Meeting Schedule

  • Date: 25th August 2026

Organized by: ICICI Securities Limited

Meeting type: One-on-one/Group

Venue: Singapore

Mode: Physical

  • Date: 26th August 2026

Organized by: IIFL Capital Services Limited

Meeting type: One-on-one/Group

Venue: Hong Kong

Mode: Physical

Note: Date is subject to change due to exigencies on the part of investor/Company.

Investor Presentation Content

Executive Summary

Company highlights its evolution from building engineering excellence pre-2014 to expanding globally and unlocking next leg of growth. Key milestones include:

  • Entered airport sector
  • Secured elevated and underground metro packages
  • Secured large contracts on standalone basis in underground metro and road sector
  • Entered Overseas Market (Sri Lanka, Bangladesh and Myanmar)
  • Entered into Data Center sector
  • Secured marine project in UAE
  • Acquired by Renew Exim DMCC, an Adani Group Entity
  • Achieved highest ever Orderbook of ₹31,307 Cr (Q1 FY27)
  • Aim to become amongst top 3 EPC players in India

Financial Performance

Q1 FY27 Results:

  • Revenue: ₹2,721 Cr (↑ 6% YoY)
  • EBITDA: ₹285 Cr (↑ 9% YoY)
  • PAT: ₹141 Cr (↑ 3% YoY)
  • Net worth: ₹2,492 Cr (↑ 26% YoY)
  • Net Debt: ₹700 Cr
  • RoCE: 33%
  • RoE: 27%

FY26 Full Year Results:

  • Revenue: ₹10,061 Cr (↑ 9% YoY)
  • EBITDA: ₹1,199 Cr (↑ 28% YoY)
  • PAT: ₹598 Cr (↑ 60% YoY)
  • Net worth: ₹2,400 Cr (↑ 31% YoY)
  • Net Debt: ₹527 Cr
  • RoCE: 34%
  • RoE: 28%

Order Book Details (as on 30 June 2026)

  • Total Orderbook: ₹31,307 Cr
  • Orders secured in Q1 FY27: ₹8,519 Cr
  • Number of Projects: 80+ across 8 sectors
  • Diversified Verticals: 8
  • Geographical Footprint: 98% India, 2% Overseas
  • Client Break-up: 10% Govt., 27% PSU, 63% Private

Sector-wise Order Book Breakdown:

  • Maritime Structures: ₹7,258 Cr (23%)
  • Highways, Bridges & Flyovers: ₹6,494 Cr (21%)
  • Urban Infra, MRTS & Airports: ₹5,314 Cr (17%)
  • Industrial Structures & Buildings: ₹4,154 Cr (13%)
  • Water & Wastewater: ₹3,414 Cr (11%)
  • Foundation and Specialist Engineering: ₹2,617 Cr (8%)
  • Hydro Dams, Tunnels and Irrigation: ₹1,296 Cr (4%)
  • Data Centers: ₹760 Cr (3%)

Areas of Operations

Company operates across 8 sectors of engineering excellence:

1. Maritime Structures - 100+ projects completed/under execution including jetties, dolphins, berths, ship lift, dry dock, breakwater, dredging

2. Urban Infrastructure, MRTS and Airports - ~40 Kms UG metro tunnelling and ~40 Kms elevated metro including station buildings and airport terminal buildings

3. Industrial Structures and Buildings - 30+ completed projects/under construction including institutional, commercial, factories & warehouse

4. Highways, Bridges and Flyovers - >600 Kms highways, bridges and flyovers including national highways, river bridges, pre-stressed box girders

5. Foundation and Specialist - 1000+ completed projects/under execution including diaphragm wall, ground improvement, rehabilitation work, slope stabilization

6. Water and Wastewater - 10+ completed projects/under execution including micro tunneling, sewerage and water treatment plant, pipeline for drainage projects

7. Data Centers - Shell and core, mechanical, electrical & plumbing, testing and commissioning

8. Hydro, Dams, Tunnels and Irrigations - 15+ dams, barrages, NATM, DBM tunnels including dam and powerhouse, tunnels and intake structures, pressure shafts, irrigation projects

Investment Highlights

India Growth Opportunity:

  • India's real GDP grew at 7.7% in FY26
  • Target to be developed economy by 2047 with ~$35 Tn GDP and 10-11% nominal growth rate
  • Rapid urbanization and rising consumption driving multi-decade infrastructure super cycle

Infrastructure Investment Drivers:

  • Capex allocation under Union Budget: 3.1% of GDP
  • PM Gati Shakti: 57 ministries unified for ₹100 Lakh Cr infra push by 2025, evaluated 239 infra projects worth ₹13.59 Lakh Cr
  • Bharatmala: Highway of 34,800 Km with investment of ₹6.92 Lakh Cr by 2027-28
  • Sagarmala: 839 projects planned with investment of ₹5.79 Lakh Cr by FY35
  • NIP: ~14,563 projects with cumulative investment pipeline of ~₹213 lakh Cr as of March 2026
  • Amrut 2.0: Target of new 2.68 Cr water tap connection with outlay of ₹2.77 Lakh Cr by 2025-26

Company Growth Metrics:

  • Consistently growing orderbook – 2x in last 4 years, 14% CAGR over 7 years
  • Order inflow: 2.1x in FY26 compared to previous year, 18% CAGR over 4 years
  • Historical order inflow: FY22: ₹7,769 Cr, FY23: ₹8,841 Cr, FY24: ₹6,915 Cr, FY25: ₹7,174 Cr, FY26: ₹14,821 Cr, Q1 FY27: ₹8,519 Cr

Execution Capabilities

Equipment Fleet:

  • Tunnel Boring Machine: 8 Units (4 TBM ordered recently)
  • Micro Tunnel Boring Machine: 5 Units
  • Trench Cutter: 3 Units
  • Hydraulic Piling Rig: 46 Units
  • Cranes: 279 Units
  • Jackup Barge: 4 Units
  • Reverse Circulation Drilling Rig (RCD): 5 Units
  • Twin Boom Jumbo Drill: 8 Units

Quality Certifications:

  • ISO 9001:2015 – QMS
  • ISO 14001:2015 – EMS
  • ISO 45001:2018 – OH&S

Workforce:

  • Permanent Employees: 3,315 (as on 30 June 2026)
  • Average experience of Management: 25+ years
  • Internationally recognized safety systems

Risk Management Framework

Project Bidding Criteria: Rigorous technical, commercial and financial evaluation before bid submission focusing on risk-adjusted returns, client credibility and funding visibility

Contract and Commercial Risk Management: Active management of variation orders and claims to protect project economics

Execution & Operational Excellence: Robust project planning, engineering and procurement processes with continuous monitoring

Financial and Working Capital Discipline: Close monitoring of billing, certification, collections, receivables and contract assets

ESG Performance (2025-26)

Environmental Initiatives:

  • Use of Renewable Energy (Solar Panels): Annual reduction of 39.12 tonnes CO₂e emissions
  • Use of leftover concrete: Reduction of 73.92 tonnes of CO₂e emissions
  • Reuse of steel: Reduction of 3,348 tonnes of CO₂e emissions
  • Installed Organic Waste Composter: 15,583 kg of manure generated, reduction of 26.90 tonnes CO₂e emission
  • Waste management: 10,119 tons recycled via authorized vendors and 3,644 tonnes reused in operations
  • Wastewater Management: 56,414 kL Water reused

Safety Performance:

  • Safe Million Manhours worked: 128 million
  • Training Sessions Conducted: 1,776
  • EHS & IMS Audit: 323
  • LTIFR: 0.09
  • Injury Incident Rate (IR): 0.35

Management Team

Board of Directors and Senior Management:

  • Manish Kumar, Chief Technical Officer: 39+ Yrs experience in ESG & Sustainability, Deep Foundation & Ground Improvement
  • Sunder L. Chanchlani, Chief Commercial Officer: 39+ Yrs experience in Budgeting, Planning & Monitoring, Cost Monitoring & control
  • Nitesh Sharma, Chief Financial Officer: 25+ Yrs experience in Project Financing, Financial Planning, Taxation
  • KR Senthilnathan, Head – Business Development: 28+ Yrs experience in Market expansion, Customer Acquisition, Contract Negotiation

Sector Experts:

  • Arbind Kumar Rai: 35+ Yrs in Underground Metro, Hydel Projects, Tunnel, Micro Tunnel
  • Shivanagouda N. Patil: 37+ Yrs in Elevated Metro, Roads, bridges and dams, Structures, Precast
  • Schon Sarkar: 36+ Yrs in Airports, Maritime Projects, Mega Projects
  • Kaushik Nandi: 32+ Yrs in Industrial structures and buildings
  • Sudarshan Salunkhe: 28+ Yrs in Piling, Diaphragm wall, Specialized Foundations
  • Soumitra Ghosh: 29+ Yrs in Maritime Projects, Bridges

Future Strategy

Pursue Large and Complex Infrastructure Projects: Selectively bid for large-value projects, expand into high-margin sectors like Data Centers, High-Speed Rail, and Large-Diameter Tunnelling

Accelerate Technology Adoption: Leverage digital technologies, BIM, automation, and data-driven project management

Leverage Adani Group Synergies: Unlock operational efficiencies through collaboration across Adani Group ecosystem including ports, airports, energy, industrial Infra, logistics, and international markets

Expand Domestic Leadership and International Presence: Strengthen market position across existing infra verticals and diversify revenue base by entering new geographies

Drive Operational Excellence: Enhance project execution through design optimisation, value engineering and continuous technical innovation

Develop Future-Ready Talent: Build leadership through succession planning and upskill employees in digital & engineering practices