Rudrabhishek Enterprises Ltd Management Discussions

Global Economic Scenario

Currently, the global economy faces a challenging situation as the war in Middle East massively disrupts the global supply chain scenario. Geo-political conflict has resulted in volatile energy market and unstable commodity market. Inflation escalation is looming large and fear of economic slowdown is prevalent across the board. The current year will be test of resilience and innovative ideation for every economy in the world.

In the previous year, advance economies experience moderate growth while emerging economies continued to contribute significantly to the global GDP expansion. The International Monetary Fund (IMF) estimated the global GDP growth at 3.3% while the projection for 2026 remains 3.1%. However, it mentions that the downside risks dominate the outlook. Under the persistent increase in the energy prices, global growth can slip to 2.5%, while inflation would reach 5.4%. Slowdown in growth and increase in inflation are expected to be particularly pronounced in emerging market and developing economies. The report suggests that the impact on the emerging markets and developing economies would be almost twice than that on the developed economies.

Indian Economic Scenario

Amid current global situation, Indian economy has comparatively a distinct edge in terms of demographic advantage, domestic consumption, liquidity within banking system and better monetary regulations. The country will definitely outpace the peer group economies in the current fiscal year as well. However, the scale of gulf war crisis is as such that it will definitely dampen our growth momentum. The impact of global economic turbulence is already getting visible on Indian Economy.

As per IMF report (April 2026), the GDP growth of India is estimated to be 7.6%, while the estimated for 2026 is 6.5%. In the latest monetary policy announced by the RBI (June 2026), RBI has projected real GDP growth at 6.6%, down from earlier projection of 6.9% for FY27. Central bank has also raised CPI inflation projection to 5.1% for FY27, higher from earlier estimate of 4.6%. RBI has also flagged the global risk stoking the inflationary concerns. There could be upstream price stress. Central government has already highlighted the concerns of looming energy crisis and need of conserving forex exchange reserve amid the weakening rupee against the dollar. The government policy measures and structural adjustments in subsequent quarters, along with financial regulation by the central bank will play a decisive role in managing the current crisis and keep the Indian economy on the growth path.

The important part is that the RBI has emphasized that despite global headwinds and rising crude oil prices, Indian economy stands resilient. Multiple measures are being taken to attract foreign capital, and to boost forex inflow & reserves. Overall, the Indian economy is well positioned to outperform major economies in terms of growth in FY 2027.

Indian Infrastructure Scenario

Focus of the Indian government both at the central and state levels remain intact. The Government of India has maintained a strong focus on expanding and modernizing transportation, urban infrastructure, logistics, industrial corridors, energy systems, water infrastructure, and social infrastructure across the country.

Large-scale investments are directed toward roads and highways, railways, metro rail systems, airports, ports, logistics parks, industrial clusters, smart cities, data centers, renewable energy infrastructure, and urban mobility projects. Infrastructure creation is increasingly being viewed not only as an economic growth driver but also as a catalyst for employment generation, regional development, industrial productivity, and improved quality of life. In the current situation on international trade uncertainties, the government is likely to focus even more on strengthening domestic infrastructure and production mechanism.

India also observed increasing momentum in sustainable and green infrastructure development, including renewable energy parks, EV infrastructure, water conservation systems, waste management facilities, and energy-efficient urban infrastructure. Digital infrastructure, GIS-enabled planning, smart governance systems, and technology-led project management increasingly became integral to infrastructure execution and asset management. REPL business strategy is very much aligned to such developments. We are already present in many of these areas, and also looking for the expansion opportunities that arises in allied sectors.

Future Outlook & Companys Plan

REPL believes in remaining flexible in approach and adapting to the situations that evolve at the macro-economic level. The management is constantly keeping watch on all such developments that affect the economy in general and our business in particular. Amid the uncertainty in the global and national economic scenario, we have also been making the suitable adjustments in the focus of our financial management approach. The management decided to take temporary hit on the turnover and profit margin figures in order to build the strengthen our receivable quality, cash flow predictability and overall financial discipline. This was need of the hour for providing stability to company in phase of volatile economic & industry conditions.

We have also made important progressive changes in our overall business strategy. Traditionally, majority of our revenue has been coming from the government projects. These projects have their own inherent challenges in terms of longer payment cycle, higher working capital requirements and delayed decision making. Therefore, we have made a business transformation strategy to increase share from the private sector assignments, while maintaining stable base of government sector projects. In previous year, we have acquired multiple projects from private sector clients, which we plan to further keep increasing in proportion over next couple of years till we reach a strategic balance. We continue to add projects in urban planning, GIS, water supply and infrastructure sectors. We are gaining stronghold in power sector by winning big projects of JBVNL and BSES. We plan to further spread in this domain as every state government has power sector on its priority list.

The capital market remains volatile in India. Institutional investors are not very open to enter into new ventures as everyone is in wait and watch mode. Keeping these in view, we have presently put our plans of SM REIT IPOs on hold. While we wait for the opportunity moment, we are doing all the necessary ground works such as asset identification, technical audit and building investor relation. Within real estate sector, our focus on design and PMC services will be on priority. We are also making efforts to make our presence in the industrial real estate which is a potential market.

The subsidiary company RIPL will continue its focus on bringing digital solutions in the infrastructure and urban domain by application of all the latest technology platforms such as AI, BI, Data Analytics, CRM etc. It is expanding its client base in the BIM domain among both the public and private sector companies. It has also formed a joint venture (GEM Ecomind) in sustainable solutions that will target the recycling and solid water management companies. RIPL has already started developing apps on pilot basis. Plan is to develop many such applications that will be marketed to similar type of industries depending on requirement categorization. This venture has huge potential to scale up by using multiplier effect.

The company is working on large scale infrastructure projects of longer periods. This gives us multi-year revenue visibility and enhances our ability to plan and allocate resources efficiently. The company has put conscious efforts on creating diversity in terms of regional presence. This greatly isolates us from any potential temporary regional disturbances. Overall, the management remains optimistic about companys medium term growth prospects, supported by its diversified project portfolio, increasing private sector opportunities, technological capabilities and infrastructure demands.

About REPL

Rudrabhishek Enterprises Limited (REPL), headquartered in New Delhi, is an integrated Urban Development and Infrastructure Consultancy Company with a legacy of more than three decades. Over the years, the Company has evolved from a consultancy-focused organisation into a multidisciplinary platform offering comprehensive solutions across the urban development and infrastructure value chain. With a strong foundation of domain knowledge, technical expertise, project management capabilities and institutional experience, REPL continues to play an important role in shaping the development of modern, sustainable and future-ready urban ecosystems across India.

As a company listed on the National Stock Exchange of India (NSE), REPL operates with a strong emphasis on transparency, accountability, governance and responsible corporate conduct. The Company is empanelled with more than 30 government departments and agencies, demonstrating the depth of its sectoral expertise, institutional relationships and track record in delivering specialised consultancy and advisory services.

The distinctive feature of our companys growth has been its alignment with the core development concerns of the country. At every stage, we have made sure that our business operations and objectives create a synergy with the fundamental priorities of the populace at large. Past three decades have witnessed major macro-economic changes and frequent policy realignments in India as well as at the global platform. REPL has capability to transform itself with change of time. We foresee that redevelopments and PPP projects would be new growth drivers. It is a major shift from smart city type of development. REPL is transforming itself accordingly.

REPL has faced the heat of European Economic Recession and Dot Com Bubble in 2000; then again in 2008 company sailed through global meltdown driven by US Sub-prime Crisis. Every time we were able to keep our business intact and emerged at the higher coordinates of growth curve. In 2016-17 massive changes were precipitated by the GOIs decision of demonetization and introduction of GST regime; we again handled the transition with great efficiency and consequently our growth rates were even higher than previous years. The way we have handled the coronavirus pandemic and managed to restrict the impact, reinforces the robustness of our business model and resilience of our organizational character.

The Companys portfolio and experience encompass a diverse range of development initiatives, including Hi-Tech Cities, Integrated townships, Group housing projects, commercial and office complexes,hospitals,hospitality and recreation facilities in the Urban Development segment. With Smart Cities, IT Parks, Special Economic Zones (SEZs), urban infrastructure projects. REPL has also partnered with Government Of India in the skill India mission for technical training of youth in UP, and other large-scale development programmes. Within infrastructure sector, REPL has been working with central government and multiple state government agencies. The variety of projects include- preparation of regional & zonal plans, GIS based master plans, water supply systems, sewerage system & waste water management, riverfront development, slum-free city plan of action, city street vending plan, housing for all plan of action (HFAPoA), Roads & Highways, Tourism Infra etc. Another flagship government program PMAY (Pradhan Mantri Awas Yojna) has our extensive involvement covering 211 towns across 6 states. Going forward UCF, Bhavya Yogna and Delhi Master Plan 2047 are trend setter for new growth phase.

REPL is driving the modernization of Indias power distribution infrastructure through large-scale GIS-based asset mapping, consumer indexing, Cloud based enterprise GIS Solution, and integrated utility management for JBVNL in Jharkhand. Also, PMC for the conversion of overhead electrical networks into underground utility systems at Chandni Chowk, Delhi. It is to enable safer, smarter, and more resilient urban infrastructure.

As part of its strategy to diversify and expand its business ecosystem, REPL has also strengthened its presence in the institutional real estate investment segment by serving as the Investment Manager to Impactf SM-REIT. This provides REPL with an opportunity to leverage its understanding of real estate, infrastructure, project development and asset management while participating in an evolving segment of the Indian real estate market.

Quality, process excellence and information security remain integral to the Companys operating philosophy. REPLs ISO 9001:2015 certification reflects its commitment to maintaining structured quality management systems and delivering consistent service standards. Its ISO/IEC 27001:2013 certification demonstrates its focus on information security management and the protection of critical information and data. Further strengthening its technology and process capabilities, the Company holds CMMI V3.0 Maturity Level 3 certification for Software Development and Engineering Services. These certifications and process frameworks reinforce REPLs emphasis on standardisation, continuous improvement and technology adoption, which are increasingly important in a technology-enabled infrastructure and urban development environment.

Our in-house experts comprising of Fund Managers, Architects, Urban Planners, GIS Experts, Infrastructure Specialist, Interior Designers, Engineers and Project Managers enables REPL to deliver end-to-end consultancy solutions in diverse sectors across Infrastructure and Urban Development.

The Company has established a strong Pan-India presence through assignments undertaken across diverse geographies and through its network of local project offices. The Company remains committed to pursuing opportunities across large-scale government and infrastructure programmes, urban transformation initiatives, technology-enabled development, real estate and institutional investment platforms, while maintaining its focus on quality, governance, innovation and sustainable value creation. With a combination of experience and an evolving business model, REPL is positioned to participate meaningfully in Indias continuing urban transformation and in emerging opportunities in domestic as well as international markets.