Financial Performance (Standalone Continuing Operations)

Q2 FY27 (YoY Comparison)

  • Revenue from Operations: ₹559.5 crore (vs ₹411.1 crore in Q2 FY26), growth of 36.1%
  • Gross Profit: ₹107.2 crore (vs ₹87.4 crore), growth of 22.6%
  • GP Margin: 19.2% (vs 21.3%)
  • EBITDA: ₹90.5 crore (vs ₹74.4 crore), growth of 21.7%
  • EBITDA Margin: 16.2% (vs 18.1%)
  • Profit Before Tax: ₹79.5 crore (vs ₹72.2 crore)
  • Profit After Tax: ₹59.5 crore (vs ₹52.6 crore), growth of 13.1%
  • PAT Margin: 10.6% (vs 12.8%)
  • EPS: ₹4.34 (vs ₹4.03)

H1 FY27 (YoY Comparison)

  • Revenue from Operations: ₹1,178.8 crore (vs ₹762.2 crore in H1 FY26), growth of 54.7%
  • Gross Profit: ₹231.3 crore (vs ₹141.9 crore), growth of 63.0%
  • GP Margin: 19.6% (vs 18.6%)
  • EBITDA: ₹195.9 crore (vs ₹114.0 crore), growth of 71.8%
  • EBITDA Margin: 16.6% (vs 15.0%)
  • Profit Before Tax: ₹177.9 crore (vs ₹113.6 crore)
  • Profit After Tax: ₹133.2 crore (vs ₹85.7 crore), growth of 55.4%
  • PAT Margin: 11.3% (vs 11.2%)
  • EPS: ₹9.70 (vs ₹6.63)

Business Segment Updates

Ash & Coal Business

  • Secured new orders worth ₹346 crore during Q2 FY27
  • Order book stands at ₹1,721 crore as on September 30, 2026
  • Operating at 40+ thermal power plant projects across 14+ states
  • Handling 70,000+ MT of ash per day
  • 2,000+ owned or leased fleets

Wind Business (Venwind Refex Power Limited - VRPL)

  • Successfully completed first set of deliveries to all three customers
  • Order book: 400+ MW with confirmed value of ₹1,124 crore
  • Order pipeline: 1.5 GW
  • ALMM Listing completed for 5.3 MW GWH Turbine
  • Manufacturing facility commissioned at Silvassa
  • Technology partnership with Vensys Energy AG

Ready Mix Concrete (RMC) Business

  • First plant at Chahroli, Pune (Maharashtra) commenced operations on September 25, 2026
  • Two additional plants operational in Hoskote (Karnataka) and Kalyan (Maharashtra)
  • Phased expansion planned across Mumbai, Bengaluru, Hyderabad, Kolkata, Ahmedabad, Nagpur, Chandigarh region and Chennai

RGML Demerger

  • Company Application and Reports of Statutory authorities received
  • Reply furnished with Hon'ble NCLT for proposed Demerger Scheme
  • Next NCLT hearing scheduled on October 28, 2026
  • Demerger process expected to complete in next few months

Balance Sheet Position (as of September 30, 2026)

Equity and Liabilities

  • Total Equity: ₹1,691.4 crore (vs ₹1,571.7 crore as of March 31, 2026)
  • Equity Share Capital: ₹27.4 crore (unchanged)
  • Other Equity: ₹1,664.0 crore (vs ₹1,544.2 crore)
  • Total Borrowings: ₹225.2 crore (₹27.9 crore non-current + ₹197.3 crore current)
  • Trade Payables: ₹397.7 crore (vs ₹334.2 crore)
  • Other Financial Liabilities: ₹236.5 crore (vs ₹208.1 crore)
  • Current Tax Liabilities: ₹99.4 crore (vs ₹69.7 crore)

Assets

  • Property, Plant and Equipment: ₹137.2 crore (vs ₹136.8 crore)
  • Right-of-use Assets: ₹45.0 crore (vs ₹47.2 crore)
  • Investments: ₹110.8 crore (vs ₹106.0 crore)
  • Trade Receivables: ₹905.9 crore (vs ₹737.3 crore)
  • Cash and Cash Equivalents: ₹242.1 crore (vs ₹180.5 crore)
  • Contract Assets: ₹833.4 crore (vs ₹734.1 crore)
  • Assets Classified as Held for Sale: ₹191.4 crore (vs ₹163.2 crore)

Cash Flow Statement (H1 FY27)

  • Cash Generated from Operations: ₹39.1 crore
  • Income Tax Paid (net): ₹15.0 crore
  • Net Cash from Operating Activities: ₹24.1 crore
  • Net Cash from Investing Activities: ₹10.4 crore
  • Net Cash from Financing Activities: ₹27.2 crore
  • Net Increase in Cash & Cash Equivalents: ₹61.7 crore

Historical Financial Performance (Annual)

FY26 Performance

  • Revenue from Operations: ₹2,039.2 crore
  • Gross Profit: ₹406.8 crore (19.9% margin)
  • EBITDA: ₹350.0 crore (17.2% margin)
  • PAT: ₹247.2 crore (12.1% margin)
  • ROCE: ~22.0%

Shareholding Pattern (as of September 2026)

  • Promoter & Promoter Group: 56.6%
  • FIIs: 0.6%
  • DIIs: 0.7%
  • Public & Others: 42.2%

ESG Initiatives

  • Certified with ISO 14001:2015 Environmental Management System
  • "Trees for Life" program: pledge to plant 100,000 saplings by 2030
  • 5,000 mangrove saplings planted
  • Waterbody restoration with capacity of 170,000 KL in Odisha
  • Target: Carbon Neutral by 2040, Water Neutral by 2035