We recently met the management of RPP Infra Projects (RPP) a small cap (Rs5bn mcap) to get a broad sense of its business and industry prospects. RPP Infra Projects is one of the leading and rapidly growing integrated Engineering Procurement & Construction (EPC) companies with a well-diversified presence across various segments. The company has a large order book of ~Rs11.8bn spread across 3 main segments-Infrastructure (49%), Water Management (23%) and Buildings (28%). and has now upgraded to Rs1-1,3bn with a predominant presence in South India such as Karnataka, Tamil Nadu and Andhra Pradesh. This strategy has worked well for the...