Capacit’e Infraprojects Q1 FY27: Revenue ₹629 Cr, a ₹13,532 Cr Order Book, and One ₹10 Crore Provision About Aluminium

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1. At a Glance

Revenue for the June 2026 quarter came in at ₹629 crore, against ₹589 crore a year earlier. Operating Profit was ₹99 crore, PAT ₹40 crore, EPS ₹4.66. Order book at 30 June 2026: ₹13,532 crore, which is roughly 5.1 times annual sales — a backlog with a longer planning horizon than most people’s careers.

The quarter had an unusually specific list of things that happened to it. Management cited workmen shortages in the first half of the quarter. The Brihanmumbai Municipal Corporation suspended water supply connections to Mumbai construction sites effective 17 June 2026 to address a water shortage; the company said it sourced water by other means and that execution in the Mumbai region was partially impacted. Concrete, famously, is not optional about water. And an additional provision of about ₹10 crore was taken for commodity price volatility not reflected in the WPI index.

Elsewhere on the record: Infomerics upgraded the long-term rating to IVR BBB+/Stable in May 2026. The auditor’s limited review carries a qualified conclusion on a ₹11.56 crore receivable. On 18 August 2026, Mr. Rajendra K Jain resigned as Director-Operation & CEO. The order inflow target for FY27 is ₹4,500–5,000 crore, of which ₹1,071 crore is booked.

FY26 full-year revenue was ₹2,623 crore with Operating Profit of ₹427 crore.

2. Introduction

Capacit’e Infraprojects was incorporated on 9 August 2012, which makes it younger than a great many of the buildings it has since put up. It is an EPC contractor — engineering, procurement, construction — for buildings specifically, not roads, not pipelines, not bridges. Per the company, it has delivered more than 75 million square feet across residential, commercial and institutional segments in twelve years of operating history, and it holds a Limca Book of Records entry for fastest hospital construction, a category one imagines is not heavily contested.

The client list on record runs to both halves of Indian construction. Infomerics lists public-sector counterparties including CIDCO, the Municipal Corporation of Greater Mumbai, MHADA, Indian Oil and NBCC, alongside private developers Oberoi Realty, Raymond, Godrej Properties, Signature Global and Lodha. The company’s own presentation puts its work at The Park Towers 3 & 4 for Lodha (82 floors, about 279 metres), Piramal Mahalaxmi, Oberoi’s Enigma, and a CIDCO mass-housing scope described as 122 towers and 21,346 units. That last one reads less like a contract and more like a small city with a delivery date.

Recent order flow, from the filings: ₹1,518 crore for four ultra-luxury super high-rise towers at ’25 Downtown’ in Mumbai (September 2025), ₹542.37 crore for IIT Bombay design-and-build fast-track buildings at Powai (October 2025), a ₹445 crore LOI from Great Value Realty for Noida (February 2026), two ₹537 crore Raymond-side LOIs in Thane (February 2026), a ₹589 crore LOI from Ten X Realty East for Wadala (June 2026), and a ₹482 crore work order from Twenty-Five Downtown Realty for Tower T5 (July 2026). The company raised ₹200 crore via QIP in January 2024. Equity capital moved from ₹68 crore to ₹85 crore between March 2023 and March 2024 as a result.

Order book has gone ₹9,513 crore (FY23), ₹9,011 crore (FY24), ₹10,545 crore (FY25), ₹13,498 crore (FY26), ₹13,532 crore at Q1 FY27.

3. Business Model: WTF Do They Even Do?

They build tall things, and they build them for other people. That’s the whole model, stated with more dignity in the filings as “a focused EPC company that provides an end-to-end construction service for buildings and factories across sectors.”

The residential menu covers high rise, super high rise, township, gated community, EPC, shell-and-core work, MEP works, and “Complete Lock & Key Solutions” — an item that sounds like a locksmith’s van but means the client gets handed a finished building and a key. Commercial covers malls, hotels, office complexes and MLCPs, which is the industry’s way of saying multi-level car park without admitting it built a garage. Institutional covers healthcare, data centres, factory construction and metro stations.

The category split of the order book at Q1 FY27: 64% residential, 28% mixed use, 8% institutional. The height split is the more entertaining cut — 62% of the book is buildings above 40 floors, 38% below. Public sector is 55%, private 45%.

MEP, incidentally, is mechanical-electrical-plumbing, and the company does it in-house alongside finishing and interiors, meaning the same firm that pours a 59-floor structural frame also comes back later to worry about where the taps go.

The accounting has one wrinkle worth understanding, and management explained it on the call: MHADA BDD Worli runs through TCC Construction Private Limited, a JV with Tata Projects where Capacit’e holds a 35% economic interest at the TCC level. Standalone books carry subcontract revenue; consolidated books carry only the share of profit. As management put it, only the profit comes into the consol, not the turnover. So a project management described at roughly ₹17,000 crore of total TCC order value shows up in the consolidated P&L as a line item of ₹1.4 crore this quarter. Consolidation is the one place in finance where a bigger number becomes a smaller one on purpose.

Geography, per the presentation: MMR, PMR, NCR, Varanasi, Bengaluru, Chennai and Hyderabad. Consolidated Q1 revenue splits ₹559.6 crore within India and ₹69.3 crore outside.

4. Financials Overview

Figures are consolidated, in ₹ crore.

OPM stood at 16% for the quarter. Other Income was ₹12 crore,