BSE: 531583
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Property sale — Agra, Property sale — Meerut, Property development — Khar, Mumbai (via Platinumcorp), Property investment — White River Properties LLP. Asset-heavy, lumpy real estate developer with long project cycles
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 0 | 68 |
| EBITDA (ex other income) | (2) | 42 |
| margin % | — | 62.4 |
| Owners' profit | (2) | 44 |
| EPS, as reported (₹) | (2.75) | 74.53 |
| ROE % · ROCE % | (27.3) · (9.5) | 80.2 · 80.0 |
| Debt / equity (x) | 2.20 | 0.00 |
| Cash from operations | (6) | 4 |
| Capex | (0) | (0) |
Exhibit 2: Quarterly performance, last 7 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 62 | 0 | 0 |
| Profit before tax | (0) | (1) | (0) | (0) | 43 | (0) | 1 |
| Net profit | (0) | (1) | 0 | (0) | 43 | (0) | 1 |
| EPS (₹) | (0.65) | (2.15) | 0.56 | (0.72) | 73.12 | (0.02) | 1.07 |
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. % |
|---|---|---|---|---|---|---|---|---|
| PROZONE REALTY LIMITED | 783 | 68.4 | 1.60 | 14.6 | 3.7 | 2.3 | 34.2 | (32.2) |
| MADALA HOLDINGS LIMITED | 205 | 6.7 | 1.17 | 10.9 | 6.2 | 7.6 | — | 50.1 |
| Justo Realfintech Limited | 141 | 17.4 | — | — | — | 20.4 | — | — |
| RUDRABHISHEK ENTERP LTD | 111 | — | 0.80 | — | (8.1) | (8.5) | 2.5 | 17.1 |
| LANDMARK PR.DEV.CO.LTD | 78 | 9.1 | 1.89 | — | 3.6 | 4.8 | — | 654.5 |
| RAP CORP LIMITED ◆ | 19 | 0.4 | 0.34 | 0.4 | 80.2 | 80.0 | — | — |
| SHRICON INDUSTRIES LTD. | 11 | 6.8 | 2.01 | — | 34.4 | 40.1 | — | 28.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 0.4 | 19.0 | 1 of 124 | 100% |
| P/B | 0.3 | 1.4 | 15 of 140 | 89% |
| ROCE | 80.0 | 4.2 | 2 of 161 | 99% |
| ROE | 80.2 | 4.5 | 1 of 143 | 100% |
| Debt / Equity | 0.0 | 0.3 | 26 of 143 | 82% |
| Profit growth | 91.2 | (3.9) | 31 of 151 | 80% |
| Market cap | 19 | 124 | 130 of 162 | 20% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 17 Oct 2026 · Routine SEBI compliance certificate for Q2 FY26-27 | compliance | minimal | — | — |
| 2 Oct 2026 · RAP Corp MD reappointed for 5 years by shareholders | management changes | high | — | — |
| 2 Oct 2026 · Secretarial Auditor appointed for 5 years at AGM | management changes | medium | — | — |
| 2 Oct 2026 · Rap Corp reappoints Rupinder Singh Arora as MD for five years | management changes | high | — | — |
| 2 Oct 2026 · All 7 resolutions pass at RAP Corp 32nd AGM with 62.44% voting participation | compliance | minimal | — | — |
| 30 Sept 2026 · Rap Corp 32nd AGM: 7 resolutions passed, MD re-appointed, property sale approved | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 7 Sept 2026 · Newspaper Publication of 32nd AGM Notice | compliance | minimal | — | — |
| 5 Sept 2026 · RAP Corp files 32nd AGM notice and FY26 annual report; AGM on Sep 30 | results | high | — | — |
| 5 Sept 2026 · RAP Corp publishes newspaper notice for 32nd AGM | compliance | minimal | — | — |
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.