At a Glance
A ₹38 Cr market-cap micro-cap from Bihar, Shantidoot Infra has managed to clock a jaw-dropping ROE of 96.6%, P/E of just 7.3x, and zero debt. The company is profitable, growing fast, and cash flow-positive (kinda). But the big question — is it “India’s next big infra story” or just a glorified local contractor with clean books?
1. 🎬 Introduction with Hook
Most SME infra stocks trade like toothpaste tubes after Holi — squeezed out, empty, and about to burst.
But Shantidoot Infra, founded in 2019, doesn’t care about stereotypes.
This Patna-based company is posting 30 Cr revenue, ₹5.3 Cr PAT, 24% EBITDA margins, and an ROCE that would make DLF weep.
And all this… with barely ₹0.06 Cr in debt.
Is this India’s cleanest real estate operator or the best-positioned contractor no one’s heard of?
2. 🧩 WTF Do They Even Do? (Business Model)
🔨 Core Business:
- Construction contracts
- Real estate project execution
- Mainly residential and commercial construction in Bihar
🏠 Not a developer (yet), but a turnkey EPC-style infra executor
⚙️ All revenues come from project execution — no recurring rental or annuity biz
📍 Focus Area: Patna & surrounding areas
🧾 Contract nature: Likely state or private realty tie-ups (not disclosed)
In short: a high-margin infra contractor that hasn’t defaulted, diluted, or died. That’s rare.
3. 📈 Financials – Profit, Margins, Growth
| Year | Revenue (₹ Cr) | PAT (₹ Cr) | OPM % | ROCE % | ROE % |
|---|---|---|---|---|---|
| FY20 | 2.19 | 0.03 | 1.8% | NA | NA |
| FY22 | 7.62 | 1.4 | 30.5% | 120.6% | 280% |
| FY24 | 10.0 | 1.24 | 19.2% | 32.7% | 6.9% |
| FY25 | 30.2 | 5.31 | 24.2% | 127% | 96.6% |
📈 FY25 revenue tripled
🚀 Net profit jumped 4x
💰 Margins? Still delicious at 24%
🧠 3-Year CAGR:
- Revenue: 58%
- PAT: 56%
4. 💸 Valuation – Is It Cheap, Meh, or Crack?
| Metric | Value |
|---|---|
| CMP | ₹216 |
| Market Cap | ₹38.8 Cr |
| EPS (FY25) | ₹29.5 |
| P/E | 7.31x |
| Book Value | ₹37.4 |
| P/B | 5.76x |
🔥 This is super-cheap by SME standards on earnings
⚠️ But expensive on P/B due to low equity base
🧮 Fair Value Range:
Assuming normalized ₹5 Cr PAT and 10–15x P/E → ₹165 – ₹248
→ So it’s fairly priced near upper band if growth sustains. Overvalued only if this was a one-year wonder.
5. 🚧 What’s Cooking – News, Triggers, Drama
📝 Jul 2025:
- Approved FY25 results
- Appointed CS Moneera Anjum
- Shifted registered office within Patna (could indicate scaling)
🧱 Execution Trigger:
- Projects scaling in Bihar?
- Private contracts / public infra push post elections?
📊 No major orderbook updates, but consistent growth + margins = something’s working
6. 🧾 Balance Sheet – How Much Debt, How Many Dreams?
| Year | Net Worth (₹ Cr) | Borrowings (₹ Cr) | Cash (Est) | Debt/Equity |
|---|---|---|---|---|
| FY21 | 0.16 | 0.86 | Low | 5.3x |
| FY25 | 6.7 | 0.06 | Positive | ~0.01x |
✅ Near-zero debt
💼 Reserves: ₹4.9 Cr, growing cleanly
📉 Fixed Assets: Still low — infra model is asset-light EPC
7. 💵 Cash Flow – Sab Number Game Hai
| Year | CFO (₹ Cr) | FCF (Rough) |
|---|---|---|
| FY24 | ₹1.85 | Positive |
| FY25 | ₹0.50 | Slightly positive after ₹2.17 Cr capex |
⚠️ FY25 cash flow dipped despite profit growth
→ Possibly due to receivables or WIP piling
8. 📊 Ratios – Sexy or Stressy?
| Metric | Value |
|---|---|
| ROE | 96.6% |
| ROCE | 127% |
| Working Cap Days | 30 |
| Debtor Days | 15.7 |
| Inventory Days | 87 |
| Payable Days | 20 |
| CCC | ~82 days |
🚀 Everything is efficient + clean
✅ CCC improved from 107 to 30 days
🔒 No red flags in working capital
9. 💰 P&L Breakdown – Show Me the Money
FY25:
- Revenue: ₹30.2 Cr
- Operating Profit: ₹7.3 Cr
- PAT: ₹5.3 Cr
- EPS: ₹29.5
- OPM: 24.2%
📉 Revenue from multiple contracts, not cyclical lumpiness
📌 One of the cleanest P&Ls for a ₹40 Cr SME company
10. 📊 Peer Comparison
| Company | Rev (₹ Cr) | PAT (₹ Cr) | ROE (%) | P/E | CMP (₹) |
|---|---|---|---|---|---|
| DLF | 7,994 | 4,579 | 11.2 | 46x | ₹843 |
| Godrej Properties | 4,923 | 1,216 | 8.9 | 57x | ₹2,310 |
| Brigade Enterprises | 5,074 | 680 | 14.6 | 40x | ₹1,121 |
| Shantidoot Infra | 30.2 | 5.3 | 96.6 | 7.3x | ₹216 |
🤯 ROE > 10x of peers
📉 But scale is micro
✅ Valuation is cheaper by earnings (not on BV)
11. 🧾 Shareholding & Liquidity
| Category | Mar ’25 |
|---|---|
| Promoters | 72.07% |
| Public | 27.93% |
| Shareholders | 50 |
⚠️ Only 50 shareholders
⚠️ Ultra illiquid – price jumps can be extreme (like that 5% UC)
💡 No dilution so far, but future fundraise likely if scaling
12. 🧑⚖️ EduInvesting Verdict™
“Shantidoot Infra is either Bihar’s best-kept construction secret or a high-ROE flash-in-the-pan.”
✅ 24% margins, 96% ROE, debt-free
✅ Consistent revenue growth
✅ P/E of 7.3x is cheap… if growth sustains
But…
❌ Ultra micro-cap
❌ No disclosures on order book / clients
❌ Not yet stress-tested outside Bihar
🎯 Fair Value Range = ₹165 – ₹248
(current price ₹216 is in the middle)
Final verdict?
This Shantidoot isn’t just building homes — it’s quietly building profits.
✍️ Written by Prashant | 📅 08 July 2025
Tags: Shantidoot Infra, Bihar Infrastructure Stocks, High ROE SME, Patna Construction, Microcap Infra Gems, EduInvesting Analysis, SME EPC Contractor, High Margin Stocks, Debt Free Real Estate
