Ramky Infrastructure Limited (RAMKY)

Construction · Construction · NSE · Updated 16 July 2026

₹392.4 ↓ 36.98% (1Y)

🎯 Key Takeaways

Ramky Infrastructure Limited is in a turnaround phase following a period of losses, transitioning toward operational recovery driven by infrastructure project execution and financial restructuring. The company returned to profitability in FY2026 after recognizing significant exceptional gains and improved collections, though margin pressures and negative operating cash flow persist.
Revenue declined 13% QoQ to ₹459 in Q3FY25.
⚠️ 1) Margin compression is evident as EBITDA margin declined from 31% in Q2FY24 to 19.5% in Q3FY25, with management not addressing cost structure in gui

Market Cap

₹3,057

P/E Ratio

11.8

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Ramky Infrastructure Limited is in a turnaround phase following a period of losses, transitioning toward operational recovery driven by infrastructure project execution and financial restructuring. The company returned to profitability in FY2026 after recognizing significant exceptional gains and improved collections, though margin pressures and negative operating cash flow persist. Its narrative centers on execution momentum in core infrastructure segments and strategic diversification.

📰 What's Happening

The company reported consolidated revenue of ₹1,781.74 crores in Q4 FY2026, up from ₹1,846 crores in the prior quarter, with net profit surging to ₹2,958 million from a prior-year loss of ₹146.89 million, primarily due to a ₹1,560.60 million exceptional gain from the sale of a 51% stake in Visakha Pharmacity Limited. The board approved audited financials for Q4 and FY2026, recommended a 10% final dividend, and disclosed recovery efforts on ₹1,872.75 million from NHAI related to the Srinagar Banihal Expressway arbitration. Additionally, the board established a UAE subsidiary focused on water and wastewater projects, and shareholders ratified 15 related party transactions with 99.99% approval, resolving prior legal uncertainties.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	576	557	582	441	581	569	527	459
Operating Profit	1,415	194	221	117	138	152	164	129
OPM %	16.6%	28.2%	31.0%	17.4%	16.4%	20.4%	24.4%	19.5%
Net Profit	1,078	105	121	38	58	71	83	60
EPS	₹155.65	₹14.64	₹16.28	₹5.27	₹8.29	₹9.77	₹11.30	₹8.15

Revenue peaked in Q4FY24 at ₹581 crores but has since declined to ₹459 crores in Q3FY25, indicating volatility in order execution or project timing. Operating profit margins have contracted from a high of 31% in Q2FY24 to 19.5% in Q3FY25, reflecting rising cost pressures despite revenue recovery. Net profit turned positive in FY2026 after years of losses, supported by exceptional gains and improved collections, but operating cash flow remains negative, signaling working capital strain. The company’s financial trajectory shows a sharp reversal in profitability but lacks consistent operational efficiency gains.

🔮 Management Outlook & What's Next

Management highlighted strengthened business visibility, a diversified project portfolio, and sustained execution momentum in infrastructure sectors for FY2027, as stated in the Q4 FY2026 filing. However, no formal forward guidance on margins, revenue growth, or capital allocation was provided. The focus appears to be on consolidating recent wins, expanding into new segments like water/wastewater via the UAE subsidiary, and improving collections from long-outstanding dues such as the NHAI arbitration recovery.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Construction

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Larsen & Toubro Limited	5.38 L Cr	33.1	—	—	—
Rail Vikas Nigam Limited	59,006	45.4	—	—	—
NBCC (India) Limited	25,331	49.1	—	—	—
IRB Infrastructure Developers Limited	24,518	3.8	—	—	—
Kalpataru Projects International Limited	21,476	39.0	—	—	—
Cemindia Projects Limited	15,453	44.3	—	—	—
KEC International Limited	14,602	31.4	—	—	—
Techno Electric & Engineering Company Limited	13,909	36.5	—	—	—
Engineers India Limited	13,868	33.4	—	—	—
Ircon International Limited	13,416	17.6	—	—	—

🔗 Peer Stock Analyses

LT RVNL NBCC IRB KPIL

⚠️ Risk Factors

1) Margin compression is evident as EBITDA margin declined from 31% in Q2FY24 to 19.5% in Q3FY25, with management not addressing cost structure in guidance. 2) Operating cash flow remains negative despite profitability, indicating potential liquidity stress from project funding or receivables. 3) The company’s return to profitability relied heavily on a one-time exceptional gain, raising sustainability concerns. 4) The pending NHAI arbitration recovery of ₹1,872.75 crores remains unresolved, introducing uncertainty around cash flow recovery.

📋 Recent Filings

🧠 Analyst's Read

Ramky Infrastructure is navigating a fragile recovery marked by strong quarterly profitability spikes tied to non-recurring gains and improved collections, but underlying operational efficiency is deteriorating. Investors should monitor margin trends, cash flow conversion, and the resolution of the NHAI arbitration as key near-term catalysts. The company’s strategic diversification into water/wastewater via the UAE subsidiary offers growth optionality, but execution risk and cost pressures remain unaddressed in current disclosures.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-16.

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