RPP Infra Projects Ltd(RPPINFRA)

NSE: RPPINFRABSE: 533284

₹ 45.35-0.98%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 225 crWebsite: www.rppipl.comUpdated: 24 Oct 2026

About

RPP Infra Projects is a niche EPC (engineering, procurement and construction) company. It works across infrastructure (roads), water management and buildings, and its entire order book is from government agencies. Reported revenue was 1495.1 in FY26. As of the Q4 FY26 call, its order book stood at ₹3,750.83 cr across 39 projects.^[1][2][3]

Business segments

Infrastructure made up ₹805.61 cr (60.46%) of revenue in FY24.^[4]
Water Management made up ₹401.35 cr (30.12%) of revenue in FY24.^[4]
Buildings made up ₹125.43 cr (9.41%) of revenue in FY24.^[4]
By geography, India revenue was ₹1437.74 cr in FY25 vs ₹1337.27 cr in FY24. Overseas revenue was ₹1.70 cr in FY25 vs ₹16.14 cr in FY24.^[1]

Order book

As of the Q4 FY26 call, the order book was ₹3,750.83 cr across 39 projects. It stood at ₹3,963.66 cr across 41 projects in Q3 FY26.^[3][5]
The order book was ₹2,762.89 cr across 47 projects at FY25 end, and ₹3,009 Cr at FY24 end.^[6][4]
As of Oct 2025, the order book was split into Infrastructure ₹3,134 cr (28 projects), Buildings ₹363 cr (5 projects) and Water management ₹377 cr (10 projects).^[7]
In FY25, roads/infrastructure made up 66.75% of the order book, water management 19.06% and buildings 14.19%.^[1]
By state, Tamil Nadu accounted for 42.69% of the order book in FY25 vs 67.16% in FY24. In FY25, Uttar Pradesh accounted for 23.01% and Maharashtra for 21.76%.^[1][4]
In Q3 FY26, the company was L1 (lowest bidder) on two more tenders valued at ₹260 cr.^[5]

Order inflow

The company won 11 projects worth ₹2,470.14 cr in FY26: Infrastructure ₹2,096.26 cr (9 projects), Water management ₹365.85 cr (1) and Buildings ₹8.03 cr (1).^[3]
In FY25, the company won 19 new projects worth ₹1,878.04 cr, led by Infrastructure at ₹1,278.53 cr.^[6]
Its largest FY26 award was a ₹1,126.50 cr work from BHEL.^[5]
An order worth ₹365.85 cr went to a JV with Balaji Construction, in which the company holds a 51% share (FY26).^[7]

Execution and margins

Standalone gross margin fell to 7.33% in FY26 from 14.20%. Management attributes this to a shift toward back-to-back subcontracted work.^[3]
As of Q4 FY26, most new projects, including those with BHEL, were at an early stage. Site set-up costs had been incurred and significant revenue was expected from Q2 FY27.^[3]
The company states a focus on projects under 24 months and below ₹250 Cr, with EBITDA around 12-13% (FY25 annual report).^[1]

Operations and resources

The company owns captive equipment worth around ₹150.86 crore (FY25).^[1]
The company had over 403 employees in FY25.^[1]
The company has a strong presence in South India and has expanded into Maharashtra, MP, UP and Chhattisgarh (FY25).^[1]

Customers

The entire order book is from government agencies (FY25).^[1]
Its FY25 wins included a ₹23.44 crore non-destructive test facility at the SSLV launch complex in Tuticorin district.^[1]

Expansion and capex

A fabrication factory for BHEL work is being built on 15 acres of BHEL land in Varanasi at a cost of ₹62 cr. It targets 2,200-2,500 tons per month, with completion expected by end-April/early May 2026.^[5]
Legend 96 is a ₹764 cr residential project in Sri Lanka with 273 flats, to be run through a wholly owned subsidiary, RPP Realtors. Pre-booking offers were received for 100+ flats (Q2 FY26).^[6][7]
The company bought land parcels in Kanchipuram for development and sale: ₹44.40 cr before 31 Mar 2025 and ₹44.13 cr on 29 Apr 2025.^[6]

Corporate changes

Subsidiary Lunkar Finance gave up its NBFC licence and was renamed Sprinkle Assets Private Limited, with real estate as its object (FY25).^[1]
The associate RPP Infra Projects Myanmar Ltd has been struck off (FY25).^[1]

Market Cap

₹225 Cr

High / Low

₹126 / 41

Stock P/E

47.2

Price / Book

0.4

Book Value

₹108

EPS

₹1.5

No. of Shares

4.96 Cr

ROCE

5.0%

ROE

1.4%

OPM

2.0%

Debt / Equity

0.19

Sales

₹1,495 Cr

Net Profit

₹7 Cr

Promoter holding

24.6%

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