1. At a Glance
Ramky Infrastructure is that infra company which disappeared from cocktail party conversations for a decade and suddenly re-enters wearing a crisp suit saying, “Debt almost gone, boss.” Market cap sitting around ₹3,312 crore, stock price at ~₹478, and the last three months have been rougher than Hyderabad traffic in peak hours (-24.5%). But zoom out and you’ll notice something interesting: PAT of ₹223 crore (TTM), ROCE ~16.8%, and a debt reduction story that actually happened, not just promised on an investor call.
The headline act is Q3 FY26. Revenue came in at ₹489 crore, PAT at ~₹78.5 crore, up ~39% YoY. Order book stands tall at ~₹9,300 crore, roughly 3× FY24 sales, which is infra-speak for “we won’t starve next year.” Construction is now ~72% of revenue, developer business cooled to ~28%, and water & wastewater has quietly become Ramky’s comfort zone.
But before you clap too hard—promoters have ~26% of their holding pledged, and “other income” still shows up like an uninvited relative. Curious? Good. Let’s dig.
2. Introduction
Ramky Infrastructure’s story reads like a typical Indian infra soap opera. Early ambition, aggressive expansion, debt pile-up, stress, restructuring, and finally—possible redemption arc. For years, Ramky was known more for balance sheet anxiety than execution excellence. Banks circled, margins yo-yoed, and shareholders learnt the meaning of patience the hard way.
Fast forward to FY24–FY26, and suddenly the narrative shifts. Debt reduced from ₹2,120 crore in FY22 to ~₹834 crore in FY24 and further down to ~₹613 crore by Sep FY25. That’s not cosmetic deleveraging—that’s actual cheque-writing. Operating profits have stabilised, cash flows improved, and order inflows are leaning toward water, wastewater, and urban sanitation—segments where payments are relatively more predictable (yes, “relatively” is doing heavy lifting here).
Still, infra investors are like trauma survivors. We don’t trust easily. So the real question isn’t “Is Ramky improving?”—it clearly is. The real question is: Is this improvement structurally sustainable, or just a good few quarters with supportive macros and helpful other income?
3. Business Model – WTF Do They Even Do?
Think of Ramky as
a hybrid infra beast.
Construction Business (~72%)
This is classic EPC—water & wastewater, irrigation, industrial construction, buildings, roads, power distribution. Ramky builds things governments love to inaugurate with plaques. The sweet spot right now is water & wastewater, where Ramky has first-mover credibility and execution experience. STPs, HAM water projects, urban sanitation—boring, unsexy, but steady.
Developer Business (~28%)
This is where Ramky wears a PPP developer hat—industrial parks, transport assets, townships, and energy projects. Returns here can be juicy, but cash flows can also behave like a stubborn teenager. Over the last year, Ramky has consciously reduced dependence on this segment, which explains the revenue mix shift.
Add to this a jungle of SPVs—Hyderabad STPs, Srinagar-Banihal Expressway, pharma parks, CETPs. Each SPV has its own mood swings, funding needs, and occasionally, contingent liabilities. Ramky’s real skill lies in juggling EPC execution while not letting SPVs blow up the consolidated balance sheet. So far, they seem more disciplined than before. Keyword: seem.
4. Financials Overview – The Numbers Don’t Lie, But They Do Smirk
- Q1 FY26 EPS: ₹10.75
- Q2 FY26 EPS: ₹10.87
- Q3 FY26 EPS: ₹11.35
Average = ~₹10.99
Annualised EPS ≈ ₹43.96
Quarterly Comparison Table (₹ crore unless stated)
| Metric | Latest Qtr (Q3 FY26) | YoY Qtr (Q3 FY25) | Prev Qtr (Q2 FY26) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 489 | 459 | 472 | ~6.5% | ~3.6% |
| EBITDA | ~76 | ~90 | ~83 | (15%) | (8%) |
| PAT | 78.5 | ~60 | ~76 | ~39% | ~3% |
| EPS (₹) | 11.35 | 8.15 | 10.87 | ~39% | ~4% |
Yes, EBITDA dipped QoQ—because infra margins breathe like a yoga instructor. But PAT held
