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.
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.
Strong fundamentals, management trust is acceptable, but price trend argues for patience. Suitable for staggered entry or watchlist confirmation rather than aggressive buying.
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
Average · 30/100YoY data unavailable — classification deferred
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹208 Cr | NDF | -26.8% |
| EBITDA | ₹35 Cr | +20.7% | -7.9% |
| Operating margin | 17.0% | +400 bps | +400 bps |
| PAT | ₹18 Cr | NDF | -33.3% |
| PAT margin | 8.7% | -52 bps | -86 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
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.
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).
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.
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.
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.
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
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.
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.
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.
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.
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.
Trend score and candlestick chart
26Bearishfull bear SMA stack · SMA20 -10.0% / mo · MACD + · near 52W low
Technical chart
RBMINFRAdaily · 1Y · AUTO-27.4%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 42. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~11.2% over last month) — short-term momentum negative.
- RSI(14) at 42 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 55% off 52W high · 7% 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 79 · DEEP VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 79 · DEEP VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
DEEP VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 78.7%.
- Valuation contributes 30/30 to the score.
- Quality contributes 17/20 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.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
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 52nd percentile of the scored universe and 61st percentile within Power. Main check: cash conversion is weak at 28/100.
Healthy Trust Lite: Promoter holding is 62.5%. Key concern: Operating cash flow is negative at ₹-26 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Power: 61st pctile, median 65 · SME: 66th pctile, median 64
7 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 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.
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
- 5.56
- P/B
- 1.27
- EV/EBITDA
- 4.93
- Market Cap
- 252.00Cr
Profitability
- ROE
- 27.60%
- ROCE
- 28.20%
- ROA
- 6.69%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 94.54%
- EPS 5Y
- 102.26%
- Revenue 3Y
- 24.00%
- EPS 3Y
- 24.00%
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
- 5%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Power, ranked by similarity
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.