Rappid Valves (India) Limited (RAPPID)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Rappid Valves' revenue was ₹24.4 Cr (-24.9% year on year, -15.3% on the previous half-year), and net profit ₹3.1 Cr (-14.8% year on year); the operating margin was 19.6%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹24.4 | -24.9% | -15.3% |
| Operating profit | ₹4.8 | -10.5% | -13.2% |
| Net profit | ₹3.1 | -14.8% | -8.3% |
| EPS (₹) | 5.97 | -14.8% | -8.3% |
| Operating margin | 19.6% | — | — |
RAPPID delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 73.91% of the RAPPID shares traded on NSE were taken to delivery, against the stock's own 20-session average of 76.01%. That is close to its usual level. It traded 3.7 times its average daily volume.
Delivery in the last 5 sessions: 50.0% · 100.0% · 72.2% · 70.0% · 73.9%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Rappid Valves (India) Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter and half-year ended September 30, 2026. The certificate was issued by the Registrar and Share Transfer Agent, MUFG Intime India Private Limited. It confirms that share certificates received for dematerialisation during the period were properly verified, cancelled, and substituted in the register of members within the prescribed timelines. This is a purely procedural regulatory filing with no financial impact.
- Quarter and half-year ended September 30, 2026 compliance certificate submitted
- Issued under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Certificate confirmed by RTA MUFG Intime India Private Limited on October 03, 2026
- Filing submitted to the National Stock Exchange of India on October 06, 2026
Rappid Valves has reached the final qualification stage to supply specialized stainless-steel ball valves to a leading US-based flow-control company. The company's Palghar facility in Maharashtra has been designated under the UL Classification and Follow-Up Service framework, enabling international recognition. Final sample valves have been dispatched for testing, with annual follow-up testing commencing in 2026. Successful clearance will open regular, recurring export orders, supporting the company's export-driven revenue base (TTM revenue of Rs 100 Cr).
- Palghar manufacturing facility included under UL Classification and Follow-Up Service framework
- Final sample valves dispatched for laboratory testing to a US-based flow-control client
- Certification documentation schedules annual sample follow-up testing starting from 2026
- Positions the company for recurring export contract manufacturing against TTM revenue base of Rs 100 Cr
Rappid Valves (India) Limited has received two domestic marine orders totaling approximately ₹2.41 Cr. The first is an ₹85.31 Lacs contract from Hindustan Shipyard Limited for quick closing valves with control panels for the Fleet Support Ship project. The second is a ₹1.56 Cr order from Solas Marine India for manual valves intended for GRSE Kolkata shipyard, with both scheduled for completion by March 31, 2027. Following these wins, the company's total order book stands at approximately ₹54.36 Cr, representing about 54.4% of its TTM revenue.
- Received an order of approximately ₹85.31 Lacs from Hindustan Shipyard Limited for Fleet Support Ship (FSS) valves
- Secured an order worth approximately ₹1.56 Cr from Solas Marine India for manual valves for GRSE Kolkata
- Both orders are scheduled for execution completion by March 31, 2027
- Total order book stands at approximately ₹54.36 Cr as on September 21, 2026
Rappid Valves (India) Limited has issued the notice for its 24th Annual General Meeting to be held via video conferencing on September 24, 2026. Key agenda items include the adoption of FY26 audited financial statements and the re-appointment of Non-Executive Director Mrs. Padma Madhusudan Lohiya. The company also seeks shareholder approval to revise the basic remuneration of Chairman & Managing Director Mr. Gaurav Vijay Dalal from ₹72 lakh to up to ₹84 lakh per annum effective September 1, 2026. Additionally, M/S Nishtha Khandelwal & Associates is proposed as Secretarial Auditor for a 5-year term at ₹50,000 per year.
- 24th AGM scheduled for September 24, 2026 at 03:00 PM IST via VC/OAVM
- CMD Gaurav Vijay Dalal's basic salary proposed to increase from ₹72,00,000 to up to ₹84,00,000 per annum (up 16.7%) from September 01, 2026
- Appointment of M/S Nishtha Khandelwal & Associates as Secretarial Auditor for 5 years at ₹50,000 per annum
- Re-appointment of Mrs. Padma Madhusudan Lohiya as Non-Executive Director retiring by rotation
Rappid Valves (India) Limited has secured a domestic order worth Rs 2.84 crore from Larsen & Toubro Limited. The contract involves the supply of general valves for two shipsets of the Indian Navy's Fleet Support Ship (FSS) project. While the order size is relatively small at approximately 2.84% of TTM revenue (Rs 100 Cr), it reinforces the company's strong presence in the Marine/Defence sector. Execution is expected within 10 weeks of technical approvals, indicating a fast-turnaround cycle.
- Order value of Rs 2.84 Crores from Tier-1 client Larsen & Toubro Limited.
- Scope includes general valves for two shipsets of the Indian Navy's FSS project.
- Strict delivery timeline of 10 weeks from drawing and QAP approval.
- Drawing and QAP submission required within 2 weeks of PO receipt.
Financial Performance
Revenue Growth by Segment
Total revenue grew 42.76% YoY to INR 52.13 Cr in FY25. As of September 30, 2025, the order book of INR 20.19 Cr is split between Marine (Defence) at 40.8% (INR 8.24 Cr) and Non-Marine at 59.2% (INR 11.95 Cr).
Geographic Revenue Split
Primarily domestic (India) with a focus on the Indian Navy and major steel producers. The company plans to commence contract manufacturing for export customers by November 2025 to diversify geographic revenue.
Profitability Margins
Net Profit Margin improved slightly from 11.30% in FY24 to 11.58% in FY25. Operating Profit Margin saw a minor decline from 18.97% to 17.96% during the same period due to operational scaling.
EBITDA Margin
Operating Profit Margin stood at 17.96% in FY25, reflecting stable core profitability despite a 42.76% increase in revenue.
Capital Expenditure
Planned CapEx includes INR 6.73 Cr for new plant, machinery, and software, and INR 0.39 Cr for renovation of the registered office and manufacturing unit.
Credit Rating & Borrowing
Interest coverage ratio improved significantly from 4.94 to 8.36 in FY25. Debt-Equity ratio dropped from 0.89 to 0.19 following a debt repayment of INR 10.50 Cr using IPO proceeds.
Operational Drivers
Raw Materials
Steel and alloys (implied by collaborations with major steel producers JSPL and Bokaro Steel) used for valve manufacturing.
Key Suppliers
Jindal Steel and Power Limited (JSPL) and Bokaro Steel are identified as key industry collaborators and material sources.
Capacity Expansion
Expanding manufacturing infrastructure with a new 9,000 sq. ft. store and inventory management facility to enhance operational efficiency and dispatch capabilities.
Raw Material Costs
Not disclosed as a specific percentage of revenue, but the company maintains an inventory turnover ratio of 3.22 to manage material flow.
Manufacturing Efficiency
Inventory turnover ratio improved slightly from 3.15 to 3.22 in FY25, indicating stable manufacturing throughput.
Strategic Growth
Expected Growth Rate
42.76%
Growth Strategy
Growth will be driven by a three-pronged strategy: expansion into the emerging Compressed Bio-Gas (CBG) sector, commencing export contract manufacturing in November 2025, and pursuing inorganic growth through a dedicated INR 4.00 Cr acquisition fund.
Products & Services
Marine valves for the Indian Navy and shipyards, valves for the steel industry, and specialized valves for Compressed Bio-Gas (CBG) units.
Brand Portfolio
Rappid Valves.
New Products/Services
Specialized valves for the CBG sector and contract-manufactured products for international export markets starting Q3 FY26.
Market Expansion
Targeting the global marine industry and export markets with contract manufacturing starting November 2025.
Strategic Alliances
Collaborations with major steel producers JSPL and Bokaro Steel to secure growth in the industrial valve segment.
External Factors
Industry Trends
The shipbuilding industry is projected to remain booked for 8-10 years. The CBG business is emerging as a major opportunity in India, where Rappid has already secured contracts.
Competitive Landscape
Operates in a specialized manufacturing niche with high barriers to entry due to stringent marine and defence standards.
Competitive Moat
Moat is built on niche expertise in Marine (Defence) valves and established relationships with the Indian Navy and major steel producers, which are difficult for new entrants to replicate quickly.
Macro Economic Sensitivity
Highly sensitive to the shipbuilding industry cycle, which currently has a positive 8-10 year booking visibility.
Consumer Behavior
Shift toward sustainable energy is driving demand for Rappid's CBG-related valve products.
Geopolitical Risks
Exposure to global trade dynamics as the company begins export operations in November 2025.
Regulatory & Governance
Industry Regulations
Compliant with the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Environmental Compliance
Maintains a POSH (Prevention of Sexual Harassment) policy to ensure a safe and respectful work environment.
Risk Analysis
Key Uncertainties
Concentrated control under a single promoter poses a governance and continuity risk, potentially limiting flexibility in responding to complex industry challenges.
Geographic Concentration Risk
Currently concentrated in India, specifically in the Palghar/Mumbai manufacturing hub.
Third Party Dependencies
High dependence on the shipbuilding industry's long-term cycles for the Marine (Defence) segment.
Technology Obsolescence Risk
Investing in new software and plant machinery (INR 6.73 Cr) to mitigate risks of manufacturing obsolescence.
Credit & Counterparty Risk
Debtors turnover of 2.71 indicates a need for monitoring receivable quality following the surge in year-end sales.
