RITES secures $20.6 million international order for diesel electric locomotives

RITES Ltd. on Tuesday, January 27, said it has secured a major international order from ICVL Mozambique for the supply and maintenance of diesel electric locomotives, strengthening its overseas order book.

In a regulatory filing, RITES said it has received a Letter of Intent (LoI) for the supply of new Cape Gauge diesel electric locomotives, along with preventive maintenance services and consumable spares at site. The total value of the order, awarded by ICVL Mozambique stands at $20.6 million (approximately ₹171 crore).

As per the terms, the supply of locomotives is to be completed within 15 months, while the maintenance services will be provided over a 24-month period.

The latest order adds to RITES’ growing international project portfolio and underlines its execution capabilities in railway equipment supply and maintenance services across global markets.

In December, the infrastructure, consultancy, and engineering firm received a contract valued at $3.6 million for the supply of in-service cape gauge diesel electric locomotives from Berhard Development Corporation (Private) Ltd, Zimbabwe.

RITES reported its net profit fell 21.4 % for the September quarter to ₹110.17 crore from ₹140.2 crore in the year-ago period. The company attributed the fall in its net profit to a decrease in revenue. The consolidated income of the company dropped to ₹608.81 crore in Q2FY26, against ₹684.30 crore in the year-ago period. Operating margin during the second quarter fell to 25.8% from 28.56% in the year-ago period.

Shares of the state owened company were trading off its intraday highs at ₹216.90 as of 10.59 am, 0.41% lower than their opening price. the stock has dropped 11.48% in the last one month.

Also Read: Asian Paints Q3 Results: Volume growth in focus, gross margin may improve