New Delhi, May 26 -- Indian railway makeover is no longer a dream; it's a full-blown mission. And right at the heart of this infrastructure push is Rail Vikas Nigam Ltd (RVNL), the government arm for the mega rail projects.

From electrification and track doubling to station revamps and even metro rail expansions, RVNL is quietly doing the heavy lifting for the Indian Railway's future.

But here's the real question: Is RVNL just riding the PSU hype train, or does it genuinely have the steam to compound wealth long-term?

In this piece, we decode the RVNL business model, its financials and much more.

Incorporated in 2003 under the ministry of railways (MoR), RVNL was set up with a clear mandate to accelerate the implementation of critical...