts and axle parts for commercial vehicles, rail and industrial uses. Customers are Indian and global OEMs. Headquartered in Kolkata. | $7 | +15% | $1.3B | $1.5B | 3.8x | 26.1x | ||
 | Newag SA is a Poland-based company engaged in heavy machinery sector. The Company operations are divided into four segments: the Electric and Diesel Multiple Units segment produces electric MUs for electrified railway lines of passenger transportation. | $25 | +0% | $1.1B | $1.1B | 1.8x | 8.9x | ||
| IRCON International is a state-owned construction firm building railways, highways, metros and electrification projects in India and abroad. Customers are mainly the railways and other government bodies. Headquartered in New Delhi. | $1 | -45% | $996M | $1.1B | 1.2x | 10.2x | ||
| State-owned engineering consultancy providing consulting, project management and rolling stock services for railways, highways, metros, airports and ports, in India and overseas. Based in Gurugram. | $2 | -26% | $984M | $688M | 2.7x | 10.9x | ||
 | GRK Infra Plc designs, builds, repairs, and maintains infrastructure such as roads, highways, rail tracks, and bridges to support efficient transportation and sustainable development. The company provides end-to-end infrastructure services, including design, construction, project management, and maintenance for both large and small projects. Its core capabilities include civil engineering, road construction and paving, rail infrastructure, electricity network construction (Power), and environmental technology solutions. IT serves a diverse customer base comprising state administrations, municipalities, cities, and private sector clients, and frequently collaborates with other infrastructure companies' projects. It generates the majority of revenue from Finland. | $22 | +41% | $935M | $765M | ||||
| GMR Power and Urban Infra Limited (GPUIL) is a listed Indian infrastructure company and part of the GMR Group, with businesses in energy, transportation and urban infrastructure. It was incorporated on 17 May 2019 as a wholly owned subsidiary of GMR Infrastructure and became a separately listed company on the BSE and NSE when GMR Infrastructure completed the spin-off of its non-airport businesses on 12 January 2022. Its energy portfolio, anchored by GMR Energy, includes coal-fired plants such as GMR Warora Energy and GMR Kamalanga Energy that sell electricity to state utilities, together with wind, solar and hydro assets including the Upper Karnali project in Nepal. In transportation, GMR Highways operates three national highway concessions in Andhra Pradesh, Tamil Nadu and Haryana–Punjab covering about 888 lane kilometres, earning long-term concession income. Its urban infrastructure arm is developing the Krishnagiri Special Investment Region in Tamil Nadu, and GMR Aviation runs private jet charters. Under its Energy 2.0 strategy the company has moved into large-scale prepaid smart meter installation, with projects live across Uttar Pradesh, and in recent years it has cut debt through asset monetisation and the resolution of legacy disputes. | $1 | -27% | $755M | $1.9B | ||||
| Hirect, formerly Hind Rectifiers, makes power electronics, rectifiers, railway electrical equipment and defence-related products. Indian Railways and other industrial customers are major buyers. It is headquartered in Mumbai. | $10 | -2% | $363M | $387M | ||||
 | FTAI Infrastructure Inc is engaged in five segments; Railroad segment includes five freight railroads and one switching company that provide rail service to certain manufacturing and production facilities, the Jefferson Terminal segment consists of a multi-modal crude oil and refined products terminal and other related assets. Repauno segment consists of a 1,630-acre deep-water port located along the Delaware River with an underground storage cavern, a new multipurpose dock, a rail-to-ship transloading system, and multiple industrial development opportunities. Power and Gas segment is comprised of an equity method investment in Long Ridge, and Sustainability and Energy Transition segment is comprised of Aleon/Gladieux, Clean Planet, and CarbonFree. | $3 | -46% | $340M | $4.1B | ||||
| Lucknow-based maker of electrical, electronic and mechanical equipment for Indian Railways, including train lighting, battery chargers, control panels and locomotive control units. Approved supplier to railway bodies and contractors. Has bought into railway electronics and train collision avoidance system ventures. | $26 | +17% | $266M | $271M | ||||
| Quadrant Future Tek Ltd is a research-focused company developing next-generation Train Control and Signaling Systems as part of the KAVACH project for Indian Railways. The company's specialty cables are used in railway rolling stock and the Naval (Defence) industry. The Company is engaged in two business segments: the manufacture and distribution of Specialised Cables and the Manufacturing of Train Collision avoidance systems. Key revenue is generated from the Cable Division. | $4 | +18% | $169M | $168M | ||||
| FreightCar America Inc is a manufacturer of railcars and components, serving diverse transportation needs in North America. The company designs and produces a wide range of railcar types, including box cars, hoppers, covered hoppers, gondolas, and flat cars for both intermodal and non-intermodal freight. The company has two segments: The Manufacturing segment encompasses new railcar manufacturing, used railcar sales, leasing, and rebuilds, while the Aftermarket segment includes the selling of forged, cast and fabricated railcar parts and supplies for all railcar types, and provides aftermarket services including safety training, railcar inspections, and preventative maintenance. The company's revenue is predominantly derived from its Manufacturing segment. | $4 | -53% | $137M | $219M | ||||
 | TPI Triunfo Participacoes e Investimentos SA provides construction and operations of infrastructure facilities. The company's operating segments include Toll Roads Segment, Energy Segment, Logistic Segment and Other. Company generates majority of the revenue from Toll roads segment. | $2 | +115% | $80M | $285M | ||||
 | Railcare Group AB provides railway maintenance, renewal, and transportation services to railway industry in Scandinavia and UK. It offers services, such as management of cables and surplus masses, railway snow removal, renovation of railway tunnels, machine construction, provision of tractors for contractors, as well as lorry hire, carriages, and personnel. | $3 | +13% | $76M | $132M | ||||
| JITF Infralogistics makes specialised railway freight wagons, containers and related engineering products, and handles infrastructure and logistics projects. Customers are Indian Railways, public sector firms and private logistics operators. It belongs to the Jindal group and is headquartered in New Delhi. | $3 | -21% | $70M | $446M | ||||
| Zue SA is a contractor involved in the designing and delivery of comprehensive tram line and railway construction and modernization systems. It also provides infrastructure (including earthworks and construction of subgrade, drainage systems and engineering and cubature facilities. | $3 | -1% | $68M | $70M | ||||
 | Ferrocarril del Pacifico SA is a Chile-based rail freight transportation solutions company that develops cargo transport solutions for mining, forestry, and industrial companies. In addition, it also offers freight transportation solutions through trucks and offers additional services, including transfer station management, railway outsourcing, and complimentary services for metallic copper. The company operates through two segments; the Train segment which generates maximum revenue, and the Truck segment. Geographically, it derives all of its revenue from services provided in Chile. | $0 | -- | $28M | $67M | ||||
| Median | $3 | -14% | $996M | $1.5B | 2.0x | 10.9x |
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