RKCPL IPO
RKCPL Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. SEBI issued its observations on 31 December 2025, so the company can open the IPO any time up to 31 December 2026. The draft proposes a fresh issue of up to ₹700 crore and an offer for sale of up to ₹550 crore by promoters Naresh Kumar and Krishan Kumar Goyal. In FY25 the company made a profit of ₹164.58 crore on revenue of ₹1,270.66 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI observations issued31 Dec 2025
- SEBI received draft
- 25 Sep 2025
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Equirus Capital (P) Limited
- Must open by
- 31 Dec 202612 months from observations
- Price band and dates
- Not announced
Where it stands
RKCPL IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI25 Sep 2025
- SEBI reviewDone
- SEBI observations31 Dec 2025
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has issued its final observations, which in practice is the go-ahead. The company can now file a red herring prospectus and open the IPO within 12 months.
DRHP at a glance
RKCPL DRHP at a glance
Draft red herring prospectus, 24 Sep 2025What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 208) and Basis for the Offer Price (p. 120)RKCPL, formerly Ram Kumar Contractor, is a civil construction company that builds elevated roads, flyovers, bridges, road over bridges, highways, expressways, drainage and canal systems. All its order book is from government bodies, and it also does hybrid annuity (HAM) road projects through subsidiaries.
As of 31 July 2025 it had completed more than 80 projects and had an order book of ₹2,617.51 crore, mainly roads and railway work. It was incorporated in 2013; the registered office is in Panchkula and the corporate office in Gurugram, Haryana.
The offer
DRHP cover page and The Offer (p. 73)| Fresh issue | Up to ₹700 croreMoney goes to the company |
| Offer for sale | Up to ₹550 crore₹275 crore each by Naresh Kumar (average cost ₹6.34 a share) and Krishan Kumar Goyal (₹5.54) |
| Shares before the IPO | 13,20,00,000 |
| Pre-IPO placement | Up to ₹140 croreOptional; would reduce the fresh issue |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead managers | Equirus Capital Private Limited and Anand Rathi Advisors Limited |
| Registrar | MUFG Intime India Private Limited |
| Promoters | Ram Kumar Goyal, Naresh Kumar and Krishan Kumar Goyal |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 102 to 103)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| Construction equipment | 130.02 | 18.6% |
| Working capital | 200.00 | 28.6% |
| Repaying or prepaying certain borrowings | 50.00 | 7.1% |
| Investing in three highway subsidiaries to repay their borrowings | 138.00 | 19.7% |
| General corporate purposes (set later, up to 25% of the fresh issue) |
Each object's share of the ₹700 crore fresh issue, shown in the table, is our calculation. Offer expenses are deducted before these amounts. The offer for sale money goes to the selling promoters, not the company.
Financials
DRHP, Summary of Financial Information (p. 76 to 78) and Basis for the Offer Price, KPIs (p. 120 to 124), ₹ crore| ₹ crore | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from operations | 861.72 | 1,093.33 | 1,270.66 |
| EBITDA | 133.22 | 220.31 | 274.01 |
| EBITDA margin | 15.46% | 20.15% | 21.56% |
| Profit after tax | 96.52 | 156.95 | 164.58 |
| Diluted EPS (₹) | 7.31 | 11.89 | 12.47 |
| Net worth | 245.87 | 404.47 | 569.05 |
| Cash from operations | 77 | 82.04 | -400.16 |
| Return on equity | 39.26% | 38.80% | 28.92% |
| Debt to equity | 0.25 | 0.29 | 0.89 |
| Order book | 2,713.16 | 3,345.47 | 2,966.60 |
Restated consolidated figures. Net worth is total equity. Revenue grew about 21.4% a year from FY23 to FY25 (our calculation).
Listed peers named in the draft
DRHP, Basis for the Offer Price (p. 121 to 122). Peer prices as of 22 Sep 2025 on NSE.The P/E for RKCPL is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| RKCPL (FY25) | 12.47 | Set with the price band | 28.92% |
| Ceigall India | 17.04 | 16.46x | 15.57% |
| G R Infraprojects | 104.81 | 12.50x | 11.97% |
| H.G. Infra Engineering | 77.55 | 12.87x | 17.13% |
| KNR Constructions | 35.62 | 5.89x | 22.08% |
| PNC Infratech | 31.79 | 9.68x | 13.62% |
| J Kumar Infraprojects | 51.70 | 12.38x | 12.98% |
| Ashoka Buildcon | 60.35 | 3.21x | 41.38% |
Risks the draft lists first
DRHP, Risk Factors (p. 32 to 36)- Government contractsAll of its order book in each of the last three years came from government bodies. (Risk factor 1, p. 32)
- Competitive biddingIt wins work through bids, which it may not win. (Risk factor 2, p. 33)
- JV partnersIt relies on joint venture partners to qualify for and bid on some projects. (Risk factor 3, p. 34)
- Order bookActual income may be much lower than the order book suggests. (Risk factor 4, p. 35)
- DiversificationMoving beyond highways and bridges may not succeed. (Risk factor 5, p. 35)
- HAM projectsHybrid annuity projects work differently from EPC contracts, and it may not execute them well. (Risk factor 6, p. 36)
Documents
RKCPL DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
RKCPL IPO FAQs
When will the RKCPL IPO open?
The date is not announced. SEBI issued observations on 31 December 2025, and SEBI rules require the IPO to open within 12 months of that date, so by 31 December 2026 (our calculation). The company announces the dates in its red herring prospectus and price band notice.
Has SEBI approved the RKCPL IPO?
Yes. SEBI issued its final observations on 31 December 2025 (SEBI processing status archive, April 2025 to March 2026). SEBI does not "approve" an IPO as such; its observations let the company go ahead.
What is the RKCPL IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the RKCPL IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the RKCPL IPO?
Equirus Capital (P) Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will RKCPL do with the IPO money?
According to the DRHP, the fresh issue money goes to construction equipment (₹130.02 crore), working capital (₹200.00 crore), repaying or prepaying certain borrowings (₹50.00 crore), investing in three highway subsidiaries to repay their borrowings (₹138.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does RKCPL do?
RKCPL, formerly Ram Kumar Contractor, is a civil construction company that builds elevated roads, flyovers, bridges, road over bridges, highways, expressways, drainage and canal systems. All its order book is from government bodies, and it also does hybrid annuity (HAM) road projects through subsidiaries.
Where can I read the RKCPL DRHP?
On SEBI's website, where the draft red herring prospectus was published on 8 October 2025. The draft is dated 24 September 2025 and runs to 532 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 24 September 2025. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.