Indian Railways Modernization & Capex

11 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: Capital Goods, Construction, Metals & Mining, Financial Services

Companies with exposure to indian railways modernization & capex

HIRECT

Hind Rectifiers Limited

Capital Goods
annual report · 2026

With over 99.5% electrification of the broad-gauge network successfully achieved. by early 2026, the focus has shifted toward modernization and high-density grid stability, driving massive, sustained. demand for traction transformers and substation rectifiers. 100% Route Electrification. 73. (Sources: https://www.pib.gov.in/PressReleasePage.aspx?PRID=2248001&reg=3&lang=2,.

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.

GOODLUCK

Goodluck India Limited

Metals & Mining
annual report · 2026

Union Budget 2026–27 has further. raised the capital outlay to a record `2,78,000 crore (USD. 29.94 billion), with provisions for seven new high-speed rail. corridors, underscoring sustained policy commitment to rail. infrastructure. Key Highlights. Electrification. Indian Railways achieved 99.6% electrification of the broad- s for seven new high-speed rail.

BHEL

Bharat Heavy Electricals Limited

Capital Goods
annual report · 2026

Vande Bharat Traction Converter being flagged off from BHEL's Plant in Bengaluru (EDN). Bharat Heavy Electricals Limited. 40 ns (rolling stock) as a green alternative to. diesel/electric trains. Vande Bharat Traction Converter being flagged off from BHEL's Plant in Bengaluru (EDN). Bharat Heavy Electricals Limited. 40. Future perspective. Under the ambitious roadmap of the National Rail Plan.

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.

TITAGARH TITAGARH RAIL SYSTEMS LIMITED Capital Goods
investor presentation · 2023

Bharat trains have been incorporated. into the railway network. ➢Opportunity size of Rs. 58,000 Cr to. manufacture 200 Vande Bharat trains and. maintaining them for next 35 years. ➢IR to fast-track modernisation with 800. semi-high-speed Vande Bharat train. sets by 2030. ➢As per National Urban Transport Policy,. metro rail system to be constructed in. every city having more than 20 lakh.

HILTON Hilton Metal Forging Limited Capital Goods
annual report · 2026

The government launched the e-Railway Claims Tribunal. (e-RCT) system, enabling 24×7 online filing, digital case. tracking, and paperless hearings to improve transparency and. speed in resolving railway compensation claims across India. The government announced that all 23 benches of the g, digital case. tracking, and paperless hearings to improve transparency and.

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.

BCPL BCPL Railway Infrastructure Limited Construction
annual report · 2026

Electrification progressed rapidly, resulting in a. total of 69,873 kilometers route electrified,. improving energy efficiency and reducing. dependence on fossil fuels. h crore in FY2026–27. Electrification progressed rapidly, resulting in a. total of 69,873 kilometers route electrified,. improving energy efficiency and reducing. dependence on fossil fuels. This transition also.

JWL Jupiter Wagons Limited Capital Goods
investor presentation · 2024

Logistics provider & Mines owners. Indian Railways halted new applications from April, 2023 for inducting new wagons for private sector or 2. years due to track congestion issues in coal & mineral rich eastern states er & Mines owners. Indian Railways halted new applications from April, 2023 for inducting new wagons for private sector or 2.

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