R.P.P. Infra Projects Limited (RPPINFRA)
₹50.71 +0.52% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, R.P.P. Infra's revenue was ₹347 Cr (+0.0% year on year, -23.2% on the previous quarter), and net profit ₹2.8 Cr (-74.4% year on year); the operating margin was 1.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹347 | +0.0% | -23.2% |
| Operating profit | ₹6.2 | -67.8% | from loss |
| Net profit | ₹2.8 | -74.4% | from loss |
| EPS (₹) | 0.56 | -74.4% | from loss |
| Operating margin | 1.8% | — | — |
RPPINFRA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 78.73% of the RPPINFRA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 60.27%. That is higher than usual for this stock. Turnover was only ₹7 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: 59.2% · 71.2% · 74.9% · 64.0% · 78.7%
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
R.P.P. Infra Projects Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate issued by Registrar and Share Transfer Agent Cameo Corporate Services Limited confirms that dematerialisation requests received during the period were verified, accepted or rejected, and processed within 15 days. Security certificates received were duly mutilated, cancelled, and substituted with depositories' names in the register of members.
- Compliance submission under Regulation 74(5) of SEBI Regulations, 2018
- Covers the quarter ended September 30, 2026
- RTA Cameo Corporate Services confirms demat requests processed within 15 days
- Filing signed and submitted on October 12, 2026
RPP Infra Projects Limited has announced the withdrawal of its subsidiary, RPP Infra Projects (Lanka) Limited, from the 'Legend 96' residential development project in Sri Lanka. The subsidiary had originally entered into a Development and Financing Agreement with Wills Realtors on January 28, 2025. The exit follows regulatory approval delays, challenges in securing bank financing, disputes over offering project land as security, and proposed dilution of revenue sharing. The company stated it is seeking termination of the agreement and recovery of initial expenditures incurred, with no material adverse impact expected on ongoing operations.
- Subsidiary RPP Infra Projects (Lanka) Limited terminates agreement entered on January 28, 2025
- Termination notice issued to primary developer Wills Realtors on October 7, 2026
- Company is in discussions to recover initial expenditures including assignment and development fees
- Withdrawal driven by approval delays, financing hurdles, and proposed dilution of agreed revenue sharing
RPP Infra Projects Limited has announced the voting results and scrutinizer report for its 31st Annual General Meeting held on September 25, 2026. Shareholders approved all three ordinary resolutions with over 99.99% majority of votes cast. The passed items include the adoption of FY26 audited financial statements, the re-appointment of Director Mrs. A Nithya who retired by rotation, and the ratification of remuneration to the Cost Auditor for FY 2026-27. Out of 34,726 shareholders as of the record date, 2.72 crore votes were polled representing a 54.93% turnout.
- All 3 resolutions passed with over 99.99% of polled votes in favour
- Total of 2,72,39,025 votes polled across 4,95,85,918 total shares, representing a 54.933% turnout
- Record date had 34,726 registered shareholders, with 33 attended via video conferencing (4 promoter, 29 public)
- Adopted FY26 financial statements and approved the re-appointment of retiring director Mrs. A Nithya
R.P.P. Infra Projects Limited has issued a notice regarding the availability of its FY 2025-26 Annual Report and AGM details for shareholders with unregistered email addresses pursuant to SEBI LODR regulations. The 31st Annual General Meeting is scheduled to be held on September 25, 2026, at 12:15 PM IST via video conferencing. The cut-off date to determine e-voting eligibility has been set for September 18, 2026, with remote e-voting taking place between September 22 and September 24, 2026.
- 31st Annual General Meeting scheduled for Friday, September 25, 2026, at 12:15 PM IST via Video Conferencing
- Cut-off date for remote e-voting eligibility fixed as September 18, 2026
- Remote e-voting window opens September 22, 2026 (9:00 AM) and closes September 24, 2026 (5:00 PM)
- Speaker registration deadline set for September 22, 2026
R.P.P. Infra Projects Limited has issued the notice for its 31st Annual General Meeting (AGM) scheduled on September 25, 2026, via video conferencing. Key ordinary and special agenda items include adoption of FY26 audited financial statements, reappointment of retiring director Mrs. A Nithya, and ratification of cost auditor remuneration of ₹1,20,000 for FY27. The cut-off date for voting eligibility is September 18, 2026, with the remote e-voting period open between September 22 and September 24, 2026.
- 31st Annual General Meeting scheduled for September 25, 2026, at 12:15 PM IST via VC/OAVM
- Shareholder eligibility cut-off date fixed as Friday, September 18, 2026
- Remote e-voting window opens September 22, 2026 (9:00 AM) and closes September 24, 2026 (5:00 PM)
- Proposed ratification of ₹1,20,000 remuneration for Cost Auditor for FY 2026-27
R.P.P. Infra Projects Limited received a termination notice from the Sports Development Authority of Tamil Nadu (SDAT) for its ₹205.89 Cr EPC contract for the Global Sports City, Chennai. The contract, awarded in February 2026, was terminated as the state government decided to redesign and expand the project to host Asian Games-level events. RPP Infra had already commenced work and incurred substantial expenditure, which it is now evaluating under contractual dispute and remedy clauses. The cancelled order represents ~13.8% of the company's TTM revenue of ₹1,496 Cr.
- Work order valued at ₹205,89,14,000 (including 18% GST) terminated by SDAT
- Termination reason cited as government redesign to scale up the Sports City for international events
- Company had commenced site work and incurred substantial expenditure prior to termination
- SDAT invoked contract clauses including Clause 55 ('No Compensation for Cancellation/Reduction of Works')
- Termination communication received on August 12, 2026; disclosed with delay on August 27, 2026
R.P.P. Infra Projects Limited has informed the exchanges that its 31st Annual General Meeting (AGM) has been rescheduled to Friday, September 25, 2026. The meeting was previously scheduled for Wednesday, September 16, 2026. The postponement was approved by the Board via a circular resolution due to administrative and scheduling considerations. The AGM will continue to be conducted via Video Conferencing and Other Audio-Visual Means (VC/OAVM), with all other agenda details remaining unchanged.
- 31st Annual General Meeting rescheduled to Friday, 25th September 2026
- Previously intimated AGM date was Wednesday, 16th September 2026
- AGM to be held via Video Conferencing/Other Audio-Visual Means (VC/OAVM)
- Rescheduling approved by the Board of Directors through Circular Resolution
RPP Infra reported a weak Q1 FY27 with standalone net profit falling 74.4% YoY to ₹2.78 Cr, primarily driven by a 75% surge in raw material costs. Revenue remained stagnant at ₹347.09 Cr, representing a marginal 1.7% growth compared to the same period last year. While the company returned to profitability after a significant loss of ₹16.45 Cr in the preceding March 2026 quarter, operating margins remain extremely thin. The results highlight the company's vulnerability to input price volatility within its fixed-price government contract portfolio.
- Standalone Net Profit declined 74.4% YoY to ₹2.78 Cr from ₹10.86 Cr in June 2025.
- Revenue from operations grew marginally by 1.7% YoY to ₹347.09 Cr.
- Cost of raw materials and components surged 75% to ₹61.93 Cr from ₹35.37 Cr YoY.
- Sub-contractor work bills remain the largest expense at ₹218.77 Cr, accounting for 63% of total expenses.
- Standalone EPS dropped to ₹0.56 from ₹2.19 in the year-ago quarter.
CRISIL has downgraded RPP Infra Projects' long-term rating from 'BBB+' to 'BBB' and short-term rating from 'A2' to 'A3+'. The downgrade follows a sharp decline in EBITDA margins to approximately 2.2% in FY26, down from 7.5-8.5% in the previous two years. This margin compression, attributed to high mobilization costs and delayed escalation claims, has reduced the interest coverage ratio to 1.7x from historical levels of 5.5-6.5x. While the company maintains a robust order book of over Rs 3,700 crore, the downgrade reflects a weakened credit profile and reduced debt-servicing cushions.
- EBITDA margin declined sharply to ~2.2% in FY26 from 7.5-8.5% in the previous two fiscals
- Interest coverage ratio moderated to ~1.7 times from previous levels of 5.5-6.5 times
- Outstanding order book of over Rs 3,700 crore across 42 projects provides 24-36 months of revenue visibility
- Total bank loan facilities rated were enhanced to Rs 642 crore from Rs 557 crore
- Net worth remains healthy at Rs 526 crore with a comfortable gearing of 0.2 times as of March 31, 2026
CRISIL has downgraded RPP Infra Projects' long-term rating from 'BBB+' to 'BBB' and short-term rating from 'A2' to 'A3+'. The downgrade is driven by a sharp decline in EBITDA margins to approximately 2.2% in FY26, down from 7.5-8.5% in previous years, due to high mobilization costs and delayed escalation claims. This has weakened the interest coverage ratio to 1.7x from historical levels of 5.5-6.5x. While the company maintains a robust order book of Rs 3,700 crore, the operational performance remains under pressure.
- EBITDA margin declined sharply to 2.2% in FY26 from 7.5-8.5% in the previous two fiscals.
- Interest coverage ratio moderated to 1.7 times from previous levels of 5.5-6.5 times.
- Total bank loan facilities rated were enhanced to Rs 642 crore from Rs 557 crore.
- Outstanding order book stands at Rs 3,700 crore as of March 31, 2026, covering 42 projects.
- Company is exposed to a Rs 750 crore real estate project in Sri Lanka through an SPV, adding funding and execution risk.
RPP Infra Projects Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Cameo Corporate Services Limited, confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, were processed. The registrar verified that these certificates were mutilated and cancelled, with the depositories' names substituted in the register of members within the mandated 15-day period. This is a standard administrative filing ensuring the integrity of electronic shareholding records.
- Quarterly compliance completed for the period ended June 30, 2026
- Registrar confirmed substitution of depository names in the Register of Members within 15 days
- Verification and cancellation of physical certificates performed by Cameo Corporate Services Limited
- Confirmation that dematerialized securities are listed on the stock exchanges where earlier securities are listed
R.P.P. Infra Projects Limited has announced the closure of its trading window starting July 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is mandatory ahead of the consideration and approval of the unaudited standalone and consolidated financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the financial results are officially declared public. This is a standard regulatory procedure to prevent insider trading during the earnings preparation period.
- Trading window closure effective from July 1, 2026
- Closure is for the approval of financial results for the quarter ending June 30, 2026
- Trading window will reopen 48 hours after the results are made public
- Restriction applies to all Directors, Designated Persons, Insiders, and their immediate relatives
RPP Infra Projects reported a marginal 3.3% revenue growth to ₹1,478.77 crore for FY26, but net profit crashed by 88.1% to ₹7.79 crore. The sharp decline in profitability was driven by a shift toward lower-margin subcontracted work and high initial establishment costs for new projects. Despite the poor earnings performance, the company secured new orders worth ₹2,470.14 crore during the year, bringing the total order book to a strong ₹3,750.83 crore. Management expects a recovery in margins starting from Q2 of the next financial year as self-executed projects gain momentum.
- Standalone PAT fell 88.10% YoY to ₹7.79 crore in FY26 from ₹65.47 crore in FY25.
- EBITDA margins contracted significantly from 7.48% to 2.36% due to a shift in revenue mix and rising input costs.
- Total order book stands at a robust ₹3,750.83 crore, with 11 new projects worth ₹2,470.14 crore added in FY26.
- Revenue from self-executed projects was low as major contracts are in early stages, while subcontracted work increased.
- Management anticipates significant revenue and profit recovery starting from Q2 of the next financial year.
R.P.P. Infra Projects Limited has issued a postal ballot notice to seek shareholder approval for two primary resolutions. The most significant is the enhancement of the material related party transaction limit with Repplen Projects Private Limited from ₹665 crore to ₹850 crore. This increase is necessitated by a pipeline of six specific infrastructure projects totaling ₹735.75 crore. Additionally, the company is seeking to confirm the appointment of Mr. K Jagannathan as an Independent Director for a two-year term.
- Proposed increase in Related Party Transaction (RPT) limit with Repplen Projects to ₹850 crore from the previous ₹665 crore.
- Identified work orders worth ₹735.75 crore across Maharashtra and Tamil Nadu infrastructure projects to be executed via this RPT.
- Appointment of Mr. K Jagannathan as a Non-Executive Independent Director for a term of two years (2026-2028).
- Remote e-voting period for shareholders is scheduled from June 10, 2026, to July 09, 2026.
- The cut-off date for determining shareholder eligibility for voting was June 05, 2026.
R.P.P. Infra Projects reported a weak set of financial results for FY26, with standalone net profit plummeting 88% YoY to ₹7.79 crore. While annual revenue from operations saw a modest growth of 3.3% to ₹1,478.77 crore, the fourth quarter was particularly poor, recording a net loss of ₹16.45 crore compared to a profit of ₹12.56 crore in the same period last year. The bottom line was severely impacted by a sharp rise in sub-contractor work bills, which jumped significantly in the final quarter. Additionally, the board has sought approval to enhance limits for material related party transactions with Repplen Projects Private Limited.
- Standalone FY26 Net Profit fell 88% YoY to ₹7.79 crore from ₹65.47 crore in FY25
- Q4 FY26 recorded a net loss of ₹16.45 crore against a profit of ₹12.56 crore in Q4 FY25
- Annual Revenue from operations grew slightly by 3.3% to ₹1,478.77 crore
- Sub-contractor expenses surged to ₹988.41 crore for the full year, up from ₹732.77 crore in FY25
- Board approved enhancement of related party transaction limits with Repplen Projects Private Limited
Financial Performance
Revenue Growth by Segment
Revenue is distributed across three primary segments: Water Management contributed INR 709.25 Cr (49.54% of revenue), Infrastructure contributed INR 518.77 Cr (36.24%), and Buildings contributed INR 203.54 Cr (14.22%). Total standalone revenue grew 7.44% YoY to INR 1,431.55 Cr in FY25.
Geographic Revenue Split
The company maintains a concentrated presence in Southern India, specifically Tamil Nadu, Karnataka, Telangana, and Andhra Pradesh, with additional operations in Maharashtra and the Union Territory of Andaman Nicobar Islands. Specific percentage splits per state are not disclosed.
Profitability Margins
Standalone PAT margin marginally declined from 4.75% in FY24 to 4.52% in FY25 due to lower non-operational income. However, consolidated PAT increased 14.14% to INR 65.29 Cr in FY25. Gross margins in recent quarters (Q2 FY26) stood at 14.89% compared to 11.16% in the previous year.
EBITDA Margin
EBITDA margin improved to 6.46% in FY25 from 5.25% in FY24, driven by lower raw material costs and operational efficiencies. Project-level EBITDA is targeted at 12-13% by focusing on small to medium-sized projects.
Capital Expenditure
The company maintains a significant captive equipment bank valued at INR 150.86 Cr to support self-execution of projects and reduce reliance on external rentals.
Credit Rating & Borrowing
Infomerics upgraded the long-term rating to IVR BBB+ (Stable) in 2025. Brickwork Ratings reaffirmed BWR BB- (Stable) but moved it to 'Issuer Not Cooperating' for specific facilities. Interest coverage ratio improved significantly to 8.02x in FY25 from 5.83x in FY24.
Operational Drivers
Raw Materials
Key materials include cement, steel, bitumen, and aggregates. While specific cost percentages per material are not disclosed, total costs increased to INR 1,361.21 Cr in FY25, representing approximately 95% of standalone revenue.
Import Sources
Sourced primarily from domestic markets within India, specifically from states where projects are executed such as Tamil Nadu, Maharashtra, and Karnataka to minimize logistics costs.
Key Suppliers
Not specifically named in the documents, though the company maintains long-term relationships with suppliers established over three decades of operations.
Capacity Expansion
The company has executed 200+ civil construction projects to date. Current capacity is reflected in an unexecuted order book of INR 2,802.00 Cr as of June 30, 2025, which is 1.93 times its FY25 revenue.
Raw Material Costs
Raw material costs are a major component of the INR 1,361.21 Cr total expenses. EBITDA margins improved by 1.21 percentage points in FY25 specifically due to a reduction in raw material price volatility.
Manufacturing Efficiency
The company utilizes a talent pool of 403+ employees and its own equipment bank of INR 150.86 Cr to maintain onsite operational control and accelerate project completion.
Logistics & Distribution
Distribution costs are managed by focusing on regional clusters in Southern India to optimize the movement of captive equipment and manpower.
Strategic Growth
Expected Growth Rate
22.30%
Growth Strategy
The company targets a CAGR of 22.30% by focusing on small to medium government projects (under INR 250 Cr) with durations under 24 months. This niche strategy avoids competition with larger EPC firms and ensures higher project-level EBITDA of 12-13%. Growth is supported by a robust order book of INR 2,802 Cr and expansion into water management, which now accounts for nearly 50% of revenue.
Products & Services
EPC services for highways, roads, bridges, water management systems, irrigation projects, mass housing, and power infrastructure.
Brand Portfolio
RPP Infra Projects Limited (RPPIPL).
New Products/Services
Increased focus on 'Water Management' and 'Mass & Affordable Housing' segments, with water management now contributing 49.54% of total revenue.
Market Expansion
Expansion beyond traditional Southern strongholds into Maharashtra and Andaman Nicobar Islands to diversify the geographic risk profile.
Market Share & Ranking
Identified as a leading integrated EPC company in India, particularly in the small-to-medium government project niche.
Strategic Alliances
The company utilizes strategic sub-contracting partnerships for specific project components while maintaining core execution in-house.
External Factors
Industry Trends
The industry is shifting toward integrated EPC models. RPP is positioned to benefit from the Indian government's focus on water management (Jal Jeevan Mission) and affordable housing.
Competitive Landscape
Faces competition from a large number of regional infrastructure companies and larger national firms with stronger financial resources.
Competitive Moat
The moat consists of a 30-year track record and a specialized focus on 'small-ticket' government projects that are too small for major players but require high technical qualification, creating a barrier for smaller unorganized players.
Macro Economic Sensitivity
Highly sensitive to government infrastructure budgets and interest rate fluctuations, which impact the cost of bank guarantees and working capital.
Consumer Behavior
Demand is driven by public policy and government infrastructure requirements rather than individual consumer trends.
Geopolitical Risks
Minimal direct impact due to domestic focus, though global commodity price shifts (oil/steel) affect local input costs.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013, SEBI guidelines, and Ind AS accounting standards. Project execution must meet specific government technical and safety specifications.
Environmental Compliance
The company maintains practices for preserving the environment and adheres to safety standards across all construction sites.
Taxation Policy Impact
The company follows standard Indian corporate tax rates; specific effective tax rate % not provided in the snippets.
Legal Contingencies
The company monitors substantial defaults in payments to creditors and stakeholders through its Audit Committee. No specific high-value pending court cases were detailed in the provided text.
Risk Analysis
Key Uncertainties
Tender-driven business nature (high impact on revenue predictability), volatility in input prices (impacts margins by 1-2%), and project execution delays.
Geographic Concentration Risk
High concentration in Southern India, though diversifying into Maharashtra and Andaman Islands.
Third Party Dependencies
Dependency on government agencies for 100% of the order book and revenue.
Technology Obsolescence Risk
Low risk in civil construction, but the company is upgrading its equipment bank (INR 150.86 Cr) to maintain execution speed.
Credit & Counterparty Risk
Low risk as the entire order book is with government entities, though payment cycles can be subject to administrative delays.
