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Latest filing: 2026-08-20 16:26
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RKEC Projects Defaults on ₹63.42 Cr Debt; Total Outstanding Borrowings at ₹229.32 Cr
RKEC Projects Limited disclosed aggregate debt defaults of ₹63.42 Cr (₹55.90 Cr principal and ₹7.52 Cr interest) as of July 31, 2026, across multiple banks and NBFC lenders including Bank of Baroda, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, and Mahindra Finance. Total outstanding borrowings from banks and financial institutions stood at ₹229.32 Cr against a market cap of ₹61 Cr. The company stated that it is seeking additional funds to discharge its debt liabilities.
Confidence: HIGH
What changedRKEC Projects formally reported loan payment defaults totaling ₹63.42 Cr across multiple banking and NBFC partners.
Why it mattersSevere liquidity stress and default exceeding company market cap risk severe credit rating downgrades, legal enforcement by lenders, and potential insolvency actions.
Total default amount: ₹63.42 CrPrincipal default: ₹55.90 CrInterest default: ₹7.52 CrTotal bank borrowings: ₹229.32 CrDefault vs Market Cap: ~104%Default vs TTM revenue: ~40.4%
📅 Short termHeightened credit stress and potential initiation of recovery/IBC proceedings by lending institutions.
📈 Long termViability depends on successful debt resolution, lender restructuring, or significant equity infusion given high debt-to-equity and continuing operational losses.
⚠ Risk flags
- Severe loan default and liquidity shortage
- High debt burden relative to revenue and market cap
- Potential legal/IBC action from multiple lenders
Key Highlights
Total default amount stands at ₹63.42 Cr (Principal: ₹55.90 Cr, Interest: ₹7.52 Cr) as of July 31, 2026
Total financial indebtedness and outstanding borrowings from banks/FIs reported at ₹229.32 Cr
Default amount exceeds the entire market capitalization of ₹61 Cr and represents ~40.4% of TTM revenue (₹157 Cr)
Defaults span multiple lenders including Bank of Baroda, HDFC Bank, CSB, Kotak Mahindra Bank, and Mahindra Finance
👀 What to Watch
Monitor lender actions regarding debt restructuring, legal recovery, or IBC proceedings, alongside the company's ability to infuse fresh capital or raise working capital.
Q1 FY27 Net Loss at ₹17.30 Cr as Revenue Drops 77% YoY; DRT Suits & Project Termination
RKEC Projects reported a severe financial downturn in Q1 FY27 with revenue from contracts declining 77.2% YoY to ₹17.32 crore from ₹76.07 crore in Q1 FY26. The company posted a net loss of ₹17.30 crore against a net profit of ₹3.35 crore in the previous year quarter. Operational stress was compounded by multiple lenders initiating Debt Recovery Tribunal (DRT) proceedings over unpaid dues. In addition, Maharashtra Maritime Board terminated an ₹186.68 crore contract and encashed ₹29.87 crore of bank guarantees, while statutory TDS and GST dues remain unpaid.
Confidence: HIGH
What changedRKEC slipped into deep operational loss with revenue dropping over 77%, triggering DRT recovery actions by lenders and project cancellations.
Why it mattersMounting losses, encashed guarantees of ₹29.87 crore, and legal actions before DRT indicate acute liquidity stress that threatens debt servicing and ongoing execution.
Revenue from Contracts (Q1 FY27): ₹17.32 crNet Loss (Q1 FY27): ₹17.30 crTerminated Project Value: ₹186.68 crBank Guarantees Encashed by Client: ₹29.87 crContingent Tax Liability Provided: ₹20 cr
📅 Short termAcute liquidity stress, DRT recovery suits, and guarantee invocations present substantial immediate operational risks.
📈 Long termStructural viability hinges on debt restructuring with lenders, reviving stalled project execution, and defending counterclaims.
⚠ Risk flags
- Lender legal proceedings active at Debt Recovery Tribunal (DRT)
- Contract cancellation and invocation of ₹29.87 cr in bank guarantees
- Default/delay on statutory liabilities including TDS and GST
- Severe top-line contraction and widening losses
Key Highlights
Revenue from contracts plunged 77.2% YoY to ₹17.32 crore from ₹76.07 crore in Q1 FY26.
Net loss widened to ₹17.30 crore compared to a net profit of ₹3.35 crore in Q1 FY26.
Multiple banks and financial institutions have initiated DRT proceedings against the company for recovery of dues.
Maharashtra Maritime Board terminated the ₹186.68 crore Radio Jetty contract and encashed ₹29.87 crore in bank guarantees.
Statutory liabilities for TDS and GST remained unpaid as of the quarter-end.
👀 What to Watch
Monitor developments in the DRT lender proceedings, cash flow recovery for unpaid statutory dues, and the outcome of the ₹36.18 crore claim against MMB.
Rs 47.39 Cr PBT Loss in FY26; Unpaid GST Dues of Rs 24.11 Cr Disclosed
RKEC Projects reported a severe financial downturn for FY26, swinging to a Profit Before Tax (PBT) loss of Rs 47.39 Cr from a profit of Rs 29.98 Cr in FY25. The company's cash flow from operations turned deeply negative at -Rs 30.22 Cr, exacerbated by a sharp decline in revenue (down ~66% YoY based on context). Critically, the company disclosed significant unpaid statutory liabilities, including Rs 24.11 Cr in GST and Rs 2.27 Cr in TDS, which represent nearly 40% of its current market capitalization. High interest costs of Rs 25.09 Cr further strained the bottom line amidst a liquidity crunch.
Confidence: HIGH
What changedThe company transitioned from a profitable entity to a loss-making one with severe cash flow issues and significant statutory defaults.
Why it mattersThe disclosure of large unpaid tax dues and negative operating cash flow suggests a severe liquidity crisis that could impair the company's ability to execute its Rs 1,170 Cr order book or participate in new tenders.
PBT (FY26): -Rs 47.39 CrOperating Cash Flow: -Rs 30.22 CrUnpaid GST Liability: Rs 24.11 CrGST Dues vs Market Cap: ~39%Interest Expense: Rs 25.09 CrRevenue Decline (FY25 to FY26): ~66.8%
📅 Short termNegative. The market is likely to react poorly to the substantial loss and the disclosure of unpaid government dues, which increases regulatory and legal risks.
📈 Long termConcerning. Unless the company can restructure its debt (Rs 237 Cr) and improve execution efficiency, the high interest burden and tax defaults pose a threat to its going-concern status.
⚠ Risk flags
- Significant Net Loss
- Negative Operating Cash Flow
- Unpaid Statutory Dues (GST/TDS)
- High Debt-to-Equity Ratio (1.40)
Key Highlights
Profit Before Tax collapsed to a loss of Rs 47.39 Cr in FY26 compared to a profit of Rs 29.98 Cr in FY25.
Net Cash from Operating Activities deteriorated to negative Rs 30.22 Cr from positive Rs 4.37 Cr YoY.
Disclosed unpaid GST liabilities of Rs 24.11 Cr and TDS/TCS dues of Rs 2.27 Cr as of March 31, 2026.
Interest expenses remained high at Rs 25.09 Cr, consuming a significant portion of the reduced revenue base.
Trade payables saw a massive reduction of Rs 45.69 Cr, indicating heavy cash outflows to creditors despite operating losses.
👀 What to Watch
Investors should closely monitor the company's ability to clear its Rs 24.11 Cr GST liability and the impact of these defaults on its 'Super Special Class' registration for government bidding. Watch for any updates on working capital financing, as the company previously noted a Rs 30 Cr shortfall in limits.
RKEC Reports FY26 Loss of ₹47.39 Cr; Revenue Drops 67% YoY with Unpaid Statutory Dues
RKEC Projects reported a severe financial downturn for FY26, posting a consolidated Loss Before Tax of ₹47.39 Cr compared to a profit of ₹29.98 Cr in FY25. Revenue for the full year contracted by approximately 67% to ₹139.75 Cr, down from ₹421.92 Cr in the previous year. The company's liquidity position is strained, evidenced by negative operating cash flows of ₹30.22 Cr and outstanding statutory liabilities including ₹24.11 Cr in unpaid GST. Amidst these results, the board appointed Mrs. Jeevan Jyoti Volla as an Independent Director for a five-year term.
Confidence: HIGH
What changedThe company has swung from profitability to a significant net loss, accompanied by a massive contraction in revenue and the accumulation of unpaid statutory taxes.
Why it mattersThe financial deterioration is critical as the company's debt of ₹190 Cr is now nearly 3x its market capitalization of ₹66 Cr, and negative operating cash flows suggest severe working capital stress.
FY26 Loss Before Tax: ₹47.39 CrFY26 Revenue: ₹139.75 CrRevenue Decline YoY: 66.8%Unpaid GST Liability: ₹24.11 CrOperating Cash Flow: -₹30.22 Cr
📅 Short termNegative sentiment is expected due to the large loss and disclosures regarding unpaid statutory dues, which may impact creditworthiness.
📈 Long termThe company faces structural risks regarding its high debt levels and ability to convert its order book into cash flow; a recovery depends on clearing defaults and scaling execution.
⚠ Risk flags
- Significant net loss
- Negative operating cash flow
- Unpaid statutory liabilities (GST/TDS)
- High debt relative to market cap
Key Highlights
Consolidated Loss Before Tax of ₹47.39 Cr in FY26 vs ₹29.98 Cr profit in FY25
Annual revenue fell ~67% YoY to ₹139.75 Cr from ₹421.92 Cr
Negative cash flow from operations of ₹30.22 Cr for the year ended March 31, 2026
Unpaid statutory liabilities reported: GST of ₹24.11 Cr and TDS of ₹2.27 Cr
Appointment of Mrs. Jeevan Jyoti Volla as Independent Director for a term until August 2031
👀 What to Watch
Investors should closely monitor the company's ability to clear its ₹24.11 Cr GST liability and the execution status of its reported ₹1,170 Cr order book, given the sharp decline in revenue realization.
RKEC Projects Delays Submission of Audited Financial Results for FY ended March 31, 2026
RKEC Projects Limited has informed the exchange that it is unable to submit its audited financial results for the fiscal year ended March 31, 2026, within the prescribed SEBI timeline. The company cited the absence of the lead statutory auditor, who is abroad until the second week of June, and the extensive travel of directors as primary reasons for the delay. Furthermore, the company is still in the process of reconciling and verifying certain financial information. This delay in regulatory compliance often signals potential weaknesses in internal reporting or administrative oversight.
Key Highlights
Failure to meet the SEBI deadline for filing audited financial results for the fiscal year ended March 31, 2026.
Main partner of the Statutory Auditor is out of the country and expected back only by the second week of June 2026.
Directors' involvement in project execution and monitoring cited as a reason for lack of time to review financial statements.
Ongoing reconciliation and verification of financial documents are still under process, preventing timely finalization.
Board meeting date for the approval of results will be intimated separately in due course.
👀 What to Watch
Investors should remain cautious as delays in financial reporting can lead to regulatory penalties and market volatility. Closely monitor the company for the rescheduled board meeting date and any potential audit qualifications in the final report.
RKEC Projects Faces Termination of ₹186.67 Cr Mumbai Jetty Project; Plans Arbitration
RKEC Projects Limited has received a termination notice for the ₹186.67 Cr Passenger Jetty project near Gateway of India, Mumbai. The contract, originally awarded in October 2024, was terminated by the Maharashtra Maritime Board (MMB) citing project delays. RKEC claims the delays were caused by external factors like PILs and design changes, which were beyond their control. The company plans to initiate arbitration proceedings to recover costs and losses associated with the termination.
Key Highlights
Termination of EPC contract for Mumbai Passenger Jetty project valued at ₹186.67 Cr.
Client (MMB) alleges delays, while RKEC cites PILs and design changes as external causes.
The project was originally awarded in October 2024 and faced significant legal hurdles.
RKEC intends to seek recovery of costs and opportunity losses through legal arbitration.
👀 What to Watch
Investors should exercise caution as the loss of this contract impacts the order book and may lead to prolonged legal expenses. Monitor the company's ability to secure new orders to offset this revenue gap.
RKEC Projects Credit Rating Downgraded to 'D' (Default) for Rs 489.50 Cr Bank Facilities
RKEC Projects Limited has received a severe credit rating downgrade from Infomerics, moving from 'IVR BBB' to 'IVR D' (Default). This downgrade impacts total bank facilities worth Rs 489.50 crore, including both existing and proposed long-term loans. The 'IVR D' rating signifies that the company is either currently in default or is expected to be in default soon regarding its financial obligations. This follows a period where the company was under 'Rating Watch with Developing Implications'.
Key Highlights
Total bank facilities of Rs 489.50 crore downgraded to 'IVR D' (Default status)
Long-term bank facilities of Rs 359.75 crore downgraded from IVR BBB/RWDI
Proposed long-term bank facilities of Rs 129.75 crore also moved to IVR D
Major lenders affected include Bank of Baroda (Rs 257.03 Cr total) and ICICI Bank (Rs 50 Cr total)
The rating action follows a review of FY2025 audited and 9MFY26 unaudited results
👀 What to Watch
A default rating is a critical red flag indicating the company's inability to service debt; investors should consider the high risk of insolvency. Expect significant downward pressure on the stock price and potential liquidity issues.
RKEC Projects Defaults on ₹28.12 Crore Loan Principal and Interest Payments
RKEC Projects Limited has disclosed a default on its debt obligations totaling ₹28.12 crore as of March 30, 2026. The default consists of ₹26.71 crore in principal and ₹1.41 crore in interest across multiple lenders including Bank of Baroda, HDFC, and ICICI Bank. The company's total financial indebtedness currently stands at ₹194.29 crore. Management has indicated they are pursuing additional fund infusions to discharge these liabilities.
Key Highlights
Total default amount of ₹28.12 crore reported across various banks and financial institutions.
Principal repayment default stands at ₹26.71 crore while interest default is ₹1.41 crore.
Total financial indebtedness of the company is reported at ₹194.29 crore.
Lenders affected include Bank of Baroda, HDFC, Kotak Mahindra Bank, ICICI Bank, and several NBFCs.
Company is currently seeking additional fund sanctions to address the liquidity shortfall.
👀 What to Watch
Investors should be highly cautious as debt defaults signal severe liquidity stress and could lead to credit rating downgrades or legal action by lenders. It is advisable to wait for a clear debt restructuring plan or successful fund infusion before considering any new positions.
RKEC Projects Bags Rs 40.50 Crore NHAI Order for Bridge Work in Bihar
RKEC Projects Limited has been awarded a prestigious work order from the National Highways Authority of India (NHAI) valued at Rs 40.50 Crore. The project involves the balance work of a new bridge on the Gandak river, including approaches and rehabilitation of existing Gandak and Mahi bridges in Bihar. The contract will be executed on an Engineering, Procurement, and Construction (EPC) mode. This win strengthens the company's infrastructure portfolio and provides revenue visibility for the upcoming quarters.
Key Highlights
Awarded a work order worth Rs 40.50 Crore from NHAI
Project involves construction and rehabilitation of bridges on NH-19 in Bihar
Execution to be carried out under the EPC (Engineering, Procurement, and Construction) model
The order is bagged in the ordinary course of business, enhancing the current order book
👀 What to Watch
Investors should view this as a positive development for revenue growth, though they should monitor the company's overall order book execution and margin maintenance in EPC projects.
RKEC Projects Q3 Net Profit Drops 73% YoY to ₹1.71 Cr; Auditor Flags ₹34.6 Cr Unpaid Tax Dues
RKEC Projects reported a weak set of results for Q3 FY26, with revenue from operations plunging 72.5% YoY to ₹32.65 crore. Net profit followed a similar trajectory, declining 73% YoY to ₹1.71 crore from ₹6.35 crore in the same period last year. A significant red flag was raised by the statutory auditors regarding unpaid statutory tax dues totaling ₹34.62 crore as of December 31, 2025. While the company remains profitable on a quarterly basis, the sharp contraction in execution and the tax liability overhang are major concerns.
Key Highlights
Revenue from operations fell sharply by 72.5% YoY to ₹3,265.05 Lacs in Q3 FY26.
Net Profit declined 73% YoY to ₹170.98 Lacs compared to ₹634.74 Lacs in Q3 FY25.
Statutory auditors highlighted accumulated unpaid statutory dues of ₹34.62 Crores.
Earnings Per Share (EPS) dropped to ₹0.67 from ₹2.65 in the corresponding previous year quarter.
Inventory levels rose to ₹24,008.95 Lacs from ₹19,658.04 Lacs in March 2025, indicating a potential slowdown in project completion.
👀 What to Watch
Investors should be cautious given the massive drop in revenue and the auditor's warning on significant unpaid tax liabilities. It is recommended to monitor management's plan for clearing these dues and their guidance on project execution timelines.
