Indian Railways Modernization & Capex

9 companies Updated 7 Apr 2026

NSE-listed companies riding India's ₹2.4 lakh crore railway capex cycle — from rolling stock and Kavach signalling to electrification, wagons and EPC.

Sectors represented: Construction, Capital Goods, Financial Services

Companies with exposure to indian railways modernization & capex

RVNL

Rail Vikas Nigam Limited

Construction
annual report · 2024

Lucknow-Pilibhit via Sitapur, Lakhimpur (262.76 km)GC262.76. 8. South Central. Railway. Hyderabad-Secunderabad - Multi modal transport. system (Phase-II)-MTP. MTP78. 9. Railway. Electrification tern. Railway. Lucknow-Pilibhit via Sitapur, Lakhimpur (262.76 km)GC262.76. 8. South Central. Railway. Hyderabad-Secunderabad - Multi modal transport. system (Phase-II)-MTP. MTP78. 9. Railway.

SALASAR

Salasar Techno Engineering Limited

Capital Goods
annual report · 2025

In alignment with its ambition to become a. global leader in “Green Railways,” Indian Railways is advancing. full-scale electrification as a strategic move toward achieving. net zero carbon emissions. lignment with its ambition to become a. global leader in “Green Railways,” Indian Railways is advancing. full-scale electrification as a strategic move toward achieving. net zero carbon emissions.

IRFC

Indian Railway Finance Corporation Limited

Financial Services
annual report · 2023

In. the fiscal 2023, 8 new Vande Bharat trains were introduced. over various parts of the Country, thereby making a total of 10. Vande Bharat trains on Indian Railways as on 31. st. March, 2023. The passenger experience has seen a paradigm shift with the rious parts of the Country, thereby making a total of 10. Vande Bharat trains on Indian Railways as on 31. st. March, 2023.

GALAPREC

Gala Precision Engineering Limited

Capital Goods
annual report · 2025

Company). ŠTraditional internal combustion engine (ICE) commercial vehicle output is expected to grow at a steady ~5% CAGR,. while the rise of “truck-as-a-service” retrofit platforms is expanding the market for modular parts, driving increased. demand for mechanical and structural components.

KEC

KEC International Limited

Construction
annual report · 2023

The goal is to. build capacity before the demand and. increase the freight modal share of. railways from the current 27% to 45% by. 2030. the country to meet. demand up to 2050. The goal is to. build capacity before the demand and. increase the freight modal share of. railways from the current 27% to 45% by. 2030. In FY24 budget, Indian Railways. has witnessed significant support with.

PENIND

Pennar Industries Limited

Capital Goods
annual report · 2023

A significant number of Digitally Interlocked Stations have. been established by Indian Railways, transitioning from recorded for automatic signalling in the history of Indian. Railways. A significant number of Digitally Interlocked Stations have. been established by Indian Railways, transitioning from. old lever frames to computer-based operating systems.

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