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Swing Capital

Rites Ltd

NSE: RITES BSE: 541556Logistics

Established in 1974, RITES Limited is a public sector enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. The company is the only export arm of Indian Railways for providing rolling stock overseas (other than Thailand, Malaysia and Indonesia). [1]

₹207
52W: ₹175 — ₹316
PE 25 · Book ₹52.4 · +295% vs book
Market Cap₹9,953 Cr
Stock P/E25Price to Earnings
ROCE20%Return on Capital
ROE15.1%Return on Equity
Div. Yield3.65%Face Value ₹10

Strengths

  • +Company is almost debt free.
  • +Company has been maintaining a healthy dividend payout of 94.5%

Weaknesses

  • −The company has delivered a poor sales growth of -2.68% over past five years.

Shareholding Pattern

Promoters72.2%
FIIs3.47%
DIIs8.7%
Public15.62%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters72.2%72.2%72.2%72.2%72.2%72.2%72.2%72.2%
FIIs3.5%3.2%▼0.33.34%▲0.13.33%▼0.03.47%▲0.13.51%▲0.03.46%▼0.03.47%▲0.0
DIIs10.78%9.63%▼1.18.83%▼0.88.66%▼0.28.64%▼0.08.66%▲0.08.63%▼0.08.7%▲0.1
Public13.5%14.95%▲1.415.63%▲0.715.79%▲0.215.69%▼0.115.63%▼0.115.7%▲0.115.62%▼0.1

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales549653606454510545587456514569
Expenses439509461376430454425372414462
Operating Profit11114414578809016284100107
OPM %20%22%24%17%16%17%28%18%19%19%
Net Profit1171191236586951346710296
EPS ₹2.432.472.561.351.791.982.81.392.131.99

AI Insights

Revenue Trend

TTM revenue at ₹2,126Cr, up 1.5% YoY. OPM at 21%.

Debt Position

Borrowings at ₹8Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Capex Cycle

CWIP at ₹70Cr (10% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 8.7% (-6.55pp change). FIIs: 3.47% (+0.03pp change). Promoters hold 72.2%.

Margin & Efficiency

ROCE improving from 0% (Mar 2015) to 20% (Mar 2025). Working capital days: -299.

Valuation

PE 25x with 20% ROCE. Price is 295% above book value of ₹52.4. Dividend yield: 3.65%.

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