RKEC Projects Ltd.
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ABOUT
AI Sector View
AI GENERATEDConstruction
Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.
PROS
- Company has consistently been profitable over the last 5 years
- Working capital cycle has improved - days down from 134 to 95
- Institutional investors have been accumulating - FII+DII up 3.9pp
- Attractively priced for its growth - PEG of 0.2
CONS
- Recent results are weak - TTM profit is down 554.6% versus prior year
- Promoter holding has decreased over last 2 years: -9.6pp
- Company has delivered a poor profit growth of -6.9% over past five years
- Total debt has risen sharply - up 41.1% year on year
- Company has delivered a poor sales growth of 6.8% over past five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LT | 3989.15 | 33.08 | 548853.62 | 0.95 | 4988.03 | 15.51 | 67941.74 | 6.69 | 15.98 | 12.00 |
| RVNL | 205.95 | 47.74 | 42940.99 | 0.34 | 159.52 | 18.73 | 4321.23 | 10.55 | 10.81 | 4.41 |
| KPIL | 1410.25 | 21.19 | 24083.20 | 0.78 | 311.53 | 45.85 | 6407.97 | 3.84 | 18.95 | 8.77 |
| IRB | 19.18 | 24.28 | 23165.60 | 1.36 | 3062.70 | 1412.58 | 21372.72 | 918.25 | 7.72 | 53.93 |
| CEMPRO | 1234.85 | 35.26 | 21213.19 | 0.24 | 140.83 | 2.64 | 2720.92 | 7.02 | 33.53 | 10.09 |
| ENGINERSIN | 276.40 | 19.81 | 15534.85 | 1.81 | 157.94 | 141.49 | 819.84 | -5.80 | 30.94 | 20.61 |
| TECHNOE | 969.70 | 26.16 | 11277.57 | 0.72 | 93.33 | -31.44 | 630.34 | 19.84 | 14.86 | 15.79 |
| IRCON | 118.30 | 21.25 | 11126.30 | 1.61 | 92.03 | -43.92 | 1955.83 | 9.49 | 10.15 | 9.81 |
| KEC | 407.85 | 19.61 | 10856.97 | 1.35 | 72.62 | -41.72 | 5023.54 | 0.01 | 16.35 | 5.79 |
| AFCONS | 284.95 | 72.43 | 10480.02 | 0.70 | 303.00 | 120.52 | 26710.00 | 692.49 | 12.88 | 9.42 |
| WELENT | 741.55 | 33.58 | 10264.08 | 0.40 | 56.36 | -44.29 | 773.72 | -8.44 | 16.44 | 19.49 |
| RKEC | 21.56 | 0.00 | 55.67 | 0.00 | -17.30 | -612.99 | 17.32 | -77.23 | 16.44 | -108.89 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 39 | 57 | 106 | 151 | 85 | 77 | 119 | 141 | 76 | 31 | 33 | 40 | 17 | |
| 30 | 51 | 86 | 138 | 71 | 66 | 99 | 133 | 65 | 24 | 26 | 99 | 43 | |
| Operating Profit | 8 | 6 | 20 | 13 | 13 | 10 | 20 | 8 | 11 | 7 | 7 | -44 | -19 |
| OPM % | 21.34% | 9.97% | 19.28% | 8.58% | 15.86% | 13.56% | 16.43% | 5.68% | 14.85% | 21.11% | 21.04% | -108.69% | -108.89% |
| Other Income | 0 | 1 | 0 | 2 | 0 | 1 | 0 | 6 | 0 | 2 | 2 | 2 | 1 |
| Interest | 2 | 3 | 4 | 5 | 4 | 4 | 6 | 5 | 5 | 3 | 5 | 11 | 4 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 3 | 2 |
| 4 | 1 | 14 | 9 | 7 | 5 | 11 | 7 | 5 | 2 | 2 | -57 | -24 | |
| Tax % | 30.25% | 27.94% | 24.63% | 36.78% | 27.22% | 21.76% | 27.42% | 58.22% | 26.42% | 24.34% | 27.54% | 26.69% | 27.21% |
| Net Profit | 0 | 0 | 0 | 6 | 5 | 4 | 8 | 3 | 3 | 2 | 2 | -41 | -17 |
| 1 | 0 | 4 | 2 | 2 | 2 | 3 | 1 | 1 | 1 | 1 | -2 | -1 | |
| Equity Capital | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 26 | 26 | 26 | 26 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| 197 | 240 | 226 | 304 | 208 | 211 | 300 | 353 | 422 | 121 | |
| 169 | 201 | 182 | 234 | 173 | 180 | 245 | 293 | 361 | 192 | |
| Operating Profit | 31 | 40 | 46 | 73 | 38 | 33 | 59 | 64 | 68 | — |
| OPM % | 16 | 17 | 20 | 24 | 18 | 16 | 20 | 18 | 16 | — |
| Other Income | 3 | 1 | 1 | 3 | 3 | 3 | 4 | 4 | 7 | 7 |
| Interest | 8 | 4 | 10 | 16 | 17 | 19 | 27 | 27 | 29 | 25 |
| Depreciation | 3 | 3 | 4 | 4 | 4 | 4 | 5 | 8 | 9 | 9 |
| 20 | 33 | 32 | 39 | 17 | 10 | 27 | 28 | 30 | -76 | |
| Tax % | 36 | 37 | 30 | 27 | 27 | 29 | 55 | 29 | 33 | 27 |
| Net Profit | 13 | 20 | 22 | 29 | 13 | 7 | 12 | 20 | 20 | -55 |
| EPS | 0 | 0 | 0 | 12 | 5 | 3 | 5 | 8 | 8 | — |
| Dividend Payout % | 22 | 24 | 21 | 0 | 23 | 0 | 0 | 0 | 0 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 7 | 8 | 9 | 12 | 5 | 3 | 5 | 8 | 8 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 7%
- 3 Years:
- 26%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- -7%
- 3 Years:
- 41%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- -23%
- 3 Years:
- -34%
- 1 Year:
- -69%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 10%
- 3 Years:
- 11%
- Last Year:
- 11%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - |
| Equity Capital | 19 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 |
| 17 | 51 | 70 | 93 | 106 | 113 | 125 | 145 | 165 | |
| 0 | 14 | 48 | 65 | 104 | 100 | 84 | 99 | 169 | |
| Trade Payables | 29 | 42 | 76 | 97 | 73 | 50 | 76 | 77 | 121 |
| 47 | 18 | 40 | 52 | 69 | 79 | 131 | 121 | 103 | |
| Total Liabilities | 112 | 149 | 259 | 330 | 376 | 366 | 440 | 466 | 581 |
| ASSETS | - | - | - | - | - | - | - | - | - |
| 11 | 14 | 20 | 33 | 55 | 52 | 54 | 53 | 103 | |
| Capital Work in Progress | 0 | 0 | 10 | 23 | 0 | 0 | 9 | 28 | 7 |
| 32 | 16 | 66 | 91 | 95 | 74 | 121 | 120 | 207 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 175 | 169 | |
| Cash & Bank | 22 | 18 | 33 | 46 | 38 | 66 | 28 | 41 | 47 |
| 47 | 101 | 130 | 138 | 189 | 173 | 228 | 48 | 49 | |
| Total Assets | 112 | 149 | 259 | 330 | 376 | 366 | 440 | 466 | 581 |
| Total Debt | 0 | 15 | 50 | 70 | 111 | 141 | 116 | 150 | 212 |
| Net Working Capital | 25 | 61 | 66 | 65 | 80 | 134 | 129 | 130 | 109 |
| Contingent Liabilities | 93 | 108 | 199 | 155 | 0 | 155 | 30 | 5 | 25 |
| Book Value per Share | 18.75 | 31.15 | 39.30 | 48.67 | 53.99 | 57.15 | 61.98 | 70.30 | 78.65 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| 19 | -24 | 8 | 40 | -37 | 12 | 16 | 24 | 4 | |
| Cash from Investing | 2 | -4 | -34 | -37 | 3 | -2 | 5 | -31 | -44 |
| Cash from Financing | -23 | 25 | 24 | 0 | 30 | 15 | -41 | 13 | 37 |
| -1 | -2 | -2 | 4 | -3 | 25 | -19 | 6 | -3 | |
| Free Cash Flow | 19 | -30 | -10 | 37 | -40 | 10 | -19 | -2 | -33 |
| OCF / Net Profit | 1.51 | -1.18 | 0.35 | 1.40 | -2.88 | 1.65 | 1.31 | 1.21 | 0.22 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 0 | -33 | -22 | -13 | -83 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | |||||||||
| EPS (₹) | 6.69 | 8.48 | 9.35 | 11.94 | 5.32 | 2.97 | 5.18 | 8.32 | 8.35 |
| Book Value (₹) | 18.75 | 31.15 | 39.30 | 48.67 | 53.99 | 57.15 | 61.98 | 70.30 | 78.65 |
| Dividend per Share (₹) | 1.50 | 2.00 | 2.00 | 0.00 | 1.20 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 8.11 | 9.77 | 10.82 | 13.67 | 6.98 | 4.60 | 7.18 | 11.70 | 12.05 |
| PROFITABILITY | |||||||||
| Operating Margin % | 15.93% | 16.61% | 20.17% | 23.88% | 18.50% | 15.64% | 19.72% | 17.04% | 14.49% |
| Net Margin % | 6.55% | 8.49% | 9.94% | 9.42% | 6.14% | 3.38% | 4.08% | 5.66% | 4.75% |
| ROE % | 35.69% | 36.69% | 26.55% | 27.15% | 10.36% | 5.34% | 8.58% | 12.58% | 11.21% |
| ROCE % | 78.15% | 57.88% | 35.89% | 33.39% | 16.17% | 11.21% | 19.97% | 19.05% | 16.44% |
| 11.49% | 15.54% | 10.99% | 9.73% | 3.61% | 1.92% | 3.04% | 4.41% | 3.83% | |
| EFFICIENCY | |||||||||
| Debtor Days | 73 | 93 | 131 | 99 | 200 | 252 | 190 | 176 | 149 |
| Inventory Days | 59 | 36 | 66 | 94 | 163 | 146 | 119 | 125 | 142 |
| Payable Days | 53 | 65 | 166 | 155 | 214 | 70 | 35 | 73 | 143 |
| 79 | 64 | 31 | 39 | 149 | 328 | 274 | 227 | 148 | |
| FINANCIAL HEALTH | |||||||||
| Debt to Equity (x) | 0.01x | 0.21x | 0.53x | 0.60x | 0.85x | 1.03x | 0.78x | 0.89x | 1.12x |
| Interest Coverage (x) | 3.40x | 8.78x | 4.32x | 3.46x | 2.03x | 1.53x | 2.00x | 2.03x | 2.03x |
| 1.33x | 1.82x | 1.40x | 1.31x | 1.33x | 1.74x | 1.52x | 1.51x | 1.30x | |
| GROWTH | |||||||||
| Revenue Growth % | 0.00% | 21.54% | -5.82% | 34.65% | -31.62% | 1.37% | 42.53% | 17.46% | 19.60% |
| Operating Profit Growth % | 0.00% | 26.72% | 14.37% | 59.45% | -47.04% | -14.27% | 79.65% | 7.60% | 6.72% |
| Net Profit Growth % | 0.00% | 57.47% | 10.21% | 27.72% | -55.45% | -44.22% | 72.19% | 62.82% | 0.40% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 60.60% | 0.40% | |
| VALUATION | |||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 12.56x | 7.60x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 1.49x | 0.81x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 5.66x | 4.67x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-01 - The Exchange has sought clarification from RKEC Projects Limited for the quarter ended 30-Jun-2026 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company is required to clarify the following: The response of the Company is awaited.
2026-08-20 - RKEC Projects Limited has informed the Exchange regarding 'RKEC Board Committees'.
2026-08-20 - RKEC Projects Limited has informed the Exchange regarding 'Default Status'.
2026-08-14 - RKEC Projects Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-13 - RKEC Projects Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
2026-08-10 - RKEC Projects Limited has informed the Exchange regarding Appointment of Mrs. Jeevan Jyoti Volla as Independent Director of the company w.e.f. August 10, 2026.
2026-08-10 - RKEC Projects Limited has informed the Exchange regarding 'Outcome of Board Meeting'.
2026-07-29 - RKEC Projects Limited has informed the Exchange about General Updates
2026-07-23 - RKEC Projects Limited has informed regarding Submission of the Compliance Report on Corporate Governance for the Q_ FY 20__-__
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