Ravi Infrabuild, a leading infrastructure construction and EPC company with a diverse portfolio of projects in highways, expressways, railways and ropeways, has submitted its IPO papers with SEBI to raise INR 1,100 crore. Ravi Infrabuild IPO is a totally fresh issue, which means that company will use the money to expand its businesss.
Promoters at the Helm
The company is promoted by Narayan Singh Rao, Dilip Singh Rao and Ravi Singh Rao, who together have over 35 years of experience in infrastructure development. Their hands on leadership has been instrumental in Ravi Infrabuild’s growth from a regional contractor to a national EPC player.
Ravi Infrabuild IPO Lead Managers and Registrar
The IPO will be managed by Motilal Oswal Investment Advisors and Axis Capital, with MUFG Intime India appointed as the registrar.
Utilization of Net Proceeds
As outlined in the DRHP, the net proceeds from the IPO will be utilized as follows:
| Purpose | Amount |
|---|---|
| Repayment/prepayment of certain borrowings | 289.65 |
| Investment in subsidiaries for debt reduction | 334.87 |
| Purchase of equipment | 251.93 |
| General corporate purposes | not finalized yet |
| Total | 1,100 |
Operational and Financial Highlights
Founded in 2009, Ravi Infrabuild has transformed into one of India’s fastest-growing EPC firms. From a modest average project size of INR 14.5 crore in 2009, the company has scaled up to an average of INR 257.71 crore per project by December 2024. Its geographic footprint spans six Indian states with a proven record of on-time — often early — project delivery.
Key financial metrics from the restated consolidated financials underscore this growth:
Consolidated Performance
| Fiscal Year | Revenue from Operations | PAT | EBITDA Margin | RoNW | Order Book |
|---|---|---|---|---|---|
| FY2022 | 1,105.11 | 55.88 | 9.55% | 26.11% | 1,603.65 |
| FY2023 | 1,016.21 | 104.07 | 17.64% | 32.68% | 1,782.40 |
| FY2024 | 1,390.99 | 124.72 | 17.27% | 28.10% | 2,396.87 |
| 9M FY2025 | 1,027.58 | 81.88 | 15.20% | 15.56% | 3,092.57 |
The company’s PAT margin improved from 5.06% in FY2022 to 8.97% in FY2024, though slightly moderated to 7.97% in the nine months ending December 2024. The Book to Bill Ratio stood at a robust 3.01x, indicating strong revenue visibility.
Order Book Strength and Government Backing
As of 31 December 2024, Ravi Infrabuild has a total order book of INR 3,092.57 crore, which is growing at a CAGR of 22.26% from FY2022. Intrestingly, almost 80% of this order book is derived from government entities such as NHAI, MoRTH, and NHLML, enhancing both the stability and predictability of future revenues.
Currently, the company has 12 ongoing projects, including major EPC and HAM contracts. Ravi Infrabuild has delivered more than 90 projects to date, spans over 4,439.38 lane kilometers.
Key projects include:
- Amritsar-Jamnagar Economic Corridor (Gujarat) – 372.67 lane km
- NH-62 (Nagaur-Bikaner) (Rajasthan) – 108.26 lane km
- Indore-Ujjain Road Upgradation (Madhya Pradesh)
- Bijli Mahadev Ropeway (Himachal Pradesh) – part of Parvatmala Pariyojana
In several projects, the company earned early-completion bonuses — a testament to its execution capabilities.
Strategic Focus and Industry Tailwinds
With Bharatmala, Parvatmala and PM Gati Shakti focus on national infrastructure development, Ravi Infrabuild is well placed to benefit from sectoral tailwinds. Union Budget 2026 has further accelerated this momentum with INR 11.21 lakh crore allocated for capital expenditure, a 10.1% increase from last year.
The company has got good credit ratings:
- CRISIL A/Stable / A1
- India Ratings A/Stable / A1
With a manageable debt (Debt/Equity of 2.20 as of Dec 2024) these ratings will help the company to leverage and mobilize project finance at competitive rates.
Conclusion
Ravi Infrabuild’s has become a serious player in Indian infrastructure space with strong order book, efficient operations and timely execution. With experienced promoters, big ticket projects and favorable macro, the IPO is a good opportunity for investors to participate in India’s infrastructure growth story.
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