Rappid Valves (India) Ltd. (RAPPID)
SME CapIndustrials stocks · SME cap · NSE
Rappid Valves (India) Ltd. designs, manufactures, tests, and certifies industrial and marine valves (15mm-600mm) under the 'Rapid' brand. With 19 years of experience, it serves high-demand sectors like Defence (Marine), Shipbuilding, Oil & Gas, Chemicals, and Ethanol, backed by Maharashtra Defence and Aerospace Venture Fund.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -17% YoY · PAT -6% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹24.4 Cr | -16.6% | -15.3% |
| EBITDA | ₹4.8 Cr | -10.5% | -13.2% |
| Operating margin | 19.6% | +316 bps | +47 bps |
| PAT | ₹3.1 Cr | -6.3% | -8.3% |
| PAT margin | 12.7% | +150 bps | +97 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
FY26 revenue grew 2.13% YoY to Rs 53.23 Cr, with PAT up 7.29% to Rs 6.48 Cr. However, H2 FY26 revenue declined 15.2% QoQ due to a conscious selective bidding approach amid commodity volatility and supply chain disruptions.
The company's H2 FY26 performance shows a significant sequential slowdown and revenue decline, attributed by management to strategic de-risking from commodity volatility. While profitability was protected, the sharp drop in H2 revenue and increased working capital metrics (inventory, receivables) raise concerns about execution and cash flow generation. The thesis is under stress due to these operational challenges and the impact on sequential growth.
Revenue by Industry (FY26)
Latest issuer-disclosed distribution across 8 reported categories.
Niche Marine Valves
Marine valves require specialized metallurgy, stringent certifications, and zero-failure execution standards, creating high barriers to entry.
Approved Vendor Status
Empanelled with leading PSU and private shipyards in India, positioning the company to benefit from India’s expanding naval and shipbuilding pipeline.
High-Growth Industry Demand
Strong demand tailwinds from sectors such as Defence Shipbuilding, Oil & Gas, Water Treatment, Ethanol, Chemicals, and Industrial Infrastructure.
Export Market Expansion
UL Approval marking entry into US Export Unit and Class NK (Japan) Type approval for Marine Shipbuilding Valves.
Export Manufacturing Facility
New manufacturing facility of 6000 sq ft. operational, dedicated to cater to export order requirements.
Inventory Management Facility
Addition of new facility spanning over 9000 sq ft. to streamline inventory management, improve workflow, and ensure faster, more efficient deliveries.
Automated Test Benches & VMC Machine
4 Automated Test Benches and New VMC Machine ordered to speed delivery and scale-up production.
Defence Shipbuilding Pipeline
Over 60 naval vessels are currently under construction, with another 70-80 planned, spanning destroyers, frigates, submarines, corvettes, and support vessels.
Government Initiatives
Jal Jeevan Mission (₹8.69L Cr) and Maritime India Vision (~₹697 Bn) are driving massive valve demand and shipbuilding targets.
Oil & Gas Sector Expansion
India’s O&G sector is 1 of 8 core industries; upstream/midstream capex rising rapidly, creating demand for precision flow control equipment.
Industrial Automation Growth
India’s industrial automation market is expected to reach USD 19.3 billion by 2025, driving adoption of smart, actuated valve systems.
Commodity Price Volatility
Sharp and unpredictable increases in copper and non-ferrous metal prices created significant uncertainty around future input costs during H2 FY26.
LPG Supply Chain Disruption
Geopolitical tensions arising from the Iran-US conflict created disruption in the LPG supply chain, impacting procurement of metal castings.
Commodity Price Risk
Unpredictable increases in copper and non-ferrous metal prices can expose the company to margin erosion on fixed-price contracts.
Supply Chain Dependency
Disruptions in LPG supply due to geopolitical tensions can impact the procurement of critical metal castings for valve manufacturing.
Working Capital Management
Significant increases in inventories and trade receivables in FY26 indicate higher working capital requirements and potential cash flow strain.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is essential for assessing overall annual growth and profitability trends. QoQ comparison for H2 FY26 is crucial to understand the immediate impact of management's selective bidding strategy and commodity volatility on sequential performance.
Order Book
Order Book ₹33 cr as on May’26.
Revenue CAGR (FY23-FY26)
Delivered ~48% Revenue CAGR between FY23–FY26.
Capacity Utilization
85% Capacity Utilisation at Palghar facility.
EBITDA Margin
EBITDA Margin for FY26 was 19.36%.
Prudent Bidding Strategy
RVIL consciously adopted a prudent and selective bidding approach during H2 FY26 to protect profitability and execution quality.
Long-term Value Creation
Management believes protecting profitability during extreme commodity volatility is essential for long-term shareholder value creation.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Commodity Price Stability | Unpredictable increases in H2 FY26. | Stabilization or decline in copper and non-ferrous metal prices. |
| LPG Supply Chain Normalization | Disruption due to geopolitical tensions. | Resolution of supply shortages for metal castings. |
| Order Book Growth | Rs 33 Cr as of May'26, post selective bidding. | Acceleration in order inflows and order book expansion in subsequent quarters. |
| Working Capital Efficiency | Increased inventories and trade receivables in FY26. | Improvement in inventory days and receivables collection period. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
49NeutralSMA20 -5.7% / mo · MACD −
Technical chart
RAPPIDdaily · 1Y · AUTO+25.7%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 50. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~6.1% over last month) — short-term momentum negative.
- RSI(14) at 50 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 18% off 52W high · 50% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 38 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 38 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 36.5%.
- Growth contributes 25/25 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Quality is weaker at 3/20; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 28th percentile of the scored universe and 24th percentile within Industrials. Main check: cash conversion is weak at 28/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Operating cash flow is negative at ₹-11 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 24th pctile, median 68 · SME: 32nd pctile, median 64
2 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
Trust risks
- ▸Operating cash flow is negative at ₹-11 Cr.
- ▸Only 1 years of positive FCF.
- ▸ROCE trend is -10%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 25.70
- P/B
- 3.21
- EV/EBITDA
- 16.79
- Market Cap
- 166.00Cr
Profitability
- ROE
- 13.40%
- ROCE
- 16.20%
- ROA
- 8.60%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 44.71%
- EPS 5Y
- 117.42%
- Revenue 3Y
- 48.00%
- EPS 3Y
- 142.00%
Balance Sheet
- Debt/Equity
- 0.35
- Interest Coverage
- 7.75×
- Altman Z
- 6.49
- Book Value
- 99.60
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -10.83 Cr
- EPS TTM
- 12.48
Shareholding
- Promoter Hold
- 51.69%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 67%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.