BSE: 544121
Rudra Gas Enterprise Limited
Lays gas pipelines for utilities, including high-pressure steel pipelines, MDPE pipelines, and PNG connections, and is moving into Compressed Bio Gas (CBG) transport and biofuels. Revenue for FY26 stood at Rs 124.15 crore with total assets of Rs 123.96 crore; the cost shape is dominated by other operating expenses at 63.8% of revenue (largely subcontracted project execution), with materials at 11.8% and employee costs at 10.4%. In April 2026 the company agreed to acquire a 71% stake in DS Pipeline Projects Limited to deepen its pipeline laying footprint, and it has entered a Tripartite Agreement with GAIL (India) and Gujarat Gas Limited to transport CBG to Gujarat Gas retail outlets, running until 31 December 2047. Newer lines include a 51% subsidiary Rudra Bio Energy Private Limited set up in June 2026 to operate in biofuels and gases such as hydrogen, oxygen, methane, nitrogen, helium and ethanol, an MoU with the Government of Gujarat for a biogas project expected to commence in 2027, and an existing 51% subsidiary Rudra Global Green Energy Private Limited in solar and renewable energy, whose FY26 turnover was about Rs 3.22 crore against nil in FY25. Bank facilities of Rs 80 crore with YES Bank and HDFC Bank cover bank guarantees, cash credit and letter of credit to support the contracting and CBG businesses. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Gas pipeline laying and PNG connections, Compressed Bio Gas (CBG) transportation, Biofuels and industrial gases, Solar and renewable energy. Asset-light gas pipeline contractor expanding into CBG transport and biofuels
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 64 | 100 | 124 |
| EBITDA (ex other income) | — | — | — |
| margin % | — | — | — |
| Owners' profit | — | — | — |
| EPS, as reported (₹) | 5.59 | 7.48 | 10.28 |
| ROE % · ROCE % | — · 26.8 | — · 28.1 | — · 28.0 |
| Debt / equity (x) | — | — | — |
| Cash from operations | (4) | (5) | (22) |
| Capex | — | (0) | (6) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|
| Revenue | 32 | 40 | 60 | 50 | 74 |
| Profit before tax | 3 | 3 | 5 | 4 | 8 |
| Net profit | — | — | — | — | — |
| EPS (₹) | 2.58 | 3.01 | 4.47 | 3.33 | 6.95 |
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. | 5,04,226 | 30.4 | 3.92 | 18.4 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 37,739 | 42.0 | 3.84 | 27.2 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 22,629 | 19.9 | 2.93 | 10.3 | 13.3 | 15.0 | 16.0 | 10.0 |
| CEMINDIA PROJECTS LIMITED | 20,566 | 34.2 | 8.57 | 17.5 | 24.9 | 31.7 | 29.8 | 10.5 |
| IRB INFRA DEV LTD. | 19,228 | 14.7 | 0.92 | 9.4 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 19,035 | 25.7 | 5.92 | 15.5 | 23.1 | 29.7 | 13.5 | 9.6 |
| ENGINEERS INDIA LTD | 14,062 | 17.9 | 4.47 | 15.7 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 9,758 | 22.6 | 2.35 | 16.0 | 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) | 3.8 | 13.5 | 8 of 101 | 93% |
| ROCE | 19.1 | 10.0 | 21 of 107 | 81% |
| Revenue growth | 130.6 | 6.2 | 4 of 86 | 97% |
| Market cap | 56 | 465 | 84 of 107 | 22% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Sept 2026 · All 3 resolutions passed unanimously at Rudra Gas 11th AGM | board shareholder meetings | low | — | — |
| 28 Sept 2026 · 11th AGM held; voting results pending for 3 resolutions | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading Window Closure Ahead of H1 FY26 Results | compliance | minimal | — | — |
| 11 Sept 2026 · Internal Auditor appointed for FY 2026-27 | management changes | low | — | — |
| 11 Sept 2026 · Internal Auditor appointed for FY 2026-27 | management changes | low | — | — |
| 10 Sept 2026 · Corrigendum to FY25-26 Annual Report fixes inadvertent omissions | compliance | low | — | — |
| 4 Sept 2026 · 11th AGM on Sep 28, 2026; MD re-appointment and FY26 results adoption | board shareholder meetings | low | — | — |
| 1 Sept 2026 · 11th AGM Notice and Annual Report for FY2025-26 filed | board shareholder meetings | low | — | — |
| 21 Aug 2026 · Rudra Gas re-appoints Kush Patel as MD for 3 years | management changes | high | — | — |
| 4 Aug 2026 · Rudra Gas acquires 71% stake in DS Pipeline Projects for Rs 18.38 cr | strategic transactions | high | — | — |
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.