Ramky Infrastructure Ltd (RAMKY)

Construction · Infrastructure Developers & Operators · NSE · Updated 2 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹351.55 ↓ 36.7% (1Y)

🎯 Key Takeaways

Ramky Infrastructure Ltd is in a volatile turnaround phase marked by sharp earnings swings and segment divergence, with recent profitability driven more by non-operational gains than core construction execution. While the order book remains robust at over ₹13,000 crore, financial performance has been inconsistent, with margins under pressure and reliance on arbitration recoveries and asset sales to achieve net profits.
Revenue declined 7% QoQ to ₹471 in Q1FY27.
⚠️ Overreliance on non-recurring gains and arbitration recoveries, which are inherently uncertain and not sustainable.

Market Cap

₹2,433

P/E Ratio

10.3

P/B Ratio

1.28

ROE

12.8%

ROCE

16.0%

Debt/Equity

0.30

Div Yield

0.28%

Promoter

69.8%

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📖 The Story

Ramky Infrastructure Ltd is in a volatile turnaround phase marked by sharp earnings swings and segment divergence, with recent profitability driven more by non-operational gains than core construction execution. While the order book remains robust at over ₹13,000 crore, financial performance has been inconsistent, with margins under pressure and reliance on arbitration recoveries and asset sales to achieve net profits.

📰 What's Happening

In Q4 FY2026, the company returned to profitability with consolidated revenue of ₹1,781.74 crores and net profit of ₹2,958 million, largely fueled by a ₹1,560.60 million exceptional gain from the sale of a 51% stake in Visakha Pharmacity Limited. This was accompanied by material accounting adjustments, including a ₹723.48 million write-off of receivables and reversal of provisions. The company also disclosed efforts to recover ₹1,872.75 million from NHAI related to the Srinagar Banihal Expressway arbitration. The Board approved unaudited Q1 FY2026 results showing a net profit of ₹387.97 crore, with a ₹369.29 crore loss in the Construction segment offset by ₹566.01 crore profit in the Developer segment. Additionally, the resignation of Company Secretary N. Kesava Datta was formally accepted in May 2026, effective June 30, as part of routine compliance updates.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	472	489	507	471
Operating Profit	68	61	-18	20
OPM %	14.4%	12.5%	-3.6%	4.2%
Net Profit	76	78	52	39
EPS	₹10.87	₹11.35	₹6.21	₹5.68

The quarterly financials reveal a highly volatile operational trajectory: revenue has remained relatively stable around ₹470–500 crores per quarter, but profitability has swung dramatically, with operating profit turning negative in Q4 2025 (₹-18 crore) before rebounding to ₹61 crore in December 2025 and then declining to ₹20 crore in June 2026. Operating margins have compressed from a high of 14.4% in September 2025 to just 4.2% in June 2026, indicating deteriorating execution efficiency. Net profit declined from ₹78 crore in December 2025 to ₹39 crore in June 2026, and EPS fell from ₹11.35 to ₹5.68 over the same period, suggesting weakening bottom-line momentum despite a large order book.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance on revenue, margins, or profitability in the latest filing, though it has highlighted ongoing efforts to recover dues from NHAI and improve segment performance. The focus appears to be on stabilizing the Construction segment, which incurred a ₹369.29 crore loss in Q1 FY2026, while leveraging strengths in the Developer division. The company continues to manage non-core asset divestments and arbitration recoveries as part of its financial strategy, but no formal roadmap for operational turnaround has been communicated.

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

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	69	69	69	69
Reserves	1,785	1,835	1,986	2,093
Borrowings	684	570	613	591
Total Liabilities	4,418	4,190	4,427	4,124
Fixed Assets	214	206	198	186
Investments	0	0	0	0
Total Assets	4,418	4,190	4,427	4,124

The balance sheet shows stable equity of ₹69 crore but rising reserves, which increased from ₹1,835 crore in March 2025 to ₹2,093 crore in March 2026, indicating retained earnings or revaluation gains. Borrowings rose slightly from ₹570 crore to ₹591 crore, suggesting modest capital expenditure or working capital financing. Total assets peaked at ₹4,427 crore in March 2026 before declining slightly, reflecting asset management activity. The company maintains a conservative leverage profile with a debt-to-equity ratio of 0.30, and the auditor’s unmodified opinion confirms no material concerns over financial reporting or solvency.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	+373
Investing	-11
Financing	-380
Net Cash Flow	-18

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	69.8%	69.8%	69.8%	69.8%
FII	1.3%	1.2%	1.9%	1.9%
DII	0.8%	0.8%	0.9%	0.9%
Public	18.9%	19.1%	18.8%	18.5%
# Shareholders	23,162	22,278	23,216	23,063

Promoter holding remains stable at 69.81% across all recent quarters, indicating no dilution or stake sale. Foreign institutional holdings have fluctuated slightly, peaking at 1.92% in Q1FY27 before declining to 1.85% in Q4FY26 and 1.23% in Q3FY26, while Domestic Institutional Investors (DIIs) have shown modest accumulation, rising from 0.79% to 0.91%. The number of public shareholders has gradually increased, suggesting retail interest may be growing. No insider selling or significant institutional exit signals are evident in the data.

⚖️ Peer Comparison — Infrastructure Developers & Operators

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
LT	5.54 L Cr	33.4	17.8%	18.1%	0.90
RVNL	43,765	48.7	11.2%	9.1%	0.49
ACMESOLAR	28,505	41.2	13.8%	13.4%	2.31
KPIL	23,994	21.1	17.7%	14.5%	0.43
IRB	23,383	21.5	7.6%	4.5%	0.96
CEMPRO	21,035	35.0	31.4%	25.1%	0.40
JNPR	15,067	—	—	—	3.77
ENGINERSIN	14,717	18.8	32.7%	25.7%	0.00
WABAG	12,333	28.7	21.2%	15.3%	0.09
TECHNOE	11,428	26.5	15.3%	11.5%	0.01

🔗 Peer Stock Analyses

LT RVNL ACMESOLAR KPIL IRB

⚠️ Risk Factors

1. Overreliance on non-recurring gains and arbitration recoveries, which are inherently uncertain and not sustainable. 2. Persistent losses in the Construction segment, which remains a material drag on group profitability despite a large order book. 3. Declining operating margins and rising cash flow volatility, with financing activities consuming significant cash despite positive operating cash flow. 4. Execution risks in large infrastructure projects, particularly around NHAI recovery timelines and regulatory clearances.

📋 Recent Filings

🧠 Analyst's Read

Ramky Infrastructure is navigating a fragile recovery with uneven segment performance and shrinking operational margins, making near-term profitability unpredictable. Investors should monitor execution in the Construction division, the progress of NHAI arbitration recovery, and any updates on management’s turnaround strategy at the upcoming AGM, as these will be critical catalysts for future performance.

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 2026-09-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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