Analysis: Ramky Infrastructure Limited

Growth thesis

Ramky Infrastructure builds water treatment plants, industrial parks, and urban infrastructure via EPC and build-operate models. Key segments include water/wastewater (₹2,700 cr order book), industrial solutions (₹4,000 cr), and building construction (₹2,000 cr). Growth hinges on ₹12,000 cr order book by FY27, driven by two L1 projects (~₹2,000 cr each) expected in Q3-Q4 FY26, a $1-bn international bid pipeline, and Hyderabad HAM project (₹2,085 cr) closing Jan-26. Revenue jumps to ₹3,600+ cr in FY27 with 21-22% EBITDA margins. Key risk: timely execution of large projects and resolution of ₹240-acre ED attachment.

Why is Ramky Infrastructure Limited stock rising?

• Targeting order book of INR 12,000 crore by FY27 to maintain 2.5x turnover visibility.
• Two L1 projects of over INR 2,000 crore each expected to receive LOAs in Q3 and Q4 of current fiscal; one build-operate, one EPC.
• Advanced discussions for a large life sciences park in Maharashtra, with results expected in coming quarters.
• International expansion in Middle East and Africa focusing on water/wastewater IPP and industrial park models; results expected in next two quarters.
• Visakha Pharmacity sale: buyer identified, transaction expected to conclude by March 2026.

Research report

companyname: Ramky Infrastructure Limited ticker: RAMKY sector: Infrastructure / EPC Ramky Infrastructure Limited is the flagship company of the Ramky Group, founded in 1994. It is an engineering, procurement and construction (EPC) company that also develops infrastructure assets through special purpose vehicles under public-private partnerships. The company has a pan-India presence with offices in Telangana, Andhra Pradesh, Uttarakhand, Jammu and Kashmir, Karnataka, and Tamil Nadu. It employs ...

Catalysts

capex, geographic expansion, order book surge

Growth guidance

FY26 Revenue ~₹2,400 crores; EBITDA margins 21-22%