Raubex stock faces margin pressure as order book reaches R39bn
Published on 11/12/2026 at 00:35 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSGrowth meets uneven divisional performance
- Raubex reported stronger revenue and cash generation for the first half of its 2027 financial year.
- Mining and construction materials weighed on profitability, while Western Australia returned to operating profit.
- Management cited renewable energy, water infrastructure and public-private partnerships as areas of opportunity.
Raubex Group reported stronger revenue but uneven profitability for the six months ended August 31, 2026. Business Day said revenue rose 11.8 percent to ZAR 12.12 billion, while operating profit increased 2.5 percent to ZAR 618 million.
Order book supports infrastructure outlook
The secured order book increased 24 percent from the 2026 financial year-end to ZAR 39 billion. Raubex said renewed tender activity and projects in rail, renewable energy and water infrastructure are strengthening its pipeline.
South African National Roads Agency contract awards also showed signs of recovery, with four projects worth a combined ZAR 1.54 billion awarded between July and October. Raubex said it was executing battery storage, solar photovoltaic, wind and water projects, and had been named preferred bidder for the Limpopo border post project.
Mining remains the main drag
The materials handling and mining division moved to an operating loss of ZAR 111.1 million despite 27 percent revenue growth. Raubex linked the deterioration to underperformance at Bauba Resources and higher input costs, while Chief Executive Felicia Msiza said the group was pursuing a sale of its full stake in Bauba.
Construction materials revenue rose almost a quarter, but weaker aggregates performance and slower bentonite demand weighed on profit. Roads and earthworks delivered revenue growth of almost 20 percent with largely flat operating profit, while the Western Australian operations returned to operating profit.
Business model and competitive position
Raubex Group is a South African infrastructure development and construction materials company headquartered in Bloemfontein. Its activities cover materials handling and mining, aggregates and asphalt, road construction and rehabilitation, and infrastructure projects including renewable energy, telecommunications, housing and commercial construction.
Raubex operates across South Africa, southern Africa and Australia. Compared with global engineering and construction comparables such as Vinci and Quanta Services listed by Morningstar, it is a smaller regional operator with a diversified infrastructure and materials focus rather than a broad global footprint.
Raubex Group at a glance
- Company: Raubex Group Limited
- ISIN: ZAE000093183
- Ticker: RBX
- Primary exchange: Johannesburg Stock Exchange
- Latest interim period: Six months ended August 31, 2026
- Headquarters: Bloemfontein, South Africa
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