The project is scheduled to be executed over a period of 20 months.

The company said the formal contract agreement will be signed after the completion of due diligence by both parties. Following the execution of the agreement, the order will be added to the company's order book.

Rites is a public sector enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. The company is the only export arm of Indian Railways for providing rolling stock overseas (other than Thailand, Malaysia and Indonesia).

The company reported a 1.40% decline in consolidated net profit to Rs 139.35 crore, despite a 27.56% increase in revenue from operations to Rs 768.26 crore in Q4 FY26 compared with Q4 FY25.

The counter fell 0.99% to settle at Rs 215.95 on Monday, 6 July 2026.