Raviya Engineering Services Limited Shifted to 76% EPIC Revenue

Raviya Engineering Services Limited shifted from an operation and maintenance, or O&M, led revenue mix in FY24 to Engineering, Procurement, Installation and Commissioning, or EPIC, led revenue in FY26. EPIC contributed 76.00% of FY26 revenue from operations, compared with 14.88% in FY24, as total revenue reached Rs 277.6329 crore.

How did Raviya’s revenue mix shift to EPIC revenue?

Raviya’s disclosed revenue mix changed from predominantly O&M work in FY24 to predominantly EPIC projects in FY26. O&M represented 85.12% of revenue from operations in FY24, while EPIC represented 14.88%; in FY26, EPIC accounted for 76.00% and O&M accounted for 24.00%. EPIC covers turnkey work including design, engineering, procurement, installation, testing and commissioning, whereas O&M includes preventive and corrective maintenance of electro-mechanical systems.

The transition occurred across three reported financial years rather than in a single period. EPIC represented 51.46% of revenue from operations in FY25, compared with O&M at 48.54%, before EPIC’s share increased by 24.54 percentage points to 76.00% in FY26. O&M’s share declined by the same 24.54 percentage points between FY25 and FY26, showing that project execution became the larger contributor to reported annual revenue.

Raviya’s FY24 service-line amounts do not reconcile with its reported FY24 revenue from operations, although the stated service-line percentages total 100.00%. The disclosed FY24 EPIC amount of Rs 22.0080 crore and O&M amount of Rs 11.4845 crore together equal Rs 33.4925 crore, against reported revenue from operations of Rs 13.4925 crore. The percentage comparison therefore shows the disclosed mix, while the FY24 absolute service-line figures should be read with that inconsistency in mind.

What caused Raviya’s EPIC revenue base to expand in FY26?

Raviya’s larger FY26 revenue base reflected contributions from its onshore, offshore and data centre operations, which are end-market categories rather than alternatives to EPIC and O&M classifications. Onshore operations generated Rs 164.3583 crore, or 59.16% of FY26 revenue from operations; offshore operations generated Rs 80.1262 crore, or 28.84%; and data centre operations generated Rs 33.1484 crore, or 11.93%.

Revenue from operations increased from Rs 13.4925 crore in FY24 to Rs 108.6127 crore in FY25 and Rs 277.6329 crore in FY26. Over the same period, onshore’s share rose from 15.10% to 59.16%, while offshore’s share declined from 47.12% to 28.84% and data centres’ share declined from 37.52% to 11.93%. Raviya attributes the overall growth to onshore, offshore and data centre projects as well as recurring O&M contracts.

EPIC revenue depends on project execution and the timing of revenue recognition under those contracts. Raviya states that its EPIC projects are typically executed over six to 14 months and include heating, ventilation and air-conditioning, or HVAC, systems, chiller plants, compressors, cooling equipment and related electrical and mechanical utilities. An EPIC-led revenue mix would therefore require continued project awards, deployment and completion progress within the company’s disclosed execution cycle.

Does Raviya’s order book support an EPIC-led revenue mix?

Raviya’s FY26 closing order book was weighted towards EPIC projects, which supports the company’s project-led revenue profile but does not determine revenue in a later period. EPIC projects accounted for Rs 267.3220 crore, or 73.21%, of the Rs 365.1295 crore order book at FY26 end. Raviya defines order book as the estimated contract value of the unexecuted portion of its existing contracts.

O&M service contracts represented Rs 97.8075 crore, or 26.79%, of the FY26 closing order book. In FY25, EPIC projects represented Rs 76.8379 crore, or 91.61%, of the Rs 83.8712 crore order book, while O&M represented Rs 7.0333 crore, or 8.39%. O&M backlog therefore increased in absolute terms during FY26 even though EPIC remained the larger unexecuted category.

As of June 30, 2026, Raviya reported an order book of Rs 491.1212 crore, including Rs 308.6637 crore of EPIC projects, Rs 90.8075 crore of O&M contracts and Rs 91.6500 crore of hybrid projects. EPIC represented 62.85% of this order book, O&M represented 18.49%, and hybrid projects represented 18.66%. Hybrid projects were not reported as a separate category at FY26 end, and the supplied disclosure does not specify how their revenue will be classified between EPIC and O&M.

How much recurring O&M business remains at Raviya?

Raviya retained a substantial O&M revenue base in FY26, although it was smaller than its EPIC business by revenue share. O&M revenue increased to Rs 66.6422 crore in FY26 from Rs 52.7165 crore in FY25, but its share fell from 48.54% to 24.00% because EPIC revenue grew to Rs 210.9907 crore. The fall in O&M’s mix share therefore does not mean that O&M revenue declined in absolute terms during FY26.

Raviya’s O&M service scope includes routine inspections, monitoring, troubleshooting, repairs and maintenance of equipment installed both by Raviya and by third-party solution providers. Servicing third-party-installed systems can extend the addressable O&M client base beyond Raviya’s own EPIC projects. However, the FY26 revenue mix indicates that this recurring service activity did not match the year’s project-execution contribution.

The disclosed O&M work-order tenor shows eight contracts as of June 2026: three with completion scheduled within one year and five scheduled for completion in one to three years. Raviya reported no O&M contracts with a tenor exceeding three years in June 2026, FY26, FY25 or FY24. The company’s recurring revenue mechanism is consequently tied to contracts lasting up to three years, including multi-year engagements, rather than contracts extending beyond that period.

What does the revenue mix mean for Raviya’s operating profile?

Raviya’s reported operating profile is more dependent on EPIC project conversion than it was in FY24. Revenue from operations increased by Rs 264.1404 crore from FY24 to FY26, while O&M’s share declined by 61.12 percentage points and EPIC’s share increased by the same amount. Because Raviya describes EPIC contracts as six-to-14-month assignments, the persistence of the mix depends on project wins, timely execution and the conversion of unexecuted work into revenue.

Raviya continues to describe its model as combining short-to-medium-cycle EPIC projects with multi-year O&M contracts. Repeat clients generated Rs 173.7868 crore, or 62.60%, of FY26 revenue from operations, while new clients generated Rs 103.8461 crore, or 37.40%. These figures identify a majority contribution from repeat clients during FY26, but they do not establish future contract renewals or future project awards.

Raviya’s June 2026 order book also shows that the business has exposure to three revenue categories rather than solely EPIC and O&M. The Rs 91.6500 crore hybrid-project category was 18.66% of the Rs 491.1212 crore June 2026 order book. Its future effect on the revenue mix remains unresolved because the supplied disclosure does not define the revenue treatment or execution tenor of hybrid projects.

Conclusion

Raviya’s disclosure shows a material move from an O&M-led FY24 revenue mix to EPIC-led FY26 revenue. FY26 revenue from operations reached Rs 277.6329 crore, with EPIC contributing 76.00% and O&M contributing 24.00%; the FY26 closing order book was also 73.21% EPIC. O&M still generated Rs 66.6422 crore during FY26, but it did not remain the principal source of annual revenue.

The next item to watch is Raviya’s execution of its Rs 491.1212 crore order book as of June 30, 2026, including Rs 91.6500 crore of hybrid projects. Raviya has stated that it intends to target sectors including luxury hospitality, shipyards, pharmaceuticals, biotechnology, airports, data centres and sophisticated manufacturing facilities. Whether the EPIC-heavy mix persists will depend on the execution and revenue conversion of these orders, particularly the undisclosed revenue classification of hybrid projects.