RDB Real Estate Constructions Ltd (544346)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, RDB Real's revenue was ₹39.5 Cr (+98.9% year on year, -78.0% on the previous quarter), and net profit ₹-13.5 Cr (against a profit a year earlier); the operating margin was -9.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹39.5 | +98.9% | -78.0% |
| Operating profit | ₹-3.8 | to loss | to loss |
| Net profit | ₹-13.5 | to loss | loss widened |
| EPS (₹) | -5.12 | to loss | loss widened |
| Operating margin | -9.7% | — | — |
📢 Recent Corporate Announcements
RDB Real Estate Constructions has submitted a revised and corrected Annual Report for FY2025-26 under Regulation 34(1), stating that an incorrect version was inadvertently uploaded earlier. According to the reported consolidated financial statements, the company posted a net loss of ₹886.00 lakh for FY26 compared to a net profit of ₹183.97 lakh in FY25. Operating cash flows stood at negative ₹3,890.87 lakh for FY26, down from positive ₹141.72 lakh in FY25, heavily impacted by working capital changes.
- Resubmission of FY2025-26 Annual Report due to inadvertent upload of an incorrect version
- Consolidated FY26 net loss stood at ₹886.00 lakh versus a net profit of ₹183.97 lakh in FY25
- Standalone FY26 net profit reported at ₹484.08 lakh on revenue of ₹3,152.32 lakh
- Consolidated net cash used in operating activities widened to negative ₹3,890.87 lakh in FY26
RDB Real Estate Constructions reported its Q1 FY27 (quarter ended June 30, 2026) financial results, showing a consolidated net loss of ₹1,347.16 lakhs (compared to a net profit of ₹34.01 lakhs in Q1 FY26). Consolidated revenue from operations grew 98.9% YoY to ₹3,948.27 lakhs from ₹1,984.76 lakhs in Q1 FY26, though down sharply QoQ from ₹17,949.37 lakhs in Q4 FY26. On a standalone basis, the company posted a net profit of ₹276.50 lakhs on revenue of ₹749.67 lakhs. Additionally, the company completed the acquisition of a 74% stake in Avanir Wellness Resorts Private Limited on June 10, 2026.
- Consolidated revenue from operations rose 98.9% YoY to ₹3,948.27 lakhs from ₹1,984.76 lakhs in Q1 FY26
- Consolidated net loss widened to ₹1,347.16 lakhs vs a profit of ₹34.01 lakhs in Q1 FY26, driven by higher construction and inventory costs
- Standalone revenue stood at ₹749.67 lakhs with net profit improving to ₹276.50 lakhs (vs ₹23.44 lakhs in Q1 FY26)
- Finance costs on a consolidated basis remained high at ₹647.50 lakhs for the quarter
- Acquired a 74% controlling stake in Avanir Wellness Resorts Private Limited effective June 10, 2026
RDB Real Estate Constructions Ltd announced its Q1 FY27 (quarter ended June 30, 2026) financial results. On a consolidated basis, revenue from operations reached ₹39.48 crore (compared to ₹19.85 crore in Q1 FY26 and ₹179.49 crore in Q4 FY26), while consolidated operations recorded a net loss of ₹13.47 crore. Standalone operations showed improvement with revenue of ₹7.50 crore (up from ₹1.85 crore in Q1 FY26) and standalone PAT rising to ₹2.77 crore compared to ₹0.23 crore in the previous year quarter.
- Consolidated revenue from operations stood at ₹3,948.27 lakh (₹39.48 crore) for Q1 ended June 30, 2026, up 99% YoY from ₹1,984.76 lakh but down 78% QoQ from ₹17,949.37 lakh
- Standalone revenue from operations grew to ₹749.67 lakh from ₹184.50 lakh in Q1 FY26, with standalone PAT increasing to ₹276.50 lakh vs ₹23.44 lakh YoY
- Standalone EPS for the quarter came in at ₹1.05 compared to ₹0.14 in Q1 FY26
- Subsidiaries weighed heavily on consolidated profitability, with two key subsidiaries contributing net losses of ₹1,557.19 lakh (₹15.57 crore)
RDB Real Estate Constructions Ltd has scheduled a board meeting for August 14, 2026, to consider and approve its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. This follows a fiscal year (FY26) where the company generated Rs 18.52 Cr in revenue and Rs 4.85 Cr in net profit. Investors will be monitoring if the company can maintain the high revenue levels seen in the March 2026 quarter (Rs 12.3 Cr) compared to the lower base of previous quarters. The meeting will also review the Auditor’s Limited Review Report for the period.
- Board meeting scheduled for August 14, 2026, to approve Q1 FY27 results.
- Results pertain to the three-month period ended June 30, 2026.
- Company reported a TTM revenue of Rs 19 Cr and TTM PAT of Rs 5 Cr.
- Promoter holding stands firm at 70.02% as of the June 2026 quarter.
- The meeting will be held at the company's registered office in Kolkata.
RDB Real Estate Constructions has approved a 49% equity investment in a new Special Purpose Vehicle (SPV) named Ashoka-RDB Infrastructure & Development Private Limited. The SPV is being formed in partnership with Ashoka Buildcon Limited to develop a Gems & Jewellery Park in Raipur, Chhattisgarh, under a Public Private Partnership (PPP) model. RDB's initial contribution is a nominal ₹49,000 for 4,900 shares at ₹10 each. This partnership marks a strategic entry into specialized infrastructure development alongside a major industry player.
- Acquisition of 49% equity stake in the newly incorporated SPV
- Initial cash consideration of ₹49,000 for 4,900 equity shares
- Partnership with Ashoka Buildcon Limited for project execution
- Project involves developing a Gems & Jewellery Park under PPP mode in Raipur
- Investment approved by the Committee of Directors on July 13, 2026
Financial Performance
Revenue Growth by Segment
The Company operates in a single primary segment, Real Estate Development and Services, which grew 14.13% YoY from INR 16.09 Cr to INR 18.37 Cr.
Geographic Revenue Split
100% of revenue is generated domestically in West Bengal, India, with key properties located in Uttarpara (Regent Star Mall) and Haldia (Millennium Towers).
Profitability Margins
Operating Profit Margin improved from 6.23% to 8.62% due to increased income. Net Profit Margin increased from 4.49% to 6.13% despite a decrease in turnover, reflecting better cost management.
EBITDA Margin
EBITDA margin was 62.79% (INR 11.53 Cr) in FY25, compared to 108.17% (INR 17.41 Cr) in FY24, with the prior year's margin inflated by significant inventory adjustments and other income.
Capital Expenditure
Capital expenditure on fixed assets was INR 0.0145 Cr in FY25, a significant reduction from INR 0.3511 Cr in FY24.
Credit Rating & Borrowing
Acuite assigned a long-term rating of ACUITE BBB | Stable on INR 11.10 Cr and a short-term rating of ACUITE A3+ on INR 13.90 Cr bank facilities. Borrowing costs are impacted by a high Debt-Equity ratio of 7.20.
Operational Drivers
Raw Materials
Construction activity expenses (including cement, steel, and labor) represent the primary operational cost, totaling INR 11.36 Cr in FY25.
Raw Material Costs
Construction activity expenses decreased by 73.67% YoY to INR 11.36 Cr, representing 61.8% of revenue from operations, likely due to project completion stages.
Strategic Growth
Growth Strategy
Growth will be achieved through expansion into Tier-II and Tier-III cities, strategic land acquisitions for future development, and targeting rising demand in premium and affordable housing segments.
Products & Services
Commercial and residential rental spaces, leasing services, plotting of land, and real estate property sales.
Brand Portfolio
RDB Group.
New Products/Services
The company recently acquired the real estate undertaking of the RDB Group through a court-approved Scheme of Arrangement to expand its portfolio.
Market Expansion
Targeting expansion in Tier-II and Tier-III cities to leverage urbanization and infrastructure growth trends.
External Factors
Industry Trends
The industry is evolving through PropTech (AI, digital site visits), ESG integration, and regulatory transparency via RERA and PMAY, positioning the company for long-term growth.
Competitive Landscape
Operates in a competitive market with Grade A office space providers and flexible workspace developers.
Competitive Moat
Moat is derived from experienced management (Mr. Vinod Dugar), long-standing relations with reputed lessees, and the established RDB Group brand name.
Macro Economic Sensitivity
Highly sensitive to interest rate cycles and government infrastructure spending (highways, metro expansion) which unlock peripheral urban growth.
Consumer Behavior
Increasing preference for home ownership in urban areas and demand for larger, better-equipped living spaces post-pandemic.
Regulatory & Governance
Industry Regulations
Operations are governed by the Real Estate (Regulation and Development) Act (RERA) and the Companies Act, 2013.
Taxation Policy Impact
Current tax expense for FY25 was INR 0.53 Cr on a profit before tax of INR 2.27 Cr, representing an effective tax rate of approximately 23.5%.
Legal Contingencies
The company has disclosed the impact of pending litigations on its financial position in Note 33 of the financial statements; specific case values are not provided in the snippets.
Risk Analysis
Key Uncertainties
Key risks include non-renewal of lease rental agreements (customer concentration), project approval delays, and prolonged working capital cycles.
Geographic Concentration Risk
High geographic concentration with 100% of operations and assets located in West Bengal.
Third Party Dependencies
Dependency on reputed lessees like SBI and Air Plaza for stable rental income; non-renewal poses a significant revenue risk.
Technology Obsolescence Risk
The company is adopting PropTech and AI-based listings to mitigate the risk of digital disruption in property transactions.
Credit & Counterparty Risk
Trade receivables increased 7.5% YoY to INR 2.32 Cr; the company monitors customer credit risks and market volatility to maintain receivable quality.
