Materials| Industrials |Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>RITES reported a ~10% YoY decline in revenue, from Rs2,453 Cr in FY24 to Rs2,218 Cr in FY25, with PAT falling ~16% to Rs424 Cr due to reduced turnkey execution.</li>
<li>The company is ramping up selective metros, export projects, and EPC work, while maintaining its strong core consultancy business, which makes up roughly 50% of revenue.</li>
<li>Trading at around 34× P/E, with a ROCE of ~21% and a dividend yield of ~3.8%, RITES remains well-positioned to benefit from India’s sustained rail sector investments.</li>
</ul>


RITES reported a ~10% YoY decline in revenue, from Rs2,453 Cr in FY24 to Rs2,218 Cr in FY25, with PAT falling ~16% to Rs424 Cr due to reduced turnkey execution.
The company is ramping up selective metros, export projects, and EPC work, while maintaining its strong core consultancy business, which makes up roughly 50% of revenue.
Trading at around 34× P/E, with a ROCE of ~21% and a dividend yield of ~3.8%, RITES remains well-positioned to benefit from India’s sustained rail sector investments.


RITES Ltd (NSE: RITES) – Stable Core, Turnkey Drag, Strong Rail Capex Tailwinds

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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<ul><li>Healthy order book: The company won 150+ orders worth Rs 1,418 Cr in Q4FY25. Its overall order book remains healthy at Rs 8,877 Cr, providing revenue visibility for the next 2-2.5 years.</li><li>The consultancy segment comprises 34% of the order book, which is a high-margin business.</li><li>Moreover, we foresee sustainable growth in the company's domestic and overseas consultancy businesses.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Healthy order book: The company won 150+ orders worth Rs 1,418 Cr in Q4FY25. Its overall order book remains healthy at Rs 8,877 Cr, providing revenue visibility for the next 2-2.5 years.The consultancy segment comprises 34% of the order book, which is a high-margin business.Moreover, we foresee sustainable growth in the company's domestic and overseas consultancy businesses.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

RITES Ltd -  Strong Order Book & Pickup in Export Sales to Drive Growth

<ul><li>Healthy order book: The company won 110+ orders worth Rs 1,933 Cr in Q3FY25.</li><li>Its overall order book remains healthy at Rs 7,978 Cr, providing revenue visibility for the next 2-2.5 years.</li><li>The consultancy segment comprises 35% of the order book, which is a highmargin business. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Healthy order book: The company won 110+ orders worth Rs 1,933 Cr in Q3FY25.Its overall order book remains healthy at Rs 7,978 Cr, providing revenue visibility for the next 2-2.5 years.The consultancy segment comprises 35% of the order book, which is a highmargin business. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

RITES Ltd - Strong Order Book & Pickup In Export Sales to Drive Growth

<ul><li>Healthy order book: The company secured 91 orders worth Rs 729 Cr in Q2FY25.</li><li>Its overall order book remains robust at Rs 6,581 Cr, providing revenue visibility for the next 2-2.5 years.</li><li>The consultancy segment, which is a high-margin business, comprises 38% of the order book. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Healthy order book: The company secured 91 orders worth Rs 729 Cr in Q2FY25.Its overall order book remains robust at Rs 6,581 Cr, providing revenue visibility for the next 2-2.5 years.The consultancy segment, which is a high-margin business, comprises 38% of the order book. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

RITES Ltd - Strong Orderbook and Pick-Up in Export Sales to Drive Growth

<ul><li>RITES Ltd. reported a weak set of numbers during Q1FY25 with revenue of Rs 486 Cr (down 11% YoY), due to poor performance in the Exports business and lower revenue in the Quality Assurance segment set off by growth in the remaining segments.</li><li>Its EBITDA stood at Rs 106 Cr (down 34% YoY), and PAT at Rs 90 Cr (down 24% YoY).</li><li>The company registered EBITDA Margins of 21.8% in Q1FY25 (our estimate: 27.5%) as against 29.6% in Q1FY24.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

RITES Ltd. reported a weak set of numbers during Q1FY25 with revenue of Rs 486 Cr (down 11% YoY), due to poor performance in the Exports business and lower revenue in the Quality Assurance segment set off by growth in the remaining segments.Its EBITDA stood at Rs 106 Cr (down 34% YoY), and PAT at Rs 90 Cr (down 24% YoY).The company registered EBITDA Margins of 21.8% in Q1FY25 (our estimate: 27.5%) as against 29.6% in Q1FY24.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

RITES Ltd - Lackluster Performance; Retain HOLD

India

RITES Limited provides engineering services. The Company offers transport infrastructure consultancy, railway inspection, rolling stock leasing and maintenance, airport construction management, industrial and electrical engineering, and other related services. RITES serves customers worldwide.

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RITES Ltd (RITE IN)

RITES Ltd (NSE: RITES) – Stable Core, Turnkey Drag, Strong Rail Capex Tailwinds

RITES sees revenue decline in FY25 but remains well-positioned for growth with strong consultancy business and focus on rail sector investments.

Rahul Jain

RITES Ltd - Strong Order Book & Pickup in Export Sales to Drive Growth

Healthy order book: The company won 150+ orders worth Rs 1,418 Cr in Q4FY25. Its overall order book remains healthy at Rs 8,877 Cr, providing...

Axis Direct

RITES Ltd - Strong Order Book & Pickup In Export Sales to Drive Growth

The company won 110+ orders worth Rs 1,933 Cr in Q3FY25. Its overall order book remains healthy at Rs 7,978 Cr, providing revenue visibility for...

Axis Direct

RITES Ltd - Strong Orderbook and Pick-Up in Export Sales to Drive Growth

The company secured 91 orders worth Rs 729 Cr in Q2FY25. Its overall order book remains robust at Rs 6,581 Cr, providing revenue visibility for the...

Axis Direct

RITES Ltd - Lackluster Performance; Retain HOLD

RITES Ltd. reported a weak set of numbers during Q1FY25 with revenue of Rs 486 Cr (down 11% YoY), due to poor performance in the Exports business

Axis Direct

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RITES Ltd (NSE: RITES) – Stable Core, Turnkey Drag, Strong Rail Capex Tailwinds

​RITES sees revenue decline in FY25 but remains well-positioned for growth with strong consultancy business and focus on rail sector investments.

Rahul Jain

RITES Ltd - Strong Order Book & Pickup in Export Sales to Drive Growth

Healthy order book: The company won 150+ orders worth Rs 1,418 Cr in Q4FY25. Its overall order book remains healthy at Rs 8,877 Cr, providing...

Axis Direct

RITES Ltd - Strong Order Book & Pickup In Export Sales to Drive Growth

The company won 110+ orders worth Rs 1,933 Cr in Q3FY25. Its overall order book remains healthy at Rs 7,978 Cr, providing revenue visibility for...

Axis Direct

RITES Ltd - Strong Orderbook and Pick-Up in Export Sales to Drive Growth

The company secured 91 orders worth Rs 729 Cr in Q2FY25. Its overall order book remains robust at Rs 6,581 Cr, providing revenue visibility for the...

Axis Direct

RITES Ltd - Lackluster Performance; Retain HOLD

RITES Ltd. reported a weak set of numbers during Q1FY25 with revenue of Rs 486 Cr (down 11% YoY), due to poor performance in the Exports business

Axis Direct

RITES sees revenue decline in FY25 but remains well-positioned for growth with strong consultancy business and focus on rail sector investments.