1. At a Glance – Bankruptcy Se Uthkar EBITDA Tak
Twamev Construction & Infrastructure Ltd is that one infra stock which looks like it went to NCLT rehab, did yoga, drank green juice, and suddenly reported ₹52.85 crore PAT in one quarter. Market cap ₹348 crore, CMP ₹22.5, P/E 3.45 — numbers so cheap they look illegal, until you read the footnotes.
This company was under CIRP till April 2024, renamed itself in FY25 (classic Bollywood rebirth move), and then casually dropped a ₹52.85 crore profit in Mar-25 quarter, largely powered by ₹33.94 crore other income. Operating margin shot to 46% that quarter — which in infra is like finding Wi-Fi on a highway dhaba.
Debt still stands tall at ₹351 crore, current ratio is a scary 0.52, and debtor days are an eye-watering 193 days. But promoters hold 84.5%, pledges are officially zero, and the order book has started moving again with roads, bridges, and ropeways.
Is this a genuine turnaround or just one lucky quarter with accounting steroids? Let’s dig.
2. Introduction – From Tantia Trauma to Twamev Therapy
Twamev Construction is the reincarnation of Tantia Constructions Ltd, a company that once did serious railway and road projects and then slowly collapsed under debt, delays, and disputes — the holy trinity of Indian infra disasters.
Between FY15 and FY23, revenues fell from ₹517 crore to ₹94 crore, margins evaporated, and the company entered CIRP. For years, shareholders were basically holding a PDF of hope.
April 2024 changed the script. CIRP ended. New promoter group walked in. Name changed. Balance sheet cleaned partially. And suddenly, FY25 shows ₹56 crore PAT
, compared to losses just a year earlier.
But here’s the twist — profits didn’t come from construction execution alone. A big chunk came from other income, settlements, and resolution-related entries.
So before calling this a multibagger phoenix, we need to separate real EPC revival from IBC accounting aftershocks.
3. Business Model – WTF Do They Even Build Now?
Twamev is a pure EPC contractor with no annuity comfort blanket.
Core Verticals:
- Transportation Infrastructure (roads, ROBs)
- Public Health Engineering
- Government Buildings
- Ropeway Construction (yes, that’s the new shiny toy)
Revenue in FY24 was ~98% contract receipts, meaning no fancy BOT income, no HAM cash flows, no asset monetisation magic.
This is a working-capital-hungry, low-visibility EPC model, where cash comes late, margins swing wildly, and disputes are part of daily breakfast.
The interesting pivot is ropeway construction, especially after landing a ₹151 crore JV order in Meghalaya. Ropeways are politically sexy, tourist-friendly, and relatively less crowded than roads — but execution risk remains real.
Question for you:
Can a company that struggled to finish roads suddenly become India’s ropeway hero?
4. Financials Overview –
