India’s railway sector continues to attract investment as passenger traffic rises and infrastructure spending gathers pace.
According to the data provided, Indian Railways carried 741 crore passengers in FY26, up from 716 crore in FY25. The government has also outlined plans to build a 5,000-km metro rail network across 100 cities by 2047.
Against this backdrop, several railway-linked companies are sitting on large order books, offering visibility for future execution.
Jupiter Wagons Ltd
Jupiter Wagons Ltd manufactures freight wagons, passenger coach components and railway mobility products.
With a market capitalisation of ₹11,985 crore, the stock was trading at ₹280.45, compared with the previous close of ₹279.30.
As of March 31, 2026, the company’s order book stood at ₹4,675 crore.
Recent orders in the wheelsets business include:
- ₹113 crore order for 9,000 LHB axles from the Ministry of Railways.
- ₹215 crore letter of intent for 5,376 Vande Bharat wheelsets.
- Additional contracts for LHB wheelset machining and assembly.
Rail Vikas Nigam Ltd
Rail Vikas Nigam Ltd (RVNL) executes railway and infrastructure projects across multiple segments.
The company had a market capitalisation of ₹51,468 crore, while the stock was trading at ₹246.90, up from ₹245.25.
Its order book, including joint venture orders worth ₹1,201 crore, stood at ₹99,262 crore as of March 31, 2026.
Segment-wise breakup:
- Railways: ₹57,000 crore
- Signalling: ₹14,900 crore
- Ports, roads and highways: ₹10,400 crore
- Metro projects: ₹9,900 crore
- Power and transmission: ₹4,000 crore
- Hydro and irrigation: ₹2,000 crore
Ircon International Ltd
Ircon International Ltd undertakes railway, highway and transport infrastructure projects in India and overseas.
With a market capitalisation of ₹13,139 crore, the stock was trading at ₹139.70, against the previous close of ₹140.70.
The company’s order book stood at ₹24,984 crore as of March 31, 2026.
Order mix
- Railways: ₹19,459 crore (78%)
- Highways: ₹3,919 crore (16%)
- Other segments: ₹1,606 crore (6%)
Geographic split
- Domestic projects: ₹22,956 crore (92%)
- International projects: ₹2,028 crore (8%)
Award mechanism
- Competitive bidding: ₹13,459 crore (53.9%)
- Nomination basis: ₹11,525 crore (46.1%)
Titagarh Rail Systems Ltd
Titagarh Rail Systems Ltd manufactures freight wagons, passenger coaches and metro rolling stock.
The company’s market capitalisation stood at ₹12,605 crore. Its shares were trading at ₹936, compared with the previous close of ₹920.05.
Standalone order book, including the wholly owned subsidiary, was ₹14,240 crore as of March 31, 2026.
Break-up of the standalone order book:
- Passenger rail systems: ₹10,625 crore (77.3%)
- Freight rail systems: ₹3,115 crore (22.7%)
- Shipbuilding and maritime systems: ₹500 crore
The company also has orders through joint ventures:
- Forged wheel JV with RKFL: ₹6,300 crore
- Vande Bharat AMC JV with BHEL: ₹7,000 crore
Including proportionate joint venture orders, the total order book stood at ₹27,540 crore.
RITES Ltd
RITES Ltd provides consultancy and project management services in transport infrastructure.
With a market capitalisation of ₹10,150 crore, the stock was trading at ₹211.20, down from ₹212.10.
Its order book stood at ₹9,416 crore as of March 31, 2026.
Segment-wise contribution:
- Turnkey projects: ₹4,581 crore
- Consultancy business: ₹2,754 crore
- Export orders: ₹1,755 crore
- Lease business: ₹206 crore
- REMC Ltd segment: ₹120 crore
TL;DR:
Five railway-linked companies — RVNL, Ircon International, Titagarh Rail Systems, RITES and Jupiter Wagons — reported order books ranging from ₹4,675 crore to ₹99,262 crore as of March 31, 2026, providing visibility across rail and infrastructure projects.
AI summary:
- RVNL’s order book stood at ₹99,262 crore.
- Titagarh Rail Systems reported a total order book of ₹27,540 crore.
- Ircon International had pending orders worth ₹24,984 crore.
- RITES reported an order book of ₹9,416 crore.
- Jupiter Wagons’ order backlog stood at ₹4,675 crore.
