R.P.P INFRA PROJECTS LTD

Executes civil construction contracts as an EPC contractor, generating ₹1,495.1 crore in FY26 revenue. Work spans infrastructure and industrial projects for government and state-owned clients — recent orders include a Rs 5.13 crore contract from SIPCOT, a Tamil Nadu government undertaking, for hard rock removal at an industrial park. Revenue is earned by executing a pipeline of 42 projects across civil construction work. The cost structure is dominated by project execution: raw materials account for 16% of revenue, other operating expenses 4.7%, employee costs 1.6%, depreciation 0.5%, and capital expenditure 4.6%. Margins compressed sharply in FY26 — EBITDA margin fell to about 2.4% from 7.5-8.5% previously — driven by higher subcontractor costs, project setup expenses, and delays in receiving escalation claims. CRISIL downgraded the long-term rating to BBB/Stable from BBB+/Stable, with short-term to A3+ from A2.