About RKCPL IPO
The RKCPL IPO is a book‑built issue comprising a fresh issue worth up to ₹700 crore and an offer for sale (OFS) worth up to ₹550 crore with a face value of ₹10 per equity share. The company filed its DRHP with SEBI on September 24, 2025.
The price band and official dates of subscription and listing will be announced by the company later, but the equity shares are proposed to be listed on the BSE and the NSE platforms. The issue is managed by professional book-running lead managers, which include Equirus Capital Private Ltd. and Anand Rathi Advisors Ltd., while the registrar to the offer is MUFG Intime India Private Ltd.
Company Background
RKCPL Ltd. was incorporated on June 7, 2013, as its formal name is Ram Kumar Contractor Private Ltd. It underwent several name changes, recently becoming ‘RKCPL Ltd.’ in June 2025 to begin its procedure of public listing.
The company is based in Panchkula, Haryana and it has its corporate office in Gurgaon. RKCPL Ltd. has its origin in the partnership firm, M/s Ram Kumar Contractor and took over its going concern status in 2021 to streamline its infrastructure operations.
Operations & Product Range
RKCPL Ltd. is involved in the business of delivering services in the road and highway construction business, but only in the domain of Engineering, Procurement and Construction (EPC) business. RKCPL is also involved in delivering services in the domain of the Hybrid Annuity Model, which is another major business domain in the context of highway development in India.
Facilities & Capacity
RKCPL Ltd. is an infrastructure and construction company whose area of operation is essentially determined by its locations of operation in India. It manages its operations through its holding company and its 3 significant subsidiaries, namely Bathinda Ludhiana Highway Private Ltd., Poanta Saheb Highway Private Ltd. and Ambala Ring Road Highway Private Ltd. The primary focus of these subsidiaries is to execute large highway projects within their respective areas of operation.
Brands & Market Presence
RKCPL Ltd. operates under the brand name "RKCPL" and mainly undertakes highway projects in India. Based on their performance in PAN India projects, the company has already established its presence in North India, particularly in the states of Haryana and Punjab. The company's capability to undertake government-backed infrastructure projects works in its favor.
Revenue Streams & Business Model
The primary revenue source for RKCPL Ltd. is generated from highway construction contracts and project development. For FY25, the company reported a restated profit of ₹164 crore. The revenue is largely domestic, generated through payments from government agencies and state road development corporations for completed project milestones.
Management & Shareholding
RKCPL Ltd. is currently headed by its promoters, namely Ram Kumar Goyal, Naresh Kumar and Krishan Kumar Goyal. Before the IPO issue, its shareholding was concentrated in the hands of its promoters and their family members, with Naresh Kumar holding 46% and Krishan Kumar Goyal holding 48.5%. After this IPO issue, their promoter holding will reduce, as they are the selling shareholders in the OFS issue.
Board & Key Management
RKCPL Ltd.'s board and key management are led by the company's Chairman and MD, Mr. Ram Kumar Goyal, who sets the company's strategic vision. Krishan Kumar Goyal and Naresh Kumar, the Joint Managing Directors, provide support in operational management. CFO Lalit Bhandari oversees financial strategies, while CS Meenu Gupta ensures the organization's compliance and governance.
RKCPL IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 10 per Equity Share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | 100 % Book Built Offer |
| Total Issue Size | Aggregating up to ₹ 1,250.00 Crore |
| Fresh Issue(Ex Market Maker) | Aggregating up to ₹ 700.00 Crore |
| Offer for Sale | Aggregating up to ₹ 550.00 Crore |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE and NSE |
| Share Holding Pre Issue | 13,20,00,000 shares |
| Share Holding Post Issue | [.] |
RKCPL IPO Financial Information
Latest Revenue
1,276.69
₹ Crore
Profit After Tax
164.58
₹ Crore
Net Worth
569.05
₹ Crore
Total Borrowing
509.26
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 1,209.08 | 1,276.69 | 164.58 | 569.05 | 437.05 | 509.26 | |||
| 31 Mar 2024 | 632.33 | 1,111.84 | 156.95 | 404.47 | 272.47 | 116.21 | |||
| 31 Mar 2023 | 395.01 | 872.27 | 96.52 | 245.87 | 113.87 | 62.55 | |||
| Amount in ₹ Crore | |||||||||
RKCPL Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 28.92% |
| ROCE | 25.13% |
| Debt/Equity | 0.89 |
| RoNW | 28.92% |
| PAT Margin | 12.95% |
| EBITDA Margin | 21.56% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | ₹12.47 | [.] |
| P/E (x) | [.] | [.] |
IPO Objectives
The company intends to use the RKCPL IPO proceeds for several strategic purposes, which are
- • Funding capital expenditure requirements.
- • Repayment of debt (in part or in full)
- • General corporate purposes
Conclusion
RKCPL IPO is a chance for investors to invest in a growing company that is a focused player in India's vital road construction business. The company's ability to manage large-scale HAM (Hybrid Annuity Model) contracts and its efficiency in contract execution in a capital-intensive business are noteworthy. With the growing landscape of India’s infrastructure business, the company’s presence in Northern India is a stepping stone to achieving its future business goals.
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Competitive Strengths
Transition from a long-standing partnership to a corporate form with experience in complex highway developments
Specialized EPC and HAM capability expertise in both traditional EPC and HAM approaches.
Strong operational presence and specialized project execution in key Indian states.
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | SEBI/Exchange approval received | 31/12/2025 | - |
| 2 | Filed with SEBI/Exchange | 24/09/2025 | View DRHP |
RKCPL IPO Timeline
| IPO Open Date | - |
| IPO Close Date | - |
| Tentative Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Tentative Listing Date | - |
| Cut-off time for UPI mandate confirmation | - |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | — | ₹14,000 – ₹15,000 |
| Individual investors (Retail) (Max) | 13-14 | — | Up to ₹2,00,000 |
| S-HNI (Min) | 14-15 | — | Over ₹2,00,000 |
| S-HNI (Max) | 66-70 | — | Up to ₹10,00,000 |
| B-HNI (Min) | 71+ | — | Over ₹10,00,000 |