Which Railway Company Reported Highest Net Profit in Q1FY26?

The Indian railway network is often seen as the backbone of the nation’s economy, playing a critical role in connecting people, goods, and regions across the country. With tracks stretching across thousands of kilometres, it is the fourth-largest railway system in the world, following the United States, China, and Russia.

By the end of FY25, Indian Railways recorded total revenue of ₹2.70 lakh crore (approximately US$31.57 billion), underscoring its significant economic contribution. In this article, we will have a look at the earnings of a few railway companies

IRFC Posts Record-Breaking Q1 FY26 Performance

Indian Railway Finance Corporation (IRFC), a Navratna Central Public Sector Enterprise (CPSE), has announced its strongest-ever quarterly financial results for Q1 of FY2025-26. The company recorded robust double-digit growth in Profit After Tax (PAT) alongside a notable increase in total income compared to the same period last year.

For the quarter ending June 30, 2025, IRFC reported a total income of ₹6,918.24 crore, up from ₹6,766.03 crore in Q1 FY25. This marks the highest-ever total income recorded in any quarter in the company’s history.

PAT grew by an impressive 10.71% year-on-year, reaching ₹1,745.69 crore compared to ₹1,576.83 crore in the same quarter last year. This also represents the highest quarterly PAT IRFC has ever achieved.

RVNL Reports Decline in Revenue and Profit in Q1 FY26

Rail Vikas Nigam Ltd. (RVNL) reported a dip in its financial performance for Q1 FY26. Revenue from operations declined by 4% year-on-year to ₹3,908.77 crore from ₹4,073.80 crore. The company’s total income also saw a 4.6% drop, standing at ₹4,136.96 crore.

RVNL’s net profit after tax fell sharply to ₹134.36 crore, compared to ₹223.92 crore in the same quarter last year, reflecting continued topline pressure.

BEML Narrows Losses in Q1 FY26 but Revenue Remains Flat

BEML Ltd. reported a consolidated net loss of ₹64.11 crore for Q1 FY26, an improvement over the ₹70.47 crore loss posted in the corresponding period last year.

Revenue from operations remained nearly unchanged at ₹633.99 crore, down marginally from ₹634.08 crore in Q1 FY25. The company posted an EBITDA loss of ₹49 crore, slightly better than the ₹50.1 crore loss recorded in the previous year.

Despite expectations of a 9% YoY revenue growth to ₹689 crore, BEML's revenue stayed flat and also fell significantly on a sequential basis, by more than 60%.

Titagarh Railway Faces Temporary Slowdown in Q1 FY26

Titagarh Railway Systems Ltd. reported standalone revenue of ₹679 crore in Q1 FY26. The quarter's performance was affected by a shortage of wheelsets, impacting production, especially in the Freight Rolling Stock (FRS) segment. However, the company emphasised that this disruption is temporary, as wheelset supply has improved recently, and operations are expected to normalise in Q2 FY26.

• A supply order for Vande Bharat trains worth approximately ₹9,600 crore (1,280 coaches), of which the company holds a 51% share (~₹4,943 crore).
• An annual maintenance order for 35 years under a JV with BHEL valued at ₹14,000 crore, with Titagarh's share being ~₹7,000 crore.

Jupiter Wagons Sees Steep Decline in Revenue and Profit

Jupiter Wagons Ltd. experienced a sharp 47.8% YoY decline in revenue, reporting ₹459.3 crore in Q1 FY26. The downturn was primarily due to wheelset shortages from the Railway Wheel Factory, significantly affecting production of 25-ton axle load wagons, a major component of the company’s order book.

The company’s EBITDA dropped by 56.2% YoY to ₹59.8 crore, with the EBITDA margin declining to 13.0% from 15.5% in the previous year. PAT for the quarter stood at ₹31.1 crore, reflecting a 66.2% decline, and the PAT margin dropped to 6.5%.

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