Engineering - Construction · Founded 1995 · www.rppipl.com · BSE 533284 · NSE RPP INFRA · ISIN INE324L01013
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Business
R.P.P. Infra Projects Ltd. is an Indian engineering and construction company. Its core business involves executing various infrastructure projects primarily for government agencies and, to a lesser extent, private clients. The company typically operates on an Engineering, Procurement, and Construction (EPC) model, undertaking design, procurement of materials, and construction activities. It makes money by winning contracts through competitive bidding, executing these projects, and earning a profit margin on the completed works.
Revenue Mix
While specific breakdowns are not available, companies in this sector typically derive revenue from a mix of infrastructure projects. R.P.P. Infra Projects Ltd. likely focuses on segments such as:
Roads and Bridges
Buildings (residential, commercial, institutional)
Water and Sanitation projects (water supply, sewerage, irrigation)
Power sector infrastructure (substations, transmission lines)
Other civil engineering works.
Revenue generation is project-based, with contribution varying depending on the order book composition at any given time.
Industry
The Indian Engineering - Construction industry is highly competitive, fragmented, and significantly influenced by government spending on infrastructure development. It includes a mix of large national players, mid-sized regional companies, and numerous smaller contractors. R.P.P. Infra Projects Ltd. is likely positioned as a mid-sized player, competing for government tenders (state and central) and smaller to medium-scale private sector projects, often within specific geographic regions or project types where it has established expertise. Success hinges on competitive bidding, efficient project execution, and maintaining strong client relationships.
MOAT
The construction industry generally has low moats. R.P.P. Infra Projects Ltd. possesses limited durable competitive advantages. Potential, but weak, moats could include:
Execution Track Record: A history of timely and quality project delivery can build client trust and improve chances in future bids.
Operational Expertise: Specialized knowledge in certain types of infrastructure or complex project management.
Relationships: Established long-term relationships with government bodies or key private clients.
Access to Capital/Equipment: Ability to secure financing for projects and own or lease a fleet of necessary construction equipment.
However, these are often replicable and do not create significant long-term differentiation against well-capitalized or larger competitors.
Growth Drivers
Government Infrastructure Push: Continued high allocation by central and state governments towards roads, railways, urban development, water infrastructure, and affordable housing.
Urbanization: Growing demand for urban infrastructure, smart city initiatives, and municipal services.
Order Book Expansion: The company's ability to successfully bid for and secure new, larger, and more complex projects.
Economic Growth: General economic development translating into increased private sector CAPEX and demand for industrial/commercial infrastructure.
Risks
Project Execution Risks: Delays in land acquisition, environmental clearances, cost overruns, raw material price volatility, and skilled labor shortages.
Payment Delays: Risk of delayed payments from clients, especially government bodies, impacting working capital and cash flow.
Intense Competition: Highly competitive bidding environment putting pressure on margins.
Regulatory & Political Risks: Changes in government policies, taxation, environmental regulations, and political instability can impact project viability.
Working Capital Management: Construction is a working capital-intensive business; inefficient management can lead to liquidity issues.
Reliance on Government Contracts: Significant dependence on public sector spending makes the company vulnerable to shifts in government priorities or budget allocations.
Management & Ownership
Typically, Indian engineering-construction companies, especially mid-sized ones, are promoter-led. Promoters usually hold a significant stake, demonstrating strong alignment with the company's long-term success. Management quality in this sector is critical, focusing on project execution efficiency, financial discipline, and client relationship management. Specific details about the current management team's experience and ownership structure would require a deeper dive into public filings, but generally, promoters guide strategic direction and operational oversight.
Outlook
The outlook for R.P.P. Infra Projects Ltd. is balanced, largely dependent on the broader economic and infrastructure development trajectory in India. The bull case hinges on a sustained government thrust on infrastructure spending, successful conversion of tender pipeline into a healthy order book, and efficient project execution leading to improved margins and cash flow. This would be supported by a stable regulatory environment and timely payments from clients. The bear case involves risks such as intense competition leading to margin erosion, project delays or cancellations, difficulties in managing working capital due to payment delays, and potential slowdowns in government spending or private investments. Overall performance will be a function of the company's ability to consistently secure new orders, execute them profitably, and manage its financial health in a dynamic and competitive industry.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 412 | 336 | 394 | 355 | 346 | 347 | 317 | 380 | 452 | 347 |
| Other Income | 23 | 4 | 8 | 6 | 2 | 2 | 5 | 3 | 13 | 3 |
| Total Income | 435 | 340 | 403 | 361 | 347 | 349 | 322 | 383 | 465 | 350 |
| Total Expenditure | 407 | 311 | 370 | 328 | 333 | 328 | 296 | 376 | 480 | 341 |
| Operating Profit | 28 | 29 | 32 | 32 | 14 | 21 | 25 | 7 | -15 | 9 |
| Interest | 3 | 3 | 3 | 2 | 4 | 5 | 4 | 4 | 5 | 4 |
| Depreciation | 4 | 2 | 2 | 3 | 2 | 2 | 2 | 2 | 2 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 2 | 0 |
| Profit Before Tax | 20 | 24 | 27 | 27 | 8 | 15 | 18 | 2 | -20 | 4 |
| Provision for Tax | 6 | 7 | 8 | 8 | -3 | 4 | 5 | 1 | -6 | 1 |
| Profit After Tax | 14 | 17 | 19 | 19 | 12 | 11 | 14 | 1 | -13 | 3 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| Profit After Adjustments | 14 | 17 | 19 | 19 | 12 | 11 | 14 | 1 | -13 | 3 |
| Adjusted Earnings Per Share | 3.6 | 4.4 | 5 | 5 | 2.4 | 2.2 | 2.9 | 0.1 | -2.6 | 0.6 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 315 | 366 | 499 | 581 | 600 | 513 | 802 | 1040 | 1353 | 1439 | 1495 | 1496 |
| Other Income | 5 | 4 | 7 | 9 | 8 | 11 | 14 | 25 | 50 | 16 | 23 | 24 |
| Total Income | 320 | 370 | 506 | 590 | 608 | 524 | 816 | 1066 | 1403 | 1455 | 1518 | 1520 |
| Total Expenditure | 269 | 318 | 434 | 519 | 543 | 476 | 776 | 996 | 1287 | 1341 | 1470 | 1493 |
| Operating Profit | 51 | 52 | 71 | 71 | 65 | 48 | 40 | 70 | 116 | 114 | 48 | 26 |
| Interest | 20 | 17 | 19 | 25 | 24 | 20 | 21 | 19 | 21 | 19 | 26 | 17 |
| Depreciation | 5 | 5 | 7 | 6 | 7 | 6 | 8 | 9 | 11 | 10 | 8 | 7 |
| Exceptional Income / Expenses | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3 | 2 |
| Profit Before Tax | 26 | 30 | 45 | 40 | 34 | 22 | 11 | 42 | 84 | 86 | 11 | 4 |
| Provision for Tax | 7 | 8 | 34 | 17 | 16 | 7 | 6 | 13 | 27 | 21 | 3 | 1 |
| Profit After Tax | 19 | 23 | 12 | 23 | 18 | 16 | 5 | 29 | 57 | 65 | 7 | 5 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
| Profit After Adjustments | 19 | 23 | 12 | 23 | 18 | 16 | 5 | 29 | 57 | 66 | 7 | 5 |
| Adjusted Earnings Per Share | 6.4 | 7.6 | 3.9 | 7.8 | 6.1 | 4.9 | 1.5 | 7.7 | 15.1 | 13.3 | 1.5 | 1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 4% | 13% | 24% | 17% |
| Operating Profit CAGR | -58% | -12% | 0% | -1% |
| PAT CAGR | -89% | -38% | -15% | -10% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -60% | -14% | -4% | -10% |
| ROE Average | 1% | 10% | 8% | 8% |
| ROCE Average | 6% | 17% | 14% | 15% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 187 | 209 | 220 | 241 | 262 | 286 | 337 | 365 | 425 | 530 | 535 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | -0 | -0 | -0 | -0 | -0 | 0 |
| Borrowings | 14 | 17 | 12 | 59 | 34 | 58 | 32 | 32 | 20 | 5 | 3 |
| Other Non-Current Liabilities | -1 | 1 | -1 | 1 | 1 | 0 | 1 | 3 | 3 | 7 | 2 |
| Total Current Liabilities | 190 | 256 | 294 | 304 | 291 | 289 | 392 | 380 | 384 | 410 | 492 |
| Total Liabilities | 391 | 483 | 525 | 605 | 589 | 634 | 762 | 780 | 833 | 951 | 1032 |
| Fixed Assets | 26 | 29 | 31 | 52 | 48 | 47 | 62 | 67 | 65 | 101 | 136 |
| Other Non-Current Assets | 22 | 6 | 3 | 9 | 10 | 108 | 70 | 86 | 89 | 166 | 128 |
| Total Current Assets | 343 | 449 | 491 | 544 | 531 | 478 | 630 | 626 | 679 | 684 | 768 |
| Total Assets | 391 | 483 | 525 | 605 | 589 | 634 | 762 | 780 | 833 | 951 | 1032 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 14 | 25 | 41 | 92 | 49 | 52 | 17 | 42 | 38 | 39 | 22 |
| Cash Flow from Operating Activities | 37 | 34 | 70 | -29 | 58 | 52 | 33 | 38 | 44 | 8 | 7 |
| Cash Flow from Investing Activities | 5 | -7 | -3 | -31 | 1 | -3 | -17 | -12 | -0 | -42 | -55 |
| Cash Flow from Financing Activities | -31 | -12 | -16 | 16 | -55 | 7 | 9 | -30 | -42 | 17 | 56 |
| Net Cash Inflow / Outflow | 11 | 15 | 52 | -44 | 3 | 55 | 25 | -4 | 2 | -17 | 8 |
| Closing Cash & Cash Equivalent | 25 | 41 | 92 | 49 | 52 | 107 | 42 | 38 | 39 | 22 | 31 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 6.4 | 7.61 | 3.88 | 7.81 | 6.06 | 4.94 | 1.46 | 7.73 | 15.07 | 13.34 | 1.5 |
| CEPS(Rs) | 8.04 | 9.29 | 6.14 | 9.94 | 8.45 | 6.89 | 3.63 | 10.16 | 17.89 | 15.1 | 3.15 |
| DPS(Rs) | 0.38 | 0.38 | 0.38 | 0 | 0 | 0 | 0 | 0 | 0 | 0.5 | 0 |
| Book NAV/Share(Rs) | 61.57 | 68.94 | 72.57 | 79.71 | 86.54 | 88.47 | 91.17 | 96.34 | 110.79 | 106.51 | 107.53 |
| Core EBITDA Margin(%) | 14.58 | 13.19 | 12.95 | 10.6 | 9.49 | 7.2 | 3.25 | 4.28 | 4.89 | 6.84 | 1.66 |
| EBIT Margin(%) | 14.6 | 12.91 | 12.92 | 11.13 | 9.62 | 8.2 | 4.04 | 5.85 | 7.78 | 7.26 | 2.47 |
| Pre Tax Margin(%) | 8.37 | 8.32 | 9.05 | 6.91 | 5.61 | 4.31 | 1.4 | 4.01 | 6.23 | 5.96 | 0.72 |
| PAT Margin (%) | 6.1 | 6.22 | 2.33 | 4.03 | 3.03 | 3.02 | 0.67 | 2.78 | 4.23 | 4.54 | 0.5 |
| Cash Profit Margin (%) | 7.65 | 7.6 | 3.69 | 5.13 | 4.22 | 4.21 | 1.66 | 3.66 | 5.02 | 5.2 | 1.04 |
| ROA(%) | 4.75 | 5.22 | 2.31 | 4.14 | 3.04 | 2.54 | 0.77 | 3.76 | 7.09 | 7.32 | 0.75 |
| ROE(%) | 11.03 | 11.65 | 5.48 | 10.26 | 7.29 | 5.78 | 1.75 | 8.33 | 14.64 | 13.77 | 1.4 |
| ROCE(%) | 17.05 | 16.6 | 19.35 | 17.7 | 15.94 | 11.18 | 7.83 | 13.9 | 23.15 | 20.33 | 6.17 |
| Receivable days | 206.58 | 202.17 | 131.03 | 91.97 | 102.39 | 113.96 | 84.91 | 71.08 | 46.66 | 43.31 | 40.21 |
| Inventory Days | 2.74 | 3.66 | 8.04 | 12 | 13.59 | 12.72 | 6.8 | 6.15 | 5.05 | 7 | 7.69 |
| Payable days | 444.57 | 413.33 | 240.67 | 289.43 | 288.63 | 367.33 | 244.82 | 127.1 | 135.67 | 175.66 | 236.75 |
| PER(x) | 14.36 | 26.7 | 52.21 | 10.99 | 3.8 | 8.64 | 28.17 | 5.12 | 7.19 | 10.31 | 37.35 |
| Price/Book(x) | 1.49 | 2.94 | 2.79 | 1.08 | 0.27 | 0.48 | 0.45 | 0.41 | 0.98 | 1.29 | 0.52 |
| Dividend Yield(%) | 0.41 | 0.19 | 0.19 | 0 | 0 | 0 | 0 | 0 | 0 | 0.36 | 0 |
| EV/Net Sales(x) | 1.05 | 1.82 | 1.32 | 0.58 | 0.19 | 0.45 | 0.25 | 0.18 | 0.31 | 0.48 | 0.23 |
| EV/Core EBITDA(x) | 6.51 | 12.71 | 9.25 | 4.76 | 1.76 | 4.76 | 5.03 | 2.72 | 3.56 | 6.09 | 7.28 |
| Net Sales Growth(%) | 18.33 | 16.41 | 36.25 | 16.34 | 3.33 | -14.48 | 56.24 | 29.77 | 30.09 | 6.36 | 3.87 |
| EBIT Growth(%) | 19.07 | 2.92 | 36.33 | 0.22 | -10.66 | -27.08 | -23.02 | 87.75 | 72.99 | -0.7 | -64.66 |
| PAT Growth(%) | 15.67 | 18.76 | -49.01 | 101.46 | -22.43 | -14.65 | -65.42 | 440.3 | 97.51 | 14.14 | -88.59 |
| EPS Growth(%) | 15.67 | 18.76 | -49.01 | 101.46 | -22.43 | -18.44 | -70.44 | 429.19 | 94.96 | -11.5 | -88.74 |
| Debt/Equity(x) | 0.44 | 0.47 | 0.66 | 0.54 | 0.37 | 0.41 | 0.28 | 0.22 | 0.1 | 0.07 | 0.19 |
| Current Ratio(x) | 1.81 | 1.75 | 1.67 | 1.79 | 1.82 | 1.65 | 1.61 | 1.65 | 1.77 | 1.67 | 1.56 |
| Quick Ratio(x) | 1.79 | 1.74 | 1.61 | 1.72 | 1.74 | 1.61 | 1.56 | 1.6 | 1.72 | 1.59 | 1.5 |
| Interest Cover(x) | 2.34 | 2.81 | 3.34 | 2.64 | 2.4 | 2.11 | 1.53 | 3.18 | 5.02 | 5.59 | 1.41 |
| Total Debt/Mcap(x) | 0.29 | 0.16 | 0.24 | 0.5 | 1.4 | 0.84 | 0.6 | 0.53 | 0.1 | 0.05 | 0.36 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 50.88 | 50.88 | 50.88 | 51.01 | 39.18 | 39.18 | 39.18 | 39.18 | 39.18 | 24.58 |
| FII | 0.49 | 0.48 | 0.8 | 0.52 | 0.4 | 0.09 | 0 | 0.12 | 0.02 | 0.01 |
| DII | 0 | 0 | 0 | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 | 0 | 0 |
| Public | 48.63 | 48.63 | 48.32 | 48.46 | 60.41 | 60.72 | 60.8 | 60.68 | 60.8 | 75.41 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.94 | 1.94 | 1.94 | 1.94 | 1.94 | 1.94 | 1.94 | 1.94 | 1.94 | 1.22 |
| FII | 0.02 | 0.02 | 0.03 | 0.02 | 0.02 | 0 | 0 | 0.01 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 1.86 | 1.86 | 1.84 | 1.85 | 3 | 3.01 | 3.02 | 3.01 | 3.01 | 3.74 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 3.82 | 3.82 | 3.82 | 3.81 | 4.96 | 4.96 | 4.96 | 4.96 | 4.96 | 4.96 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +4% | +13% | +24% | +17% |
| Operating Profit CAGR | -58% | -12% | 0% | -1% |
| PAT CAGR | -89% | -38% | -15% | -10% |
| Share Price CAGR | -60% | -14% | -4% | -10% |
| ROE Average | +1% | +10% | +8% | +8% |
| ROCE Average | +6% | +17% | +14% | +15% |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 50.88 | 50.88 | 50.88 | 51.01 | 39.18 | 39.18 | 39.18 | 39.18 | 39.18 | 24.58 |
| FII | 0.49 | 0.48 | 0.8 | 0.52 | 0.4 | 0.09 | 0 | 0.12 | 0.02 | 0.01 |
| DII | 0 | 0 | 0 | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 | 0 | 0 |
| Public | 48.63 | 48.63 | 48.32 | 48.46 | 60.41 | 60.72 | 60.8 | 60.68 | 60.8 | 75.41 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.94 | 1.94 | 1.94 | 1.94 | 1.94 | 1.94 | 1.94 | 1.94 | 1.94 | 1.22 |
| FII | 0.02 | 0.02 | 0.03 | 0.02 | 0.02 | 0 | 0 | 0.01 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 1.86 | 1.86 | 1.84 | 1.85 | 3 | 3.01 | 3.02 | 3.01 | 3.01 | 3.74 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 3.82 | 3.82 | 3.82 | 3.81 | 4.96 | 4.96 | 4.96 | 4.96 | 4.96 | 4.96 |
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