BSE: 533285
RDB INFRASTRUCTURE AND POWER L
Constructs residential and commercial real estate projects in India, with FY26 revenue from operations of Rs 127.69 crore. Materials dominate the cost stack at 79.2% of revenue, with employee costs at 1.1% and other operating expenses at 2.7%, consistent with a construction-led model. The company has expanded into solar power through several moves: it holds a 29% stake (rising to 42.5% on milestones) in Maxim Industries for a solar cell manufacturing plant in Chhattisgarh, acquired 100% of Arankam Green Energy Solution which holds a 6.3 MW solar project at Saharanpur under a Power Purchase Agreement with UPPCL, and signed a 50:50 MoU with Mecpower Solutions to execute EPC for a 70 MW (AC) / 95 MW (DC) solar project with 25 MWh battery storage in Bikaner, Rajasthan, valued at approximately Rs 348.64 crore. It has also issued a Rs 17.75 crore corporate guarantee to group company RDB Real Estate Constructions for an Axis Bank loan, and acquired 1.56 acres of land at Jharsuguda, Odisha. Profit after tax for FY26 was Rs 12.46 crore, with an exceptional Rs 2.49 crore gain from the slump sale of the Anjana Project. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Real estate construction, Solar EPC and renewable energy. Small-cap construction-led realty firm adding solar EPC and solar cell manufacturing exposure
Exhibit 1: Financial summary, FY21–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY21 | FY22 | FY23 | FY24 | FY26 |
|---|---|---|---|---|---|
| Revenue | 60 | 72 | 129 | 110 | 128 |
| EBITDA (ex other income) | 7 | 9 | 20 | 38 | 4 |
| margin % | 12.2 | 12.1 | 15.3 | 34.8 | 2.8 |
| Owners' profit | 0 | 0 | 0 | 20 | 13 |
| EPS, as reported (₹) | 2.34 | 2.95 | 9.77 | 11.38 | 0.63 |
| ROE % · ROCE % | 2.6 · 3.4 | 3.2 · 3.7 | 9.4 · 8.7 | 10.7 · 8.7 | 4.7 · 6.3 |
| Debt / equity (x) | 1.78 | 2.88 | 2.75 | 3.48 | 0.21 |
| Cash from operations | (52) | (155) | (29) | 46 | (88) |
| Capex | 0 | 0 | 0 | 0 | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11 | 23 | 16 | 61 | 18 | 20 | 22 | 28 |
| Profit before tax | 3 | 4 | 3 | 12 | 4 | 3 | 6 | 5 |
| Net profit | 3 | 3 | 2 | 12 | 3 | 2 | 4 | 4 |
| EPS (₹) | 1.84 | 1.53 | 1.39 | 6.71 | 0.31 | 0.13 | 0.23 | 0.21 |
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. % |
|---|---|---|---|---|---|---|---|---|
| KESAR INDIA LIMITED | 3,089 | 82.0 | 12.40 | 67.0 | 12.0 | 15.2 | — | 26.9 |
| MEGHNA INFRACON INFRA L | 1,460 | 215.4 | 54.28 | 143.3 | 20.8 | 33.9 | — | 15.3 |
| India Homes Limited | 1,015 | — | 27.41 | — | (31.0) | (17.8) | — | — |
| B-RIGHT REALESTATE LIMITED | 954 | 26.6 | — | — | — | 19.2 | — | — |
| SHRADDHA PRIME PROJECTS L | 666 | 11.9 | 4.88 | 11.3 | 39.1 | 20.2 | — | 16.1 |
| YOGI LTD. | 656 | 31.5 | 4.61 | 25.6 | 14.9 | 15.6 | — | 5.1 |
| HAZOOR MULTI PROJECTS LTD | 409 | 5.5 | 0.66 | 3.1 | 6.8 | 5.8 | — | 86.5 |
| RDB INFRASTRUCTURE AND POWER L ◆ | 340 | 17.3 | 1.28 | 21.5 | 4.7 | 5.7 | 16.3 | 23.7 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.3 | 17.4 | 29 of 61 | 53% |
| P/B | 1.3 | 1.1 | 40 of 70 | 44% |
| ROCE | 5.7 | 1.9 | 24 of 88 | 74% |
| ROE | 4.7 | 1.6 | 26 of 73 | 65% |
| Debt / Equity | 0.2 | 0.3 | 36 of 73 | 51% |
| EBITDA margin | 23.6 | 15.3 | 23 of 59 | 62% |
| Revenue growth | (53.3) | (11.0) | 41 of 64 | 37% |
| Profit growth | (63.1) | (48.8) | 50 of 79 | 37% |
| Market cap | 340 | 30 | 8 of 88 | 92% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Reshma Maheswari appointed Company Secretary and Compliance Officer | management changes | medium | — | — |
| 27 Oct 2026 · Reshma Maheswari appointed Company Secretary and Compliance Officer | management changes | medium | — | — |
| 27 Oct 2026 · Reshma Maheswari appointed Company Secretary and Compliance Officer | management changes | medium | — | — |
| 16 Oct 2026 · RDB Infra wins Rs 20 Cr order for Experience Centre construction | business updates | medium | — | — |
| 13 Oct 2026 · RTA compliance certificate for quarter ended 30 Sep 2026 | compliance | minimal | — | — |
| 7 Oct 2026 · Director Raju Singh retires by rotation, vacancy not filled | management changes | medium | — | — |
| 6 Oct 2026 · RDB Infrastructure to Raise Maxim Industries Stake to 45 Percent | strategic transactions | medium | — | — |
| 28 Sept 2026 · Trading window closed for insiders ahead of Q2 results | compliance | minimal | — | — |
| 27 Sept 2026 · All 5 resolutions passed at RDB Infrastructure 20th AGM | compliance | minimal | — | — |
| 26 Sept 2026 · 20th AGM held; 5 resolutions passed including RPT approval and director retirement | board shareholder meetings | low | — | — |
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.