5 Railway Stocks With Order Books Worth Up to ₹1.65 Lakh Cr to Add to Your Watchlist

Synopsis: India’s railway sector continues to witness strong growth, backed by robust order inflows and infrastructure investments. Five railway stocks with order books ranging from Rs. 4,675 crore to Rs. 99,262 crore that offer strong revenue visibility and long-term growth potential.

India’s railway sector is poised for significant expansion, with the country projected to account for nearly 40% of global rail activity by 2050. Supporting this growth, the Government of India has laid out an ambitious vision to develop a 5,000-km metro rail network across 100 cities by 2047, underscoring its commitment to strengthening urban mobility and modern transportation infrastructure.

At the same time, Indian Railways continues to witness steady operational growth, driven by rising passenger demand and ongoing network enhancements. During FY26, the total number of passengers carried increased to 741 crore, compared to 716 crore in FY25, reflecting sustained growth in rail usage and reinforcing the sector’s long-term growth prospects.

Jupiter Wagons Ltd

Jupiter Wagons Ltd is a leading Indian manufacturer of railway freight wagons, passenger coach components, and mobility solutions. The company serves Indian Railways and private sector clients, with a growing presence in railway braking systems, wheelsets, and electric mobility segments. 

With a market capitalisation of Rs. 11,985 cr, the shares of Jupiter Wagons Ltd were trading at Rs. 280.45 per share, up from its previous close of Rs. 279.30 per share. 

The company reported an order book of Rs. 4,675 crore as of 31 March 2026, ensuring strong revenue visibility. Its wheelsets segment secured significant orders across freight, passenger, metro, and Vande Bharat applications, including a Rs. 113 crore order for 9,000 LHB axles from the Ministry of Railways, a Rs. 215 crore LoI for 5,376 Vande Bharat wheelsets, and further contracts for LHB wheelset machining and assembly.

Rail Vikas Nigam Ltd

Rail Vikas Nigam Ltd (RVNL) is a public sector enterprise under the Ministry of Railways that specialises in the development and execution of rail infrastructure projects across India. Its portfolio includes railway lines, electrification, bridges, metro projects, and station redevelopment.

With a market capitalisation of Rs. 51,468 cr, the shares of Rail Vikas Nigam Ltd were trading at Rs. 246.90 per share, up from its previous close of Rs. 245.25 per share. 

As of 31 March 2026, the company’s total order book, including Rs. 1,201 crore of orders secured through joint ventures, stood at Rs. 99,262 crore. Railways remain the largest contributor at Rs. 57,000 crore, followed by signalling (Rs. 14,900 crore), ports, roads and highways (Rs. 10,400 crore), metros (Rs. 9,900 crore), power and transmission (Rs. 4,000 crore), and hydro and irrigation projects (Rs. 2,000 crore). This diversified order book provides strong revenue visibility across multiple infrastructure segments.

Ircon International Ltd

Ircon International Ltd is a government-owned engineering and construction company primarily engaged in transportation infrastructure projects. It undertakes railway construction, highways, bridges, tunnels, and electrification works in India and overseas. Known for its expertise in large-scale infrastructure execution, Ircon has successfully completed projects across several countries.

With a market capitalisation of Rs. 13,139 cr, the shares of Ircon International Ltd were trading at Rs. 139.70 per share, down from its previous close of Rs. 140.70 per share. 

As of 31 March 2026, the company’s order book stood at Rs. 24,984 crore, reflecting a strong pipeline of projects and providing healthy revenue visibility. Sector-wise, the order book is predominantly driven by the railways segment, which contributes Rs. 19,459 crore (78%), followed by highways projects at Rs. 3,919 crore (16%) and other segments at Rs. 1,606 crore (6%). 

Geographically, the order book remains largely domestic in nature, with Rs. 22,956 crore (92%) of orders from India and Rs. 2,028 crore (8%) from international markets. In terms of award mechanism, competitive bidding accounts for Rs. 13,459 crore (53.9%) of the order book, while nomination-based contracts contribute Rs. 11,525 crore (46.1%), highlighting the Company’s strong ability to secure projects through both competitive and strategic channels.

Titagarh Rail Systems Ltd

Titagarh Rail Systems Ltd is one of India’s prominent manufacturers of rolling stock, including freight wagons, metro coaches, passenger coaches, and propulsion systems. The company serves both domestic and international markets and has strengthened its position through collaborations and technology partnerships. 

With a market capitalisation of Rs. 12,605 cr, the shares of Titagarh Rail Systems Ltd were trading at Rs. 936 per share, up from its previous close of Rs. 920.05 per share. 

As of 31 March 2026, the company’s standalone order book, including its wholly owned subsidiary, stood at approximately Rs. 14,240 crore. The order book is heavily weighted towards the passenger rail segment, which contributes around Rs. 10,625 crore (77.3%), while freight rail systems account for approximately Rs. 3,115 crore (22.7%). In addition, the company’s shipbuilding and maritime systems business, operated through its wholly owned subsidiary, contributes an order book of around Rs. 500 crore.

Beyond its standalone operations, the company has a significant presence through strategic joint ventures. Its forged wheel manufacturing joint venture with RKFL has an order book of approximately Rs. 6,300 crore, while the Vande Bharat AMC joint venture with BHEL contributes around Rs. 7,000 crore. 

Including the proportionate share of these joint ventures, the company’s total order book stands at an impressive Rs. 27,540 crore as of 31 March 2026, providing strong revenue visibility and underscoring its leadership across rail mobility, rolling stock, shipbuilding, and allied infrastructure segments.

Rites Ltd

Rites Ltd is a government-owned engineering consultancy and project management company specialising in transport infrastructure. It provides services across railways, highways, ports, airports, urban transport, and logistics. With operations in India and abroad, RITES is recognised for its expertise in consultancy, quality assurance, inspection services, and turnkey infrastructure projects.

With a market capitalisation of Rs. 10,150 cr, the shares of Rites Ltd were trading at Rs. 211.20 per share, down from its previous close of Rs. 212.10 per share. As of 31 March 2026, the company’s order book stood at Rs. 9,416 crore, providing strong revenue visibility across its diversified business segments. The largest contribution comes from the consultancy business, which accounts for Rs. 2,754 crore, reflecting the company’s strong presence in engineering and project management services. 

The turnkey projects segment forms another significant portion of the order book at Rs. 4,581 crore, highlighting continued demand for end-to-end infrastructure execution capabilities. Export orders contribute Rs. 1,755 crore, demonstrating the company’s growing international footprint and competitiveness in global markets. Additionally, the REMC Ltd. segment accounts for Rs. 120 crore, while the lease business contributes Rs. 206 crore to the overall order book.

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