1. At a Glance – The 60 Rupee Question
At ₹60 per share and a market cap of ₹1,223 crore, RDB Infrastructure and Power Ltd is trading at a spicy P/E of 131 while delivering an annual EPS of just ₹0.48 (TTM). Return over 3 months? A neat 20.8%. Return over 3 years? A heroic 150%. But ROE? A modest 6.09%. ROCE? 6.75%.
Sales in the latest quarter (Dec 2025) stood at ₹19.73 crore with PAT of ₹2.43 crore. That’s a 40.5% QoQ profit jump, even though sales fell 18.4%. OPM sits at 3.06% annually. Debt is just ₹25.4 crore and debt-to-equity is 0.11 — clean on paper.
But here’s the masala: earnings include ₹11 crore of other income (TTM), debtor days are 201, working capital days have ballooned to 327, and the stock trades at 5.31x book value.
So the real question: Is this a silent turnaround story or a valuation that drank too much Red Bull?
2. Introduction – Real Estate, Drama Estate
Incorporated in 1981, RDB operates in real estate construction and development. Kolkata is home turf, but the company claims presence across multiple cities — from Mumbai to Guwahati.
Real estate is that business where revenue recognition can be… creative. One quarter you’re a hero, next quarter you’re “project under planning.” And in RDB’s case, quarterly revenue swings are dramatic enough to qualify for daily soaps.
FY25 sales were ₹108 crore. TTM sales now stand at ₹126 crore. Profit TTM: ₹9 crore. Growth? Yes. Margin consistency? Debatable.
The company is part of the RDB group and is a CREDAI Bengal member. ISO certified too — because nothing says credibility like framed certificates in the boardroom.
But then November 2025 happened.
Search and seizure by the Directorate of Enforcement over Gurgaon land. Summons issued. Chairperson traded during a closed window and had to disgorge ₹25,216 to SEBI.
Corporate governance thriller or just compliance hiccups?
Would you buy an apartment in a building where the lift works only in alternate quarters?
3. Business Model – WTF Do They Even Do?
RDB develops:
- Residential projects (Regent series)
- Commercial malls, towers, shopping complexes
- Government housing projects
Revenue breakup FY22:
- Construction activities: ~86%
- Other operating revenue: ~10%
- Other income:
