Shares of RITES Ltd surged 1.75% to touch a day’s high of Rs 221.95 on 27th January, after the firm 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 received a Letter of Intent (LoI) from ICVL Mozambique for the supply of new Cape Gauge diesel-electric locomotives. The LoI also covers preventive maintenance services and consumable spares to be delivered on-site.

The total order value stands at $20.6 million, or around Rs 171 crore. As per the terms, locomotive supply will be completed within 15 months. Additionally, maintenance services will be provided over 24 months.

The order strengthens RITES’ international project portfolio. Moreover, it highlights its execution capabilities in railway equipment supply and maintenance across global markets.

In December, the company also secured a $3.6 million contract from Berhard Development Corporation (Private) Ltd, Zimbabwe, for the supply of in-service Cape Gauge diesel electric locomotives.

RITES Q3 Results

On the financial front, RITES reported its net profit fell 21.4% year over year to Rs 110.17 crore in the September quarter. This compares with Rs 140.2 crore in the year-ago period.

The decline was attributed to lower revenue. In fact, consolidated income fell to Rs 608.81 crore in Q2FY26 from Rs 684.30 crore a year earlier. Meanwhile, operating margin slipped to 25.8% from 28.56%.

At 11:45 AM, shares of RITES were trading 1.48% higher at Rs 221.01 on NSE.

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