Synopsis: With India targeting 4,500 Vande Bharat trainsets by 2047, key railway stocks like BEML, BHEL, Titagarh Rail, Ramkrishna Forgings, and RVNL stand to benefit from manufacturing, component supply, and long-term maintenance contracts, driving growth in the semi-high-speed rail sector.
The Indian Railways is gearing up for a monumental transformation of the country’s rail network with its ambitious Vande Bharat expansion plan. As India’s first indigenously designed and manufactured semi-high-speed trainset, the Vande Bharat has already captured public attention for its speed, comfort, and modern design. Currently, 164 Vande Bharat services are operational, but the government has set its sights on a massive scale-up, targeting 800 trainsets by 2030 and an astonishing 4,500 by 2047.
This expansion is poised to improve city-to-city connectivity, reduce travel times, and modernize India’s passenger rail services. Alongside the expansion, the government has also introduced regional cuisines and advanced onboard amenities like bio-vacuum toilets, ergonomically designed seating, CCTV surveillance, and KAVACH train collision avoidance systems, enhancing the passenger experience further.
Below is a list of stocks that have received orders in the past and continue to secure contracts for the manufacturing of Vande Bharat trains. These companies are strategically positioned to benefit further from the ambitious plan to expand the Vande Bharat fleet to 4,500 trainsets by 2047, as India accelerates its semi-high-speed rail modernization program.
BEML: Pioneer of the Vande Bharat Sleeper
BEML, a Bangalore-based public sector company, has been at the forefront of India’s railway modernization efforts. The company developed India’s first Vande Bharat Sleeper Train entirely in-house, a remarkable feat considering no prior template existed for this configuration. BEML supplied the first sleeper trains and completed trials successfully during FY25.
In January 2026, India’s first Vande Bharat Sleeper Express, a long‑distance, fully air‑conditioned overnight service was officially launched, with BEML entrusted with the design and development of 10 of these trainsets.
BHEL: The Electrical Backbone
Bharat Heavy Electricals Limited (BHEL) plays a critical role in powering the Vande Bharat trains with its expertise in electric traction systems and propulsion technology. Partnering with Titagarh Rail Systems, BHEL is responsible for supplying 80 Vande Bharat sleeper trains by 2029, with an estimated contract value of Rs. 24,000 Crore.
The transformers are being sent to Kolkata for final assembly, while another critical component, the traction motor, has been developed at BHEL’s Bhopal unit. This marks a strategic expansion of BHEL’s capabilities in advanced propulsion technology for trains designed to operate up to 160 kmph, with a design potential of 180 kmph, signaling its growing role in India’s modern rail infrastructure.
Titagarh Rail Systems (TRSL) has emerged as a major private-sector contributor to the Vande Bharat initiative. The company is also verticalizing its supply chain, entering forged wheel manufacturing through a joint venture with Ramkrishna Forgings to counter wheelset shortages that once constrained production.
As of 30th September 2025, the joint venture had a total valuation of Rs. 13,326 crore, with BHEL contributing Rs. 7,026 crore towards the Vande Bharat train project, and Ramakrishna Forgings contributing Rs. 6,300 crore for the supply of wheelsets. This illustrates an almost equal partnership between the two companies in supporting critical components of India’s rail infrastructure.
Ramkrishna Forgings Ltd
Ramkrishna Forgings Limited (RKFL) plays a vital role in providing key components like bogie frames, bogie bolsters, and screw couplings for the Vande Bharat sleeper series. In 2024, the company secured a Rs. 270 crore order to supply components for 32 trainsets, each comprising 16 coaches, totaling 1,024 bogie frames.
RKFL’s ability to handle large-scale, high-precision manufacturing makes it an essential partner in India’s semi-high-speed train program. With the growing domestic demand for Vande Bharat and other modern trainsets, RKFL stands to benefit significantly from expanded orders and increased manufacturing requirements.
Rail Vikas Nigam Limited (RVNL), the construction arm of the Ministry of Railways, is also poised to gain from the Vande Bharat expansion. Through a joint venture with Transmashholding’s subsidiary and Locomotive Electronic Systems, RVNL’s SPV, Kinet Railway Solutions Ltd. (KRSL), will manufacture, supply, and maintain 120 Vande Bharat electric sleeper trains over 35 years.
Earlier, the TMH-RVNL consortium had secured L1 status for a Rs. 58,000 crore contract to produce 200 sleeper trains, showcasing the PSU’s integral role in project implementation, rolling stock manufacturing, and infrastructure development. Beyond trainsets, RVNL is expanding into metro line development and strategic partnerships, strengthening its presence in India’s growing railway ecosystem.
India’s ambitious plan to scale the Vande Bharat fleet to 4,500 trainsets by 2047 is not only set to transform passenger rail travel but also creates immense opportunities for key railway stocks. Public sector leaders like BEML, BHEL, and RVNL, alongside private-sector pioneers like Titagarh Rail Systems and critical suppliers like Ramkrishna Forgings, are strategically positioned to benefit from this massive modernization push.
With substantial government investment, long-term maintenance contracts, and an increasing focus on domestic manufacturing, these companies are likely to see revenue growth and a strengthened market position as India accelerates its journey toward a modern, semi-high-speed rail network.
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