NSE: RPPINFRA · BSE: 533284
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Civil construction contracts. Cyclical, project-driven civil construction contractor with thin margins
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 802 | 1,040 | 1,353 | 1,439 | 1,495 |
| EBITDA (ex other income) | 19 | 39 | 57 | 91 | 12 |
| margin % | 2.4 | 3.7 | 4.2 | 6.3 | 0.8 |
| Owners' profit | 0 | 0 | 59 | 65 | 0 |
| EPS, as reported (₹) | 1.46 | 7.73 | 15.07 | 13.17 | 1.95 |
| ROE % · ROCE % | 1.6 · 6.8 | 8.4 · 13.4 | 13.9 · 21.4 | 12.3 · 17.9 | 1.4 · 5.0 |
| Debt / equity (x) | 0.22 | 0.23 | 0.10 | 0.07 | 0.19 |
| Cash from operations | 42 | 41 | 44 | 8 | 7 |
| Capex | (22) | (24) | (12) | (58) | (69) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 394 | 355 | 346 | 347 | 317 | 380 | 452 | 347 |
| Profit before tax | 27 | 27 | 8 | 15 | 18 | 2 | (20) | 4 |
| Net profit | 19 | 19 | 12 | 11 | 14 | 1 | (13) | 3 |
| EPS (₹) | 4.97 | 4.95 | 2.35 | 2.19 | 2.79 | 0.13 | (2.65) | 0.56 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,66,554 | 31.7 | 4.25 | 23.1 | 8.2 | 6.5 | 16.0 | 8.7 |
| RAIL VIKAS NIGAM LIMITED | 40,312 | 44.9 | 4.11 | 58.1 | 8.9 | 7.5 | 5.8 | 4.3 |
| KALPATARU PROJECT INT LTD | 23,345 | 19.7 | 2.70 | 11.2 | 7.0 | 8.5 | 16.0 | 8.3 |
| CEMINDIA PROJECTS LIMITED | 23,262 | 37.3 | 8.88 | 23.1 | 10.4 | 13.3 | 29.8 | 9.7 |
| NBCC (INDIA) LIMITED | 21,060 | 26.6 | 6.18 | 28.5 | 10.8 | 13.5 | 13.5 | 6.6 |
| IRB INFRA DEV LTD. | 20,581 | 15.9 | 0.97 | 10.1 | 2.7 | 1.6 | 7.6 | 55.6 |
| ENGINEERS INDIA LTD | 16,440 | 18.3 | 4.92 | 23.5 | 10.6 | 10.9 | 4.6 | 21.0 |
| TECHNO ELEC & ENG CO. LTD | 10,828 | 25.1 | 2.60 | 23.5 | 11.4 | 12.4 | 29.6 | 15.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 54.0 | 13.5 | 94 of 102 | 8% |
| P/B | 0.4 | 1.3 | 7 of 85 | 93% |
| ROCE | 2.0 | 6.1 | 73 of 98 | 26% |
| ROE | 1.4 | 6.3 | 63 of 84 | 25% |
| Debt / Equity | 0.2 | 0.4 | 26 of 87 | 71% |
| EBITDA margin | 1.8 | 10.3 | 93 of 105 | 12% |
| Revenue growth | 0.0 | 7.5 | 55 of 86 | 37% |
| Profit growth | (74.5) | 17.6 | 74 of 83 | 11% |
| Market cap | 222 | 509 | 62 of 107 | 43% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 3 Nov 2026 · Board meeting set for November 13, 2026 results | results | low | — | — |
| 12 Oct 2026 · RTA confirms dematerialisation compliance for Q2 FY27 | compliance | minimal | — | — |
| 7 Oct 2026 · RPP Infra withdraws from Sri Lanka Legend 96 residential project | business updates | medium | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1 for Q2 and H1 FY26 results | compliance | minimal | — | — |
| 26 Sept 2026 · 31st AGM results: all 3 resolutions passed with 99.99% majority | board shareholder meetings | low | — | — |
| 25 Sept 2026 · 31st AGM held on 25 Sept 2026, 3 ordinary resolutions considered | board shareholder meetings | medium | — | — |
| 10 Sept 2026 · R.P.P Infra: G Visalatchi and PAC raise stake to 12.17% via open market buys | ownership changes | high | — | — |
| 9 Sept 2026 · Promoter group member sells 2.84% stake in RPP Infra via open market | ownership changes | medium | — | — |
| 3 Sept 2026 · 31st AGM notice and FY25-26 annual report link shared with shareholders | compliance | minimal | — | — |
| 3 Sept 2026 · RPP Infra 31st AGM notice and FY2025-26 annual report filed | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.