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RITES Limited Call Transcript 2026
61013_rns_2026-05-26_53202318-bef1-4e58-9354-cef023ee4596.pdf
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RITES THE INFRASTRUCTURE PEOPLE
75 आजादी का अमृत महोत्सव
राइट्स लिमिटेड (भारत सरकार का प्रतिष्ठान)
RITES LIMITED
(Schedule 'A' Enterprise of Govt. of India)
Date: May 26, 2026
No. RITES/SECY/NSE
| To
लिस्टिंग विभाग,
नेशनल स्टॉक एक्सचेंज ऑफ इंडिया लिमिटेड,
एक्सचेंज प्लाजा, सी -1, ब्लॉक जी, बांद्रा - कुल्ला
कॉम्प्लेक्स, बांद्रा (पूर्व),
मुंबई - 400051 | To
कॉर्पोरेट संबंध विभाग,
बीएसई लिमिटेड,
रोटुड़ा बिल्डिंग,
पी जे टावर्स, दलाल स्ट्रीट, फोर्ट,
मुंबई - 400 001 |
| --- | --- |
| Listing Department,
National Stock Exchange of India Limited,
Exchange Plaza, C-1, Block G, Bandra -
Kurla Complex, Bandra (E),
Mumbai – 400051 | Corporate Relationship Department,
BSE Limited,
Rotunda Building,
P J Towers, Dalal Street, Fort,
Mumbai - 400 001 |
| Symbol- RITES | Scrip Code- 541556 |
Subject: Outcome of investors/ analysts meet - Transcript of the Conference Call held to discuss Audited Financial Results for quarter and year ended 31st March, 2026.
Dear Sir/ Madam,
Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015, and amendments thereof, please find enclosed herewith Transcript of the Conference call with analysts and investors held on May 20, 2026 to discuss the audited financial results of the Company for the quarter and year ended on 31st March, 2026.
Kindly take the same on record.
Thanking You,
Yours sincerely,
For RITES Limited
NIKHIL AGARWAL
Digitally signed by NIKHIL AGARWAL
Date: 2026.05.26 18:30:03 +05'30'
Nikhil Agarwal
Company Secretary & Compliance Officer
Membership No.: A42626
Transforming to GREEN
कॉर्पोरेट कार्यालय: शिखर, प्लॉट नं. 1, सेक्टर-29, गुरुग्राम-122 001 (भारत), Corporate Office: Shikhar, Plot No.1, Sector-29, Gurugram-122 001 (INDIA)
पंजीकृत कार्यालय: स्कोप मीनार, लक्ष्मी नगर, दिल्ली-110 092 (भारत), Registered Office: SCOPE Minar, Laxmi Nagar, Delhi- 110 092 (INDIA)
दूरभाष (Tel.): (0124) 2571666, फैक्स (Fax): (0124) 2571660, ई-मेल (E-mail) [email protected] वेबसाइट (Website): www.rites.com
CIN: L74899DL1974GOI007227
RITES Limited
Q4 FY26 & FY26 Results Conference Call
Event Date/Time : 20/05/2026, 11.00 Hrs
CORPORATE PARTICIPANTS
Mr. Rahul Mithal
Chairman & Managing Director
Dr. Deepak Tripathi
Director (Technical)
Mr. Krishna Gopal Agarwal
Director (Finance) & Chief Financial Officer
Mr. Prem Singh Meena
Director (Projects)
RITES Limited
Q4 FY26 Earnings Conference Call
20.05.2026
Moderator
Good morning, ladies and gentlemen. I am Karthikeyan, moderator for this conference. Welcome to the conference call of RITES Limited to discuss its Q4 FY26 & FY26 results. We have with us today Mr. Rahul Mithal, Chairman & Managing Director; Dr. Deepak Tripathi, Director Technical; Mr. Krishna Gopal Agarwal, Director Finance and Chief Financial Officer; and Mr. Prem Singh Meena, Director Projects.
At this moment, all participants are in listen-only mode. Later, we will conduct a question-and-answer session. At that time, if you have a question, please press * and 1 on a telephone keypad. Please note, this conference is being recorded, and in the interest of time and fairness to all participants, you are requested to restrict yourself to one question per participant. Time permits, you may join back the question queue.
Now, I would like to hand over the floor to Mr. Rahul Mithal, Chairman & Managing Director, RITES Limited. Thank you, and over to you, sir.
Rahul Mithal
Good morning. Thank you. Let me start with giving the Safe Harbor statement. The presentation and the press release, which we uploaded on our website and exchanges yesterday, and discussions during the call today may have some forward-looking statements. These statements consider the environment we see as of today and obviously carry a risk in terms of uncertainty, because of which the actual results could be different, and we do not undertake to update those statements periodically.
Let me start by giving you a brief overview of this quarter and the financial year. The most reassuring thing for us is that the performance of this FY was in line with the road map and the strategy that we had laid down at the beginning of the FY, and we had been watching it and updating it at every quarter. We aimed for a double-digit growth and growth in profit. While keeping our margins secure, we broke the first gap in our export income, about INR 300 crore after a gap of nearly two years, a very important milestone, which we had to achieve. We continued the steady order inflow rate of one order a day and one export order a quarter.
And despite the high execution in Q4 of about INR 750+ crore, we ended with the highest-ever order book on 31st March of INR 9,416 crore. So, all of these were in line with the road map, which we had set, and have set us a platform to leverage on this and as we have been giving guidance for a further substantial disruptive growth in the coming FY. What is also reassuring to us is that in the last two, three years of business re-engineering, followed by a year of consolidation, we were aiming for FY26 to be a year of growth. And that has moved in the direction which we had planned strategically. So, these are the broad overview of a bigger picture on the overall performance, and we'll come to specific numbers as each one of you ask specific questions. Thank you.
RITES Limited
Q4 FY26 Earnings Conference Call
20.05.2026
Moderator
Thank you, sir. Ladies and gentlemen, now we begin the question-and-answer session. If you have a question, please press * and 1 on your telephone keypad. In the interest of time and fairness to all participants, you are requested to restrict yourself to one question per participant. Time permits, you may join back the question queue. Ladies and gentlemen, if you have a question, please press * and 1 on your telephone keypad. We will wait for a moment while the question queue assembles.
We have the first question from the line of Parimal Mithani from Credential Investments. Please go ahead.
Parimal Mithani
Good morning, sir.
Rahul Mithal
Good morning, Parimal. Go ahead.
Parimal Mithani
Sir, I just wanted to know, you've been mentioning the disruptive growth in your press releases since last two quarters.
Can you highlight the reason for this optimism in terms of considering the geopolitical headwinds right now? And, can you highlight across your businesses how do you see it going forward, something with consultancy, sir? It'd be helpful for us.
Rahul Mithal
Yes. So why we are saying this is that the order book profile that you see, and if you see the trend of growth of order book in the last seven - eight trailing quarters, it has been showing an upward swing. And there's been a substantial increase, especially in the last 18 months or so. There's been an incremental jump in a big way. So, the order book currently of INR 9,400 crore, a substantial portion, more than 50% of it, is very young, which is about, as I said, 12 to 18 months old.
And these will be the orders which will start generating revenue in this FY27. And that's why, in fact, in the last quarter of FY26 also, you saw an increased revenue of INR 750-odd crore. So that's why the young order book, normally an infrastructure project has a time span of three to four years. And this is the second and third year where we start generating more revenue.
So, that gives us the confidence across all our streams of revenue that we will start generating revenue, whether it is consultancy, where we get a percentage fee of the infrastructure cost, whether it is the turnkey, where we get the entire revenue in our top line; or whether it is the export order book, which has been an all-time high of INR 1,700+ crore, which despite the INR 300 crore execution in this last FY, will generate more revenue because the Bangladesh delivery will also start in this FY27.
RITES Limited
Q4 FY26 Earnings Conference Call
20.05.2026
RITES Limited
Q4 FY26 Earnings Conference Call
20.05.2026
Parimal Mithani
Okay, sir. And sir, we expect to maintain this margin going ahead, which we have maintained for this entire year?
Rahul Mithal,
No. As these are competitive orders, which I said will start generating revenue, and if you again compare every year-ending the mix of the order book, 63% is on competitive, that's the breakup of the order book. If you count the fresh order inflow, it is about 70%+. So, the margins across our streams, the margins on the new orders are much lower.
So, as these new orders generate more revenue in the mix of the total revenue, the margins will go down. Yes, but as we have been giving guidance that the red line of PAT margins 15% and EBITDA margins of 20%, that in no condition will we allow that to be breached by suitably monitoring the high-margin orders.
Parimal Mithani
Okay, sir. I'll come back later for the question. Thank you.
Rahul Mithal
Thank you.
Moderator
The next question comes from the line of Lakshmi Narayanan GK from KSEMA Wealth Private Limited. Please go ahead.
Lakshmi Narayanan GK
Sir, you are able to hear me?
Rahul Mithal
Yes. Go ahead.
Lakshmi Narayanan GK
Sir, could you throw some light on turnkey construction projects, sir? I see the PAT margins are very low for it. So, I just want to understand some nature of this business, because I'm new for covering the company.
Rahul Mithal
Yeah, sure. So let me be clear. We are not a construction company. We are a project management consultancy company. So, what you see is, while the order size in our turnkey is large, and that's why it is a large portion of the order book, our scope of work remains the same. To be able to explain to you as an example, let's say our fees is 5%. So, if in an INR 100 crore project, our fee is INR 5 crore. In a consultancy
mode, the client gives us an order of INR 5 crore. In a turnkey mode, he gives us an order of INR 105 crore, our scope of work remaining same.
So, our role remains the same. Certain clients like educational institutions, etc., primarily building projects, like to deal with a single window. So, they give us in the turnkey mode. That's why the denominator being large in turnkey projects, while the scope of work and the revenue remaining same, the margins are much lesser in turnkey. But to be able to reiterate the key point, our role is that of a consultant, whether the mode of order is in a consultancy mode or a turnkey mode.
Lakshmi Narayanan GK
Understood, sir.
Rahul Mithal
It's just a difference in the method of accounting.
Lakshmi Narayanan GK
Yeah, I got it, sir.
Rahul Mithal
Thank you.
Moderator
Thank you. We have the next question from the line of Darshika Khemka from AV Fincorp. Please go ahead.
Darshika Khemka
Hi, thank you for the opportunity. I have a couple of questions. Firstly, could you help us with the impact that the competitive projects will have on the working capital position of the company? Would it, in any way, dilute the working capital position, or it would not have an impact?
Rahul Mithal
So, ma'am, our working capital requirement is barely minimal. That's the way we structure all our orders of consultancy. So, there is not really going to be significant impact in any way, because as a business model, our working capital requirement is hardly any.
Darshika Khemka
All right. And apart from that, do you see any raw material-related headwinds impacting the margins going ahead, apart from the competitive portion already having a minor impact?
RITES Limited
Q4 FY26 Earnings Conference Call
20.05.2026
Rahul Mithal
Again, the contracts that we give for execution of the -- see we have about 700+ live consultancy order that we are executing. The contracts that we give for execution, most of them have a price variation clause for the execution agency. Our fee as a consultant is a percentage of the infrastructure cost. So, in terms of the impact on fuel or raw material costs, etc., we don't see any major risk coming to our margins or our revenue.
Darshika Khemka
Would you expect any execution risk as well?
Rahul Mithal
Not really. The infrastructure construction projects across our various verticals, we have 13 different verticals. We don't foresee any major risk in any of the sectors in terms of execution. We just have to keep a watch on the some of the costs like travel costs, etc., because being a consultants and, as I said, 700+ live project, we have travel costs is an important cost both for our domestic and a lot of international projects also. So, that's the only element which we have to keep a close watch on the margins.
Darshika Khemka
All right. Thank you so much. I'll come back in queue.
Rahul Mithal
Thanks.
Moderator
Thank you. Ladies and gentlemen, if you have a question, please press * and 1 on your telephone keypad. We request the participants to restrict yourself to one question in the initial round and join back the queue for more questions.
Next question comes from the line of Viraj Mithani from Jupiter Financial. Please go ahead.
Viraj Mithani
Yeah. Good morning, sir. My question is, these other expense have gone up in this quarter and the year. What is the proper reason for that?
Rahul Mithal
Which specific figure are you referring to?
Viraj Mithani
Other expenses figure, when you see the number.
RITES Limited
Q4 FY26 Earnings Conference Call
20.05.2026
Rahul Mithal
So basically, there are two major contributions to these other expenses. One is the, we have moved these 10 locomotives of Mozambique, right? And especially if you see six in the last quarter. So, the logistics for this movement is also an important. Similarly, for the warranty provisions which we make, so these are two important elements, which are the related to execution of our export orders and since these 10 locomotives, the entire order was executed in this FY.
Yes. I said, because this entire 10 locomotives, Mozambique export order was executed in this year, that's why these two elements which are related to an export order execution, see an increase YoY.
Viraj Mithani
Okay. So, will be the same feature going forward also, will this kind of expense be higher or they'll be plateau down this year?
Rahul Mithal
So, because the execution of export orders will be much higher this year, there will be a slight increase, since, the major quantum of export contribution this year will be primarily from Bangladesh order, which will have lesser logistics cost because it has to move by rail. So, to that extent, it may get slightly neutralized, and this increase will not be substantial, even though there will be an increase in the export revenue.
Moderator
Thank you. The next question from the line of Harshit Kapadia from Elara Securities. Please go ahead.
Harshit Kapadia
Yeah, hi. Congrats, sir, on a good numbers on revenue terms. Just a few questions from my side. So, on consultancy, sir, can you give me a breakup between quality assurance and what is the consultancy because it was a flat in this quarter? That's the first question.
Rahul Mithal
Good morning, Harshit. Thank you. So, the overall consultancy YoY has seen a growth of 6%, and this is a year of real redemption for us in our quality assurance vertical. We have reached, when this hit of the competitor quality assurance for the railway sector of business started hitting us in the year 2023-2024, we reinvented the entire business.
And there has been a 16% increase in our QA business within this overall consultancy. And we touched an all-time, again, revival and came back, crossed the figure of the QA revenue, which were there in 2023-2024. So, all in all, the contribution of QA has come back to the same levels which it was at the beginning of 2023-2024.
RITES Limited
Q4 FY26 Earnings Conference Call
20.05.2026
Harshit Kapadia
So, that would be what, INR 70-odd crore, sir?
Rahul Mithal
No. It is much, much more. It has different elements. It gets interspersed in the various consultancy verticals. So, it's very difficult to give a separate head-wise breakup of the entire because consultancy revenue of total INR 1,185 crore comes from 13 different verticals. But the account of our various orders from our quality assurance vertical has shown that we have come back to the levels which we were there, at least in terms of revenue contribution, even with a tighter margin, where the hit started about two years back.
Harshit Kapadia
Okay. So, you have back to FY24 numbers. Okay, great.
Rahul Mithal
Yes, FY24 numbers in terms of, in fact, with the key variation that we call our diversification of our QA business, where it used to be about 55% of the IR element in our QA revenue. Now, it is about reverse. The non-IR element is roughly about 60%+.
Harshit Kapadia
Okay. I have few more questions. I'll join back in the queue, sir. Thank you.
Rahul Mithal
Okay.
Moderator
Thank you. The next question comes from Vishal Periwal from PL Capital. Please go ahead.
Vishal Periwal
Yes, sir. Thanks for the opportunity. Sir, in terms of our export, can you give some color, like, how exactly the execution of pending order book will be? Say, for example, we have done 10 coaches, I mean, like the Mozambique order we have already supplied. So, what is pending? And then for the Bangladesh also, if you can just give some color around that, sir.
Rahul Mithal
Yes. So, with this execution of the Mozambique order, with the INR 1750 crore export order balance, one of the key elements of this is the 200 coaches of Bangladesh. And they are fully on track, which, as we have been indicating, is the first rake of 20 coaches, we are trying to send. The prototypes have been approved. The final production has started. They are in the finishing stage.
RITES Limited
Q4 FY26 Earnings Conference Call
20.05.2026
So, the first rake should go in about two months' time. And with that, once the first rake goes, we should be able to maximize as many rakes, with gaps of at least three-four rakes minimum in this FY. We are trying to step it up, the production rate will increase after the delivery of the first rake. So, this is the main contributor, which is going to be there for the export of rolling stock revenue in this FY. Besides, as I had indicated in the last quarter, we have a very important developmental exercise where we are converting the in-service diesel locomotives, or the spare diesel locomotives, of Indian Railways and converting them to Cape Gauge and proposing to export to African countries.
So, the first two locomotives also, again, the prototypes are ready, and we should be able to push them in the coming few months. Once the first two goes, the opportunity for sending more increases, because we have an order of about 30 locomotives for the in-service locomotive, and we should be able to keep pushing them.
Vishal Periwal
Okay. So, just maybe one quantification with that. So, the order that we have of almost like INR 1,700-odd crore, so what sort of execution that one can see out of that in FY27?
Rahul Mithal
You see, we did about INR 300 crore in FY26. And we are aiming definitely much above the levels of INR 300 crore. As I said, it will be premature to peg a real number. But what I can safely say is that once the first rake moves out, because this is the first rake after approval of the prototype, which happened recently, this month itself, it will give a clearer picture -- each rake consists of 20 coaches. So, there are about 200 coaches which must be sent.
In the next two or three months, the exact number of rakes which we can send in this FY27 will become better clarity. So, maybe at the end of Q1, I will be able to give a clearer number in terms of the growth vis-a-vis INR 300 crore. But this is for sure, it will be much higher than INR 300 crore.
Vishal Periwal
Okay. Sure, I'll come back in the queue, sir.
Moderator
Thank you. We have a next question, which is a follow-up question from Viraj Mithani from Jupiter Financial. Please go ahead.
Viraj Mithani
Yes, sir. So now since most of the good amount of orders will be getting executed in these two years, what should be the earning trajectory of the RITES, like, if you can just give some color on that.
RITES Limited
Q4 FY26 Earnings Conference Call
20.05.2026
Rahul Mithal
See, Viraj, what we are pitching now for this FY as an ambitious target is to break the records of our revenue. All-time high revenue, we will definitely try, and that's our aspiration for this year. But as you would appreciate, the related EBITDA in those years when this was achieved were very much higher compared to what we are now.
Similarly, the blend will also be slightly different in this year, with turnkey starting to contribute more, which will be a lesser-margin. So, while we will aspire for breaking the record for an all-time high revenue in this FY, the profits, while they're aiming to have a growth, but will not be able to break the all-time high records of profit. That may take a subsequent, at least minimum two to three years to break those records because these revenue will have to grow substantially much higher with these lower margins to break the profit records also. So, that gives a bigger picture of the next two-three years' time frame.
Viraj Mithani
So, the all-time high profit was a net profit of INR 633 crore. The all-time high net profit for the company in last 10 years would be INR 633 crore, which I can see from the table here. That will be --
Rahul Mithal
The all-time high profit for the consolidated profit, all-time high has been INR 571 crore.
Viraj Mithani
Okay. So that will take time to be breaking on because of competition.
Rahul Mithal
Yes, and definitely, the margins in the blend mix in the total revenue. So, while the revenue will definitely, as I said, try and cross the all-time high, but the profits will not be able to cross the all-time high this FY.
Viraj Mithani
But will the profit grow by some 10-20, double-digit margins, or that may be also a bit difficult for the company to maintain?
Rahul Mithal
Profits will grow. To give an exact number is too premature, but profits will grow.
Viraj Mithani
Okay. Thank you and all the best, sir.
RITES Limited
Q4 FY26 Earnings Conference Call
20.05.2026
Rahul Mithal
Thank you.
Moderator
Thank you. Ladies and gentlemen, if you have a question please press * and 1 on your telephone keypad. The next is a follow-up question from Parimal Mithani from Credential Investments. Please go ahead.
Parimal Mithani
Sir, in terms of your REMCL business, you reach around INR 163 crore of revenue, and that is almost close to INR 90 crore profit. So, how do you see this business since, you know, with terms of diesel consumption being -- government try to reduce the diesel consumption, do you think this business will be getting more traction going well?
Rahul Mithal
Yes. So, REMC Ltd, as you correctly said, has grown by 16%, and the profits have grown by 19%. So, it's about INR 163 crore, the total revenue, and profit have been INR 90 crore, and it's given a substantial dividend to us of about INR 42 crore. You see, the electrification having nearly reached about 100% on the Indian railway system, the growth in the consultancy revenue from this stream of power purchase will be limited to only the growth in the volumes of traffic on the IR network.
So, what REMC Ltd is doing to further chart out a growth in the coming years, it has already started taking, in FY27, other consultancy orders in the renewable energy business from different clients and also started pitching for taking international orders. So, in the coming FY and the coming FYs, besides this steady growth from the Indian railway stream of business, we see REMC Ltd getting revenue from these two new streams of revenue, which they have already started getting orders and which will grow as a consultant with its experience of about 11 to 12 years in the renewable energy business, as well as getting some international order, which we definitely, we are sure in this FY itself, we will get our first international consultancy order for REMC Ltd.
Parimal Mithani
Okay, sir. And sir, second question, if I can answer. Sir, do you --
Rahul Mithal
I request you to come back in the queue, Parimal.
Parimal Mithani
Okay.
Moderator
Thank you. Next is a follow-up question from Harshit Kapadia from Elara Securities. Please go ahead.
RITES Limited
Q4 FY26 Earnings Conference Call
20.05.2026
Harshit Kapadia
Yeah, thanks for the opportunity again. Sir, on the macro side, I just wanted to understand. So, there's been a decent rise in the railway budget this year as well, and looking at the macro headwinds, there has been a talk that the CapEx is what has to come down if the government wants to ensure that the country's spending remains to be in a healthy situation.
So, there is other spending which is required. Do you think there would be some delay in spending on railway contracts or railway budget or infrastructure CapEx, or are you getting a sense from them that it's not going to get canceled, but there could be some delays? Or you will see second half to be better than the first half, something that you can give a sense of, sir?
Rahul Mithal
So, Harshit, our assessment of our order book and the opportunities we are getting, since we have order book across various domains, and each one of them, as you said, has got a substantial contribution in the overall CapEx budget of the government. I don't see any major impact on our consultancy, whether it's fresh orders or for the progress of the construction, so that our fee as a consultant gets the requisite fee from various milestones.
So, in fact, if you see the recent orders, which we have been getting, and even in this quarter, in the last one and a half months, we have been getting fresh orders across whether it is railways, from various PSUs, private sidings, Indian railways, from highways, ports, bridges, airports, we've got a recent big order for airport consultancy, another one for shipbuilding cluster from Kandla. So, I don't see our strike rate of fresh orders, as well as the execution going down. And if the execution is progressing at its normal pace, our related milestone consultancy fee continues to come at a regular rate.
Harshit Kapadia
Understood, sir. Very well explained, sir. Thank you, sir.
Rahul Mithal
Thank you.
Moderator
Thank you. Ladies and gentlemen, if you have a question, please press * and 1 on a telephone keypad. We have follow-up question from Parimal Mithani from Credential Investments. Please go ahead.
Parimal Mithani
Hello, sir, the previous colleague asked the question, so you answered them. Thank you.
RITES Limited
Q4 FY26 Earnings Conference Call
20.05.2026
RITES Limited
Q4 FY26 Earnings Conference Call
20.05.2026
Moderator
Thank you. Ladies and gentlemen, if you have a question, please press * and 1 on your telephone keypad. I repeat, ladies and gentlemen, if you have a question, please press * and 1 on a telephone keypad. Next, we have a follow-up question from Harshit Kapadia from Elara Securities. Please go ahead.
Harshit Kapadia
Thanks for the question again, sir. So just on the turnkey projects, just wanted to check, sir, the decline has come down, but we have still not reached the last year's number. When do you think we'll be able to reach last year's number? So, if you can give us status on the projects, where are we? Are they reaching the milestone phase now, or there are still some time away?
Rahul Mithal
Yes, Harshit. So, the turnkey revenue is lesser by about INR 200 crore. And the order book of INR 4,580 crore of turnkey, substantial portion of it is at the now the young stage, it is in the time frame of one to two years window. And that's the time where the contracts are in place, the execution has started. And in fact, these one or two, three quarters, they will start generating revenue in a substantial way.
So, since the order book is young, nearly about two-thirds of the turnkey order book, and considering, as I said, a time span of three to four years for a turnkey project, the real time when it starts generating a revenue is from the second year onwards. So, many of our projects, the IITs and IIMs, etc., the building vertical, some of our rail infra siding projects, which we have taken on the turnkey mode, these will start generating revenue in this FY. And we foresee that we should be able to come back our projections based on the execution of each of these big projects to at least the turnkey revenue levels of last year.
Harshit Kapadia
Understood, sir. Fair enough. Wishing you all the best, sir. Thanks, sir.
Rahul Mithal
Thank you.
Moderator
Thank you. Ladies and gentlemen, as there are no further questions, I would like to hand over the call to the management for their closing comments.
Rahul Mithal
Yes, thank you. So, as I said at the outset, the foundation for growth year, building up on the growth of FY26, has already been created, as you can see from the numbers and the breakup of the order book. And one of the strongest signals from the result was, you see, not just the rise in revenue and profits, but the underlying growth emerging from all the three elements of high margin, that is consultancy, leasing being an all-time high, and exports.
So, all of these three streams of revenue contributed to the growth, both in top and bottom line. So, this FY, while these will continue to grow, and as I summarize in the turnkey segment, which will also contribute, the key focus of ours will be to continue to focus on the mix of higher-margin projects and the turnkey projects so that, while maintaining a growth on the top line, we secure our PAT and EBITDA margins as per the guidance that we've given. So, we are sure that we will definitely grow in this FY. And our basic model of rewarding our shareholders with a high dividend payout ratio, that model is going to continue. Thank you very much.
Moderator
Thank you, sir. Thank you all for being a part of this conference call. If you need any further assistance or information or clarification, please email at [email protected]. Ladies and gentlemen, this concludes your conference for today. Thank you.
-End-
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This is a transcription and may contain transcription errors. The transcript has been edited for clarity. The Company takes no responsibility for such errors, although an effort has been made to ensure high level of accuracy. Statements in this transcript describing the Company's objectives, projections, estimates, expectations may be "forward-looking statements" within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Company's operations include, among others, economic conditions affecting demand / supply and price conditions in the domestic and overseas markets in which the Company operates, changes in Government regulations, tax laws and other statutes and incidental factors. This communication is not an offer to sell or the solicitation of an offer to buy securities.
RITES Limited
Q4 FY26 Earnings Conference Call
20.05.2026