- **lead** - GTV Engineering is fundamentally a high-end steel tailor for the giants that build India’s power plants, railways, and cement factories - it cuts, welds, and machines massive, critical components to their exact designs. Incorporated in 1990 but tracing its heavy-engineering roots to 1978, the company has spent decades embedding itself as a trusted sub-contractor to nearly every major EPC (Engineering, Procurement, and Construction) player in the country, both Indian and multinational. The recurring approach is to operate in a niche where demand outstrips the available high-tech capacity, so it competes on precision and reliability rather than price, and it has recently begun using that hard-won industrial credibility to bolt on a new power-generation business through an acquisition of a 35.31% stake in Chirchind Hydro Power Private Limited. # Business segments Two engines at different stages - a decades-old heavy fabrication core that earns its keep from industrial project cycles, and a newly acquired small-hydro power bet that adds a recurring-generation income stream - with the second engine also serving as a captive customer for the first. ## 1. Heavy fabrication and large machining: the industrial tailor for India’s infrastructure builders **GTV doesn’t make its own products; it builds the one-off, oversized steel skeletons and precision-machined parts that EPC contractors need for a thermal plant, a metro system, or a cement mill - and it does so in a part of the market where qualified workshops are scarce.** - **Built to a customer’s blueprint, not a catalogue** - the company fabricates sophisticated equipment entirely according to the designs and specifications provided by its clients, using processes like welding, forming, pressing, and stress removal to turn raw steel into finished industrial components. - **A versatile workshop for heavy industry** - its manufacturing infrastructure, including large open fabrication yards, covered bays, and heavy EOT (Electric Overhead Travelling) cranes, can handle work for sectors ranging from hydro, thermal, and nuclear power to railways, minerals, and oil and gas, so it is not tied to the cycle of any single industry. - **Scarcity is its competitive shield** - the company operates in hi-tech, specialized fabrication where, in its own words, “most of the time demand exceeds available facilities and capacities and competitors are quite limited,” which means it gets to choose its projects rather than fight for the lowest bid. - **Deep roots with the who’s-who of EPC** - its key customers include BHEL, METSO, L&T-MHPS, FLSmidth, and NTPC, and it has long-standing relationships with all major EPC companies operating in India, giving it a steady flow of orders from repeat buyers who value its reliability. - **An order-book business with lumpy rhythms** - quarterly performance swings with project execution schedules, customer inspections, dispatch clearances, and logistics availability, meaning revenue recognition is tied to the physical completion and sign-off of large, complex jobs. ## 2. Small hydro power generation: a captive customer and a recurring-income stream **Through its newly acquired 51% subsidiary, Chirchind Hydro Power, GTV now owns and operates small hydroelectric plants on a BOOT (Build, Own, Operate, Transfer) basis - a business that generates electricity for the grid while also becoming a guaranteed buyer of GTV’s fabrication work.** - **Acquired, not built from scratch** - in June 2026, GTV completed a share-swap deal to take a 35.31% stake in Chirchind Hydro Power Private Limited, instantly adding an operational power-generation platform and its step-down subsidiary, Shivalik Energy, to the group. - **A two-way industrial logic** - the subsidiary is not just a diversification play; GTV has already proposed to sell up to Rs. 12 crore of raw materials and semi-finished goods to Chirchind Hydro and another Rs. 30 crore to Shivalik Energy each year, turning the power companies into a captive order book for its core fabrication shop. - **Steady generation, steady cash** - the acquisition enables GTV to expand into small hydro power projects on a BOOT basis, generating a predictable stream of revenue from electricity sales that is insulated from the quarterly lumpiness of the fabrication business. # Group structure and partners **A tightly held, family-promoted industrial group with a listed fabrication flagship that now controls two power-generation entities, creating a structure where the parent can feed steel work to its own subsidiaries.** - The group’s two manufacturing units sit in the central Indian industrial belt - Unit-I at Malanpur (Gwalior) and Unit-II at Mandideep (Bhopal) - positioning it logistically to serve projects across the country. - Post-acquisition, the structure has three layers: GTV Engineering at the top, its subsidiary Chirchind Hydro Power in the middle, and Shivalik Energy as a step-down subsidiary, with the parent holding 35.31% of Chirchind Hydro. - The company is listed on the BSE in Mumbai and was delisted from the Calcutta Stock Exchange in April 2025, with its shares held in dematerialized form under ISIN INE910R01016.