Business Profile of RKCPL Limited
RKCPL Limited was incorporated in 2013 and is engaged in civil construction and infrastructure development. The business of company business operations are broadly divided into EPC (“Engineering, Procurement and Construction”) projects and hybrid annuity model (“HAM”) projects. They have expertise in elevated roads, flyovers, bridges, road over bridges, highways, expressways, drainage systems, and canal systems. The objective of company is to strengthen its market presence by expanding service offerings and maintaining high-quality Standards. The company had 1,655 permanent employees as on July 31, 2025.
Objective of RKCPL Limited IPO
As per the draft red hearing prospects, the IPO issue consists fresh issue and offer for sale. The fresh issue consists of XXXX shares at the face value of ₨10.00 each aggregating up to ₹ 9,000.00 million and OFS consists XXXX shares at face value of ₨ 10.00 each aggregating up to ₨ 2,500.00 million. There are fresh shares issues and OFS by company and main objective of company is capital & working capital requirements, re-payment of outstanding borrowings, subsidiaries investment and general corporate purposes.
Details of RKCPL Limited IPO
| IPO Open Date | N.A. |
| IPO Close Date | N.A. |
| Basis of Allotment | N.A. |
| Listing Date | N.A. |
| Face Value | ₹10.00 per share |
| Price | N.A. |
| Lot Size | N.A. |
| Total Issue Size | Up to XXXX shares |
| Aggregating up to ₨ 12,500.00 million. | |
| Fresh Issue | Up to XXXX Equity Shares |
| Aggregating up to ₨ 7,000.00 million. | |
| Offer For Sale | Up to XXXX Equity Shares |
| Aggregating up to ₨ 5,500.00 million. | |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE & NSE |
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not more than 35% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
RKCPL Limited IPO: Issue Price & Size
The issue price of RKCPLLIMITED hasn’t been released yet. Upon releasing the dates, the investors can bid between those price ranges. The company has fresh issue and OFS aggregating up to ₹ 12,500.00 million at the price of ₨XXXX.
Launch Date of RKCPL Limited IPO
The IPO opening date of RKCPL LIMITED hasn’t been officially announced yet, upon the declaration of dates investor can bid for IPO.
Financial Statements of RKCPL Limited
| Particulars | As at March 31 , 2025 |
As at March 31 , 2024 |
As at March 31 , 2023 |
| Revenue | |||
| Revenue from Operations | 12,706.61 | 10,933.27 | 8,617.23 |
| Other Income ( Net ) | 60.25 | 185.12 | 105.52 |
| Total Income | 12,766.86 | 11,118.40 | 8,722.74 |
| Expenses | |||
| Cost of Material Consumed | 6,209.76 | 4,498.67 | 3,953.12 |
| Changes in Inventories of Finished Goods & Work – in – Progress |
( 1,490.76 ) | ( 24.75 ) | 78.96 |
| Cost of Construction | 4,239.15 | 3,415.43 | 2,705.49 |
| Employees Benefits Expense | 546.81 | 351.69 | 286.29 |
| Finance Cost | 320.27 | 86.79 | 49.76 |
| Depreciation & Amortization | 267.33 | 180.19 | 129.80 |
| Other Expenses | 461.59 | 489.18 | 261.12 |
| Total Expenses | 10,554.15 | 8,997.21 | 7,464.55 |
| Profit Before Tax | 2,212.71 | 2,121.19 | 1,258.19 |
| Tax Expense : | |||
| Current Tax | 566.25 | 512.14 | 296.82 |
| Deferred Tax | 0.65 | 10.98 | ( 3.86 ) |
| Tax Related to earlier years | – | 28.60 | – |
| Profit for the year | 1,645.81 | 1,569.48 | 965.22 |
Key financial ratios of RKCPL Limited
| Particulars | Unit | Fiscal 2025 | Fiscal 2024 | Fiscal 2023 |
| Operational KPIs | ||||
| Orderbook | in million | 29,666.01 | 33,454.66 | 27,131.58 |
| Book to Bill Ratio | In times | 2.33 | 3.06 | 3.15 |
| Financial KPIs | ||||
| Revenue from Operations | in million | 12,706.61 | 10,933.27 | 8,617.23 |
| EBITDA | in million | 2,740.06 | 2,203.05 | 1,332.23 |
| EBITDA Margin | % | 21.56 % | 20.15 % | 15.46 % |
| PAT | in million | 1,645.81 | 1,569.48 | 965.22 |
| PAT Margin | % | 12.95 % | 14.36 % | 11.20 % |
| Cash Profit | in million | 1.913.14 | 1,749.67 | 1,095.02 |
| Cash Profit Margin | % | 14.99 % | 15.74 % | 12.55 % |
| Total Equity | in million | 5,690.51 | 4,044.66 | 2,458.71 |
| Total Debt | in million | 5,092.57 | 1,162.10 | 625.54 |
| Net Debt | in million | 4,543.42 | ( 471.47 ) | ( 441.21 ) |
| Net Debt to EBITDA | In times | 1.66 | ( 0.21 ) | ( 0.33 ) |
| Total Debt to Equity | In times | 0.89 | 0.29 | 0.25 |
| Return on Equity | % | 28.92 % | 38.80 % | 39.26 % |
| Return on Capital Employed | % | 25.13 % | 45.89 % | 46.36 % |
| Net Workings Capital Days | Days | 40 | 11 | 23 |
| Gross Block | in million | 2,406.16 | 1,679.01 | 1,013.73 |
| Fixed Assets Turnover | In times | 7.08 | 8.19 | 10.13 |
Promoters & Shareholding RKCPL Limited IPO
As of date, according to the DRHP filed with SEBI promoters and promoter group have 100.00% shareholding in company.
| Name of Shareholder | No. of Equity Shares | % of total shareholding |
| Promoters & Promoter Group | ||
| Ram Kumar Goyal | 39,59,500 | 3.00 |
| Naresh Kumar | 6,07,19,500 | 46.00 |
| Krishan Kumar Goyal | 6,40,19,500 | 48.50 |
| Sushma | 3,300,000 | 2.50 |
| Tamanna Kansal | 500 | N.A |
| Naresh Kumar and Sons HUF | 500 | N.A |
| Krishan Kumar Goyal HUF | 500 | N.A |
| Total (A) | 132,000,000 | 100.00 |
| Public | N.A | N.A |
| Total (A+B) | 132,000,000 | 100.00 |
Should You Subscribe To RKCPL Limited IPO
While investing or subscribing to any IPO, consider the investment rationales related to the company. Hence, here you can find out the strength of the company that will be its growth factors. And also check the risk factors that can affect the growth and operational efficiency of the company.
Competitive Strengths of RKCPL Limited IPO
Established roads & railways EPC player
The company work as civil construction and infrastructure Development Company with experience in executing specialized structural works across India. The expertise of company includes construction of elevated roads, flyovers, bridges, road over bridges, highways, expressways, drainage systems, canal systems. The ability to execute complex projects on time enabled company to achieve consistent growth in its order book and establishing long-standing relationships with clients such as NHAI, PWD, Indian Railways, MoRTH, etc.
Diversified order book
The order books of company holds significant importance as it represents the total value of unexecuted contracts a company has on its books. The Order Book, as on Fiscal 2025, Fiscal 2024 and Fiscal 2023 amounted to ₹ 29,666.01 million, ₹33,454.66 million and ₹ 27,131.58 million, respectively. As of July 31, 2025, Order Book is valued at ₹26,175.07 million. These order books diversified across various business verticals which include, a) highways, bridges and other EPC projects; and b) railway projects and these verticals contribute significantly to company revenue from operation.
Integrated business model
The company offers a comprehensive range of services to assist clients in attaining their infrastructure construction goals, from conceptualization to completion. These activities include preparing and tendering bids for the project, construction, designing and planning, site visits for analysis of site conditions and operation and maintenance of the project. The company focuses on use of its in-house machinery and construction equipment to minimize reliance on external vendors, ensuring uninterrupted workflow and control oversite operations.
Healthy profitability and credit rating
The continuous focus of company on efficiency and productivity has enabled to deliver consistent financial performance. The company growth in EBITDA, PAT, ROE and ROCE can be attributed to a combination of strategic choices and operational efficiencies such as non-aggressive bidding for projects, favorable payment terms with suppliers, ownership of machineries, minimal subcontracting and bidding for technical projects. They have cultivated relationships with key suppliers, enabling to negotiate extended credit terms and favorable pricing.
Risk Factors of RKCPL Limited IPO
Government dependency
The business of company is primarily dependent on contracts awarded by governmental authorities and 100% of their Order Book for each of the three Fiscals comprises of contracts awarded by the governmental authorities. The financial of condition would be materially and adversely affected if company fail to obtain new contracts or current contracts with them are terminated.
Bids projects jointly with JV partners
The majority of company projects awarded by the governmental including central or state governments, governmental organizations and public sector authorities. To meet the prequalification criteria, company faces competition from other bidders in a similar position to them in looking for suitable joint venture partners. If company is unable to partner with other companies, and form joint ventures in the future, company may lose the opportunity to bid for new projects.
Key client risk
The top customers of company including top five customers and top ten customers contribute to 73.65%, 99.63% and 100.00% of total revenue from construction contracts and their business and profitability is dependent on its ability to win projects from such customers. Any loss of business from such large customers may have an adverse impact on company business, result of operations and financial condition.
Large working capital needs
The company has significant working capital requirements and if they experience insufficient cash flows or unable to access suitable financing to meet required payments on its debt and working capital requirements, there may be an adverse effect on the results of company operations.
RKCPL Limited IPO Grey Market Premium
Grey market premium is the premium quoted over the IPO issue price. GMP shows that investors are ready to pay above the upper band of the IPO issue price. GMP is determined in the grey market as per the demand and supply of the shares in the primary market. A grey market is that unofficial ecosystem of unlisted companies’ stocks that start trading even before the launch of the IPO to the date of its listing.
Also Read: What is Grey Market Premium in IPO: How is GMP Calculated & Reliable
However, GMP is not a reliable factor, as it keeps fluctuating as per the demand and supply of shares in the primary market. There are numerous factors that affect the stock market in India and individual stock prices of different companies that are already listed and trading in the secondary market. However, for an IPO-bounded company, you can consider the GMP as the speculative listing price of the share
According to various online sources, the Grey Market Premium or GMP of the RKCPL LIMITED is trading around Rs XX in the grey market. It means shares are trading at the upper band issue price of Rs XX with a premium in the grey market and may list around the same price.
