Mumbai: Repono Limited is entering a new phase of growth after completing its first full financial year as a listed company on the BSE SME platform. The company reported ₹65.27 crore in revenue from operations for FY26, representing growth of 27.7%, while profit after tax (PAT) stood at ₹6.58 crore.
In the months following FY26, Repono has expanded its strategic footprint through a series of major developments, including a 20-year EPC and operations & maintenance (O&M) agreement with Reliance Industries, a controlling joint venture in Saudi Arabia and the incorporation of a dedicated subsidiary for its Mathura terminal project.
In an interview, Dibyendu Deepak, Managing Director and co-founder of Repono Limited, and Sankalpa Bhattacherjee, Chairman and Executive Director and co-founder, discussed the company’s growth strategy, project execution model, profitability, customer mix and international expansion.
From ₹13 Crore to ₹65.27 Crore Revenue
Repono’s revenue trajectory has expanded considerably since FY23, when revenue stood at around ₹13 crore. According to the company’s leadership, the growth has been driven by the addition of operations and maintenance contracts across individual terminals and petrochemical warehouses.
Sankalpa Bhattacherjee said the recently signed Reliance Industries mandate represents a significant change in the company’s revenue profile.
The 20-year agreement begins with EPC-related construction billing and is expected to transition into a long-term O&M revenue stream. Over the next 36 months, the company expects its revenue composition to evolve as the project progresses.
RIL Contract Creates Long-Term Project Opportunity
One of the key developments for Repono is its agreement with Reliance Industries to construct and operate a greenfield, rail-fed petroleum oil and ethanol terminal in western Uttar Pradesh.
The project involves complete lifecycle participation, beginning with construction through an EPC company, followed by project management and long-term O&M services.
According to Sankalpa Bhattacherjee, the facility is being developed as an open-access terminal, which means it is designed to serve multiple customers, including private energy companies and public-sector oil marketing companies.
This model could give the terminal a wider potential customer base once operational.
Dedicated SPV for Mathura Terminal
Repono has incorporated Repono Mathura Terminals as a dedicated Special Purpose Vehicle (SPV) for the project.
Dibyendu Deepak explained that the SPV structure is intended to ring-fence project-specific risks and separate EPC-related liabilities from the company’s core balance sheet.
The structure could also provide flexibility for project-level financing arrangements or the potential participation of lenders and equity partners as the project scales.
EBITDA Margin Remains Firm Despite Expansion
Repono’s expansion has involved significant investment in people and technical capabilities. Employee benefit expenses increased from ₹19.5 crore to ₹25.2 crore, according to the company’s management.
Despite these additional costs, the company’s FY26 EBITDA margin stood at 16.78%.
Dibyendu Deepak attributed the margin performance to operating leverage within the business and said the company expects the leverage to become more visible as EPC billing associated with the RIL project begins.
Repono Enters Saudi Arabia Through 51% JV
Repono’s international expansion has also moved forward with the formation of Repono GW Company in Saudi Arabia.
The company holds a controlling 51% equity stake in the joint venture, with Golden Wing Trading Company serving as its local partner.
According to Repono’s management, Golden Wing brings local experience and market access across Saudi Arabia’s petrochemical, chemical and cement packaging sectors.
The partnership combines Golden Wing’s local presence with Repono’s experience in operations and maintenance services.
Why Saudi Arabia Matters to Repono
Saudi Arabia is a major global energy and petrochemical market, and Repono’s management sees opportunities arising from investments in downstream storage and logistics infrastructure.
Rather than building a market presence entirely from the ground up, Repono has chosen to work with an established local partner while retaining majority ownership of the joint venture.
Dibyendu Deepak described the Saudi expansion as a long-term platform strategy that will operate alongside the company’s ongoing expansion in India.
RIL Mandate and Customer Concentration
The addition of a large private-sector mandate raises questions about customer concentration, particularly for a company that has historically worked with state-owned oil enterprises.
Repono’s management views the RIL agreement differently.
Sankalpa Bhattacherjee said the engagement could broaden the company’s counterparty profile because the western Uttar Pradesh terminal is planned as an open-access, multi-user facility.
The company therefore expects the physical infrastructure to potentially serve multiple oil marketing companies and other eligible users rather than remaining limited to a single customer.
Deployment of IPO Capital
Repono raised ₹26.7 crore through its August 2025 listing, according to the management.
Dibyendu Deepak said the funds have been deployed toward equipment, software and working capital in line with the company’s stated plans.
The company has also experienced an increase in finance costs, which management attributes to deliberate gearing undertaken ahead of major project rollouts, including the Mathura terminal.
Repono’s Evolution as a Listed Company
For Repono’s leadership, the company’s first full year as a listed entity represents more than a financial milestone.
Sankalpa Bhattacherjee said the company’s objective is to develop beyond an SME-listed O&M services business into an integrated energy logistics and infrastructure platform with an international presence.
The Mathura project represents the company’s participation across the project lifecycle, while the Saudi Arabian joint venture provides an avenue for taking its operational capabilities into a new geographic market.
Together, these developments mark a shift in Repono’s stated strategy toward long-duration contracts, project-based infrastructure opportunities and international expansion.
What Lies Ahead for Repono?
Repono enters its next phase with three key developments shaping its business strategy: the execution of the 20-year Reliance Industries mandate, the development of the Mathura terminal and the expansion into Saudi Arabia.
The company’s ability to execute these projects while maintaining profitability and managing project-related risks will remain important as it scales its operations.
For investors and industry observers, the company’s transition from individual O&M additions toward long-term EPC and O&M contracts, dedicated project structures and international operations represents a significant evolution in its business model.
About the Spokespeople
Dibyendu Deepak, Managing Director and co-founder of Repono Limited, has been associated with the company since its founding in 2017 and oversees areas including quality control, inventory management and business development.
Sankalpa Bhattacherjee, Chairman and Executive Director and co-founder, leads overall project execution and technical management at the company.
Disclaimer
Certain statements in this article and the interview are forward-looking statements and are subject to risks and uncertainties, including government actions, local political or economic developments, technological risks and other factors that could cause actual results to differ materially from those contemplated by such statements. Repono Limited has stated that it undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.