| Engineering Procurement and Construction | Roads, highways, bridges, tunnels, metro viaducts, runway resurfacing, and industrial infrastructure construction. | In-house engineering and design team, extensive experience in difficult terrain, strong client relationships, and proven execution. | Government bodies like NHAI, PWD, urban metro rail corporations; B2G business model. | Complex elevated corridors, metro viaduct construction and tunnels deliver premium margins. | 316552 | 73 | Project contracts with government authorities; item-rate and EPC contracts generating revenues upon project milestones. | Fixed-price EPC contracts based on bidding; project milestone payments. | Increased government spending, improved tendering process, early project completions with bonuses incentivize growth. | |
| Annuity Projects (Hybrid Annuity Model) | Long-term highway projects under HAM model with partial upfront payments and annuity-based revenues over concession period. | Strong project execution record and relationships with institutional investors aid project wins and financing. | National Highways Authority of India and state road agencies; B2G focus. | Operational annuity projects generate long-term stable margins post COD. | 78028 | 18 | Construction plus annuity payments for operations and maintenance over concession tenure. | Hybrid annuity with upfront equity and future annuity cash flows over 15-20 years. | Rising government emphasis on HAM projects, capital recycling through asset monetization for reinvestment. | |
| Others | Renewable energy projects such as solar power plants, transmission and distribution infrastructure, and industrial infrastructure services. | Diversification into high-growth sectors with specialized expertise and government support. | State electricity distribution companies and industrial clients; B2B and B2G mix. | Renewable energy projects with tariff-based returns hold higher margins. | 33422 | 9 | Project execution, tariff-based competitive bids, and item rate contracts generate revenue. | Tariff-based competitive bidding and construction contracts. | Growing renewables market and government subsidies, along with industrial infrastructure demand. | |
