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Swing Capital

RKEC Projects Ltd

NSE: RKECInfra

RKEC Projects Ltd (RKEC) is a Infra company listed on NSE: RKEC. With a market cap of ₹80.1 Cr and ROCE of 14.1%, ROE of 11.2%, it operates in the Indian Infra sector.

₹31
52W: ₹25 — ₹90
PE 8.45 · Book ₹81.4 · -62% vs book
Market Cap₹80.1 Cr
Stock P/E8.45Price to Earnings
ROCE14.1%Return on Capital
ROE11.2%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Stock is trading at 0.37 times its book value
  • +Company's working capital requirements have reduced from 94.7 days to 56.8 days

Weaknesses

  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has low interest coverage ratio.
  • −Company has a low return on equity of 10.8% over last 3 years.
  • −Promoters have pledged 78.5% of their holding.
  • −Company has high debtors of 154 days.
  • −Promoter holding has decreased over last 3 years: -7.47%

Shareholding Pattern

Promoters66.51%
FIIs0.13%
DIIs0%
Public33.35%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters67.3%66.12%▼1.264.27%▼1.964.27%64.27%66.8%▲2.566.8%66.51%▼0.3
FIIs0%0.13%▲0.10.1%▼0.00.3%▲0.20.18%▼0.10.11%▼0.10.11%0.13%▲0.0
DIIs0%0.19%▲0.20.19%0%▼0.20%0%0%0%
Public32.7%33.57%▲0.935.44%▲1.935.43%▼0.035.55%▲0.133.09%▼2.533.09%33.35%▲0.3

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales45.19117.3140.1284.6776.84118.98118.5276.0731.0332.65
Expenses39.6596.82127.1171.2463.86101.98110.4864.7824.4825.78
Operating Profit5.5420.4813.0113.4312.98178.0411.296.556.87
OPM %12.26%17.46%9.28%15.86%16.89%14.29%6.78%14.84%21.11%21.04%
Net Profit0.8910.725.455.315.666.352.713.351.711.71
EPS ₹0.374.472.272.212.362.651.131.40.660.66

AI Insights

Revenue Trend

TTM revenue at ₹258Cr, down 35.3% YoY. OPM at 13%.

Debt Position

Borrowings at ₹190Cr. Debt-to-equity ratio: 1.04x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹7Cr (7% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0% (+0.00pp change). FIIs: 0.13% (+0.13pp change). Promoters hold 66.51%.

Margin & Efficiency

ROCE declining from 20% (Mar 2014) to 14% (Mar 2025). Working capital days: 57.

Valuation

PE 8.45x with 14.1% ROCE. Price is -62% above book value of ₹81.4. Dividend yield: 0%.

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