Mumbai: RBM Infracon Ltd delivered a strong performance in Q1FY26, reporting a sharp uptick in project execution across its EPC and ONGC portfolios. The company posted revenue of ₹284 cr, marking a 175% YoY increase, a significant acceleration compared to the FY25 full-year revenue base of ₹322 cr. EBITDA stood at ₹38 cr with a 13.4% margin, while PAT came in at ₹27 cr, translating into a 9.5% margin. EPS was reported at ₹25.3, nearly matching the FY25 PAT of ₹29.5 cr, indicating strong early momentum for the new fiscal year.
A key highlight for the quarter was progress on the ₹958-cr Epitome EPC project. Civil works are 95% complete, tank fabrication/installation is progressing ahead of schedule with 110 of 130 tanks finished, and refinery work has reached 50% completion. The project has already contributed ~₹200 cr in revenue and is on track for completion by Mar 2027.
The ONGC PEC contract continues to scale well, with RBM achieving a monthly revenue run-rate of ₹10-11 cr. Production is expected to rise toward the 15-21 kbbl/month range. The project involves a capex of ~₹350 cr, with 12 wells in phase-1 and a planned expansion to 50 wells long term. Crude margins are estimated at 30–35%, while the company expects to maintain its consolidated PAT margin near 9-10%.
RBM has set an ambitious FY26 closing order book target of ≥₹4,500 cr, driven by ₹1,500 cr of non-ONGC EPC opportunities and ₹1,500–1,700 cr worth of bids, supported by a historical 40–45% win rate. Management reiterated confidence in a stronger H2 as execution accelerates and working capital pressure eases, with ₹152 cr in advances expected to unwind by March.
The balance sheet remains comfortable with ~₹46 cr of debt, and the company is evaluating an equity raise post its planned NSE main-board transition by Jan-Feb. RBM is also diversifying into railways, ports, and solar EPC, with a major railways tender award anticipated soon.
Risks flagged by management include ONGC execution challenges, working capital intensity, supply-chain dependencies, concentration in large projects, and the learning curve in new verticals.
