RDB Infrastructure and Power is an Indian infrastructure company that was fundamentally rebuilt in 2024 when it cut away its legacy real estate business through a court-approved demerger, emerging as a pure-play contractor focused on construction and renewable energy. The company began in 1981 as a homebuilder for middle-income families, went public in 2010, and later made a deliberate pivot - shedding its property-development past to chase government infrastructure spending and the energy transition. Its recurring approach is to secure EPC (engineering, procurement and construction) contracts - where it designs, buys materials for and builds a project for a fixed price - and to enter new sectors by forming consortiums and special-purpose vehicles rather than going it alone. # Business segments Two engines at different stages - a construction cash engine that builds everything from housing to government projects, and a fast-scaling solar EPC and manufacturing bet that is being assembled through partnerships and project wins. ## 1. Infrastructure construction: the EPC engine that pays the bills **The company earns its living by winning fixed-price contracts to build residential, commercial and government projects, recognising revenue as the work progresses - it is a contractor, not a developer.** - **Paid by progress, not possession** - revenue on construction contracts is recognised over time using the output method, meaning the company books income as it hits physical milestones on site, while revenue from its own construction is recognised only at handover or registration. - **Government work provides the backbone** - six of the thirteen ongoing projects as of FY25 were government contracts, serving the B2G (business-to-government) market, which aligns the company with public capital expenditure cycles. - **A footprint built on eastern India** - the company has a strong foothold in fast-growing West Bengal cities like Asansol, Burdwan, Haldia and Kharagpur, alongside a pan-India presence stretching from Surat to Guwahati. - **Land deals supplement the pipeline** - in April 2025, the company signed a revenue-sharing agreement to develop a retirement housing project on 2.8 acres it owns in Gurgaon, keeping 31.5% of the take without putting its own construction capital at risk. - **The order book is built one contract at a time** - a February 2026 letter of intent for a 5-lakh-square-foot residential project in Howrah, worth Rs. 73 crore, shows the company competing for sub-and super-structure work in a crowded field of established developers. ## 2. Solar EPC and manufacturing: the green-energy bet under construction **The company is assembling a solar energy business from scratch - winning utility-scale EPC contracts, taking stakes in a cell-manufacturing plant, and buying a ready-made power project - all through partnerships that share the risk.** - **Three large EPC wins in twelve months** - the company signed MoUs to build solar plants totalling over 170 MW (AC) across Maharashtra and Rajasthan, with combined contract values of roughly Rs. 900 crore, including a 70 MW project with a 25 MWh battery storage system. - **Manufacturing entry through a consortium** - in April 2026, a consortium the company belongs to was allotted 36 acres in Chhattisgarh on a 90-year lease to build a solar cell manufacturing plant, and the company has executed an agreement to acquire a 42.50% stake in the operating entity upon achievement of milestones. - **Bought a partnership interest, not just a plant** - the company acquired 100% partnership interest in Arankam Green Energy Solution for Rs. 90 Lakhs, giving it a small but immediate revenue-generating asset. - **A special-purpose vehicle for every new venture** - the company incorporates or acquires separate entities for each initiative, from Solar Agro-Parks Private Limited (70% owned) for tender bidding to Naar Projects Private Limited (26% owned) as a project-mandated SPV, keeping liabilities ring-fenced. # Group structure and partners **The company is a standalone contractor with no legacy subsidiaries after its 2024 demerger, but it is rapidly spinning up new entities and consortiums to enter solar manufacturing, power generation and even furniture.** - **Clean separation from real estate** - the demerger transferred all former subsidiaries and associates tied to the property business to RDB Real Estate Constructions Limited, leaving the company with no subsidiaries as of the FY25 report date. - **Rebuilding the group through strategic stakes** - since late 2025, the company has incorporated or acquired interests in at least five entities, including a 51% subsidiary for infrastructure in Bhopal, a 70% subsidiary for solar agro-parks, a 100% partnership interest in a solar power SPV, and a 51% controlling stake in a furniture manufacturing LLP. - **Promoter entities remain close** - the company has loan arrangements with promoter-group firms NTC Industries, Loka Properties and YMS Private at 7.5% interest, and in June 2026 it issued a corporate guarantee for Rs. 17.75 crore to support a credit facility for the demerged real estate entity, RDB Real Estate Constructions. - **Funding came through a warrant issue** - a preferential allotment of warrants at Rs. 405 each brought in both promoter-group entities and institutional investors like A G Dynamic Funds and Ebisu Global Opportunities Fund, though 1.78 crore warrants were later forfeited when the conversion option was not exercised.