**Diamant Infrastructure Limited** is a Nagpur-based public limited company (BSE: 531331) primarily engaged in the **infrastructure and real estate** sectors. Originally incorporated in **1980**, the company underwent a significant strategic pivot in **June 2007**, shifting its core focus toward **road construction and civil engineering**. While the company is currently navigating a period of severe financial and operational distress, it is attempting to realign its trajectory with India’s long-term national infrastructure goals. --- ### Strategic Alignment: The "Viksit Bharat @2047" Vision The company has formalized a strategic shift to capitalize on the Indian government’s massive infrastructure push. Management aims to leverage the sector's **9% contribution to India's GDP** and the ambitious capital outlay targets set by the Ministry of Road Transport and Highways (MoRTH). * **High-Speed Corridors:** Positioning to participate in the construction of **50,000 Kms** of access-controlled corridors planned by **2047**. * **Capital Allocation Targets:** Targeting a share of the government’s **₹11.11 lakh crore (US$ 133.86 billion)** infrastructure investment outlay, which represents **3.4% of India's GDP**. * **Long-term Market Opportunity:** Aligning with the projected **US$ 1.723 trillion** infrastructure spend required in India between **FY24 and FY30**. #### Market Projections & Sectoral Benchmarks | Metric | Value / Target | Period | | :--- | :--- | :--- | | **Roads & Highways CAGR** | **36.16%** | 2016-2025 | | **Infrastructure Market Size** | **USD 294.12 billion** | By 2028 | | **Sector CAGR (General Infra)** | **9.57%** | 2023-2028 | | **MoRTH Budget Allocation** | **₹2.76 lakh crore** | 2024-2025 | | **National Economic Goal** | **US$ 30-35 Trillion** | By 2047 | --- ### Core Business Operations & Revenue Model Diamant operates under a **single reportable segment** (Infrastructure), specializing in the execution of diverse contracts for major industry players. * **Service Portfolio:** * Road Construction and Highway Projects. * **SFRC (Steel Fiber Reinforced Concrete)** Rain Water Drains. * General Civil Engineering Contracts. * Real Estate Development. * **Revenue Recognition:** * **Construction Contracts:** Utilizes the **percentage of completion method**, recognizing revenue based on the proportion of costs incurred against estimated total costs. * **Unbilled/Unearned Revenue:** Revenue earned in excess of billing is recorded as **unbilled revenue**, while billing exceeding recognized revenue is recorded as **unearned revenue**. * **Historical Client Base:** The company has previously executed projects for prominent organizations including **Ashoka Buildcon Ltd.**, **IRB Infrastructure Ltd.**, **Sadbhav Engineering Ltd.**, **Jindal Power Limited**, **Oriental Structural Engineers Pvt. Ltd.**, **IVRCL**, and **Chetak Enterprises Ltd.** --- ### Financial Performance & Capital Structure The company’s financial position is characterized by stagnant growth and significant debt servicing challenges. While the company returned to a marginal profit in the most recent fiscal year, it lacks active capital expenditure. #### Comparative Financial Overview | Metric | FY 2024-25 | FY 2023-24 | | :--- | :--- | :--- | | **Net Profit / (Loss)** | **₹9,09,257** | **(₹12,92,952)** | | **Paid-up Share Capital** | **₹7.04 Crore** | **₹7.04 Crore** | | **Total Equity Shares** | **3,52,04,000** (FV **₹2**) | **3,52,04,000** (FV **₹2**) | | **Dividend Recommended** | **Nil** | **Nil** | | **Capital Expenditure** | **Nil** | **Nil** | * **Trading Status:** Equity shares have been **suspended from trading on the BSE Limited since March 2020** due to non-payment of Annual Listing Fees. * **CSR & Remuneration:** For **FY 2024-25**, the company had **no CSR obligations** due to minimal average net profits. No managerial remuneration was paid under **Section 197** of the Companies Act during the recent period. --- ### Debt Profile & Credit Facilities The company’s credit facilities are currently classified as **Non-Performing Assets (NPA)**. While the company provides for interest expenses in its books, lending institutions have ceased debiting interest directly. * **Union Bank of India (Dharampeth Branch):** * **Cash Credit:** Outstanding balance of **₹8.29 Crore** (Sanctioned: **₹800 Lakhs**). * **Temporary Overdraft:** Outstanding balance of **₹43.98 Lakhs**. * **Bank Guarantee Facility:** Sanctioned limit of **₹50 Lakhs**. * **Car Loan:** Outstanding balance of **₹6.05 Lakhs**. * **SREI Equipment Finance Ltd:** * **Unsecured Loan:** Outstanding balance of **₹2.34 Crore**. #### Security and Collateral The debt is secured through: * **Hypothecation:** Movable current assets including stock, work-in-progress, and receivables. * **Collateral:** Mortgages on residential flats in **Mumbai** and **Nagpur**, and office premises in **Nagpur**. * **Pledge of Shares:** **50,00,000 equity shares** held by the promoter entity, **M/s Saboo Capital and Securities Pvt Ltd**. * **Guarantees:** Personal and corporate guarantees provided by **Mr. Naresh Saboo**, **Mrs. Madhu Saboo**, and **M/s Saboo Capital and Securities Pvt Ltd**. --- ### Critical Risk Factors & Operational Challenges The company faces severe headwinds that threaten its status as a **Going Concern**. * **Material Uncertainty:** Auditors have issued warnings regarding the company's ability to continue operations due to a **lack of active business transactions** and the fact that there are currently **no employees** on the payroll. * **Asset Possession:** Following the **NPA classification**, banks have taken possession of the company’s primary premises, forcing a relocation. * **Asset Write-offs:** In **FY 2022-23**, the company wrote off significant trade receivables (including from **M/s. Sudhir Constructions**) after debtors refused payment, citing **lower quality material**. * **Regulatory Non-compliance:** The company has faced delays in filing mandatory **MCA** documents (Annual Returns/Balance Sheets) for **FY 2020-21 through FY 2022-23**. * **Litigation & Contingent Liabilities:** * **LBT Nagpur:** A demand of **₹75,20,319** (including penalties) is currently being challenged in the **High Court**. * **Maharashtra Tax Act:** Settled arrears of **₹1,67,500** in late 2022. * **Investment Valuation:** Investments in **Ginger Infrastructure** are valued at historical book value due to the unavailability of current audited financials. --- ### Corporate Governance & Leadership Despite financial hurdles, the company has moved to stabilize its leadership and rectify board-level deficiencies. | Designation | Personnel | Key Expertise | | :--- | :--- | :--- | | **Managing Director & CFO** | Shri Naresh Saboo | **30+ years** in finance and infrastructure. | | **Whole Time Director** | Smt. Madhu Saboo | Board-level oversight and management. | | **Company Secretary** | Mr. Nikesh Subhash Zade | **SEBI regulations** and listing compliances. | * **Management Continuity:** **Mr. Naresh Saboo** has been re-appointed as Managing Director for a **5-year term** effective **January 1, 2026**. * **Board Rectification:** As of **June 30, 2025**, the company reported that it has rectified previous non-compliance regarding the number of **Independent Directors** and the constitution of the **Audit** and **Nomination and Remuneration** Committees. * **Director Status:** No directors are currently debarred or disqualified by **SEBI** or the **Ministry of Corporate Affairs**.