Rachana Infrastructure Limited (RILINFRA)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Rachana Infrastructure's revenue was ₹90.0 Cr (+40.6% year on year, +87.5% on the previous half-year), and net profit ₹9.0 Cr (+125.0% year on year); the operating margin was 16.7%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹90.0 | +40.6% | +87.5% |
| Operating profit | ₹15.0 | +150.0% | +400.0% |
| Net profit | ₹9.0 | +125.0% | +800.0% |
| EPS (₹) | 5.08 | +149.0% | — |
| Operating margin | 16.7% | — | — |
RILINFRA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 75.0% of the RILINFRA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 76.0%. That is close to its usual level. Turnover was only ₹1 lakh, so a handful of trades can move this figure. Volume was 0.1 times its average, well below normal.
Delivery in the last 5 sessions: 48.0% · 84.4% · 88.0% · 69.2% · 75.0%
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
Rachana Infrastructure Limited has scheduled the closure of its Register of Members and Transfer Books from September 16, 2026, to September 22, 2026 (both days inclusive). The book closure is conducted under Regulation 42 of SEBI LODR Regulations to determine member eligibility to vote at the upcoming 25th Annual General Meeting (AGM). This is a standard statutory procedure with no direct financial or operational implications for the business.
- Book closure period established from September 16, 2026 to September 22, 2026 (both days inclusive)
- Purpose of closure is to identify eligible shareholders entitled to vote at the 25th AGM
- Intimation made in compliance with Regulation 42 of SEBI (LODR) Regulations, 2015
Rachana Infrastructure Limited has released the notice for its 25th Annual General Meeting (AGM) scheduled for September 22, 2026, via video conferencing. Key agenda items include the approval of audited financial statements, the appointment of promoter sons Brijesh Raval and Jaydeep Raval as Executive Directors, and the ratification of cost auditor remuneration. Additionally, the board has proposed increasing the remuneration of Managing Director Girishkumar O Raval from ₹48.00 lakh to up to ₹1.00 crore per annum.
- 25th Annual General Meeting scheduled for September 22, 2026, at 01:00 PM IST via VC/OAVM.
- Proposed increase in MD Girishkumar O Raval's annual remuneration cap to ₹1.00 crore (from ₹48.00 lakh in FY26).
- Shareholder approval sought for the appointment of Brijesh Raval and Jaydeep Raval as Executive Directors.
- Ratification of Cost Auditor (M/s Dalwadi and Associates) remuneration of ₹70,000 p.a. plus taxes for FY26.
Rachana Infrastructure Limited has scheduled its 25th Annual General Meeting (AGM) for Tuesday, September 22, 2026. The company has fixed September 15, 2026, as the cut-off date to determine member eligibility for electronic voting. This is a standard annual corporate governance procedure with no financial or operational impact.
- AGM cut-off date for e-voting fixed as September 15, 2026
- 25th Annual General Meeting scheduled for Tuesday, September 22, 2026
- Notice convening the AGM to be circulated in due course
Rachana Infrastructure Limited has informed the exchange that Ashokkumar Raval (DIN: 01646865) has resigned from his position as an Additional Director effective August 27, 2026. The resignation was tendered citing pre-occupation with other professional commitments. Managing Director Girishkumar Ochchhavlal Raval has received and accepted the resignation letter for formal board notification.
- Ashokkumar Raval (DIN: 01646865) resigned as Additional Director on August 27, 2026
- Resignation takes effect immediately citing pre-occupation with other work
- Resignation accepted by Managing Director Girishkumar Ochchhavlal Raval (DIN: 01646747)
Rachana Infrastructure has announced the resignation of Non-Executive Director Ashokkumar Raval with effect from August 27, 2026, citing pre-occupation. The company simultaneously appointed two promoter family members, Mr. Brijesh Girishbhai Raval and Mr. Jaydeep Girishbhai Raval, as Additional Executive Directors. Furthermore, the Board approved a proposal to increase the remuneration of Managing Director Girishkumar O Raval and appointed M/s. P D Goinka & Co. as internal auditors for FY 2026-27, all subject to upcoming 25th AGM approvals.
- Ashokkumar Raval stepped down as Non-Executive Director effective August 27, 2026, after serving since incorporation on June 29, 2001.
- Brijesh Girishbhai Raval appointed as Additional Executive Director after ~15 years heading tendering and contract execution.
- Jaydeep Girishbhai Raval appointed as Additional Executive Director overseeing technical operations and engineering.
- Board approved a proposal to increase remuneration for Managing Director Girishkumar O Raval, subject to shareholder approval at the 25th AGM.
- M/s. P D Goinka & Co., Chartered Accountants, appointed as Internal Auditor for FY 2026-27.
Rachana Infrastructure has approved key board-level changes during its board meeting on August 27, 2026. Non-Executive Director Ashokkumar Raval resigned due to preoccupation after serving since the company's incorporation in June 2001. The board appointed promoter family members Brijesh Girishbhai Raval and Jaydeep Girishbhai Raval as Additional Executive Directors, subject to shareholder approval at the 25th AGM. Additionally, the board approved appointing M/s. P D Goinka & Co. as internal auditors for FY 2026-27 and proposed a remuneration hike for Managing Director Girishkumar Raval.
- Resignation of Non-Executive Director Ashokkumar Raval effective August 27, 2026, ending his tenure since June 29, 2001
- Appointment of Brijesh Girishbhai Raval as Additional Executive Director, leveraging nearly 15 years in tendering and contract execution
- Appointment of Jaydeep Girishbhai Raval as Additional Executive Director, bringing over 10 years of civil engineering project experience
- Proposed increase in remuneration for Managing Director Girishkumar Raval, pending shareholder approval at the 25th AGM
- Appointment of M/s. P D Goinka & Co., Chartered Accountants, as internal auditor for financial year 2026-27
Rachana Infrastructure Limited announced board approvals from its meeting on August 27, 2026. The board approved the draft Directors' Report for FY26 and the notice for the 25th Annual General Meeting (AGM). Key management changes include the appointment of Mr. Brijesh Girishbhai Raval and Mr. Jaydeep Girishbhai Raval as Additional Executive Directors, the resignation of Non-Executive Director Mr. Ashokkumar Raval, and a proposed increase in Managing Director Mr. Girishkumar O. Raval's remuneration subject to shareholder approval. Additionally, M/s. P D Goinka & Co. was appointed as Internal Auditor for FY2026-27.
- Appointment of Brijesh Girishbhai Raval and Jaydeep Girishbhai Raval as Additional Executive Directors on August 27, 2026
- Resignation of Ashokkumar Raval, Non-Executive Director associated with the company since June 29, 2001
- Proposal to increase remuneration of Managing Director Girishkumar O. Raval, subject to AGM approval
- Appointment of M/s. P D Goinka & Co. as Internal Auditor for the financial year 2026-27
Rachana Infrastructure has received a Letter of Acceptance for a ₹91.36 Cr road construction project in Gujarat. This single order represents approximately 39.4% of the company's TTM revenue of ₹232 Cr and significantly exceeds its current market capitalization of ₹69 Cr. The project involves four-laning a 22.5 km stretch of SH-118 and is scheduled for execution within 18 months. This win strengthens the company's order book and provides clear revenue visibility for the next six quarters.
- Total contract value of ₹91.36 Cr (excluding GST), which is ~39.4% of TTM revenue
- Project involves four-laning of 22.5 km of the Barwala-Salingpur-Botad Road (SH-118) in Gujarat
- Execution timeline is fixed at 18 months from the date of issuance of the work order
- Performance security of ₹4.57 Cr to be submitted within 10 days of the LOA
- Order awarded by the Executive Engineer Botad (R&B) Division, a domestic government entity
Rachana Infrastructure Limited has disclosed a fraud amounting to ₹84,02,694 committed by an accountant, Mrs. Anjanaben Rajnikantbhai Patel, between 2019 and 2026. The employee allegedly falsified payout lists to divert company funds into the bank accounts of her son and other relatives. While the amount is relatively small compared to the TTM revenue of ₹232 Cr (approx. 0.36%), it represents a significant long-term failure of internal financial controls. The company has filed an FIR, terminated the employee, and implemented a new payment system to prevent recurrence.
- Total fraud amount identified and quantified at ₹84,02,694.
- The fraud was committed over a 7-year period from the employee's appointment in August 2019 until 2026.
- FIR No. 11191006260195 was filed at Bodakdev Police Station, Ahmedabad, on July 31, 2026.
- The fraud amount represents approximately 6% of the company's TTM PAT of ₹14 Cr.
- The company has scrapped its old payout system and designed a new 'Robust and Secured Payment System'.
Financial Performance
Revenue Growth by Segment
Total operating income grew 2.7% YoY from INR 92.75 Cr in FY24 to INR 95.26 Cr in FY25. The core civil and infrastructure segment remains the primary driver, while quarrying and trading activities contributed approximately 24% of total revenue in FY24.
Geographic Revenue Split
Revenue is heavily concentrated in two states, with the majority of orders restricted to Madhya Pradesh and Gujarat, creating a high dependency on regional infrastructure spending.
Profitability Margins
Net Profit Margin (PAT) improved from 3.86% in FY24 to 4.24% in FY25, driven by reduced finance costs and higher non-operating income. However, operating margins moderated from 9.03% in FY24 to 8.73% in FY25 due to rising input costs.
EBITDA Margin
EBITDA margin stood at 8.73% in FY25, a decrease of 30 basis points from 9.03% in FY24, reflecting the impact of higher raw material costs and ancillary overhead expenses.
Capital Expenditure
Historical debt repayment was INR 3.01 Cr in FY25 against a gross cash accrual of INR 6.18 Cr. Planned expenditure is focused on the execution of the INR 194.19 Cr order book.
Credit Rating & Borrowing
The company maintains a credit rating of IVR BBB-/Stable for long-term bank facilities and IVR A3 for short-term facilities. Total debt reduced significantly by 35% from INR 13.64 Cr in FY24 to INR 8.86 Cr in FY25.
Operational Drivers
Raw Materials
Key raw materials include steel, cement, sand, and other metals. These materials constitute a significant portion of project costs, though specific percentage breakdowns per material are not disclosed.
Import Sources
Sourcing is primarily domestic, focused within the states of operation including Gujarat and Madhya Pradesh to support regional project execution.
Capacity Expansion
The company operates as a Class AA contractor. While fixed 'capacity' in MT is not applicable, the unexecuted order book of INR 194.19 Cr as of March 31, 2024, represents 2.09x its FY24 revenue, providing visibility for the next 1-2 years.
Raw Material Costs
Raw material costs and sub-contracting expenses led to a moderation in operating margins to 8.73% in FY25. Procurement is managed through tender-based contracts, often including price escalation clauses to mitigate volatility.
Manufacturing Efficiency
Efficiency is measured by project execution timelines; the company has a track record of ensuring timely completion of projects for various government departments.
Strategic Growth
Growth Strategy
Growth is targeted through the steady execution of the current INR 194.19 Cr order book and aggressive bidding for new government infrastructure projects in the road and highway segments. The company leverages its Class AA contractor status to qualify for larger tenders.
Products & Services
Civil and infrastructure construction services, specifically road and highway construction, quarrying services, and trading of construction-related materials.
Brand Portfolio
Rachana Infrastructure Limited (formerly Rachana Construction Company).
Market Expansion
The company is focused on deepening its presence in Madhya Pradesh, Gujarat, and Jharkhand, targeting departments like the PWD and Road Development Corporations.
Market Share & Ranking
The company is categorized as a mid-size registered Class AA contractor in the infrastructure segment.
External Factors
Industry Trends
The civil construction industry is characterized by intense competition and a shift toward larger, integrated infrastructure projects. RIL is positioning itself by maintaining its Class AA status and focusing on timely execution to secure repeat orders.
Competitive Landscape
Intense competition from numerous small to mid-sized players in a tender-driven market, which keeps operating margins under pressure (currently 8.73%).
Competitive Moat
The company's moat is based on its 20+ years of experience, Class AA registration, and proven execution capability with government clients. However, this is challenged by the low-entry barriers in the fragmented construction sector.
Macro Economic Sensitivity
Highly sensitive to government infrastructure spending and budgetary allocations for road construction in Madhya Pradesh and Gujarat.
Consumer Behavior
Not applicable as the primary customers are government and corporate entities.
Geopolitical Risks
Minimal direct geopolitical risk due to domestic focus, though global commodity price spikes (steel/oil) indirectly affect input costs.
Regulatory & Governance
Industry Regulations
Operations are governed by state-level PWD regulations, road construction standards, and labor laws applicable to the infrastructure sector.
Taxation Policy Impact
Current tax expense for FY25 was INR 1.50 Cr against a profit before tax of INR 5.53 Cr, representing an effective tax rate of approximately 27%.
Risk Analysis
Key Uncertainties
Fluctuations in raw material prices (steel/cement) and potential delays in project execution could impact margins by 2-3%.
Geographic Concentration Risk
High risk with the majority of the order book and revenue restricted to Madhya Pradesh and Gujarat.
Third Party Dependencies
High dependency on government departments for order inflows and timely payment of receivables.
Technology Obsolescence Risk
Low risk as civil construction relies on established engineering practices, though digital project management adoption is ongoing.
Credit & Counterparty Risk
Counterparty risk is mitigated by dealing with reputed government departments and entities like ONGC Petro Addition Ltd and Power Grid Corporation.
