NSE: RKEC
RKEC PROJECTS LIMITED
Executes civil construction and EPC (Engineering, Procurement and Construction) contracts for government-backed infrastructure projects in India. Work has spanned highways and bridges — including an NHAI order of Rs. 40.50 crore for balance work on a new bridge over the Gandak river, approaches, and rehabilitation of the Gandak and Mahi Bridges on the Chappara-Hajipur section of NH-19 in Bihar — and maritime infrastructure, with a Passenger Jetty and Terminal Facilities contract near the Gateway of India in Mumbai originally valued at approximately Rs. 186.67 crore before its termination by the Mumbai Maritime Board in April 2026. FY25 revenue stood at Rs. 421.92 crore with a 13.82% EBITDA margin, while the cost structure shows employee costs at 7.6% of revenue, other operating expenses at 80.2%, and depreciation at 2.1%. The company carries total financial indebtedness of Rs. 194.29 crore across term loans, cash credit and bill discounting with lenders including Bank of Baroda, HDFC, ICICI, Kotak Mahindra, CSB, Mahindra Finance, HDB Financial, Aditya Birla Finance and Vivriti Capital. Filings disclose defaults on principal and interest payments totaling approximately Rs. 28.12 crore, a credit rating revision to IVR D, and delayed submission of FY26 audited results, with the company stating it is working to resolve cashflow issues. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. EPC civil construction contracts, NHAI road and bridge works, Port and jetty infrastructure. Asset-heavy, project-based civil construction and EPC contractor dependent on government infrastructure orders.
Exhibit 1: Financial summary, FY21–FY25 (all audited; no estimate years)
| ₹ crore · consolidated | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 208 | 211 | 300 | 353 | 422 |
| EBITDA (ex other income) | 29 | 24 | 43 | 47 | 51 |
| margin % | 14.2 | 11.2 | 14.2 | 13.4 | 12.2 |
| Owners' profit | 0 | 0 | 12 | 0 | 0 |
| EPS, as reported (₹) | 5.32 | 2.97 | 5.18 | 8.32 | 8.35 |
| ROE % · ROCE % | — · — | — · — | 8.2 · 21.5 | 11.8 · 20.3 | 10.6 · 22.6 |
| Debt / equity (x) | — | — | 0.75 | 0.82 | 1.04 |
| Cash from operations | (35) | 12 | 16 | 24 | 4 |
| Capex | (4) | 0 | (27) | (7) | (58) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 151 | 85 | 77 | 119 | 141 | 76 | 31 | 33 |
| Profit before tax | 9 | 7 | 5 | 11 | 7 | 5 | 2 | 2 |
| Net profit | 5 | 5 | 4 | 8 | 3 | 3 | 2 | 2 |
| EPS (₹) | 2.29 | 2.22 | 1.56 | 3.44 | 1.13 | 1.40 | 0.57 | 0.67 |
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. | 5,35,992 | 32.3 | 4.17 | 19.4 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 43,725 | 48.7 | 4.45 | 31.1 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 24,595 | 21.6 | 3.18 | 11.1 | 13.3 | 15.0 | 16.0 | 10.0 |
| NBCC (INDIA) LIMITED | 22,448 | 30.3 | 6.98 | 18.9 | 23.1 | 29.7 | 13.5 | 9.6 |
| IRB INFRA DEV LTD. | 21,849 | 16.8 | 1.04 | 10.0 | 4.1 | 2.5 | 7.6 | 55.6 |
| CEMINDIA PROJECTS LIMITED | 21,576 | 35.9 | 8.99 | 18.3 | 24.9 | 31.7 | 29.8 | 10.5 |
| ENGINEERS INDIA LTD | 16,007 | 20.4 | 5.09 | 17.9 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 11,793 | 27.4 | 2.84 | 19.3 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 5.0 | 14.7 | 16 of 108 | 86% |
| P/B | 0.2 | 1.5 | 2 of 87 | 99% |
| ROCE | 2.6 | 10.0 | 78 of 109 | 29% |
| ROE | 2.4 | 9.2 | 70 of 91 | 23% |
| Debt / Equity | 0.9 | 0.3 | 78 of 91 | 14% |
| EBITDA margin | 27.2 | 12.4 | 9 of 88 | 91% |
| Revenue growth | (72.6) | 6.2 | 82 of 86 | 5% |
| Profit growth | (79.2) | 2.7 | 73 of 84 | 13% |
| Market cap | 48 | 454 | 88 of 110 | 20% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Sept 2026 · RKEC Projects posts Rs 34.7 Cr loss in FY26, revenue halves | results | medium | — | — |
| 8 Sept 2026 · RKEC Projects 21st AGM notice on 30 Sep 2026 via VC, director appointment | board shareholder meetings | low | — | — |
| 1 Sept 2026 · NSE seeks clarification on Q1 FY27 results from RKEC Projects | compliance | low | — | — |
| 20 Aug 2026 · RKEC Projects Forms Board Committees Ahead of NSE Main Board Listing | capital market events | medium | — | — |
| 20 Aug 2026 · RKEC Projects defaults on Rs 63.42 Cr loan repayments to multiple lenders | credit debt | high | — | — |
| 14 Aug 2026 · RKEC Projects Q1 FY27 Financial Results Filed with Exchange | results | high | — | — |
| 13 Aug 2026 · FY26 results: revenue drops 55%, PBT swings to loss; MMB guarantees encashed | results | high | — | — |
| 10 Aug 2026 · RKEC Projects appoints new independent director, flags FY26 auditor concerns | management changes | medium | — | — |
| 10 Aug 2026 · Board approves FY26 results; auditor flags MMB bank guarantee encashment of Rs 330 cr | results | high | — | — |
| 29 Jul 2026 · Board meeting on Aug 7 to approve FY26 audited results, appoint additional director | management changes | 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.