Rail Vikas Nigam Limited (RVNL) stock experienced a significant jump, prompting questions about whether investors are anticipating future performance. The company's financial track record shows modest revenue growth and a decline in EBITDA between FY22 and FY25. This EBITDA margin erosion is attributed to a shift towards less profitable competitively bid projects, contrasting with a past reliance on higher-margin nominated orders from the railways.