Ramky Infrastructure533262Quarterly results
Board approves unaudited Q2 results and incorporation of a Dubai wholly owned subsidiary
Board approved unaudited results for the quarter and half year ended 30 September 2026.
By ScoutQuest · · 3 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 6,045.38 | 4,716.42 | +28.2% | 4,712.28 | +28.3% |
| Total income | 6,756.72 | 5,288.03 | +27.8% | 5,433.20 | +24.4% |
| Profit before tax | 1,240.23 | 1,075.48 | +15.3% | 551.80 | +125% |
| Profit after tax | 1,028.09 | 756.29 | +35.9% | 387.97 | +165% |
| Total comprehensive income | 1,026.86 | 759.68 | +35.2% | 392.98 | +161% |
| Basic EPS | 13.22 | 10.87 | +21.6% | 5.68 | +133% |
- Profit after tax YoY growth
- +35.9%
- Period
- Quarter ended 30 Sep 2026
Also decided at the meeting
- Approved incorporation of a Wholly Owned Subsidiary of Ramky Infrastructure Limited in Dubai, United Arab Emirates (U.A.E).
- Initial investment in the proposed wholly owned subsidiary shall be up to an amount of AED 1,00,000/-, for 100% shareholding, by way of cash consideration.
- The incorporation is subject to approval of applicable regulatory authorities in India and Dubai, U.A.E.
Auditor's review
Conclusion: Unmodified
- Emphasis of Matter - Note 3: NHAI deducted ₹2,509.46 million from annuities of Srinagar Banihal Expressway Ltd towards substandard steel and other deductions; independent engineer recommended release of ₹1,872.75 million; arbitration…
- Emphasis of Matter - Note 4: Hospet Chitradurga Tollways Ltd ceased to be a going concern after the project was terminated by mutual consent with NHAI in FY2014-15; consequential financial impact was provided in earlier years.
- Our conclusion on the Consolidated Statement is not modified in respect of these matters; review relied on other auditors and on management-certified unreviewed interim results of joint operations and 2 subsidiaries.
Notes to the results
- Srinagar Banihal Expressway Ltd: NHAI deductions of ₹2,509.46 million from annuities; independent engineer recommended release of ₹1,872.75 million; subsidiary has initiated arbitration and is confident the entire amount is recoverable.
- Hospet Chitradurga Tollways Ltd ceased to be a going concern as the project was terminated on mutual consent with NHAI during FY2014-15; consequential financial impact was provided in the earlier financial year.
- During the quarter ended September 30, 2026, the group reviewed and wrote back liabilities and provisions amounting to ₹70.00 million which are no longer considered payable.
- The parent paid a final dividend of ₹1 per equity share (10% of face value of ₹10 per share), aggregating ₹69.20 million, for the financial year 2025-26 during the quarter.
What the board approved
- Unaudited financial results, standalone and consolidated, for the quarter and half year ended 30 September 2026.
- Incorporation of a wholly owned subsidiary of the company in Dubai, United Arab Emirates.
The Dubai subsidiary
- Shareholding: 100%, held by the company.
- Initial investment: up to AED 1,00,000/-, by way of cash consideration.
- Purpose: expanding the company's existing business operations into Dubai, UAE. The industry is listed as Infrastructure.
- The proposed company will be a related party of the company on its incorporation. Apart from this, the promoter, promoter group and group companies are stated to have no interest in the transaction.
- Incorporation is subject to approval of applicable regulatory authorities in India and Dubai, UAE.
Auditor's review conclusion
- The statutory auditors, Suriyanarayana Reddy & Co., carried out a limited review, not a full audit, of the consolidated results.
- Their conclusion: nothing came to their attention that causes them to believe the consolidated statement contains a material misstatement. In other words, the conclusion is unmodified and is not changed by the matters below.
Emphasis of Matter, two items
- Srinagar Banihal Expressway Limited, a subsidiary: NHAI made deductions of ₹ 2,509.46 million from annuities towards substandard steel, deviation of embankment and other deductions. The independent engineer recommended release of ₹ 1,872.75 million of that amount in financial year 2023-24. The subsidiary has initiated arbitration for all recoveries from NHAI and is confident the entire amount is fully recoverable. Pending the outcome, no adjustment has been made in these results.
- Hospet Chitradurga Tollways Limited, a subsidiary: the project was terminated by the subsidiary and NHAI with mutual consent in financial year 2014-15. As it is a project specific company, the termination affects the going concern nature of that subsidiary. The consequential financial impact was provided in the financial statements during the earlier year.
Consolidated results (₹ in million)
- Revenue from operations: 6,045.38 for the quarter ended 30 September 2026 and 10,757.66 for the half year.
- Net profit after tax: 1,028.09 for the quarter and 1,416.06 for the half year.
How the numbers read
- The half year revenue of 10,757.66 million and half year net profit after tax of 1,416.06 million are the consolidated figures for the six months from April 01, 2026 to September 30, 2026.
- The quarter figures cover July to September 2026 and are consolidated.
Group structure points
- The consolidated statement covers the parent, its subsidiaries, joint operations and associates.
- Applications were shared with the Registrar of Companies on October 16, 2026 for striking off the names of two subsidiaries; the applications are pending approval.
- The review report records reliance on other auditors for certain subsidiaries and on management certified interim financial information for nine joint operations.
What investors may take away
- The Dubai step is an expansion of the existing business into a new geography. The money committed at this stage is small, up to AED 1,00,000/-, and the entity is yet to be incorporated.
- The NHAI deduction at Srinagar Banihal Expressway is the largest single figure tied to a risk item here. The subsidiary expects full recovery through arbitration, and no adjustment has been made in these results.
₹ 1,416.06 millionNet profit after tax, consolidated
Profit after tax, latest quarter1,028.09 (₹ in Million)
Profit after tax, quarter387.97 (₹ in Million)
100%Shareholding in Dubai wholly owned subsidiary
Also from Ramky Infrastructure
Board meeting on 06 November 2026 to consider unaudited results for quarter and half year ended 30 September 2026
3 Nov 2026
Ramky Infrastructure signs ~INR 588.57 crore EPC contract with RVNL for NMDC township housing at Bacheli
24 Oct 2026
ESG rating of 56 assigned by NSE Sustainability for FY 2025-26
23 Oct 2026
More numbers
- Revenue from operations, consolidated, half year ended 30 Sep 2026₹ 10,757.66 million
- Net profit after tax, consolidated, half year ended 30 Sep 2026₹ 1,416.06 million
- Initial investment in Dubai wholly owned subsidiaryAED 1,00,000/-
- Shareholding in proposed Dubai wholly owned subsidiary100%
- NHAI deductions, Srinagar Banihal Expressway Limited₹ 2,509.46 million
- Release recommended by independent engineer, Srinagar Banihal₹ 1,872.75 million
- Total income, latest quarter6,756.72 (₹ in Million)
- Total income, year-ago quarter5,288.03 (₹ in Million)
- Total income, previous quarter5,433.20 (₹ in Million)
- Total comprehensive income, latest quarter1,026.86 (₹ in Million)
- Total comprehensive income, year-ago quarter759.68 (₹ in Million)
- Total comprehensive income, previous quarter392.98 (₹ in Million)
- Profit after tax, latest quarter1,028.09 (₹ in Million)
- Profit after tax, year-ago quarter756.29 (₹ in Million)
- Profit after tax, previous quarter387.97 (₹ in Million)
- Revenue from operations, latest quarter6,045.38 (₹ in Million)
- Profit before tax, latest quarter1,240.23 (₹ in Million)
- Revenue from operations, year-ago quarter4,716.42 (₹ in Million)
- Revenue from operations, previous quarter4,712.28 (₹ in Million)
- Profit before tax, year-ago quarter1,075.48 (₹ in Million)
- Profit before tax, previous quarter551.80 (₹ in Million)
Source: BSE · 6 Nov 2026
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