RKEC Projects Limited (RKEC) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of RKEC Projects Limited ₹175, price ₹21.94, upside +699.5%, quality 36 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range ₹18.13 – ₹143.71 · fair‑value band ₹131.55 – ₹219.25 · the ₹21.94 price screens below the ₹175.40 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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RKEC Projects Limited, a construction company, engages in the civil and defense construction business in India.
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RKEC Projects Limited, a construction company, engages in the civil and defense construction business in India. The company undertakes construction projects, such as bridges comprising major and minor bridges, steel and PSU girders, composite girders, and rail cum road bridges; and ports, dams, airports, cross-water, roads, highways, oil and gas pipelines, complexes, and environmental structures. It also provides marine structure services, including wharves, berths, jetties, mooring dolphins, intake structure breakwaters, and coastal-shore protection works. In addition, the company offers building and infrastructure works, which include civil works for power and refinery projects port development works; and transmission lines, sports complex, building works, water intake systems, heavy RCC pre-stressed concrete and steel structure, and farmed warehouse and industrial sheds, as well as electrification services comprising rural electrification and LT/HT works. The company was founded in 1985 and is based in Visakhapatnam, India.
Stock analysis
RKEC Projects Limited (RKEC) currently trades at ₹21.94, while our model-based Fair Value estimate is ₹175.40, implying the stock looks roughly 87.5% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹213.16 per share, and 14 of the 14 models we run sit above the ₹21.94 price.
Bear case: the Asset-Based group reads lowest at ₹52.70, and 0 of the 14 models stay below the price. Evidence for this calculation is low.
Scenario range: ₹131.55 (bear) to ₹219.25 (bull), the price of ₹21.94 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 36/100 (below-average quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
RKEC Projects Limited reported revenue of ₹4.2B in FY2025 versus ₹2.1B in FY2021, a compound +19.4%/yr. Reported net income was ₹200M in FY2025, compounding +11.9%/yr from FY2021.
Key figures
Market cap ₹701M (≈ $7.3M) · P/E ratio 2.6 · P/S ratio 0.12 · EPS (TTM) ₹8.35 · Net margin 4.7% · Return on equity 4.8% · Return on assets (EBIT) 9.7% · Operating margin 17.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 70% below its 52-week high and 21% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −35% fair-value upside, at 699%, RKEC screens cheaper than that median.
Fair Value models
Bear ₹131.55Fair Value ₹175.40Bull ₹219.25
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (₹8.35 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.41/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+19.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+26.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.8%
Start year 2020 (pandemic). Over 10 years: +19.5% a year
Revenue growth 13 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.7%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
≈ +0.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+0.6%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−2.2% vs 26.2%, slowing
Profit margin 2019 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.18% → 10%
Start year 2020 (pandemic)
⚠ Rate on operating basis: 2025 sits 61% above its own trend.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Engineering & Construction · 789 stocks
Beats the industry median on 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score36 · Bottom 25%
Fair Value upside+200.0% · Top 25%
Profitability
Return on equity (TTM)4.8% · Below median
Return on assets2.9% · Above median
Net margin (TTM)3.4% · Below median
Operating margin (TTM)17.1% · Top 25%
Growth and dividend
Revenue growth−72.6% · Bottom 25%
Balance sheet
Debt / equity0.14× · Above median
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
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Is RKEC Projects Limited (RKEC) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ₹175.40 versus a price of ₹21.94, about +699% upside (undervalued).
What is the fair value of RKEC?
Our model-based fair value for RKEC Projects Limited is ₹175.40 (as of Sep 24, 2026), built from audited fundamentals. The current price: ₹21.94.
What is the quality score of RKEC?
RKEC Projects Limited has a Quality Score of 36/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for RKEC Projects Limited (RKEC)?
Our model-based price target is the fair value of ₹175.40 (as of Sep 24, 2026) from 14 valuation models. Cautious scenario ₹131.55, optimistic scenario ₹219.25. It is a calculation from audited fundamentals, not an analyst target.
What is the RKEC Projects Limited stock forecast for 2026?
Our models put fair value at ₹175.40, about +699% upside versus a price of ₹21.94 (undervalued). Cautious scenario ₹131.55, optimistic scenario ₹219.25. The calculation is refreshed regularly with new filings.
What is the revenue of RKEC Projects Limited (RKEC)?
RKEC Projects Limited reported trailing-twelve-month revenue of about ₹2.8B (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of RKEC Projects Limited (RKEC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For RKEC Projects Limited it is ₹175.40 per share (as of Sep 24, 2026), against a price of ₹21.94. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is RKEC Projects Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, RKEC trades below its calculated fair value: price ₹21.94, fair value ₹175.40, a gap of about +699% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of RKEC?
No. The price is what the market pays today (₹21.94); the fair value is what the company's own numbers justify (₹175.40). For RKEC Projects Limited the two are ₹153.46 per share apart. That gap is exactly why we show both numbers side by side.
How much is RKEC Projects Limited worth?
The market values RKEC Projects Limited at about ₹701M (market capitalisation, as of Sep 24, 2026). Per share that is ₹21.94; our models calculate a fair value of ₹175.40 per share.
What do the bullish and bearish scenarios say about RKEC?
Our models span a range for RKEC Projects Limited: cautious scenario ₹131.55, base ₹175.40, optimistic ₹219.25 per share (as of Sep 24, 2026, price ₹21.94). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of RKEC?
RKEC Projects Limited trades at a price-to-earnings ratio of 2.6 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹175.40 is built from several models across several years. Other multiples: P/B 0.4, P/S 0.2, EV/EBITDA 1.5.
How solid is the balance sheet of RKEC Projects Limited (RKEC)?
Balance-sheet figures for RKEC Projects Limited (as of Sep 24, 2026): return on equity 4.8%, debt of 0.14 per unit of equity. They feed the Quality Score of 36/100, which measures business quality independently of the share price.
How far is RKEC from its 52-week high?
RKEC Projects Limited trades at ₹21.94, about 70% below its 52-week high of ₹73.86 and 21% above the low of ₹18.13 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹175.40 is for.
Which stocks are comparable to RKEC Projects Limited?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is RKEC Projects Limited stock attractive at the current price?
The data as of Sep 24, 2026: price ₹21.94, calculated fair value ₹175.40 (+699%), Quality Score 36/100, from 14 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of RKEC calculated?
We run RKEC Projects Limited through 14 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹175.40, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. RKEC Projects Limited currently trades 87 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of RKEC Projects Limited (RKEC)?
The closing price on Oct 1, 2026 was ₹21.94. Our model-based fair value is ₹175.40, about +699% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with RKEC Projects Limited right now?
The large discount to fair value meets weak quality (36/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (₹131.55). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Where does the earnings growth of RKEC Projects Limited (RKEC) come from?
Earnings per share at RKEC Projects Limited grew +26.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +17.8 %, EBIT margin +13.6 %, tax rate +0.3 %, residual (interest, one-offs) −5.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of RKEC Projects Limited
How large is the market capitalisation of RKEC Projects Limited (RKEC)?
The market capitalisation of RKEC Projects Limited is ₹701M (≈ $7.3M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of RKEC Projects Limited (RKEC)?
The price-to-sales ratio of RKEC Projects Limited is 0.12 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of RKEC Projects Limited (RKEC)?
Earnings per share at RKEC Projects Limited are ₹8.35 (price ÷ EPS = P/E 2.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of RKEC Projects Limited (RKEC)?
The net margin of RKEC Projects Limited is 4.7% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of RKEC Projects Limited (RKEC)?
The return on equity (ROE) of RKEC Projects Limited is 4.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of RKEC Projects Limited (RKEC)?
On an EBIT basis the return on assets of RKEC Projects Limited is 9.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of RKEC Projects Limited (RKEC)?
The operating margin of RKEC Projects Limited is 17.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at RKEC Projects Limited (RKEC)?
Revenue at RKEC Projects Limited is growing −72.6% versus a year earlier (3y avg +26.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at RKEC Projects Limited (RKEC)?
Earnings per share at RKEC Projects Limited are growing −80.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does RKEC Projects Limited (RKEC) generate?
The free cash flow of RKEC Projects Limited is −₹709M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does RKEC Projects Limited (RKEC) carry?
The net debt of RKEC Projects Limited is ₹1.5B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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