In this segment from Business Today TV’s Market Today, Sharad Avasthi, Head of Research at SMIFS, shares his detailed analysis of the railway sector and what lies ahead for investors. With recent momentum across railway stocks like RVNL and IRFC, is there still room for upside—or has the steam run out? Sharad Avasthi explains why most railway stocks may struggle to retest their all-time highs unless major international order wins materialize. He points out that despite strong growth in railway expenditure, current valuations already price in earnings 2-2.5 years ahead, making further re-rating unlikely in the near term. He also talks about how IRFC’s recent move into non-railway funding businesses adds new risks, such as potential NPAs, which changes how the company can be valued—from simple P/E to more complex models like SOTP or price-to-book. Find out why Sharad Avasthi remains cautious on the sector and what key triggers investors should watch before jumping back in.