1. At a Glance
RDB Infrastructure and Power Ltd — also known as RDB Realty & Infrastructure Ltd — is one of those companies that look peaceful from afar but are internally a mix of cranes, concrete, and compliance calls. With amarket cap of ₹1,007 croreand acurrent price of ₹49.4, this Kolkata-based developer has managed to stay in the limelight not just for its projects but also for, well…visitors from the Enforcement Directorate.
The latest quarter (Q2 FY26) numbers looked like a construction site:Sales ₹18.5 crore,PAT ₹3.05 crore, and anEPS of ₹0.15. Profit jumped79.4% QoQ, while sales fell43%, proving once again that Indian real estate accounting can produce profits even when revenue goes on a vacation.
At aP/E of 116, RDB is trading more like a high-growth tech startup than a real estate developer that sells flats in Burdwan. But hey, in a world where concrete dreams are priced higher than logic, why should fundamentals matter?
2. Introduction
RDB Realty & Infrastructure Ltd started its life in1981, when the word “infrastructure” in India still meant a single-lane road with buffalo crossings. Fast forward four decades, and the company has spread its cement-coated tentacles acrossKolkata, Mumbai, Hyderabad, Delhi, Surat, Chennai, Guwahati, and a dozen other pin codesyour Ola driver refuses to go.
It’s part of theRDB Group, a family-run ecosystem of entities that dabble in everything from real estate to packaging to power. The firm is alsoISO 9001:2008 certified, which sounds impressive until you realize most Indian builders display that certificate like wedding photos — prominently, but rarely updated.
The company’s journey is typical of mid-tier real estate players: glamorous brochures, government projects, and occasionally, unexpected governmentvisits.The recent ED search at theMD and CFO’s residence and Gurugram office(November 20, 2025) has ensured RDB isn’t just building floors anymore — it’s buildingheadlines.
Still, despite the raids and regulatory adventures, the company’s numbers show a strange resilience. PAT growth of149% YoYis no small feat, especially when your “Other Income” of ₹11 crore contributes significantly to profits.
Question for you: Would you rather buy RDB’s flats, or their stock certificates — both require faith and a good lawyer.
3. Business Model – WTF Do They Even Do?
At its core, RDB builds things. Houses, malls, townships, and occasionally, suspense. The company operates under two main heads:
a) Residential Projects:Integrated townships, housing complexes, and group housing projects across eastern and northern India. Think “Regent” everything — Regent Ganga, Regent Paradise, Regent Sapphire, Regent Sonarpur Phase II — a naming strategy so consistent it could put a brand consultant out of business.
b) Commercial Projects:Malls, office spaces, shopping complexes, and retail markets. Projects likeRegent City ShopperandRegent Star Mallcater to India’s eternal dream — to build malls in every city that already has five.
In FY22, construction activities contributed about86% of total revenue, whileOther Income (around 4%)acted like the butter on top of a very lean paratha.
The company also entered into ajoint venture with HYT Engineering Co. Pvt Ltd (HYTRDBRIL), though the management clarified it’s held “for subsequent disposal.” Translation: “We got into this, but we’re already planning the breakup.”
So yes, RDB’s model is simple: build properties, sell or lease them, enter a JV or two, and occasionally, call your legal team before the ED does.
4. Financials Overview
| Metric | Latest Qtr (Sep ’25) | YoY Qtr (Sep ’24) | Prev Qtr (Jun ’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 18.50 | 32.48 | 67.56 | -43.0% | -72.6% |
| EBITDA (₹ Cr) | 0.76 | 2.89 | 2.50 | -73.7% | -69.6% |
| PAT (₹ Cr) | 3.05 | 1.70 | 2.72 | 79.4% | 12.1% |
| EPS (₹) | 0.15 | 0.10 | 0.14 | 50.0% | 7.1% |
Commentary:When sales fall 43% but profits rise 79%, you know the magic ingredient isn’t concrete — it’sOther Income.With₹4.12 crorein non-core income this quarter, RDB’s balance sheet looks less like a real estate firm and more like a treasury desk. EBITDA margins at4%are barely higher than your savings account interest rate, but PAT margins are inflated by clever
accounting gymnastics.
5. Valuation Discussion – Fair Value Range Only
Let’s sanity-check RDB’s nosebleed valuation.
a) P/E Method:
- Current EPS (TTM): ₹0.46
- Stock Price: ₹49.4
- P/E = 49.4 / 0.46 ≈107x(matches screener’s 116 after rounding)
Even if you generously assume 25% annual EPS growth for the next two years (a stretch for real estate), a reasonable multiple of35x–45xwould value the stock between₹16–₹21.
b) EV/EBITDA Method:
- EV = ₹1,029 crore
- EBITDA (TTM): ₹16.8 crore
- EV/EBITDA =61x(against industry average of ~15x)Fair range at 15x–20x EBITDA = ₹250–₹335 crore EV →Fair Value Range: ₹12–₹16/share.
c) DCF (Simple Growth):Assume Free Cash Flow (FCF) of ₹10 crore growing 15% annually for 5 years, discount rate 12%.Intrinsic value ≈ ₹14–₹18/share.
⚠️ Disclaimer:This fair value range (₹12–₹21/share) is foreducational purposes onlyand not investment advice.
6. What’s Cooking – News, Triggers, Drama
Where do we even start? The recentEnforcement Directorate raid (Nov 20, 2025)at the MD and CFO’s residences and offices has all the ingredients of a Netflix limited series titled“Concrete and Confessions.”Documents were seized — but not deleted from Screener, thankfully.
A few weeks earlier, the company was already in the news:
- Oct 1, 2025:PMLA summon regarding a2.84-acre Gurgaon land deal.
- Nov 10, 2025:MoU for a51MW solar projectnear Nagpur worth₹277 crore.Because why just build malls when you can buildsolar farms?
- Aug 29, 2025:Conversion of45 lakh warrantsinto equity, raising₹13.67 crore.
- Jun 2025:Preferential allotment of2.48 crore shares at ₹40.5, raising₹75.33 crore.
Basically, while the ED was searching files, the company was searchingsunlight.
And just when the market was digesting all that, the Chairperson traded during the closed window period. The Audit Committee immediately ordered disgorgement of profits — a cool₹25,216— promptly remitted to SEBI. Who says Indian corporate governance isn’t fast?
7. Balance Sheet
| Metric | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|---|---|---|---|
| Total Assets (₹ Cr) | 133 | 185 | 277 | 302 |
| Net Worth (₹ Cr) | 94 | 137 | 147 | 231 |
| Borrowings (₹ Cr) | 63 | 100 | 77 | 25 |
| Other Liabilities (₹ Cr) | 35 | 47 | 55 | 45 |
| Total Liabilities (₹ Cr) | 133 | 185 | 277 | 302 |
