Date: 30th May 2026

Business Performance Overview

REPL adopted a conservative revenue recognition approach during FY26, prioritizing quality revenue over volume revenue. Billing was aligned only with projects where payment visibility and collection certainty were established. This strategic shift resulted in lower reported turnover and temporary pressure on EBITDA margins due to reduced operating leverage and relatively fixed operational costs.

Financial Results (Consolidated)

Q4 FY26 (Unaudited) vs Q4 FY25 (Unaudited):

  • Revenue from Operations: ₹2,088 lakhs vs ₹3,668 lakhs (43% decline)
  • Total Income: ₹2,138 lakhs vs ₹3,713 lakhs
  • EBITDA: -₹1,459 lakhs vs ₹367 lakhs
  • EBITDA Margin: -68% vs 9%
  • Profit Before Tax: -₹1,619 lakhs vs ₹278 lakhs
  • Net Profit for the period: -₹1,338 lakhs vs ₹173 lakhs
  • Net Profit Margin: -62% vs 4%

Full Year FY26 (Unaudited) vs FY25 (Audited):

  • Revenue from Operations: ₹8,331 lakhs vs ₹10,797 lakhs (23% decline)
  • Total Income: ₹8,513 lakhs vs ₹10,925 lakhs
  • EBITDA: -₹655 lakhs vs ₹2,347 lakhs
  • EBITDA Margin: -7% vs 21%
  • Profit Before Tax: -₹1,203 lakhs vs ₹1,967 lakhs
  • Net Profit for the period: -₹1,133 lakhs vs ₹1,353 lakhs
  • Net Profit Margin: -13% vs 12%

Exceptional Items

The Company recognized an exceptional write-off of ₹38 lakhs relating to receivables and Contract Assets associated with the SUDA PMAY UP Project. This was due to curtailment of unbilled/reduction of past approved and billed beneficiaries at the government level due to beneficiary reconciliation at both Centre and State level.

Strategic Business Rebalancing

REPL plans to gradually rebalance its portfolio over the next 3 years toward higher-margin and faster-cash-cycle Private sector business while maintaining a stable Government business base.

Projected Revenue Mix:

  • FY26-27: 65% Government, 35% Private
  • FY27-28: 55% Government, 45% Private
  • FY28-29: 45% Government, 55% Private

Key Objectives: Improve EBITDA margins, strengthen cash flow and collections, reduce receivable risk and working capital blockage, increase operational agility and execution speed.

Growth Initiatives & New Projects

New Empanelments:

  • Partnered with Hitachi for empanelment with ISA funding for solar integration in various DISCOMs
  • Empanelment with Odisha Bridge & Construction Corporation Ltd. for construction supervision
  • Empanelment with Survey of India to provide Geospatial Services (2D Feature Extraction) for three years

Joint Venture: RIPL formed JV with GEM Enviro Management Ltd. (GEM Ecomind Ltd.) for technological solutions in recycling, waste management, sustainability and ecosystem conservation. The JV has started a pilot project of App Development.

Strategic Collaboration: REPL has done strategic collaboration with Reconn Airways Pvt. Ltd. to explore business potential in regional aviation infrastructure. REPL to provide Corporate Support Services including Strategic Consultancy; Infrastructure & Engineering Services; Design, MEP, BIM & PMC; HR functions; Compliance & Legal Support.

Ongoing Major Projects:

  • BSES: Consultancy for conversion of overhead electrical network to underground utility System, Delhi
  • Management Consultant & Solution Providers to RFSDL in Rajasthan (3-year project)
  • GIS based Asset Mapping of Electricity Network, JBVNL Jharkhand
  • Pradhan Mantri Awas Yojana (PMAY) - SUDA, UP
  • PMC for Solid Waste Management in 8 Cities, Jharkhand
  • GIS Based Master Plan for 10 Towns in Tamil Nadu
  • Preparation of Zonal Development Plan (ZDP) of Patna Metropolitan Area
  • Real Estate: Design & PMC for jüSTa Hotels (Lonavala) & Regenta Hotel (Lucknow)
  • DDUGKY Skill development and MSME Industrial training
  • GIS Based Master Plan for 12 Towns in Odisha
  • Functional Plan on Education and Skill Development in NCR, NCRPB
  • Water Supply Scheme in 48 Villages in Narnaul, Haryana

ImpactR SM-REIT Status

REPL's SM-REIT initiative has been put on hold due to current ongoing geopolitical situation and unstable primary markets. LOI for a 350,000 Sq.Ft. property in Delhi-NCR has been signed in Q2 FY26. Due diligence is under process. Listing activities are kept on hold to avoid risk of initial contribution being stuck for long.

Asset Pipeline (approx.):

  • Office Spaces: 16,34,000 Sq.Ft.
  • Retail Malls: 13,88,000 Sq.Ft.
  • Hotel: 49,500 Sq.Ft.

Macro-Economic Challenges

Management identified several macroeconomic headwinds:

  • Prolonged gulf war crisis impacting global economy and commodity prices
  • Volatile capital market due to geo-political uncertainty
  • Likely rise in inflation leading to potential interest rate increases by RBI
  • Government putting on hold fund allocation on various infrastructure projects due to audit issues
  • Indian Rupee depreciation against Dollar and other major currencies
  • Fuel price hike and inflationary pressure
  • Government reallocation of funds from infrastructure to social welfare schemes

Technological Initiatives

  • Upgraded existing CRM application with AI and BI tools
  • Obtained CMMI V3 level certification for technological edge
  • Implementing BIM framework for various projects including Institute of Eminence Delhi, Central University of Odisha, Jabalpur High Court, Indore District Court, NBCC Amrapali Dream Valley, Ujjain Medical College

Cost Optimization Measures

  • Reduced headcount to optimize human resource cost
  • Reduced royalty fee for two fiscal years to preserve capital
  • Reduced BG requirements by increasing focus on private sector assignments
  • Enhanced cashflow management

ESG & CSR Initiatives

REPL is involved in various national initiatives including Pradhan Mantri Awas Yojna, Jal Jeevan Mission, Skill India, Smart City Mission, Solid Waste Management. Through PREF (Pradeep Richa Educare Foundation), the company's CSR wing, they focus on empowering underprivileged youth.

Not Specified: KMP/Board/Auditor Changes, Dividend Declaration, Board Meeting Outcomes, Auditor's Report