Ravi Infrabuild IPO

Ravi Infrabuild Limited is among the leading infrastructure construction companies, known for its expertise in structural work and consistent delivery of quality projects. The company undertakes the design and construction of highways and expressways through engineering, procurement, and construction (EPC) contracts. It also develops highway and bridge projects on a hybrid annuity model (HAM) basis. Through its subsidiaries, it executes build, operate, transfer (BOT) annuity projects, generating annuity income. Additionally, Ravi Infrabuild Limited handles structural contracts in railways, ropeways, and other infrastructure sectors.

Ravi Infrabuild Limited IPO Overview

Ravi Infrabuild Projects Limited is launching an IPO through the bookbuilding process, with a total issue size aggregating up to ₹1,100.00 crores. The offer comprises entirely a fresh issue of shares. While the IPO dates, price band, and lot size are yet to be announced, the allotment is expected to be finalised on a date that will be disclosed in due course. The IPO will be listed on both BSE and NSE.

Motilal Oswal Investment Advisors Limited and Axis Capital Limited are acting as the book running lead managers for the issue, and MUFG Intime India Private Limited (formerly Link Intime) has been appointed as the registrar. For detailed information, investors are advised to refer to the Draft Red Herring Prospectus (DRHP) of the Ravi Infrabuild IPO.

The face value of each share is ₹10. Before the issue, the total number of shares stands at 7,50,00,000. Promoted by Narayan Singh Rao, Dilip Singh Rao, and Ravi Singh Rao, the company’s pre-issue shareholding is 100%, with the post-issue shareholding details yet to be announced. The DRHP for the Ravi Infrabuild IPO was filed with SEBI and the exchanges on Thursday, May 8, 2025.

Ravi Infrabuild Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	[.] shares (agg. up to ₹1,100 Cr)
Fresh Issue	[.] shares (agg. up to ₹1,100 Cr)
Offer for Sale	NA
IPO Dates	TBA
Price Bands	TBA
Lot Size	TBA
Face Value	₹10 per share
Listing Exchange	BSE, NSE
Shareholding pre-issue	7,50,00,000 shares
Shareholding post -issue	TBA

Ravi Infrabuild Limited IPO Lots

Application	Lots	Shares	Amount
Retail (Min)	TBA	TBA	TBA
Retail (Max)	TBA	TBA	TBA
S-HNI (Min)	TBA	TBA	TBA
S-HNI (Max)	TBA	TBA	TBA
B-HNI (Min)	TBA	TBA	TBA

Ravi Infrabuild Limited IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not less than 75% of the Offer
Retail Shares Offered	Not more than 10% of the Offer
NII (HNI) Shares Offered	Not more than 15% of the Offer

Ravi Infrabuild Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹15.51
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	18.87%
Net Asset Value (NAV)	₹82.21
Return on Equity	20.84%
Return on Capital Employed (ROCE)	27.57%
EBITDA Margin	14.70%
PAT Margin	7.08%
Debt to Equity Ratio	0.83

Objectives of the IPO Proceeds

The Net Proceeds are intended to be utilised as per the details provided in the table below:

Particulars	Amount (in ₹ million)
Repayment/pre-payment, in full or part, of certain borrowings availed by the company	2896.51
Investment in our Subsidiaries for repayment/prepayment, in full or in part, of certain outstanding borrowings availed by our Subsidiaries	3348.70
Purchase of equipment	2519.29
General corporate purposes*	[●]

Note: *To be determined upon finalisation of the Offer Price and updated in the Prospectus prior to filing with the RoC

Ravi Infrabuild Limited Financials (in million)

Particulars	31 March 2026	31 March 2025	31 Mar 2024
Assets	16,344.18	12,659.82	15,190.66
Revenue	16,437.25	14,677.33	13,909.93
Profit After Tax	1,163.24	1,160.31	1247.18
Reserves and Surplus	5,416.02	4,248.74	4189.05
Total Borrowings	5,137.06	3,843.19	8153.57
Total Liabilities	10,178.16	7,661.08	10,751.61

Financial Status of Ravi Infrabuild Limited

Ravi Infrabuild Limited IPO Strengths

A Fast-Growing EPC Leader in Infrastructure

Ravi Infrabuild Limited, with over 30 years of expertise, is one of India’s fastest-growing EPC companies, backed by a ₹13,909.93 million revenue in FY24 and 12.19% CAGR. With 12 completed and 7 ongoing projects across key states, it delivers complex highways, expressways, and rail infrastructure, building strong ties with NHAI and MoRTH.

Demonstrated Project Development, Execution and Operational Capabilities

Ravi Infrabuild Limited showcases strong project execution capabilities, driven by efficient equipment utilisation, in-house engineering teams, and minimal subcontracting. Its process-led operations, lean structure, and proactive management ensure on-time project delivery, quality control, and cost efficiency. Early completion accolades and certifications further validate its excellence in construction quality and operational performance.

Demonstrated Financial Performance and Growing Order Book

Ravi Infrabuild Limited’s expanding order book reflects strong future revenue visibility and diversified project quality. Consistent financial growth and robust bid-to-win ratios demonstrate competitive tendering and enhanced reputation. A solid balance sheet supports strategic initiatives and cash flow management, enabling sustained business expansion and strengthened client relationships across sectors and regions.

Diverse Project Portfolio and Proven Timely Execution

Ravi Infrabuild Limited has completed over 90 projects, including EPC, HAM, and BoQ types, constructing 4,439 lane km of highways and complex structures. With 12 ongoing projects, it excels in challenging terrains like the Western Ghats, consistently delivering projects early and earning performance bonuses for timely completion.

Experienced and Qualified Promoters and Management Team

Ravi Infrabuild Limited is led by seasoned promoters—Narayan Singh Rao (Chairman & MD), Dilip Singh Rao, and Ravi Singh Rao (Whole-time Directors)—supported by an expert management team. With diverse industry experience, including finance, engineering, and compliance, the leadership has driven consistent revenue growth and strategic business expansion since 2009.

Track Record of Long-Standing Relationships with a Marquee Client Base

Ravi Infrabuild Limited has built enduring relationships with key clients like NHAI, MoRTH, and MPRDC through consistent quality, timely delivery, and cost-effective solutions. Their credibility enables eligibility for high-value EPC and HAM projects, reflecting operational excellence and a strong commitment to client satisfaction and sustainable growth.

More About Ravi Infrabuild Limited

Ravi Infrabuild Limited stands among India’s leading infrastructure construction companies. Known for its high-quality execution, the company has earned a strong reputation in structural works including flyovers, bridges, railways, highways, and expressways (Source: D&B Report). As of Fiscal Year 2024, Ravi Infrabuild emerged as one of the fastest-growing EPC companies based on Total Order Book and profit after tax among selected peers.

Growth Journey

Since its incorporation in 2009, the company has transformed from a small-scale contractor with an average order size of ₹145 million to a recognised EPC player with an average order size of ₹2,577.14 million as of December 31, 2024. Operating across six Indian states, Ravi Infrabuild has shown consistent growth in revenue, recording ₹13,909.93 million in Fiscal 2024, up from ₹11,051.11 million in Fiscal 2022, at a CAGR of 12.19%.

Project Capabilities

Ravi Infrabuild’s expertise spans:

I. Highways and expressways through EPC contracts

II. HAM-based projects for annuity income

III. Railway and ropeway construction

IV. Structural works in challenging terrains

As of December 31, 2024, the company has successfully completed over 90 projects worth ₹68,608.50 million and constructed 4,439.38 lane km of roads.

Current Operations and Expansion

I. 12 ongoing projects including EPC, HAM, BoQ, railway, and ropeway works

II. 4 major HAM projects valued at ₹26,628.60 million

III. Total Order Book valued at ₹30,925.71 million

IV. Client base includes NHAI, MoRTH, NHLML, MPRDC, NWR, UIT Bhilwara, and Rajasthan PWD

Achievements and Recognitions

I. Awarded bonuses for early completion of four road projects

II. Letters of appreciation from NHAI officials

III. Recognised for safety and quality compliance under the Parvatmala Pariyojana

Strategic Execution

With a focus on efficient project delivery, Ravi Infrabuild ensures project specifications are met without compromising quality. The presence of top management on project sites accelerates decision-making and execution. The company has had no non-conformity reports during post-project maintenance and receives annuity payments on time.

Industry Outlook

Macro Industry Outlook

India’s infrastructure sector is projected to grow at a CAGR of 8–10 percent over FY25–FY26, supported by high public capital expenditure and healthy order books. Output is expected to expand at approximately 9.6 percent CAGR between 2024 and 2028, reaching over INR 36.6 trillion by FY28. The broader construction market is on track to hit USD 2.13 trillion by 2030, growing at a CAGR of around 12.1 percent.

Transportation Infrastructure

I. Market Size and Forecast:
The transportation infrastructure segment is valued at USD 154.7 billion in 2025 and is expected to grow to USD 224.9 billion by 2030, at a CAGR of 7.76 percent.

II. Growth Catalysts:
Urbanisation, public-private partnerships (PPPs), foreign direct investment (FDI), and major government-led infrastructure programmes such as Bharatmala and PM Gati Shakti are driving expansion.

III. Road Sector Outlook:
The road sector is expected to grow by 5–8 percent in FY2024–25, with around 13,000 km of new road construction supported by a ₹2.4 trillion budget allocation for highways.

Railways

I. Investment Momentum:
Budget allocation to Indian Railways is expected to rise to ₹2.9–3 trillion in FY26, with a focus on modernisation and last-mile connectivity.

II. Expansion Initiatives:
Over ₹22 billion is being invested in electrification, capacity upgrades, and rollout of new trains such as Vande Bharat, with over 400 units planned by 2027.

Ropeways

The Parvatmala Pariyojana envisions 200 ropeway projects (around 1,200 km) by 2030 under the PPP model. Ropeways are emerging as a sustainable and cost-effective solution for last-mile connectivity in hilly and urban areas, particularly where traditional infrastructure is challenging.

Key Growth Drivers

I. Government Mega-Initiatives:
National Infrastructure Pipeline (NIP), Bharatmala, PM Gati Shakti, and state-level infrastructure missions continue to boost the sector.

II. Private Participation:
There is growing involvement of private players via PPPs, Hybrid Annuity Models (HAM), and Engineering Procurement and Construction (EPC) frameworks.

III. Technology Adoption:
Digital technologies such as Building Information Modelling (BIM), drone mapping, and prefabrication are enhancing project efficiency and reducing costs.

How Will Ravi Infrabuild Limited Benefit

I. Strong government focus on infrastructure development boosts project opportunities.

II. High public capital expenditure ensures consistent flow of tenders.

III. Programmes like Bharatmala, PM Gati Shakti, and Parvatmala align with the company’s road and ropeway expertise.

IV. ₹2.4 trillion highway budget supports Ravi Infrabuild’s ongoing and future EPC and HAM projects.

V. Expansion in the railway sector creates new avenues, complementing the firm’s existing railway capabilities.

VI. Ropeway projects under Parvatmala directly benefit Ravi Infrabuild’s ropeway execution track record.

VII. Growing private participation enhances chances for new partnerships and contract wins.

VIII. Technology adoption in construction strengthens Ravi Infrabuild’s efficient project delivery approach.

IX. Consistent government payments and timely annuity inflows improve financial stability.

X. Multi-state presence and a diverse project portfolio position the company well amid sectoral growth.

Peer Group Comparison

Name of the Companies	Revenue (₹ million)	Face Value (₹)	P/E	EPS (₹)	RoNW (%)	NAV (₹)
Ravi Infrabuild Projects Ltd*	13,909.93	10	—	16.63	28.10	177.56
PNC Infratech Limited	86,498.68	2	7.45	35.45	17.54	202.14
G R Infraprojects Limited	89,801.50	5	7.81	136.90	17.40	786.18
H.G. Infra Engineering Limited	53,784.79	10	13.67	82.64	21.94	376.54
KNR Constructions Limited	44,294.86	2	8.00	27.64	21.51	124.38
J Kumar Infraprojects Limited	48,792.05	5	14.88	43.71	12.43	349.29
Ceigall India Limited	30,293.52	5	13.74	19.37	33.57	57.68
Ashoka Buildcon Limited	97,984.62	5	10.28	17.92	21.50	86.38

Key Strategies for Ravi Infrabuild Limited

Strategic Diversification into Emerging Sectors

Ravi Infrabuild Limited aims to diversify beyond its core infrastructure portfolio by leveraging expertise in EPC and HAM projects. The company plans strategic entry into sectors like solar plants, data centres, and waterways to enhance margins, reduce risks, and drive sustainable growth.

Expanding Geographical Reach Selectively

Ravi Infrabuild Limited continues its strategic expansion across India by targeting underdeveloped yet high-potential regions like the Northeast. With technical capabilities, terrain adaptability, and a focus on efficient material sourcing, the company aims to reduce dependency on specific states and strengthen national presence.

Enhancing Execution Efficiency and Cost Optimisation

Ravi Infrabuild Limited prioritises efficient project delivery through advanced technologies, centralised procurement, and trained manpower. By investing in automation, modern equipment, and expert-led training, the company ensures timely execution, quality control, and cost-effective operations to maximise client satisfaction and profitability.

Focusing on High-Value Projects for Competitive Edge

By targeting infrastructure projects above ₹5,000 million, Ravi Infrabuild Limited strengthens its market competitiveness. This strategy enables better fixed-cost absorption, improved profitability, and access to larger contracts. The company also forms joint ventures where needed to increase its bidding and execution capabilities.

Efficient Capital Management for Scalable Growth

Ravi Infrabuild Limited efficiently manages capital by leveraging HAM and EPC models, securing advance funds from government clients, and reducing upfront investments. This approach supports expansion into new sectors and regions, ensuring improved resource utilisation and strong execution of large-scale infrastructure projects.