RBM Infracon Secures ₹354.76 Crore EPC Order from Epitome Industries

Key numbers

Market Cap	₹201.87 CrSmall Cap
P/E Ratio	4.46xSector 32.24x
Promoter Holding	62.5%Latest Quarter
Order from	Epitome Industries India Limited
Execution period	18 months
Deal value	₹354.76 Cr
Share of market cap	175.7%
Share of annual revenue	72.1%

Key highlights

• Agreement value of ₹354.76 crore is inclusive of all applicable taxes and duties
• Contract covers design, engineering, construction, erection, testing, and commissioning
• Execution timeline is fixed at 18 months from the date of the agreement
• Order value constitutes 72.1% of the company's annual operating revenue for FY26
• Work involves complete infrastructure development for industrial buildings and structures

Engineering a Transformative Scale-Up

RBM Infracon has entered into a significant domestic agreement with Mumbai-based Epitome Industries India Limited. This contract is a landmark achievement for the company, as the ₹354.76 crore value exceeds its total market capitalization by a wide margin. The scope of work is comprehensive, requiring RBM Infracon to provide end-to-end services ranging from initial design and engineering to the final testing and commissioning of all structures.

This order solidifies the firm's position in the industrial construction segment and provides a massive boost to its revenue visibility for the next six quarters.

Supporting Massive Industrial Infrastructure

The contract is linked to Epitome Industries' broader expansion efforts, which include a large-scale EPC edible oil refinery project valued at approximately ₹957.61 crore. RBM Infracon's role in delivering the core buildings and structures is a critical path component for this refinery, which is scheduled for overall commissioning by March 31, 2027. By securing this work, RBM Infracon continues its trajectory of winning high-value industrial mandates, moving beyond smaller maintenance and piping orders toward full-scale structural engineering projects for large corporate entities.

Historical Order Wins and Growth Path

• Received a ₹47.80 crore service order from TKIL Industries for piping work in March 2026
• Previously secured structural and piping work from Nayara Energy Limited worth ₹6.24 crore in August 2025
• Unexecuted order book stood at approximately ₹4,500 crore as of March 31, 2026
• Management revenue guidance targets ₹700 crore for FY27 and ₹1,120 crore by FY29
• Active bidding pipeline reported at ₹3,354 crore across multiple business segments in mid-2026

Market Context and Financial Positioning

Despite the magnitude of this new order, RBM Infracon has seen its stock price decline by 53.09% over the past year, currently trading near its 52-week low. The company's valuation remains conservative with a trailing P/E of 4.46x compared to the sector average of 32.24x. Financially, the company achieved a 52.77% growth in annual revenue to ₹492.22 crore in the last fiscal year.

This new mandate is expected to assist in improving cash flow from operations, which stood at negative ₹9.03 crore as of the last annual report, by utilizing the 18-month execution cycle to its full potential.

What to watch next

• Progress updates on the Epitome Industries project commissioning by March 2027
• Company performance against the FY27 revenue guidance of ₹700 crore
• Potential conversion of the ₹3,354 crore bidding pipeline into firm orders
• Next quarterly financial results to monitor operational cash flow improvements

Rbm Infracon · financial snapshot

Share price	₹189.85
Market capitalisation	₹201.87 Cr
Revenue (annual)	₹492.22 Cr
Net profit (annual)	₹45.28 Cr
P/E (TTM)	4.46×Sector 32.24×
Promoter holding	62.5%
FII holding	0.04%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.