Ramky Infrastructure Limited submitted an investor presentation to the BSE and NSE detailing its financial performance for the quarter ended 30 September 2026 (Q2 FY27).

Management Commentary & Strategy

CEO Sunil Nair stated the quarter reflected a continued focus on strengthening the company's position in the investor-operator model within industrial parks, water and wastewater, and urban infrastructure. The strategy is characterized by a selective bidding approach for projects with sustainable cash flows, rigorous in-house execution capabilities, and a focus on long-term value creation through Operations & Maintenance (O&M) and asset monetization. The leadership cited significant opportunities from the Government's focus on infrastructure development.

Q2 FY27 Consolidated Financial Performance

  • Revenue from operations stood at ₹605 Crore, a 28% increase Year-on-Year (YoY).
  • EBITDA was ₹179 Crore, with an EBITDA margin of 30%.
  • Profit After Tax (PAT) was ₹103 Crore, a 36% increase YoY, with a PAT margin of 17%.
  • Earnings Per Share (EPS) was ₹13.22.
  • The quarter represented the highest quarterly performance in the last 5 years, with PAT doubling from Q1 FY27.
  • Key execution highlights included achieving the first billing milestone for a water transmission project and consistent annuity income from a stabilized road asset.

H1 FY27 Consolidated Financial Performance

  • Revenue from operations for the first half (H1) stood at ₹1,076 Crore.
  • EBITDA was ₹280 Crore, with a margin of 26%.
  • PAT was ₹142 Crore, with a margin of 13%.

Q2 FY27 Standalone Financial Performance

  • Revenue from operations was ₹539 Crore, a 21% increase YoY.
  • EBITDA was ₹123 Crore, with an EBITDA margin of 23%.
  • PAT was ₹76 Crore, a 13% increase YoY, with a PAT margin of 14%.
  • EPS was ₹10.98.
  • Execution was strong across Industrial Vertical EPC works in Maharashtra, Water & Wastewater (WWW) projects, and Urban Infrastructure buildings.

H1 FY27 Standalone Financial Performance

  • Revenue from operations for H1 stood at ₹990 Crore.
  • EBITDA was ₹235 Crore, with a margin of 24%.
  • PAT was ₹147 Crore, with a margin of 15%.

Revenue Mix (Consolidated H1 FY27)

The revenue was well-diversified across segments:

  • Industrial Solutions: ₹368 Crore (34% share)
  • Water & Wastewater: ₹346 Crore (32% share)
  • Urban Infrastructure: ₹362 Crore (34% share)

Order Book

As of 30 September 2026, the unexecuted order book stood at ₹12,000 Crore.

  • By Segment: Industrial Solutions (62%, ₹7,500 Cr), Water & Wastewater (21%, ₹2,500 Cr), Urban Infrastructure (17%, ₹2,000 Cr).
  • By Type: A mix of Investor-Operator and EPC projects.

Key Project Highlights

  • Dighi Port Industrial Area (Maharashtra): EPC contract for infrastructure works. Project cost is ₹31,400 Cr. Appointed date was February 2026. Construction period is 930 days with a 4-year defect liability period. The second milestone has been achieved.
  • Maha Integrated Life Sciences City (MILES): A 1,000 ha ecosystem with a term sheet received for ₹3,000 Cr. Master planning and engineering are completed.
  • Godavari Drinking Water Supply Scheme (Hyderabad): A Hybrid Annuity Model project costing ₹2,085 Cr. Appointed date was 24 June 2026. The first milestone has been achieved. It involves a 2-year construction and 10-year O&M period.
  • V.O. Chidambaranar Port Desalination Plant: A 3 MLD plant. The appointed date was 07 Feb 2026. The second milestone has been achieved. It includes a 5-year O&M period.

Balance Sheet (Consolidated as of 31 Mar 2026 vs. previous)

  • Net Worth: ₹2,293 Crore (6% increase from ₹2,158 Cr).
  • Working Capital: ₹121 Crore.
  • Project Debt (SPVs): ₹923 Crore (a significant increase of 472% from ₹163 Cr, raised against future cashflows from NHAI & HMWSSB).
  • Inter Corporate Deposits: ₹274 Crore.
  • Cash, bank and liquid investments: ₹409 Crore.
  • Net Debt/Equity: 0.57x.

Future Plans

  • Scale core verticals in new geographies including Delhi, Gujarat, UP, Chhattisgarh, Himachal Pradesh, the Middle East, and Sri Lanka.
  • Focus on projects like tertiary water treatment, desalination, and 24x7 water supply.
  • Strengthen the balance sheet by focusing on cashflow discounting on committed receivables and realization of receivables.
  • Grow recurring revenue through Operation & Maintenance and annuity projects.