Profitability under pressure: Q4FY26 revenue grew 6% YoY, but EBITDA margin declined to 4.0% Execution visibility intact with Order book at Rs993bn (~4.9x revenue), valuation limits upside Rail Vikas Nigam (RVNL) reported a weak Q4FY26 performance, with modest revenue growth of 6% YoY offset by a sharp decline in profitability as EBITDA margin contracted to 4.0% (vs 6.0% YoY and 4.7% QoQ). As per RVNL, Margin pressure was driven by nonrecurring factors: an onerous contract provision, JV reconciliation adjustments. Management expects underlying profitability to improve in FY27E versus the reported...