October 2026
Largest Rail Infrastructure Public Companies in India
Benchmark revenue and EBITDA valuation multiples for public comps like
Rail Vikas Nigam, Indian Railway Catering, Ramkrishna Forgings, IRCON International and RITES.
 | 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 | ||
| 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 | ||
| 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 | 2.4x | 6.4x | ||
| 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 | 3.7x | 44.3x | ||
| 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 | 12.3x | 41.9x | ||
| 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 | 10.6x | (41.3x) | ||
| 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 | 1.5x | 8.4x | ||
| Median | $3 | -24% | $869M | $893M | 3.2x | 14.7x |
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