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Railways / Vande Bharat & Metro Rolling Stock
India Railways & Rolling Stock
A state-funded capex cycle shifting from track to trains, safety and signalling
Industry report · Oct 2026
India Railways & Rolling Stock
Capex is near a record but no longer rising fast; value is moving from civil EPC and wagons to trainsets, Kavach and components.
Further reading
- The Future of RailInternational Energy Agency ↗
- Indian Railways industry reportIBEF ↗
- Ministry of Railways portalGovernment of India ↗
- Union Budget documentsMinistry of Finance ↗
- Research Designs & Standards OrganisationRDSO, Ministry of Railways ↗
- Travel, Logistics & Infrastructure insightsMcKinsey & Company ↗
- Statistics & researchInternational Union of Railways (UIC) ↗