Indian Railways Modernization & Capex

10 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.

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.

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.

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.

CGPOWER CG Power and Industrial Solutions Limited Capital Goods
investor presentation · 2023

Testingfacility. CGPISLwillusetheopportunitytomodernizeandautomatetheentireplantusingconceptsofIndustry4.0. Motors. Expansion Project. DomesticMarketexpectedtogrowataCAGRof8%overnext5Years(AsperIEEMA). CGPISLtargetstobeinExportMarket–Exporttargettobe@25%ofaggregatesales entireplantusingconceptsofIndustry4.0. Motors. Expansion Project.

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