IPO Details
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Schedule of Ravi Infrabuild Projects IPO
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Allotment of bids
Refund Initiation
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About Ravi Infrabuild Projects IPO
Ravi Infrabuild Projects Limited IPO is an IPO aggregating up to ₹1,100 crore. The shares will be allotted on TBA. The credit of shares to the demat account will take place on TBA and the initiation of refunds will take place on TBA.
Objective of Ravi Infrabuild Projects IPO
- Repayment/pre-payment, in full or in part, of certain borrowings availed by them.
- Investment in their subsidiaries for repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by their subsidiaries.
- Purchase of equipment.
- General corporate purposes.
Ravi Infrabuild Projects IPO Valuation
| Detail | Information |
|---|---|
Upper Price Band (₹) | TBA |
Existing Shares to be Sold | -- |
Fresh Issue | Aggregating up to ₹1,100 crores |
EPS (₹) For the year ended March 31, 2024 | 16.63 |
Ravi Infrabuild Projects IPO Lot Size
| Investor Category | Shares Offered |
|---|---|
QIBs Share Offered | Not less than 75% |
Non-Institutional Investors (NIIs) | Not more than 15% |
Retail Individual Investors | Not more than 10% |
Industry Outlook
The construction sector is a key component of the Indian economy, with linkages across more than 250 sub-sectors. Construction, the second-largest economic activity in India (after agriculture), contributes approximately 9.1% to the national GDP.
The Indian Road sector is experiencing significant growth and is set to expand further in the future. It is estimated that India will need to spend USD 4,51,000 crore on infrastructure by 2030 to achieve its vision of becoming a USD 5,00,000 crore economy by 2027. In line with this, the National Infrastructure Pipeline (NIP) has allocated a total capital investment of ₹20,34,000 crore for the highways sector by 2025.
The Indian railway system is a cornerstone of the nation's economy, recognised as one of the largest in the world and the fourth biggest after the US, China, and Russia. From FY 2021 to FY 2026, the Union Budget has significantly increased its allocation towards the railway sector. The Government has also provided ₹10,000 crore from extra-budgetary resources to meet its expenses and support modernisation.
With the increasing number of ropeway projects under the Parvatmala Scheme and the rising demand for eco-friendly transport options, the ropeway market is poised for strong growth. More urban and rural areas are expected to adopt ropeway systems as solutions for last-mile connectivity, tourism, and sustainable urban mobility.
Company Information
Ravi Infrabuild Projects Limited is one of the leading infrastructure construction companies, with experience in undertaking structural work such as flyovers, bridges, railways, highways, and expressways, and has a reputation for delivering quality projects (Source: D&B Report). They undertake the design and construction of highways and expressways through EPC contracts and also develop road and highway projects, including bridges, on a hybrid annuity model (“HAM”) basis (the “Annuity Mode”), for which they receive annuity income. They also undertake design and construction contracts for railways, ropeways and other structural projects.
Strengths of Ravi Infrabuild Projects IPO
One of the leading engineering, procurement, and construction companies with experience in infrastructure construction.
Amongst the selected peer companies, they have emerged as one of the fastest-growing engineering, procurement, and construction (EPC) companies in terms of Total Order Book and PAT, as of fiscal year 2024 (Source: D&B Report). Their revenue from operations increased significantly from ₹1,105.11 crore in fiscal 2022 to ₹1,390.99 crore in fiscal 2024, and to ₹1,027.59 crore in the nine months ended 31 December 2024. Their CAGR increased at a rate of 12.19% from fiscal 2022 to fiscal 2024.
Diverse portfolio of projects and established track record of timely execution.
As of 31 December 2024, the company has completed over 90 projects, including 13 EPC and six HAM projects in the highways, expressways, and railways sectors. As of the same date, they have 12 ongoing projects, comprising four EPC road projects, four HAM projects, and four BoQ projects, including railway and ropeway projects.
Track record of long-standing relationships with a marquee client base.
They have long-standing relationships with their clients and have worked with some of them for several years, including NHAI, MoRTH, and MPRDC since fiscal 2022, fiscal 2018, and fiscal 2009, respectively.
Risks of Ravi Infrabuild Projects IPO
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Their operations are subject to accidents and other risks, and could expose them to material liabilities, loss in revenues and increased expenses, which could have an adverse effect on their business, results of operations and financial condition.
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They are required to pay royalty charges for mining according to the terms of their contracts and specific central and state regulations. Any adverse change in the terms of the contracts or policies adopted by the government regarding the payment of royalty on mining could adversely affect their project cost and profitability.
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They depend on a limited number of third-party suppliers for the uninterrupted supply of raw materials and do not have continuing or exclusive arrangements with any of their suppliers. Loss of suppliers or any failure by suppliers to deliver raw materials on time may have an adverse effect on their business, results of operations, financial condition, and cash flows.
Ravi Infrabuild Projects IPO Financials
Peer Comparison
| Parameter | Ravi Infrabuild Projects Limited | PNC Infratech Limited | G R Infraprojects Limited |
|---|---|---|---|
Revenue from operations for the year ended March 31, 2024 (₹ in crores) | 1390.993 | 8649.868 | 8980.150 |
P/E | --- | 7.45 | 7.81 |
EPS (Diluted) (₹) | 16.63 | 35.45 | 136.87 |
Return on Net Worth (%) | 28.10 | 17.54 | 17.40 |
NAV per share (₹) | 177.56 | 202.14 | 786.18 |
IPO Registrar and Book Running Lead Managers
Book running lead managers:
Motilal Oswal Investment Advisors Limited
Axis Capital Limited
Registrar for the IPO is MUFG Intime India Private Limited
Business Model
The company earns its revenue through the following source: The design and construction of highways and expressways through Engineering, Procurement and Construction (EPC) contracts, as well as the development of road and highway projects including bridges on a Hybrid Annuity Model (HAM) basis (the Annuity Mode). The company also undertakes projects in railways, ropeways and other structural infrastructure developments.
Company Growth Trajectory
Their revenue from operations has increased significantly from ₹1,105.11 crore in fiscal 2022 to ₹1,390.99 crore in fiscal 2024, and to ₹1,027.59 crore in the nine months that ended 31 December 2024. Their CAGR has increased at a rate of 12.19% from fiscal 2022 to fiscal 2024. Their CAGR, based on the average size of the projects constructed in each year, has increased by 16.33% from ₹152.33 crore in fiscal 2022 to ₹206.16 crore in fiscal 2024.
Company Market Position
Ravi Infrabuild Projects Limited has established a strong footprint across India, with operations spanning multiple states, including Madhya Pradesh, Uttar Pradesh, Karnataka, Maharashtra, Himachal Pradesh, Haryana, Rajasthan, Jharkhand, and Gujarat. With a solid track record of delivering over 90 infrastructure projects, Ravi Infrabuild is currently executing 12 ongoing projects and has a healthy pipeline across various domains. As on 31 December 2024, they had completed over 90 projects with a consolidated contract value of around ₹6,860.85 crore, including 13 EPC and six HAM projects in the highways, expressways, and railways sectors. As of December 2024, the company is constructing 10 major bridge works across India. As on 31 December 2024, they had constructed 4,439.38 lane kilometres of highways and expressways, which also includes structures such as flyovers, bridges, and railway overbridges across various states in India.
Ravi Infrabuild Projects Company Profit & Loss
| Parameter | FY22 | FY23 | FY24 |
|---|---|---|---|
Revenue from operations (₹ crores) | 1105.11 | 1016.21 | 1390.99 |
Profit Before Tax (₹ crores) | 72.794 | 142.255 | 169.737 |
Net profit / (loss) (₹ crores) | 55.883 | 104.073 | 124.718 |
EBITDA (₹ crores) | 105.529 | 179.276 | 240.286 |
EPS (₹) | 7.45 | 13.88 | 16.63 |
Ravi Infrabuild Projects Cash Flow
| Parameter | FY22 | FY23 | FY24 |
|---|---|---|---|
Profit before tax (₹crores) | 72.794 | 142.255 | 169.737 |
Net Cash from Operating Activities (₹ crores) | (36.272) | 49.546 | (416.413) |
Net Cash from Investing Activities (₹ crores) | (54.717) | (81.459) | (30.336) |
Net Cash from Financing Activities (₹ crores) | 96.556 | 29.572 | 500.673 |
Cash and Cash Equivalents (₹ crores) | 31.410 | 29.069 | 82.993 |
How To Check Allotment Status of Ravi Infrabuild Projects IPO?
You can check the allotment status of shares either on the website of the Bomaby Stock Exchange (BSE) or on the website of the registrar MUFG Intime India Private Limited.
To check the status on the BSE website:
- Visit the BSE website
- Click on “Investor Services” and choose “Application Status Check”
- Choose the issue type — Equity or Debt (Equity in this case)
- Select the Issue Name from the drop-down. The issue name is the company’s name, which is Ravi Infrabuild Projects Limited
- Enter your application number or PAN number
- Check the box which says “I’m not a Robot” and click on “Search” to know the allotment status
Follow these steps to know the allotment status on the registrar’s website:
- Visit the MUFG Intime India Private Limited website
- Choose “Public Issues” from the “Investor Services” drop-down
- Select Ravi Infrabuild Projects Limited from the drop-down
- Enter your PAN number or Application number
- Click on “Submit” to know the allotment status
How To Apply for Ravi Infrabuild Projects IPO?
- Step 1: Log in to your Kotak Securities Demat account: Log in to your Demat account to access IPO investments. Next, select the current IPO section.
- Step 2: Specify IPO details: Enter the number of lots and the price you wish to apply for.
- Step 3: Enter UPI ID After entering your UPI ID, click submit. This will place your bid with the exchange.
- Step 4: Mandate Notification: Your UPI app will receive a mandate notification to block funds.
- Step 5: Approve Request Your funds will be blocked once you approve the mandate request on your UPI.
Ravi Infrabuild Projects IPO FAQs
What is the Ravi Infrabuild Projects IPO?
The Ravi Infrabuild Projects Limited IPO has an issue size aggregating up to ₹1,100 crore. The IPO opens for subscription on TBA and closes on TBA.
Who is the Registrar for Ravi Infrabuild Projects IPO?
MUFG Intime India Private Limited is the registrar for this IPO.
