RAP CORP LIMITED

Holds and monetises real estate assets rather than running a steady operating business. FY26 revenue of Rs 67.83 crore came almost entirely from a one-time sale of the Agra property, which had originally been planned for commercial development but was sold after viability changed. The company holds a 49.90% stake in Platinumcorp Value Shelters Pvt Ltd, which is evaluating a redevelopment project in Khar, Mumbai, expected to commence by end of the current financial year with a five-year completion timeline. It is also an investor in White River Properties LLP, where the project remains at a preliminary stage amid ongoing inter-partner disputes. In Q4 FY26 the company reported nil revenue from operations, with management attributing the gap to the long project cycle typical of real estate. The company has separately placed newspaper advertisements seeking buyers for its property at Meerut. The standalone cost shape is unusually light: materials at 0% of revenue, employees at 0.8%, other operating expenses at 1.8%, and depreciation at 0.3%, with capex at 0%.