18 India: The Railways of India

Designer: Michael Carter, Anthony Fryer, John Harres, Nick Neylon

Descended from 1829 Mainline: permanent trains, "managed" companies without a fixed president, and royal bonds — for 2-5 players in about 3 hours.

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18 India: The Railways of India Contents

How it works

Setup

9 random companies (3 East, 3 West, 3 South) + the [GIPR]
3 guaranty companies, one per region
Certificates are dealt: everyone keeps some and the rest go to a draft
Each player's hand: exclusive, secret purchase options
The rest form the [IPO] (3 rows) and the open market

Stock round ×1

Selling turn: just once per player
Buying in turns, one action at a time:
· certificates of one company from your hand
· 1 or 2 from the top of an [IPO] row
· 1 from the open market, or a railroad bond
First to pass starts the next round

Operating round ×2

Income from privates and railroad bonds
Each company, highest share price first:
1. Track: up to 4 yellows or 1 upgrade
2. One station (₹40, later ₹100)
3. Trains: cities + concessions
4. Pay out (up) or withhold (down)
5. Buy or sell trains (max. 2)
6. Buy or sell certificates (max. 3)

↻ Repeats until the end

End

The bank (₹9,000) runs out or a share reaches ₹400
The game ends when that operating round finishes
Share value = share price + 10% of the company's assets
Most money plus shares wins

Components

Players

Cash
Hand of certificates (secret, doesn't count toward the limit)
Portfolio: shares, privates, railroad bonds

Companies

Directed: the director's certificate (20%) is in play
Managed: no director, floats with 3 × 10% shares
[GIPR]: always managed, up to 200% with bonds
Treasury, 2 trains max, stations, up to 3 certificates

Bank and markets

₹9,000 bank
[IPO] in 3 rows and open market
Railroad bonds (₹100, pay income)
New and used trains

Map

All track colours available from the start
Commodities → concessions with a bonus
Gauge change: a ₹0 stop
Variable-value cities

Where the money goes

Players Companies Buying shares from hand or [IPO]: the printed price goes to the treasury
Players Bank and markets Buying from the open market, privates and railroad bonds
Bank and markets Players Dividends, private and bond income, sales in the selling turn
Companies Bank and markets Trains, terrain and stations
Bank and markets Companies Withheld revenue, selling trains to the bank
Players Companies Paying for trains out of your own pocket: doesn't exist

Phases

Start

2 · ₹180

The [GIPR] doesn't operate yet

1st 3-train

3 · ₹300

The [GIPR] can now operate

III

1st 4 / 4E train

4 or 4E · ₹450

1st ×2 / ×3 train

3×2 · 3×3 · 4×2 · 4×3

Guaranties expire, bonds convert into [GIPR], no new gauge changes

Trains never rust: the race is to get better ones before everyone else.
No company is required to own a train; without one it drops an extra space.

A round, step by step

The rulebook's example (chapter 12): 3 players with ₹733 each. We follow Player 1 and their company, the East India Railway [EIR], through the first stock round and the two operating rounds after it.

Before starting The hand of certificates Phase I

[P1] is dealt 13 certificates and must keep 7. They keep the 4 [EIR] shares (₹100 each), one Northwestern [NWR], one [GIPR] and the Danish EIC private. Into the draft go the [EIR] director's certificate, plus [GIPR], the Swedish EIC private, 2 Nizam State and 2 more [NWR].

Nobody sees the others' hands. By checking what's in the [IPO] you can work out how many shares of each company your rivals hold.

[P1] cash

₹733

[EIR] treasury

—

[EIR] share price

—

[EIR] trains

—
Stock round 1 Selling turn Phase I

Every stock round opens with one selling turn per player. Nothing is in play yet, so everyone passes.

It's the only moment in the round when you can sell. After that you only buy.

[P1] cash

₹733

[EIR] treasury

—

[EIR] share price

—

[EIR] trains

—
Stock round 1 Founding the [EIR] Phase I

In a single action, [P1] buys every [EIR] certificate from their hand: the director's (20%) and four 10% shares. They pay ₹600, which goes straight into the company's treasury. With the director in play, the [EIR] floats and places its home station in Kolkata.

Incremental capitalisation: every share sold pays its price to the company, including those bought later on.

[P1] cash

₹133

[EIR] treasury

₹600

[EIR] share price

₹100

[EIR] trains

—
Stock round 1 One [NWR] share Phase I

Another player has founded the [NWR]. On their next turn, [P1] buys a 10% share of it from their hand: the ₹100 goes to the [NWR]'s treasury.

[P1] cash

₹33

[EIR] treasury

₹600

[EIR] share price

₹100

[EIR] trains

—
Stock round 1 The Swedish EIC private Phase I

Then they buy the Swedish EIC from their hand for ₹25. It has no special ability, but it pays ₹5 every operating round and can be sold back to the bank for the same price.

[P1] cash

₹8

[EIR] treasury

₹600

[EIR] share price

₹100

[EIR] trains

—
Stock round 1 Passing first Phase I

With ₹8 there's nothing more to do, so they pass. They're the first to pass, so they'll go first in the next stock round. The round ends when everyone has passed.

Unlike other 18xx, share prices don't move at the end of the stock round.

[P1] cash

₹8

[EIR] treasury

₹600

[EIR] share price

₹100

[EIR] trains

—
Operating round 1.1 Income and order Phase I

First the bank pays out privates and bonds: [P1] collects ₹5 from the Swedish. Then companies operate from highest to lowest share price. The [EIR] and [NWR] are both at ₹100, and the [EIR] goes first because it reached that space earlier.

[P1] cash

₹13

[EIR] treasury

₹600

[EIR] share price

₹100

[EIR] trains

—
Operating round 1.1 Four yellow track sections Phase I

The [EIR] lays 4 yellows in a row: Kolkata towards Haldia, Haldia–Dhaka (crossing a river: ₹30), north of Dhaka, and Guwahati. The last section crosses a dashed red line, so a gauge change marker goes down.

The alternative: upgrade a single tile to any colour, since upgrades don't depend on the phase.

[P1] cash

₹13

[EIR] treasury

₹570

[EIR] share price

₹100

[EIR] trains

—
Operating round 1.1 No trains, no revenue Phase I

No station this time. Since it has no trains yet, it runs nothing and pays nothing: the share price drops one space, from ₹100 to ₹90.

[P1] cash

₹13

[EIR] treasury

₹570

[EIR] share price

₹90

[EIR] trains

—
Operating round 1.1 Two 2-trains Phase I

It buys two 2-trains from the bank at ₹180 each. That's already the 2-train limit, and these trains will never rust.

Since it now owns a train, it doesn't drop an extra space for ending its turn trainless.

[P1] cash

₹13

[EIR] treasury

₹210

[EIR] share price

₹90

[EIR] trains

2 + 2
Operating round 1.1 The company invests Phase I

The last step is the company's own stock trading. The [EIR] buys an [NWR] share from the top of an [IPO] row: the ₹100 goes to the [NWR]'s treasury and the certificate stays with the [EIR], which will collect its dividends.

A company can hold up to 3 certificates, and at the end they count toward its value.

[P1] cash

₹13

[EIR] treasury

₹110

[EIR] share price

₹90

[EIR] trains

2 + 2
Operating round 1.2 Off to the tea Phase I

Another ₹5 from the Swedish. The [EIR] lays 4 more yellows: Guwahati–China, up to Nepal, and two towards the hex where the tea comes from; the tea marker sits on the tile.

[P1] cash

₹18

[EIR] treasury

₹110

[EIR] share price

₹90

[EIR] trains

2 + 2
Operating round 1.2 A station in China Phase I

It places its second station in China for ₹40. That's the Darjeeling-Himalayan's home, but that company isn't in this game, so the spot isn't reserved.

[P1] cash

₹18

[EIR] treasury

₹70

[EIR] share price

₹90

[EIR] trains

2 + 2
Operating round 1.2 The trains run Phase I

One 2-train runs China to Nepal: both are variable-value cities and there are no others, so each is worth ₹20 + its bonus: 40 + 30 = ₹70. The other runs Kolkata to Dhaka: ₹80. Total: ₹150.

Two trains may start from the same city, but they can't share any track section.

[P1] cash

₹18

[EIR] treasury

₹70

[EIR] share price

₹90

[EIR] trains

2 + 2
Operating round 1.2 Paying out Phase I

The [EIR] pays out: ₹15 per 10%. [P1] holds 60% and collects ₹90. Unsold shares get nothing. Since ₹150 is at least half the share price (₹90), it moves up one space, back to ₹100.

Paying twice the share price would move it up two spaces; three times, three.

[P1] cash

₹108

[EIR] treasury

₹70

[EIR] share price

₹100

[EIR] trains

2 + 2
Operating round 1.2 Saving for a better train Phase I

It already has 2 trains and buys none. It doesn't trade stock either: it's saving up for a bigger train. Its [NWR] share will pay when the [NWR] operates.

[P1] cash

₹108

[EIR] treasury

₹70

[EIR] share price

₹100

[EIR] trains

2 + 2
Towards stock round 2 What now? Phase I

With the [NWR] dividends, [P1] reaches stock round 2 with about ₹145, going first. They can buy from their hand ([NWR], [GIPR], Nizam, the Danish) or from the [IPO]. The [EIR]'s plan: carry the tea to Visakhapatnam, a route of 4 cities and a gauge change that needs a 4E train.

[P1] cash

≈ ₹145

[EIR] treasury

₹70

[EIR] share price

₹100

[EIR] trains

2 + 2

18 India — Summary

Capitalization type

Incremental capitalization: the company doesn't receive its full capital at once when it floats; instead it collects the par price each time one of its shares is actually sold.
Companies float with only 30% sold, instead of the 60% common in other titles in the series.

Companies float with 30% of shares sold (single threshold for all corporations)
No player may hold more than 100% of a single corporation, except the Great Indian Peninsula Railway (GIPR), which may reach up to 200%
Certificate limit per player (varies with the number of active corporations in the game — 8, 9, or 10, set at the start by region draft): 2 players — 29 to 37; 3 players — 19 to 23; 4 players — 15 to 18; 5 players — 12 to 15

Starting cash by player count

2 players: ₹1,100 starting cash
3 players: ₹733 starting cash
4 players: ₹550 starting cash
5 players: ₹440 starting cash
The bank always starts with ₹9,000, regardless of player count

End game triggers

The bank runs out of money: the current full operating round set is finished
A share price reaches one of the market cells marked "e" (400e/420e/440e/460e): the game ends at the next end of an operating round (no need to finish the whole set)
Bankruptcy is not an end-game trigger in this game: it's disabled outright (no company can go bankrupt)

Number of phases

5 phases (I, II, III, III', IV)
Phase I: the Great Indian Peninsula Railway (GIPR) cannot operate yet
Phase II: triggered by the purchase of the first 3-train
Phase III: triggered by the purchase of the first 4-train
Phase III': triggered by the purchase of the second 4-train; from here all multiplier trains (3x2, 3x3, 4x2, 4x3) are simultaneously available
Phase IV: triggered by the purchase of any multiplier train; Guaranty Warrants expire, Railroad Bonds may be converted to a GIPR share, and gauge-change markers are no longer placed (and existing ones may start to be removed)

Train list and prices

2 train — ₹180 (6 units)
3 train — ₹300 (4 units), available from Phase II
4 train (express variant 4E, same price, skips towns) — ₹450 (3 units), available from Phase III
3x2 train — ₹700 (3 units) and 3x3 train — ₹900 (3 units), available from Phase III'
4x2 train (express variant 4Ex2) — ₹800 (3 units) and 4x3 train (express variant 4Ex3) — ₹1,100 (3 units), available from Phase III'
Trains never rust: they remain permanent for the whole game. Each company can hold a maximum of 2 trains at a time.

List of private companies

Swedish EIC (P1) — ₹25, revenue ₹5 — no special ability
Portuguese EIC (P2) — ₹35, revenue ₹5 — one extra yellow tile placement; closes when used
Dutch EIC (P3) — ₹60, revenue ₹10 — one extra track upgrade; closes when used
French EIC (P4) — ₹75, revenue ₹15 — ₹40 discount on total terrain cost during an operating round; closes when used
Danish EIC (P5) — ₹115, revenue ₹20 — one free token even if the city is full; closes when used
British EIC (P6) — ₹150, revenue ₹25 — receives the jewelry concession (a bonus assignable to a hex); closes when used

List of corporations

Great Indian Peninsula Railway (GIPR) — no fixed home (can be founded in any open city); always "managed" (no president's certificate), can grow up to 200% in circulation through convertible Royal Bonds, and cannot operate before Phase II
East region (3 of the 6 are kept at random each game): Bengal Nagpur Railway (BNR) — Nagpur/I20; Darjeeling-Himalayan Railway (DHR) — Q10 (China border); East India Railway (EIR) — Kolkata/P17; Eastern Bengal Railway (EBR) — Kolkata/P17; North Central Railway (NCR) — Allahabad/K14; Tirhoot Railway (TR) — M10 (Nepal border)
West region (3 of the 5 are kept at random each game): Bombay Railway (BR) — Mumbai/D23; Northwestern Railway (NWR) — Delhi/G8; Punjab Northern State Railway (PNS) — Lahore/D3; Sind Punjab & Delhi Railroad (SPD) — Delhi/G8; Western Railway (WR) — Ahmedabad/D17
South region (3 of the 6 are kept at random each game): Ceylon Government Railway (CGR) — Colombo/K40; Kolar Gold Fields Railways (KGF) — Bengaluru/H31; Madras Railway (MR) — Chennai/K30; Nizam State Railway (NSR) — Hyderabad/H25; South Indian Railway (SIR) — Kochi/G36; West of India Portuguese Railway (WIP) — Pune/E24
One "Guaranty" company is randomly picked per region, guaranteeing a minimum 5% dividend if the company fails to pay one

Game-specific mechanics

Commodity system: companies pick up commodities on hexes and deliver them to their destinations for revenue bonuses
"Managed" companies can operate without a president's certificate; there's never a forced train purchase and the president never contributes personal money
No 60% ownership limit per shareholder (the GIPR can reach 200% in circulation)
Fixed initial deal of certificate hands + a draft of the discards, instead of a private company auction
A single Selling Turn per player at the start of each stock round; only purchases are allowed afterward
Track gauge changes on the map: crossing one counts as a zero-value stop for the train
Final share value is increased by 10% of the company's assets (trains, treasury, bonds and certificates it owns), not just the market price

Emergency sell

There is no emergency sell mechanic at all. Rule 8.4.5.8 states it outright: since no company is ever required to own a train, "the concept of emergency fund raising... does not exist" in 18 India, and a player may never put personal cash into a company's treasury for any reason. If an operating round ends with a company holding no train, the only consequence is that its share price drops one space on the market — which can eventually close the company, but never forces a sale of anyone's shares.

Comparison with 1830

1. Different lineage: comes from 1829 Mainline, not directly from 1830
18 India (GMT Games, 2022) is not derived from 1830, but from Francis Tresham's 1829 Mainline, with influences from 18Africa. It's for 2-5 players, and games typically last about 3 hours — noticeably shorter than a typical 1830 game.

2. Trains never rust — they are permanent
The most drastic difference from 1830: in 18 India, trains are never retired for obsolescence. The pressure doesn't come from losing old trains, but from the "train rush" to get better trains before your opponents do.

3. There is never a "forced" train purchase
In 1830, if a company can't afford a mandatory train, the president has to cover the gap with personal funds. In 18 India this doesn't exist: no company is ever required to own a train, and the president or manager never contributes personal money to the company's treasury.

4. "Managed" companies with no president's certificate
In 1830, every public company always has a president from the moment it's founded. In 18 India, a company can operate as a "Managed Company" (with no Director's Certificate in play at all) simply once at least three 10% certificates are held, with no need for anyone to hold a majority.

5. No 60% ownership limit per shareholder
A key and somewhat counter-intuitive difference: in 18 India there is no limit at all on the percentage of a company a single player may control. In 1830 the limit is strictly 60% (6 certificates).

6. Final value includes company assets, not just market price
At the end of the game, each share's value in 18 India is increased by 10% of the company's assets (trains, treasury, bonds and certificates it owns). In 1830, a share's value at final settlement is simply its market price.

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