Ramky Infrastructure Navigates Q2 FY26 with Strategic Focus and Robust Order Book

Ramky Infrastructure Limited, a prominent player in India's infrastructure sector, has announced its financial results for the second quarter and half-year ended September 30, 2025. The company, known for its expertise in industrial infrastructure, water and wastewater management, and urban solutions, reported a period marked by sustained operational momentum and disciplined financial management. Despite a slight dip in standalone performance compared to the previous year, the consolidated results reflect a resilient operational strategy and a strong outlook for future growth.

For Q2 FY26, Ramky Infrastructure posted a consolidated revenue from operations of INR 471.6 crore, with a consolidated EBITDA of INR 139.9 crore. The Profit After Tax (PAT) for the consolidated entity stood at INR 75.6 crore. While the consolidated figures demonstrate stability, the standalone revenue from operations for the quarter was INR 444.8 crore, a decrease from INR 503.0 crore in the corresponding quarter of FY25. Similarly, standalone EBITDA and PAT also saw a year-on-year decline. Management attributed this to the natural project cycle, with some large Hybrid Annuity Model (HAM) projects nearing completion and newer, larger projects currently in their engineering and initial execution phases, which are expected to gain momentum in the coming quarters.

Financial Snapshot: Q2 FY26 Performance (INR Crore)

Strategic Initiatives and Growth Drivers

Ramky Infrastructure's strategic direction is clearly focused on leveraging its core strengths and exploring new avenues for growth. A significant milestone achieved in July 2025 was the formal exit from its restructuring framework, with the company's account now reclassified as 'Standard' by lenders. This development underscores the company's improved financial health and provides a solid foundation for its ambitious growth plans.

The company is actively prioritizing high-growth segments such as water wastewater and industrial parks. Management highlighted that these areas are expected to be major drivers of business growth and top-line enhancement in the coming financial years. Ramky Infra is pursuing large industrial park projects, including advanced discussions for a life sciences park in Maharashtra, aiming to replicate its successful pharma park model established in Andhra Pradesh.

In a move to diversify its geographical footprint, Ramky Infrastructure is also expanding into international markets, with a particular focus on the Middle East and Africa. The company is targeting water and wastewater projects in these regions, often under an Independent Power Producer (IPP) model, and anticipates significant project awards in the next 12 months. This international expansion is part of a broader strategy to tap into growing infrastructure demands globally.

Order Book and Future Outlook

Ramky Infrastructure's order book remains robust, providing strong revenue visibility for the coming years. The company's consolidated order book stood at INR 9,200 crore as of Q1 FY26. Management has set an ambitious target to increase this to INR 12,000 crore by the next financial year, aiming to maintain a healthy 2.5x to 3x turnover visibility. This strong pipeline includes two L1 positions for new orders, collectively valued at over INR 2,000 crore, with Letters of Award (LOA) expected in Q4 FY26.

During the quarter, Ramky Infrastructure signed a concession agreement with HMWSSB for the 'Filling of Osman Sagar and Himayath Sagar Reservoirs with Godavari Water from Mallana Sagar Reservoir' project, valued at INR 2,085 crore. This project, which involves a 2-year construction period followed by 10 years of operations and maintenance, exemplifies the company's focus on HAM model projects, which are generally more profitable than traditional EPC contracts.

Financially, the company maintains a strong position as a debt-free entity with nil term debt, enhancing its financial flexibility. Management is also exploring innovative funding strategies beyond traditional banks to secure better financing terms for its new projects. Additionally, the sale of the Visakha Pharmacity asset, currently under discussion and due diligence, is expected to conclude by March 2026, which could further strengthen the company's balance sheet.

Conclusion

Ramky Infrastructure Limited's Q2 FY26 performance, while showing some standalone fluctuations, reflects a company with a clear strategic direction and a strong foundation. The formal exit from its restructuring framework, coupled with a robust order book, debt-free status, and a strategic focus on high-growth domestic and international segments, positions Ramky Infra for sustainable growth. The management's cautious optimism and emphasis on disciplined execution suggest a confident approach to capitalizing on India's burgeoning infrastructure development opportunities and expanding its global footprint.