RAMKY Q2 FY26 earnings call.
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Revenue
₹472 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
Source
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Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Ramky Infrastructure reported Q2 FY26 with a 9,200 crore order book providing ~36 months revenue visibility. Revenue declined sequentially due to large annuity projects nearing completion while new large projects remain in engineering phase—management expects revenue acceleration in H2FY26 with ~1,600 crore execution. EBITDA margins contracted to 17.5% in Q2 FY26 (ex-other income) versus 24.4% a year ago, as higher-margin completed projects were replaced by lower-margin early-stage execution. The company targets 21-22% EBITDA margins on sustainable annual basis. Two L1 positions valued at 2,000+ crore expected to convert in Q4. International expansion into Middle East and Africa is underway for water/wastewater projects. Key risks include ongoing arbitration for Srinagar-Banihal road claims and 240-acre Farm City asset remaining under court attachment, limiting monetization flexibility.
Colored figures show movement against the previous available record.
Guidance to track
- Full year revenue guidance of ~2,400 crore with 1,600 crore expected in H2FY26 (800 crore H1 completed, ~600 crore Q3, ~600 crore Q4).
- Target 21-22% EBITDA margins on sustainable yearly basis; Q2 margin of 17.5% (ex-other income) is a temporary dip due to project execution stage.
- Management targets 12,000 crore cumulative order backlog by FY27, maintaining 2.5-3x revenue visibility ratio.
- Water/wastewater projects in Middle East and Africa, replicating Indian industrial park and HAM model expertise; projects in advanced negotiation stage.
Risks flagged
- Sequential decline in Q2 revenue and EBITDA margin (17.5% vs 24.4% YoY) due to project completion timing; new large projects in early engineering phase.
- Arbitration ongoing for road claims; management declined to disclose claim amount citing court sensitivity; outcome expected next year with 'sizable' potential recovery.
- 240 acres of 2,500-acre Farm City project remains attached by ED; High Court stay on attachment; asset cannot be sold until release, limiting monetization options.
- Concentration in few large projects (Hyderabad water 2,885 crore, building 2,000 crore) creates execution risk; delays or cost overruns could disproportionately impact financials.
Key quotes
- We are expecting to see in the next quarter that some of the work that we have done in the past... we will update you on the sizable orders which are going to be secured in the next quarter.
- Some of our large annuity projects have come to the last stage, tapering in the last stage, and the new projects are picking up momentum. So these one quarter you would see a decline in revenues and profits because the new project which is a large project is in the engineering stage.
- We have restrictions in terms of disclosing this numbers but we are in a very advanced state of discussion with some other states. We hope that in the next one month we'll be able to disclose to the market the size and scale of this.
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