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RBM Infracon Ltd

RBMINFRA

NSE

₹231.40-1.47%19 Oct 2026

Reports

Infra General

RBM Infracon Ltd

RBMINFRA

NSE

₹231.40

-1.47%

19 Oct 2026

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Infra General

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.

RBM Infracon began in the early 1990s as a small mechanical repair shop in Jamnagar, Gujarat, fixing equipment for the giant refineries on its doorstep. Over three decades, it evolved into a comprehensive industrial services contractor and then, in a single transformative leap, became an energy asset operator by winning a 15-year contract to run an entire oil field for ONGC. The recurring pattern is a company that masters a hands-on, heavy-industry service, builds deep relationships with a few large clients, and then uses that credibility to step into the next, higher-stakes role - from maintenance contractor to EPC builder to production partner.

Business segments

Three engines at different stages - a foundational industrial services cash cow, a high-stakes oilfield production bet, and a collection of early-stage green and technology ventures - each built on the trust earned from the one before.

1. Industrial EPC, Maintenance & Turnaround: the reliable workhorse

This is a multi-decade, contract-based services business that builds, maintains and revives the mechanical heart of heavy-industrial plants, generating recurring revenue from long-standing client relationships.

Recurring maintenance contracts provide a base load of work - the company holds Annual Rate Contracts (ARCs) to maintain refineries, petrochemical and fertilizer plants for clients like Nayara, Yara Fertilizers and Reliance, which means a steady stream of service income even when no new project is being built.
Turnarounds are the high-intensity specialty - when a refinery or power plant shuts down for a planned overhaul, the company mobilizes skilled crews to repair and replace equipment under tight deadlines, a service that is critical to clients and commands a premium.
It can build from the ground up - the company executes EPC (Engineering, Procurement and Construction) contracts for structural steel, tanks, piping in various steel grades, and electrical systems, with its largest-ever single job being a ₹957 crore contract for Epitome Industries where it has already constructed 110 of 130 planned tanks.
The client list is a roster of India's industrial giants - Reliance Industries, L&T, Nayara Energy, and Tata Projects are among its core customers, and the company's safety record has won formal recognition from several of them.
Competition is intensifying - the removal of bid bonds and relaxed performance guarantees on government contracts has lowered barriers, especially in road projects, bringing more domestic and foreign players into the fray.

2. Oil & Gas Production: the operator's bet

The company now manages an entire mature oil field for ONGC under a 15-year contract, taking a majority share of the revenue from every barrel it produces - a shift from billing for services to earning from production.

It runs the Nandej field - in January 2025, RBM Infracon took over full operational control of ONGC's Nandej Oil & Gas Field, a site with 129 existing wells, under a Production Enhancement Contract (PEC) worth ₹33,498 crore over the contract's life.
It keeps 66% of the revenue - the contract is structured as a revenue-sharing agreement, not a fixed fee, so the company earns more when it produces more, with crude oil pricing linked to the international market.
The job is to revive a declining asset - the company planned 45 workover operations on old wells and 7 new well drillings, and has already struck hydrocarbon-bearing sands in two new wells that showed peak potential of up to 100 barrels of oil per day.
It rides a national push for energy security - ONGC has committed ₹1.5 lakh crore in capital expenditure over five years to boost domestic production, a drive that creates more opportunities for production enhancement partners like RBM Infracon.

3. Green Energy & Emerging Technologies: the future options

A portfolio of early-stage bets in green hydrogen, solar power and semiconductor technology, where the company is using its balance-sheet strength to explore entirely new industries.

Green hydrogen is the most active bet - the company has already executed an order worth 1.3 million Omani Riyals for a green hydrogen project in Duqm, Oman, and is negotiating a formal Letter of Award with a local partner for more work there, while also exploring new projects in India with a different technology partner after an earlier MoU proved unworkable.
Solar is a parallel track - the company is taking its first steps into solar infrastructure alongside its hydrogen initiatives, though specific projects are not yet detailed.
A semiconductor venture is under study - it has signed a technology agreement with Sujog, a team of engineers with 15-20 years of experience in advanced semiconductor hybrid bonding, and has asked the Big Four consultancies to bid on end-to-end advisory work for setting up a project.

Group structure and partners

The company operates through a lean structure of two Indian subsidiaries and one overseas arm, all created to house its new-energy ambitions, while the core business remains within the listed parent.

Two subsidiaries hold the green-energy bets - RBM Green Energy Private Limited is a wholly owned subsidiary incorporated in December 2024 to generate green energy, and RBM Solar Solutions Private Limited is a 60%-owned entity for solar initiatives.
An Oman subsidiary supports the Middle East push - the company has established a wholly owned subsidiary in Oman, adding to its existing operational presence in the Middle East and South Africa.
The founding family remains at the helm - Chairman and Managing Director Jaybajrang Ramaishish Mani has over 25 years of experience overseeing finance and sales, while his son Aditya Jay Bajrang Mani, a mechanical engineer, leads the mechanical and civil operations as Whole Time Director.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Edit Ratios

Mkt Cap

Market Capitalization

₹246Cr

Close Price

₹231.05

Industry

Infra General

Price To Earnings

5.43

Price To Sales

0.50

Revenue

₹492Cr

Rev Gr TTM

Revenue Growth TTM

52.98%

PAT Gr TTM

PAT Growth TTM

53.63%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2024	Mar 2025	Sep 2025	Mar 2026
Revenue RevenueCr	103	218	284	208
Growth YoY Revenue Growth YoY%			174.7	-4.7
Expenses ExpensesCr	89	190	246	173
Operating Profit Operating ProfitCr	14	29	38	36
OPM OPM%	13.9	13.1	13.4	17.1
Other Income Other IncomeCr	0	0	0	0
Interest Expense Interest ExpenseCr	1	1	1	5
Depreciation DepreciationCr	1	1	1	5
PBT PBTCr	14	28	38	31
Tax TaxCr	3	7	9	7
PAT PATCr	10	20	27	18
Growth YoY PAT Growth YoY%			171.8	-6.2
NPM NPM%	9.6	9.0	9.5	8.8
EPS EPS₹	10.3	19.4	25.3	17.3

Quarter	Sep 2024	Mar 2025	Sep 2025	Mar 2026
Revenue RevenueCr	103	218	284	208
Growth YoY Revenue Growth YoY%			174.7	-4.7
Expenses ExpensesCr	89	190	246	173
Operating Profit Operating ProfitCr	14	29	38	36
OPM OPM%	13.9	13.1	13.4	17.1
Other Income Other IncomeCr	0	0	0	0
Interest Expense Interest ExpenseCr	1	1	1	5
Depreciation DepreciationCr	1	1	1	5
PBT PBTCr	14	28	38	31
Tax TaxCr	3	7	9	7
PAT PATCr	10	20	27	18
Growth YoY PAT Growth YoY%			171.8	-6.2
NPM NPM%	9.6	9.0	9.5	8.8
EPS EPS₹	10.3	19.4	25.3	17.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	130	322	492
Growth Revenue Growth%		148.0	53.0
Expenses ExpensesCr	111	279	419
Operating Profit Operating ProfitCr	19	43	74
OPM OPM%	14.5	13.3	14.9
Other Income Other IncomeCr	0	1	1
Interest Expense Interest ExpenseCr	2	1	6
Depreciation DepreciationCr	1	2	6
PBT PBTCr	16	40	62
Tax TaxCr	5	11	17
PAT PATCr	11	29	45
Growth PAT Growth%		165.7	53.6
NPM NPM%	8.6	9.2	9.2
EPS EPS₹	12.8	29.2	39.5

Financial Year	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	130	322	492
Growth Revenue Growth%		148.0	53.0
Expenses ExpensesCr	111	279	419
Operating Profit Operating ProfitCr	19	43	74
OPM OPM%	14.5	13.3	14.9
Other Income Other IncomeCr	0	1	1
Interest Expense Interest ExpenseCr	2	1	6
Depreciation DepreciationCr	1	2	6
PBT PBTCr	16	40	62
Tax TaxCr	5	11	17
PAT PATCr	11	29	45
Growth PAT Growth%		165.7	53.6
NPM NPM%	8.6	9.2	9.2
EPS EPS₹	12.8	29.2	39.5

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	10	10	11
Reserves ReservesCr	87	111	177
Current Liabilities Current LiabilitiesCr	117	155	424
Non Current Liabilities Non Current LiabilitiesCr	1	3	62
Total Liabilities Total LiabilitiesCr	215	299	673
Current Assets Current AssetsCr	209	262	543
Non Current Assets Non Current AssetsCr	6	37	130
Total Assets Total AssetsCr	215	299	673

Financial Year	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	10	10	11
Reserves ReservesCr	87	111	177
Current Liabilities Current LiabilitiesCr	117	155	424
Non Current Liabilities Non Current LiabilitiesCr	1	3	62
Total Liabilities Total LiabilitiesCr	215	299	673
Current Assets Current AssetsCr	209	262	543
Non Current Assets Non Current AssetsCr	6	37	130
Total Assets Total AssetsCr	215	299	673

Consolidated

Standalone

Financial Year	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-52	-3	-26
Investing Cash Flow Investing Cash FlowCr	-2	-21	-99
Financing Cash Flow Financing Cash FlowCr	61	22	126
Net Cash Flow Net Cash FlowCr	8	-2	1
Free Cash Flow Free Cash FlowCr
CFO To PAT CFO To PAT%	-466.6	-11.7	-56.5
CFO To EBITDA CFO To EBITDA%	-274.3	-8.0	-34.8

Financial Year	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-52	-3	-26
Investing Cash Flow Investing Cash FlowCr	-2	-21	-99
Financing Cash Flow Financing Cash FlowCr	61	22	126
Net Cash Flow Net Cash FlowCr	8	-2	1
Free Cash Flow Free Cash FlowCr
CFO To PAT CFO To PAT%	-466.6	-11.7	-56.5
CFO To EBITDA CFO To EBITDA%	-274.3	-8.0	-34.8

Consolidated

Standalone

Financial Year	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	579	332	295	246
Price To Earnings Price To Earnings	52.2	11.3	6.5	5.4
Price To Sales Price To Sales	4.5	1.0	0.6	0.5
Price To Book Price To Book	6.0	2.7	1.6	1.3
EV To EBITDA EV To EBITDA	30.4	7.9	5.8	5.2
Profitability Ratios Profitability Ratios
GPM GPM%		37.5	36.4	36.4
OPM OPM%	14.5	13.3	14.9	14.9
NPM NPM%	8.6	9.2	9.2	9.2
ROCE ROCE%	18.0	31.2	20.6	20.6
ROE ROE%	11.4	24.2	24.1	24.1
ROA ROA%	5.2	9.9	6.7	6.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	579	332	295	246
Price To Earnings Price To Earnings	52.2	11.3	6.5	5.4
Price To Sales Price To Sales	4.5	1.0	0.6	0.5
Price To Book Price To Book	6.0	2.7	1.6	1.3
EV To EBITDA EV To EBITDA	30.4	7.9	5.8	5.2
Profitability Ratios Profitability Ratios
GPM GPM%		37.5	36.4	36.4
OPM OPM%	14.5	13.3	14.9	14.9
NPM NPM%	8.6	9.2	9.2	9.2
ROCE ROCE%	18.0	31.2	20.6	20.6
ROE ROE%	11.4	24.2	24.1	24.1
ROA ROA%	5.2	9.9	6.7	6.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	GRINFRA	GVPIL	RBMINFRA
Market CapitalizationMkt CapCr	7,550	4,197	246
Close PriceClose₹	780.25	624.35	231.05
IndustryIndustry	Infra General	Infra General	Infra General
Price To EarningsPE	7.43	15.46	5.43
Price To SalesPS	0.82	3.25	0.50
RevenueRevenueCr	9,195	1,291	492
Revenue Growth TTMRev Gr TTM%	25.1%	18.7%	53.0%
PAT Growth TTMPAT Gr TTM%	-8.0%	9.9%	53.6%

	GRINFRA	GVPIL	RBMINFRA
Market CapitalizationMkt CapCr	7,550	4,197	246
Close PriceClose₹	780.25	624.35	231.05
IndustryIndustry	Infra General	Infra General	Infra General
Price To EarningsPE	7.43	15.46	5.43
Price To SalesPS	0.82	3.25	0.50
RevenueRevenueCr	9,195	1,291	492
Revenue Growth TTMRev Gr TTM%	25.1%	18.7%	53.0%
PAT Growth TTMPAT Gr TTM%	-8.0%	9.9%	53.6%