Ramky Infrastructure Limited: ₹12,000 crore is 65% investor-operator

At 30 September 2026, Ramky Infrastructure Limited had a ₹12,000 crore unexecuted order book, with investor-operator projects accounting for 65% and industrial solutions contributing ₹7,500 crore, or 62%. The order book equalled 4.6 times FY26 revenue excluding operations and maintenance (O&M), according to the investor presentation.

How is Ramky Infrastructure's order book split by contract type?

Ramky Infrastructure's ₹12,000 crore order book was split between 65% investor-operator projects and 35% engineering, procurement and construction (EPC) contracts at 30 September 2026. Based on the disclosed total, investor-operator work represented ₹7,800 crore and EPC work represented ₹4,200 crore.

The investor-operator share was 30 percentage points higher than the EPC share. Ramky Infrastructure's stated 4.6-times comparison uses FY26 revenue excluding O&M, while the presentation identifies the ₹12,000 crore amount as an unexecuted order-book snapshot rather than revenue recognised during a reporting period.

The presentation does not provide a completion schedule for the entire ₹12,000 crore portfolio. It does, however, disclose construction periods, milestones and O&M provisions for selected projects, including the Dighi Port Industrial Area Phase 1 Package A contract.

Which segment contributes most to Ramky Infrastructure's backlog?

Industrial solutions was Ramky Infrastructure's largest order-book segment at ₹7,500 crore, or 62% of the ₹12,000 crore total. Water and wastewater represented ₹2,500 crore, or 21%, and urban infrastructure represented ₹2,000 crore, or 17%.

Industrial solutions exceeded water and wastewater by ₹5,000 crore and urban infrastructure by ₹5,500 crore. It also exceeded the combined ₹4,500 crore order book of the other two segments by ₹3,000 crore.

Ramky Infrastructure's active-client list names MIDC, VPCL, MITL and Renvion under industrial solutions. HMWSSB, PHED, KMC, KEIIP and VOC Port are listed under water and wastewater, while KDA, RGHCL and REFL are listed under urban infrastructure; the presentation does not assign individual order-book values to these clients.

What does Ramky Infrastructure's Dighi Port contract cover?

Ramky Infrastructure's Dighi Port Industrial Area Phase 1 Package A contract is a ₹1,400 crore EPC award covering design, construction, testing, commissioning, O&M and infrastructure works. Maharashtra Industrial Township Limited awarded the contract for the Delhi Mumbai Industrial Corridor project, with an appointed date of February 2026 and the second milestone achieved.

The project has a 930-day construction period, a four-year defect-liability period and five milestones from design to completion. Its delivery sequence covers design, construction, testing and commissioning, followed by O&M, although the presentation does not disclose the portion of the ₹1,400 crore award attributable to O&M.

The Dighi Port contract sits within industrial solutions, which held ₹7,500 crore of the order book at 30 September 2026. The ₹1,400 crore contract value equals about 19% of the industrial-solutions order book, but the presentation does not state how much of that award remained unexecuted after the second milestone.

What is Ramky Infrastructure's Maha Integrated Life Sciences City plan?

Ramky Infrastructure is developing the ₹3,000 crore Maha Integrated Life Sciences City with MIDC in the Dighi Port Industrial Area. The 1,000-hectare integrated life-sciences ecosystem had completed master planning and engineering, while its financial-closure update was that a term sheet had been received.

The land-use plan allocates 607.70 hectares to the industrial zone, 125.54 hectares to green spaces and 113.12 hectares to roads and parking. Common amenities account for 62.62 hectares, utilities for 51.33 hectares and the commercial zone for 39.69 hectares, totalling the stated 1,000 hectares.

The project's ₹3,000 crore cost is more than twice the ₹1,400 crore value of the Dighi Port Phase 1 Package A EPC contract. Ramky Infrastructure did not disclose an appointed date, construction period, revenue-recognition amount or operational milestone for the life-sciences city beyond the completed planning and engineering work.

How does Ramky Infrastructure's backlog compare with financial performance?

Ramky Infrastructure reported consolidated revenue from operations of ₹1,076 crore in H1 FY27, up from ₹851 crore in H1 FY26. Consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) were ₹280 crore against ₹277 crore, while EBITDA margin declined to 26% from 33%.

Consolidated profit after tax was ₹142 crore in H1 FY27, compared with ₹153 crore in H1 FY26. In Q2 FY27, revenue from operations rose to ₹605 crore from ₹472 crore in Q2 FY26, while profit after tax increased to ₹103 crore from ₹76 crore.

Project debt stood at ₹923 crore on 30 September 2026, compared with ₹163 crore on 31 March 2026, while cash, bank balances and liquid investments were ₹409 crore against ₹397 crore. The presentation says project debt was raised in Srinagar Banihal Expressway Ltd and Hyderabad STPs Ltd against monetisation of future cash flows from NHAI and HMWSSB, with a five-year repayment tenor.

Conclusion

Ramky Infrastructure's disclosed workload was concentrated in industrial solutions and weighted toward investor-operator projects at 30 September 2026. Industrial solutions accounted for ₹7,500 crore of the ₹12,000 crore order book, while the 65% investor-operator share equated to ₹7,800 crore, compared with ₹4,200 crore of EPC work.

The next disclosed items to watch are progress through the Dighi Port contract's five-milestone structure after its second milestone, and whether the Maha Integrated Life Sciences City moves from a received term sheet to financial closure. The presentation also leaves unresolved the execution timing and remaining unexecuted value of individual projects within the ₹12,000 crore order book.