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Informist, Monday, Dec. 8, 2025

 

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--Ramky Infra CEO: Expect revenue to rise 25-30% on year in FY27
--CONTEXT: Ramky Infra CEO Nair's comments in interview with Informist
--Ramky Infra CEO: Oct-Mar earnings will be better than Apr-Sept
--Ramky Infra CEO: Water, industrial park ops to drive growth for 5 years
--Ramky Infra CEO: Co's current order book around INR 100 bln
--Ramky Infra CEO: Co lowest bidder for 2 large orders worth INR 30 bln
--Ramky Infra CEO: Expect to add INR-30-bln fresh orders by Jan end
--Ramky Infra CEO: Co lowest bidder for large industrial park in Maharashtra
--Ramky Infra: Expect Telangana water project financial closure by Jan
--Ramky Infra: May raise INR 8 bln–INR 9 bln FY27 to meet capex needs
--Ramky Infra CEO: Exploring infra orders in Saudi Arabia, Oman, Africa
--Ramky Infra: Eyeing overseas orders worth INR 10 bln in FY27
 

 

By Narayana Krishna

 

HYDERABAD – Emerging out from a decade-long debt restructuring process, Ramky Infrastructure Ltd. is now positioning itself for a sharp turnaround, gearing up for a stronger growth trajectory with a projected 25–30% year-on-year revenue rise in 2026-27 (Apr–Mar). A cleaner balance sheet, improved credit profile, and fresh headroom for bidding are enabling the company to accelerate its push for new infrastructure orders, Chief Executive Officer Sunil S. Nair told Informist in an interview.

 

Ramky Infrastructure slipped into financial distress around FY15, when delays in several projects and a mismatch between receivables and liabilities pushed the company into a cash-flow crisis. With debt of nearly INR 38.6 billion, Ramky Infra entered a formal debt-restructuring agreement with lenders in 2015. For almost a decade, the company operated under tight financial constraints, focusing on completing cash generating projects, conserving cash, and selectively exiting or monetising two road assets. Growth remained muted through these years as the company prioritised survival over expansion.

 

The turnaround began gradually as Ramky repaid its restructured term loans by 2019, followed by continued repayments of working-capital facilities using operational cash flows and revenue generated from completed and operating assets.

 

With the restructuring formally closed in July--after repaying nearly INR 38.6 billion in debt and getting all working-capital facilities reclassified as standard--Ramky Infra is preparing to pursue projects more aggressively. Nair said the company's selective approach, from bidding to execution, remains central to its strategy as it builds a sustainable growth model across four core areas--water, industrial parks, urban infrastructure, and international business.

 

"We are selective on choosing projects to bid," Nair said. "A lot of companies bid for every project, but their run rates are 8–10%. We don't do that. We focus on five different projects and capture one or two."

 

With the balance sheet cleaned up and confidence returning, Nair believes Ramky Infra is now on a stronger footing to capitalise on upcoming opportunities.

 

"Ramky Infra is one company that has survived the ups and downs of the industry...the most resilient infra company today," he said.

 

ROAD AHEAD

Ramky Infra expects better earnings performance for FY26, with Oct-Mar expected to be stronger than Apr-Sept as new orders begin generating revenue, Nair said. He is projecting an over 25% revenue growth for the current fiscal. Ramky Infra expects its earnings before interest, tax, depreciation, and amortisation margin to be around 22-23%, while the profit-after-tax margin is seen at 14-15%. A clean balance sheet without finance cost is the key reason for the higher margins, he said.

 

For FY25, Ramky Infra reported a consolidated net profit of INR 2.1 billion on revenue of INR 22.1 billion, while its EBITDA margin was 16.4%. In the September quarter, the company reported a 10% on-year fall in consolidated revenue to INR 4.71 billion and net profit declined nearly 4% on year to INR 756 million. The weakness in the September quarter was cyclical as some projects saw temporary revenue slowdown, Nair said.

 

He said the INR-20.85-billion worth of drinking water project in Telangana recently secured by the company was also expected to start generating revenue from FY26. Ramky Infra is engaged with banks and financial institutions to fund the project and expects financial closure for this project by January.

 

"We have several operating assets. Even if I don't build a new project (immediately), my top line and bottom line can survive for the next three years, we have clear visibility," he said. Assets built under the hybrid annuity model and the build–own–operate–transfer model are generating continuous revenues, he added.

 

Nair said the company is considering raising INR 8 billion-INR 9 billion in the coming quarters to meet its capital expenditure and project-level capital requirements. The fundraising will be by leveraging the revenues of its operating assets, he said, without giving specific details, adding that the plans are at an early stage.

 

FOCUSED APPROACH

Ramky Infra is now focused on water and wastewater management projects, Nair said. The company has expertise in water desalination, water treatment plants, pumping stations, and pipeline networks.

 

"We do everything on the water and wastewater side. We design and build water projects through hybrid annuity and public–private partnership models, along with operations and maintenance," he said.

 

The company is also looking at upcoming opportunities in developing sector-specific industrial parks, mainly floated by central and state government agencies. Nair said Ramky's Jawaharlal Nehru Pharma City in Visakhapatnam, Andhra Pradesh, is a benchmark in this segment, and the company is exploring similar projects across the country.

 

The company developed the pharma city across 2,400 acres, including a 610-acre special economic zone, housing some of India's largest pharmaceutical manufacturing units.

 

ORDER BOOK

Ramky Infra has an order book of close to INR 100 billion, executable over the next 24–30 months, providing clear visibility of revenue growth for the next few years, Nair said.

 

The company has also emerged as the lowest bidder for two large orders worth INR 30 billion, for which it expects letters of award by January. Ramky Infra is also close to securing a large industrial park development project in Maharashtra, with a final outcome expected by January, he said, but did not disclose details.

 

Nair said the company is pursuing an order pipeline of $2 billion across sectors. He said the company was focused on projects worth INR 10 billion-INR 20 billion, noting that these types of projects require significant effort to convert into actual work. Water, waste water management, and industrial parks development related works are expected drive the growth for the next five years, Nair said.

 

Ramky Infra is actively pursuing water and infrastructure projects in Saudi Arabia, Oman and Africa as part of its plan to expand its international business. The company aims to secure at least INR 10 billion worth of overseas orders in FY27. Ramky Infra is already qualified to bid for water and wastewater management projects in Oman, Nair said.

 

At 1242 IST, Ramky Infra shares traded at INR 543.35 on the National Stock Exchange, down 2.6% from Friday.  End

 

US$1 = INR 90.15

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Akul Nishant Akhoury

 

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