Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Nse
RBM Infracon Ltd. (RBMINFRA)
SME CapPower stocks · SME cap · NSE
RBM Infracon is India's largest energy compliance integrated EPC, plant turnaround, operation and maintenance group, founded in 1993. It specializes in EPC, O&M, plant turnarounds, crude oil services, and annual rate contracts for the energy sector.
₹231.4
-3.45 · -1.47%
Market cap ₹246 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals20 Oct 2026 · screener
Latest result01 Jun, 08:55 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Power P/E 16.8 (n=92)
Technical timing lens
Trend score and candlestick chart
18Strong Bearfull bear SMA stack · SMA20 -5.7% / mo · MACD − · near 52W low
Stock trend: 18
Sector RS: —
Power FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
RBMINFRAD candles · FIT view-44.2%Latest close ₹231.40 on 2026-10-19
Bar
-1.5%
RSI
37
MACD hist
-1.23
52W pos
3%
2026-10-19O ₹235.00H ₹236.00L ₹231.05C ₹231.40Vol 31,600 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
RBMINFRANifty PowerNifty 500
- RBMINFRA
- -10.4%
- Nifty 500
- -5.6%
- Nifty Power
- -13.0%
- Vs Nifty 500
- -4.8 pp
Chart stats
19 Oct 2026- From 52W high
- -55.9%
- 52W range position
- 3%
- ATR (14)
- 5.3%
- Volume vs 20D
- 2.02x
- Avg traded value
- ₹0.4 Cr
- 20D price channel
- ₹230 - ₹289.4
₹524.8
₹221 - ₹524.8
₹12.3
Latest completed session
20-session average
28.4% annualized volatility
Research snapshot
What the evidence says now
Strong fundamentals, management evidence is still limited to a financial-only Trust Lite signal, but price trend argues for patience. Suitable for staggered entry or watchlist confirmation rather than aggressive buying.
Strong U-Score but weak trend: timing is not confirming the thesis.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · DEEP VALUE81
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Strong Bear18
Price trend and sector-relative-strength timing.
Valuation
Legacy model+79.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence67
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹208 Cr | NDF | -26.8% |
| EBITDA | ₹35 Cr | NDF | -7.9% |
| Operating margin | 17.0% | NDF | +400 bps |
| PAT | ₹18 Cr | NDF | -33.3% |
| PAT margin | 8.7% | NDF | -86 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 5.43
- P/B
- 1.24
- EV/EBITDA
- 4.85
- Market Cap
- 246.00Cr
Profitability
- ROE
- 27.60%
- ROCE
- 28.20%
- ROA
- 6.69%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 94.54%
- EPS 5Y
- 102.26%
- Revenue 3Y
- -4.00%
- EPS 3Y
- -4.00%
Balance Sheet
- Debt/Equity
- 0.76
- Interest Coverage
- 12.33×
- Altman Z
- 1.87
- Book Value
- 186.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -26.00 Cr
- EPS TTM
- 44.82
Shareholding
- Promoter Hold
- 62.50%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 3%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 208-26.8% vs prev
Net Profit
₹ CrLatest: 18.0-33.3% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 37.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~6.0% over last month) — short-term momentum negative.
- RSI(14) at 37 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
7
RS percentile
Stage 4 Downtrend
1M return
-16.0%
3M return
-10.4%
6M return
-47.1%
1Y return
-44.5%
RS 1D
0
RS 20D
-4
Sector rank
#11
Industry rank
-
Stage evidence
- Price is 23.6% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.6%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 50.96-0.45%
RS vs Nifty 50051
Valuation & peers
U-Score 81 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 81 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · DEEP VALUEValuation30/30
Growth23/25
Quality17/20
Balance Sheet10/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
-2
Raw sum
81
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
81/100 · legacy band DEEP VALUE
Positive drivers
- Fair-value margin of safety is positive at 79.5%.
- Valuation contributes 30/30 to the score.
- Growth contributes 23/25 to the score.
Main drags
- Penalty bucket subtracts 2 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Balance sheet is weaker at 10/15; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
5.4
PB
1.2
EV/EBITDA
4.8
ROE
27.6%
ROCE
28.2%
FCF Yield
—
Debt/Equity
0.8
MoS
+79.5%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
81
Previous: 81
Legacy U-Score band
DEEP VALUE
Previous: DEEP VALUE
Margin of safety
+79.5%
Previous: +79.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
79
79
79
79
79
79
79
79
79
79
81
81
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹433.1
+46.6% MoS
Growth-justified P/E
25.1
Growth-justified Value
₹1,126.33
+79.5% MoS
PEG
0.05
Comparable companies
Peers
Business-comparable peers in Power — 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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
A2ZINFRA
Small
A2Z Infra Engineering Limited
Construction & Engineering
match 106
10
57.9
10.4%
-190%
OVERVALUED
POSITRON
SME
Positron Energy Ltd.
Oil & Gas
match 93
65
18.6
85.5%
+46%
UNDERVALUED
GOLDSTAR
SME
Goldstar Power Ltd.
Power
match 93
77
6.1
29.8%
+75%
DEEP VALUE
JAINIK
SME
Jainik Power Cables Ltd.
Electrical Equipment
match 92
58
17.5
25.6%
+30%
FAIR VALUE
ARABIAN
SME
Arabian Petroleum Ltd.
Oil & Gas
match 90
52
10.1
17.6%
+59%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-08-22T07:50:08.836Z
Management commentary snapshot
RBM Infracon reported robust FY26 results with revenue up 53% to 492.22 crores, EBITDA up 69% to 74.10 crores (margin 15%+), and PAT up 54% to 45.28 crores. EPS improved to 39.46, with the business quadrupling in two years while improving margins.
RBM Infracon delivered strong FY26 growth across revenue and profit, driven by strategic expansion and disciplined scaling. The company is aggressively investing in capabilities and securing large contracts, positioning for continued growth in energy infrastructure and new ventures like semiconductors, though funding for the latter remains a key question.
Growth engines
Energy Infrastructure EPC & O&M
India targets refining capacity of 450 MMTPA by 2030. ONGC committed capex of 1.5 lakh crores over 5 years.
Crude Oil Services (ONGC Nandej)
Landmark contract for 15 years (extendable to 20), managing 120 wells. RBM retains 66% of incremental production.
Large-Scale Project Execution
Epitome Industries contract (957 crores) is the largest single contract, representing a major step up in project scale and complexity.
Semiconductor Infrastructure (RBM Semicon)
JV with Sujog Global for OSAT facility. RBM's role is civil and utility infrastructure (2,000-3,000 crores of total infra cost).
Capacity and execution
Gross Block Expansion
Gross block of property, plant and equipment grew from 24 crores to 113.11 crores in FY26, an addition of almost 100 crores.
Land Acquisition
Acquired 2-3 land parcels in Mumbai and Jamnagar for refinery-related work and labour camps.
Rig Acquisition
Company plans to bring its own rig in 5-6 months for the ONGC Nandej project.
Tailwinds
Government Thrust on Energy Security
Higher energy security focus drives upstream investment by ONGC and increased refinery throughput.
Favorable Crude Rate and USD Movement
Benefited from dollar's movement and crude rate increase, which is 'very beneficial' for the ONGC contract.
Government Support for Semiconductors
Government's ISM 2.0 focus and potential state subsidies for semiconductor projects.
Headwinds
Geopolitical Supply Chain Disruptions
Iran-Israel conflict and Middle East tensions delayed critical machinery delivery, particularly in H2 FY26.
Payment Cycles & Working Capital
Payments for projects take 90-120 days, leading to elevated loans and advances for machinery and raw materials.
Competition in Smaller Projects
Competition is high for 100-300 crore projects, decreasing significantly for projects above 500 crores.
Risk radar
Auditor Qualifications
Auditors raised qualified opinion on 107 crores of unbilled revenue and unverified warrant fund utilization, though management states issues are resolved/being resolved.
Semiconductor Project Funding & Execution
The 8,000-9,000 crore semiconductor project is early stage; RBM's 30% stake funding is deferred but substantial. Technology and skilled manpower are external dependencies.
Project Delays & Tender Awards
Railway tender (L1) remains on hold. One large southern India bid delayed, another lost. Decision-making on 1,000 crore projects delayed.
Working Capital Management
Loans and advances increased due to project financing cycles and machinery advances, a concern for management.
Management accountability
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.
Analyst reading lens
Compare YOY
The company primarily reported full-year FY26 results compared to FY25, indicating a focus on annual performance and strategic growth over seasonal or sequential fluctuations.
Sector KPIs management disclosed
Revenue from Operations
Grew by 53% to 492.22 crores in FY26, against 321.75 crores in FY25.
EBITDA
Grew by 69% to 74.10 crores in FY26, with EBITDA margin expanding from 13.6% to over 15%.
Profit After Tax (PAT)
Increased by 54% to 45.28 crores in FY26, with a PAT margin of 9.2%.
Order Book
Stood at over 700 crores as of H1 FY27, executable over the next one year.
Management forward view
FY27 Revenue Target
Committed target of 700 crores for FY27, with an aspiration for 1,000 crores.
Margin Expansion Focus
Aim to improve profitability by quoting tenders at higher margins and securing quality work.
Mainboard Migration
Expects final approval for mainboard migration in approximately 20-25 days, with quarterly reporting starting from Q2 post-migration.
Long-term Growth Trajectory
FY28 revenue target is 900 crores; FY29 is 1,120 crores. Building order book, equipment, people, and client relationships for sustained growth.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Mainboard Migration | Final approval expected in 20-25 days. | Official exchange notification of successful migration and commencement of quarterly reporting from Q2. |
| Semiconductor Project (RBM Semicon) | EY engaged for feasibility report; awaiting Big Four firm finalization for DPR. RBM's 30% stake funding deferred 3-4 years. | Formal announcement of advisory firm, detailed project report, state selection, and progress on government applications/subsidies. |
| Order Book Execution & New Wins | Order book over 700 crores (H1 FY27). Bid pipeline 3,354 crores. Epitome (957 cr) and ONGC Nandej are key. | Flawless, on-schedule delivery of current order book and conversion of large bids into new contracts, especially above 500 crores. |
| Working Capital & Debt Management | Loans and advances elevated (3230 crores) due to project financing and machinery advances. Management aims to repay current debt. | Reduction in loans and advances as projects close out and payments are received, and adherence to conservative financial posture. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
67Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 52nd percentile of the scored universe and 62nd percentile within Power. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
7 docs text-extracted · 4 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
52nd percentile
overall median 67 · Power: 62nd pctile, median 65 · SME: 66th pctile, median 64
Evidence depth
Financial-only
7 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
90
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
90
strong · capital discipline
Results
63
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 62.5%.
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 2%.
- ▸ROCE is 28.2%.
Trust risks
- ▸Operating cash flow is negative at ₹-26 Cr.
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching RBM Infracon Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Credit ratingJun 2026
Jun 2026 · Credit Rating- Revision 25 June 2026 - Infomerics upgraded RBM Infracon’s ratings on ₹106.90 crore bank facilities on June 25, 2026.
Source: Nse
Annual report
Annual Report 2026
Source: Nse
Annual reportMar 2026
Sep 2026 · Shareholders meeting 8 Sep - RBM Infracon released FY26 annual report, AGM on September 30, 2026, and proposed director appointments.
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Investor presentationMay 2025
May 2025 · PPT
Source: Nse
Annual report
Annual Report 2025
Source: Nse
Investor presentationFeb 2025
Feb 2025 · PPT
Source: Nse
Concall transcriptFeb 2025
Feb 2025 · Transcript
Source: Nse
Investor presentationNov 2024
Nov 2024 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.