General information and education, not investment advice. The author is not a SEBI-registered adviser or research analyst. No recommendation, no promised returns. Markets carry risk including loss of capital. Figures may not be current. Always consult a SEBI-registered adviser.
1. At a Glance
Capacit’e Infraprojects builds buildings under contract for other people. Revenue in the three months to June 2026 came to ₹629 crore. The same quarter a year earlier brought ₹589 crore. Operating profit was ₹99 crore and net profit ₹40 crore. Earnings per share, the slice of profit attached to one share, came to ₹4.66.
The order book stood at ₹13,532 crore on 30 June 2026. That is work signed and not yet built, roughly 5.1 times a year of sales. A backlog on that scale has a longer planning horizon than most careers.
The quarter came with an unusually specific list of things that happened to it. Management cited a shortage of workmen in the first half of the quarter. The Brihanmumbai Municipal Corporation suspended water connections to Mumbai construction sites from 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, as an industry, is famously not optional about the water it is mixed with. The company also took a further provision of about ₹10 crore for commodity price swings. Those swings are not reflected in the wholesale price index, the government’s own measure of goods prices.
Elsewhere on the record, Infomerics, a credit-rating agency, upgraded the long-term rating to IVR BBB+/Stable in May 2026. The auditor’s limited review carries a qualified conclusion, meaning a stated reservation, on a receivable of ₹11.56 crore. Mr Rajendra K Jain resigned as Director-Operation and CEO on 18 August 2026. The order inflow target for this financial year is ₹4,500 crore to ₹5,000 crore. Of that, ₹1,071 crore is already booked. Revenue for the year to March 2026 was ₹2,623 crore, and operating profit ₹427 crore.
2. Introduction
Capacit’e Infraprojects was incorporated on 9 August 2012, which makes it younger than many of the buildings it has put up. It is an EPC contractor, which means it handles the engineering, the procurement and the construction for a client. Buildings are the whole of it, not roads, not pipelines and not bridges. The company says it has delivered more than 75 million square feet in twelve years of operating history. That work spans residential, commercial and institutional projects. It also 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, a credit-rating agency, lists public-sector counterparties including CIDCO, the Municipal Corporation of Greater Mumbai and MHADA. Indian Oil and NBCC sit on the same list. On the private side it names Oberoi Realty, Raymond, Godrej Properties and Signature Global, along with Lodha.
The company’s own presentation points to The Park Towers 3 and 4, built for Lodha. That job runs to 82 floors and about 279 metres. Piramal Mahalaxmi and Oberoi’s Enigma appear on the same page. So does a CIDCO mass-housing scope described as 122 towers and 21,346 units, which reads less like a contract and more like a small city with a delivery date.
Recent order flow comes from the filings. September 2025 brought ₹1,518 crore for four ultra-luxury super high-rise towers at ’25 Downtown’ in Mumbai. October 2025 added ₹542.37 crore of fast-track design-and-build work for IIT Bombay at Powai. February 2026 brought a ₹445 crore letter of intent from Great Value Realty for Noida. A letter of intent is a client’s written commitment to award the work before the contract is signed. Two Raymond-side letters worth ₹537 crore followed in Thane that same month. June 2026 brought a ₹589 crore letter from Ten X Realty East for Wadala. July 2026 added a ₹482 crore work order from Twenty-Five Downtown Realty for Tower T5.
The company raised ₹200 crore in January 2024 by placing shares with large institutions. Equity capital moved from ₹68 crore to ₹85 crore between March 2023 and March 2024 as a result.
The order book stood at ₹9,513 crore at the end of March 2023. A year later, at the end of March 2024, it was ₹9,011 crore. By March 2025 it had reached ₹10,545 crore. March 2026 closed at ₹13,498 crore. The figure at the end of June 2026 was ₹13,532 crore.
US
Now live
US Stocks terminal is live
13,000+ US tickers · EDGAR fundamentals · screener and filings feed — the same terminal, for American markets.
Explore →
3. Business Model: WTF Do They Even Do?
They build tall things, and they build them for other people. The filings put it with rather more dignity: a focused EPC company providing an end-to-end construction service for buildings and factories across sectors.
The residential menu covers high rise, super high rise, township and gated community work. It also lists EPC, shell-and-core work, MEP works and “Complete Lock & Key Solutions”. That last item sounds like a locksmith’s van, and means the client is 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.
MEP is mechanical, electrical and plumbing, and the company does it in-house alongside finishing and interiors. So the same firm that pours a 59-floor structural frame comes back later to worry about where the taps go.
Residential work made up 64% of the order book at the end of June 2026, and mixed use 28%. Institutional accounted for the remaining 8%. Buildings above 40 floors are 62% of the book, and everything shorter is 38%. Public-sector clients are 55% of it, private clients 45%.
The accounting has one wrinkle worth understanding, and management explained it on the call. MHADA BDD Worli runs through TCC Construction Private Limited, a joint venture with Tata Projects. Capacit’e holds a
