NEW DELHI: Rail Vikas Nigam (RVNL) on Thursday made a tepid market debut, as the scrip got listed at Rs 19 on BSE, the same as the issue price.The Rs 480 crore IPO, which was sold between March 29 to April 3, was subscribed 1.83 times. At the issue price, the stock was valued at of 7 times FY18 earnings against's IRCON International's 9.58 times. The company is engaged in railway projects including setting up of new lines, doubling, gauge conversion, railway electrification, metro projects, workshops, major bridges, construction of cable stayed bridges and institution buildings. Of them, activities such as laying of new lines and provisioning additional lines along existing tracks together bring in 75 per cent of company’s revenues. As of December 31, RVNL had an order book of Rs 77,500 crore, which included 102 ongoing projects, with new lines, doubling and metropolitan transport projects accounting for 88 per cent.

In FY18, it completed 885 km in project length.

The company reported 33.7 per cent annual growth in revenues during FY15-18.

Profit rose 19.1 per cent compounded annually during this period.

Margins fell by over 300 basis points at both Ebitda and net profit levels. For the first half of FY19, Ebitda margins stood at 9.2 per cent against 9.4 per cent in FY18 and 12.6 per cent in FY15.

Profit margin at 7 per cent in H1FY19 was down from 7.5 per cent in FY18 and 10.7 per cent in FY15.