RUCHINFRA - Ruchi Infrastr.

📊 NSE: RUCHINFRA 🏢 Miscellaneous 📅 Last Updated: 12/14/2025 12:29

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue for 6M FY26 reached INR 32.52 Cr, a 5.8% increase from INR 30.73 Cr in 6M FY25. The Infrastructure segment grew 16.1% to INR 22.39 Cr, while Windpower revenue declined 7% to INR 10.13 Cr. Trading revenue was negligible at INR 0 Cr for the period compared to INR 0.13 Cr in the previous full year.

Geographic Revenue Split

Not disclosed in available documents, though operations are centered in India with key locations in Mumbai, Indore, and Mangalore.

Profitability Margins

Net Profit Margin for FY25 collapsed to 3.89% from 25.58% in FY24, an 84.79% decrease. Operating Profit Margin turned negative at -9.83% in FY25 compared to 8.10% in FY24, a 221.35% decline, primarily due to increased expenses and the absence of previous year's exceptional profits.

EBITDA Margin

PBILDT margin was 33.61% in FY22 (INR 14.33 Cr) and 31.47% in FY23 (INR 13.35 Cr). For Q1 FY24, the margin stood at 30.31% (INR 3.48 Cr). The decline is attributed to a modest scale of operations and rising operational costs in the infrastructure segment.

Capital Expenditure

Standalone capital expenditure for 6M FY26 included INR 3.62 Cr for purchase of Property, Plant & Equipment and Capital WIP. Total Property, Plant and Equipment stood at INR 169.58 Cr as of September 30, 2025.

Credit Rating & Borrowing

CARE reaffirmed a 'CARE BB-; Stable' rating for long-term bank facilities in September 2023. Total rated facilities were reduced from INR 27.74 Cr to INR 11.14 Cr. Interest coverage ratio was 8.34x in FY25, down 20.87% from 10.54x in FY24.

⚙️ Operational Drivers

Raw Materials

Not applicable as a service-based infrastructure company; primary costs involve power, fuel, and maintenance for storage terminals and wind turbines.

Capacity Expansion

The company operates liquid storage terminals and agri-warehousing. While specific MTPA capacity is not listed, the company utilized equity infusions in FY23 for planned expansion of storage facilities.

Raw Material Costs

Not disclosed as a percentage of revenue; however, operating expenses increased in FY25, contributing to a 221.35% drop in operating margins.

📈 Strategic Growth

Expected Growth Rate

Not disclosed in available documents

Growth Strategy

Growth is targeted through the expansion of liquid storage terminals and agri-warehousing business, supported by equity infusions. The company is also focusing on debt reduction, having reduced long-term bank facilities from INR 41.67 Cr to INR 11.14 Cr over two years.

Products & Services

Liquid storage terminal services, agri-product warehousing (dry storage), wind power generation, and real estate development.

Brand Portfolio

Ruchi Infrastructure Limited (RIL), Ruchi Renewable Energy Private Limited (RREPL).

Market Expansion

Expansion of storage terminals in port-based locations like Mangalore to capture higher import/export volumes.

Strategic Alliances

Associate partnership with Narang and Ruchi Developers for real estate projects; 98% stake in Mangalore Liquid Impex Pvt Ltd for storage operations.

🌍 External Factors

Industry Trends

The agri-logistics industry is shifting toward organized warehousing and cold chain integration. RIL is positioned as an established player in liquid storage but faces competition from larger integrated logistics firms.

Competitive Landscape

Competes with major logistics and warehouse providers in the agri-space and independent power producers in the wind segment.

Competitive Moat

Moat is based on established port-side infrastructure and long-standing presence in liquid storage, which has high entry barriers due to land and regulatory requirements.

Macro Economic Sensitivity

Highly sensitive to agricultural output and EXIM (Export-Import) policy changes which affect storage terminal utilization.

Consumer Behavior

Shift toward renewable energy is supporting the windpower segment, though it remains a smaller contributor compared to infrastructure.

Geopolitical Risks

Trade barriers on edible oils or agri-commodities would adversely affect the liquid storage terminal business.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with SEBI Listing Regulations; however, the company noted non-compliance with Regulation 31(2) as the entire promoter group shareholding is not in dematerialized form.

Environmental Compliance

Usage of 5-star rated equipment in office spaces as part of energy conservation measures.

Legal Contingencies

The company faces contingent liabilities including a corporate guarantee of INR 72 Cr (INR 34.50 Cr outstanding) for a subsidiary and disputed Sales tax/VAT demands which are key credit monitorables.

⚠️ Risk Analysis

Key Uncertainties

Exposure to group entities (subsidiaries/associates) remains sizeable at 25% of net worth as of FY23. Any incremental advances to these entities could strain the parent company's liquidity.