NEW DELHI: Rail Vikas Nigam Limited (RVNL), in a joint venture with GPT Infraprojects, has received a Letter of Award (LOA) from Northern Railways for a major infrastructure project valued at ₹1,201.35 crore. The project involves the design and construction of a new rail-cum-road bridge over the river Ganga in Varanasi, Uttar Pradesh [citation:1][citation:3].
Project details: Bridge over Ganga at Varanasi
The project entails constructing Bridge No. 11, located 50 meters downstream of the existing old Malviya Bridge near Kashi Railway Station. It will be a massive structure featuring eight spans of 108.5 meters and two spans of 103.3 meters, using open web steel girder technology [citation:2][citation:4].
📋 Project scope at a glance
Joint venture structure
RVNL holds a 60% stake in the joint venture, while GPT Infraprojects holds the remaining 40%. The total contract value is ₹1,201.35 crore (including taxes), with RVNL's share amounting to approximately ₹720.8 crore [citation:1][citation:2]. The project was awarded by a domestic entity and is not classified under related party transactions [citation:4].
- LOA from Northern Railways: RVNL-GPT JV receives letter of award for ₹1,201 cr project [citation:3]
- Strategic location: New bridge adjacent to historic Malviya Bridge, Varanasi [citation:1]
- RVNL share: 60% (₹720.8 crore), GPT Infraprojects 40% [citation:2]
- Order book boost: RVNL's order book exceeds ₹90,000 crore (as of Sept 2025) [citation:2][citation:6]
- Stock movement: RVNL shares rose 1.13% to ₹312.14 on February 19 [citation:4]
- Q3 results: RVNL reported 4% YoY profit growth to ₹324 crore [citation:3]
About the project
The scope includes design and construction of the bridge's substructure and superstructure, railway and road approaches as per General Arrangement Drawing (GAD), associated Overhead Equipment (OHE) works, and general electrical works within the Lucknow Division of Northern Railway at Varanasi [citation:1][citation:4].
This bridge will significantly enhance connectivity in the region, providing a dedicated four-line railway track on the lower deck and a six-lane roadway on the upper deck, easing traffic congestion and improving rail transport efficiency [citation:2][citation:5].
RVNL order book & financial health
As of September 2025, RVNL boasts a robust order book exceeding ₹90,000 crore (estimates range up to ₹97,000 crore), ensuring strong revenue visibility for the next 3-4 years. The portfolio is balanced between legacy railway projects and competitive bidding projects spanning rail, metro, and international ventures [citation:2][citation:6].
The company reported a consolidated net profit of ₹322.83 crore in Q3 FY26, up 3.65% year-on-year, with revenue from operations at ₹4,684.46 crore [citation:4].
Market reaction
RVNL shares gained 1.13% to ₹312.14 on February 19, 2026, following the announcement of the LOA. The stock has a market capitalization of over ₹64,000 crore as of February 18 [citation:3][citation:4].
| RVNL Financials (Q3 FY26) | Value | Change (YoY) |
|---|---|---|
| Net Profit | ₹324 crore | +4% |
| Revenue | ₹4,684 crore | +2.6% |
| EBITDA | ₹220.8 crore | -8% |
Expert view
"This order further strengthens RVNL's already impressive order book. The company's expertise in executing large-scale bridge projects, combined with GPT Infra's capabilities, positions the JV well for timely delivery. We remain positive on RVNL's long-term growth trajectory," said an infrastructure analyst at a leading brokerage.
RVNL order: key takeaways
- LOA received: From Northern Railways for ₹1,201.35 crore rail-cum-road bridge project
- JV structure: RVNL 60%, GPT Infraprojects 40% (3:2 ratio) [citation:2]
- Project location: Downstream of Malviya Bridge, Varanasi, over river Ganga
- Completion timeline: 48 months from appointed date [citation:4]
- Order book: RVNL's total order book exceeds ₹90,000 crore, ensuring long-term revenue visibility [citation:6]
- Stock performance: RVNL up 1.13% post-announcement, market cap ₹64,364 crore [citation:3]
Outlook
With a strong order book and consistent inflow of new projects, RVNL remains well-positioned to capitalize on India's railway infrastructure expansion. The Varanasi bridge project adds to the company's expertise in executing complex, large-scale bridge works and reinforces its presence in the critical Ganga corridor.
Disclaimer: This report is based on exchange filings and public announcements. RVNL received the LOA on February 18, 2026. Investors should consult their financial advisor before making investment decisions.