Ramky Infra Year-End Update: Debt-Free, ₹10,000 Cr Order Book, Targets ₹1-2k Cr Projects
Ramky Infrastructure ends 2025 debt-free with a ₹10,000 crore order book. The company targets projects ₹1,000-2,000 crore and has a ₹1 billion domestic pipeline. Q2 FY26 consolidated revenue was ₹471.6 crore. FY26 revenue growth is projected at 25-30%. CEO Sunil Nair emphasized sustainable growth and capturing opportunities in Industrial Infrastructure, Water, and Urban Solutions.
The announcement covers the company's overall financial health, strategic direction, significant order book, and future growth targets, which are material factors for investors and stakeholders.
The announcement highlights a debt-free financial position, a strong order book, positive growth projections, and strategic focus on profitable segments, indicating a positive outlook for the company.
Ramky Infrastructure Limited provided a year-end update for 2025, highlighting strengthened operating fundamentals and a strategy for future infrastructure growth. The company emphasized a selective bidding approach, favouring project sizes between ₹1,000 crore and ₹2,000 crore to enhance execution control. As of the year-end, the order book stands at approximately ₹10,000 crore, providing 2 to 2.5 years of revenue visibility. Ramky also reported a strong domestic pipeline of about $1 billion (approximately ₹8,300 crore) and an international pipeline close to ₹1,000 crore, with overseas focus on Industrial Parks and Water projects.
The company's work is diversified across Engineering, Procurement, Construction (EPC) at around 40%, Hybrid Annuity Model (HAM) at 30%, and Operation & Maintenance (O&M) at 30%. Ramky is also the lowest bidder for projects worth approximately ₹3,000 crore, expected to be secured in the coming quarters. The company has reinforced its in-house execution capabilities, relying on standardized processes for predictable timelines and quality.
In the Water and Wastewater segment, Ramky has delivered several sewage treatment plants (STPs) and is now focusing on converting new awards into full-scale delivery. The Buildings vertical has constructed 15 million sq ft and has another 15 million sq ft under construction. Ramky views 'Commissioning as a controlled transition point,' integrating operational responsibilities to ensure long-term sustainability, particularly for sewage treatment projects and water systems.
Operation & Maintenance (O&M) is a core business line, covering Water and Wastewater (15-20 year operations) and Industrial Parks (utilities and ecosystem services). The company is exploring international Industrial Parks and Water opportunities, with an expectation of a tender win between ₹500 crore and ₹600 crore in Q4 and another larger win targeted in FY27.
Ramky Infrastructure has moved past its restructuring phase, which concluded about five years ago. The company is debt-free, with facilities mainly comprising working capital and non-funded limits. Consolidated debt is limited to project-specific borrowing of about ₹160 crore for a completed HAM asset. The company is exploring monetisation of operating assets with annuity cash flows, potentially leveraging ₹800 to ₹900 crore, with total leverage possibly exceeding ₹1,000 crore.
The company reported strong Q2 FY26 performance with consolidated revenue from operations at ₹4,716 million (₹471.6 crore), consolidated EBITDA at ₹1,420 million (₹142 crore), and consolidated PAT at ₹778 million (₹77.8 crore). Standalone revenue was ₹4,448 million (₹444.8 crore), EBITDA at ₹1,172 million (₹117.2 crore), and PAT at ₹679 million (₹67.9 crore). For FY26, Ramky expects 25-30% revenue growth, EBITDA of 22-23%, and PAT of 13-15%. A long-term target of 5x growth over 5 years is set, linked to backlog conversion.
Mr. Sunil Nair, CEO, stated that the Q2 results reflect strategic goals and enhanced stability post-restructuring, positioning the company for sustainable growth. CA. Sravanth Rayapudi, CFO, highlighted steady revenue growth driven by EPC and HAM projects, healthy EBITDA, and a robust, debt-free balance sheet. New orders worth ₹2,085 crore were secured under HAM in the quarter, bringing the order book to over ₹9,000 crore.
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Ramky Infrastructure Limited filed this with the NSE as a statutory disclosure, categorised under other company updates. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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