RDC Concrete (India) Ltd
India's largest non-cement-backed ready-mix concrete company — 140 plants, ₹1,000 Cr-plus revenue and True North as owner — quoted at ₹310.
Market cap
₹4,233 Cr
16.60 Cr shares
P/E ratio
70.64
Sector average 35
Book value
₹31.69
P/B 8.05
1-year return
+0.00%
52w ₹255 – ₹310
Currently 0% of the way through its 52-week range.
Indicative price history
1Y change
+0.00% ₹255 → ₹255
52-week band in this window: ₹255.00 – ₹255.00. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Founded 1993 with India's first commercial RMC plant; now about 140 plants nationwide.
- FY25 revenue above ₹1,000 Cr with 23% revenue and 25% EBITDA growth; NCDs rated by India Ratings.
- Altius quote ₹200 bid / ₹310 ask on 16.6 Cr shares — about ₹5,100 Cr of market value.
About RDC Concrete
RDC Concrete (India) Limited set up India's first commercial ready-mix concrete plant in Mumbai in 1993 (as Unitech Prefab, with RDC Concrete of Singapore). It is now the largest RMC producer not owned by a cement company and the second largest overall by revenue, with about 140 plants across the country as of mid-2025. Private-equity firm True North acquired control in 2018.
The product range runs from standard grades to fibre-reinforced, decorative, lightweight, self-compacting, temperature-controlled and bagged concrete, sold to contractors and developers such as Tata Projects, L&T, KEC and HCC. The company describes itself as the most IT-enabled RMC business in India, with vendor sourcing, plant operations and customer interactions on automated systems.
Registry summaries put FY25 revenue above ₹1,000 Cr with a one-year revenue CAGR of 23% and EBITDA CAGR of 25%; India Ratings rates its non-convertible debentures. Paid-up capital is ₹166 Cr (16.6 Cr shares of ₹10), so the ₹310 dealer quote values the equity at about ₹5,100 Cr — a rich multiple of the estimated ₹60 Cr net profit.
Figures preliminary; verify from MCA filings. Revenue, margin and balance-sheet line items are estimates around the disclosed ranges; the FY24 annual report on the dealer site and the India Ratings rationale are the primary references.
Where the revenue comes from
- Ready-mix concrete — standard grades80%
Bulk supply from 140 plants to infrastructure and real-estate sites
- Special & value-added concretes20%
Fibre-reinforced, self-compacting, lightweight, decorative, temperature-controlled and bagged concrete
Products & services
Standard ready-mix concrete
M10 to high-grade concrete supplied from plants of 30–120 m³ an hour.
Special concretes
Fibre-reinforced, self-compacting, lightweight, decorative and temperature-controlled mixes.
Concrete in a bag
Pre-mixed concrete in handy bags for small works.
What works
- • Scale leader in independent RMC: 140 plants, pan-India footprint and a 30-year brand with marquee contractor customers.
- • Double-digit growth — revenue and EBITDA CAGR of 23–25% — riding infrastructure and real-estate demand.
- • Institutional ownership (True North) with rated NCDs, audited disclosures and professional management under MD & CEO Anil Banchhor.
What to watch
- • Valuation: at ₹310 the equity is about ₹5,100 Cr, roughly 85 times estimated FY25 profit and 2.6 times sales for a low-margin materials business.
- • Dealer prices diverge sharply — Altius ₹200 bid / ₹310 ask versus about ₹183 quoted elsewhere in July 2026 — so the true clearing price is uncertain.
- • RMC margins are squeezed by cement and aggregate prices, fuel costs and construction slowdowns; receivables from contractors are a working-capital risk.
- • A private-equity owner will eventually seek an exit; the route (IPO or strategic sale) and timing are unknown.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| RDC ConcreteThis page | ₹255.00 | ₹4,233 Cr | 70.64 | 8.05 | +22.47% |
| Gannon Dunkerley | ₹1,158.00 | ₹312.66 Cr | 26.06 | 1.13 | +1.03% |
Latest reported year: FY25 ending 31 Mar 2025.