Madhav Infra Projects Ltd is an Indian infrastructure developer that builds the roads, bridges and power projects governments put out to tender - but its real story is one of quiet accumulation. Over three decades it has grown from a civil contractor into a group that now reaches into solar energy and oil-and-gas exploration services, absorbing subsidiaries along the way to bring everything under one roof. The recurring approach is to bid for public-sector contracts, ring-fence each project inside its own Special Purpose Vehicle (a separate company created just for that asset), and then operate what it builds - a model designed to contain risk and keep each concession’s finances distinct from the rest of the group. # Business segments Three engines at different stages - a road-and-bridge cash cow, a solar-energy bet scaling up fast, and an oil-and-gas exploration services arm that reaches overseas - each housed in its own subsidiary or SPV. ## 1. Road and bridge construction: the group’s foundation **The company wins government road contracts, builds them, and in many cases collects tolls or annuity payments for years afterwards - construction is the day job, but the concession assets are the moat.** - **Paid to build, then paid to operate** - revenue comes from two sources: lump-sum EPC (Engineering, Procurement and Construction) contracts where the government pays for construction, and longer-term PPP (Public-Private Partnership) models - BOT (Build-Operate-Transfer), OMT (Operate-Maintain-Transfer) and HAM (Hybrid Annuity Mode) - where the company earns toll collections or fixed annuity payments over the concession’s life. - **Every project gets its own company** - road concessions are held through separate SPV subsidiaries such as Badi Baktara Toll Private Limited and Madhav (Aaron Sindh Road) Private Limited, so that the debt and obligations of one road do not spill over onto the others or the parent. - **The order book is concentrated in Madhya Pradesh** - as of FY25, all ongoing road works - bridges, railway overbridges, an elevated corridor and multiple state-highway packages - were located in that single state, making the company a deep local player rather than a national generalist. - **Bidding is the make-or-break skill** - bid too high and the contract goes to a rival; bid too low and the work runs at a loss or on razor-thin margins, a structural tension that shapes every tender the company pursues. - **Raw materials are the pinch point** - steel and cement are the key inputs, and any shortage or price spike creates cost-overrun risk that the company tries to offset by adopting the best available construction technology. ## 2. Solar and renewable energy: the green bet under construction **The company designs, builds and operates solar power plants - mostly for government off-takers - and is now scaling up through a cluster of new project-specific subsidiaries.** - **The customer is the government** - ongoing projects include a 35 MW plant in Kutch, a 15 MW plant for ONGC in Bharuch, and a 47.5 MW spread across Gujarat, plus a contract with MP Urja Vikas Nigam Limited under the PM KUSUM-C scheme that sells power to MPPMCL. - **Nine new SPVs in a single day** - when letters of award arrived from the Madhya Pradesh government in December 2025, the company incorporated nine wholly-owned subsidiaries on 6 January 2026, each ring-fenced for its own solar project, signalling a rapid build-out of the solar pipeline. - **Hydro provides a small, steady base** - a mini hydro-power plant at Chambal, operated on a BOT basis, sits on the books as an intangible asset and has required no fresh capital expenditure since at least FY22. ## 3. Oil and gas exploration services: the overseas reach **Through its material subsidiary Seabird Exploration, the company provides seismic data services and technical support to oil-and-gas firms - a business that operates both in India and abroad and sits apart from the infrastructure core.** - **Seismic surveys are the product** - Seabird Exploration supplies onshore and offshore seismic data acquisition, data processing, technical surveys and the rental of specialised equipment and staff to oil-and-gas exploration companies. - **Material enough to matter** - the subsidiary’s net worth exceeds 20% of the group’s consolidated net worth, making it a material subsidiary that warrants separate disclosure and governance attention. - **A different geography and customer set** - unlike the roads and solar businesses that depend on Indian government contracts, Seabird serves oil-and-gas companies overseas as well as in India, giving the group a small but genuine international footprint. # Group structure and partners **The company operates through a web of subsidiaries, joint ventures and associate holdings - each infrastructure asset sits in its own SPV, while six active joint ventures share the risk on EPC contracts.** - **Three subsidiaries were folded in** - Madhav Urja, Madhav Heights and RB Real Estate were amalgamated into the parent during FY24, part of a longer pattern of consolidation that earlier absorbed MSK Projects (India) (JV) Limited as well. - **Six joint ventures share the EPC workload** - partnerships with firms like Eagle Infra India, M.S. Khurana Engineering and Chetak Enterprise allow the company to jointly bid for and execute contract work, spreading both the resources required and the risk. - **Promoter entities orbit the group** - related parties include WAA Solar Limited, Madhav Power Private Limited and a series of infrastructure SPVs bearing the Madhav name, with the promoter group holding just under 69% of the equity as of March 2024.