Maruti Infrastructure is a Gujarat-based construction company that builds affordable housing and urban infrastructure almost entirely for government clients. Founded in 1994 and headquartered in Ahmedabad, it has spent three decades focused on one thing: winning and executing public-sector civil contracts, especially for Economically Weaker Section housing under the Pradhan Mantri Awas Yojana (PMAY) scheme. The recurring approach is simple - qualify as a top-grade government contractor, bid on tenders from municipal and state authorities, and deliver projects on time with a lean in-house team of engineers and supervisors, never owning a plant or factory. # Business segments A single construction-contracting engine serving government housing and urban infrastructure tenders in Gujarat - with a newly broadened legal mandate to enter real estate development, though that remains a capability on paper rather than a separate operating business. ## 1. Government civil contracting: building affordable homes and city infrastructure on tender **The company earns its revenue by winning competitive government tenders and constructing projects - mostly EWS housing blocks - where the client is always a public authority and payment follows measured progress on site.** - **One customer type, many projects** - virtually all work comes from government bodies, primarily the Ahmedabad Municipal Corporation and state R&B (Roads & Buildings) authorities, which issue tenders for housing and urban infrastructure. The company is registered as an ‘AA’ Class approved contractor for the whole of Gujarat and for Ahmedabad’s municipal corporation, a classification that determines the scale and value of tenders it can bid for. - **EWS housing is the backbone** - the company’s main focus is constructing residential flats for Economically Weaker Sections under the PMAY scheme, a central-government programme that funds housing for lower-income groups. In November 2020, it won a tender to build 952 such flats across multiple Ahmedabad locations, a single package worth about Rs. 55 crores with a 24-month completion window. - **Paid by progress, not at the end** - revenue is recognised using the Percentage of Completion Method, meaning the company books income in proportion to the costs actually incurred against the total estimated project cost, provided all critical approvals have been obtained, at least 25% of construction expenditure has been reached, at least 25% of the saleable project area is secured by contracts, and at least 10% of the agreement value has been collected from the buyer. This ties cash inflows to visible work on the ground. - **No plant, no factory, just people** - the company does not own manufacturing facilities and its operations are not energy-intensive. Instead, it relies on a small permanent workforce of 23 employees as of March 2025 - engineers, supervisors, technicians and administrative staff - supplemented by subcontractors and labour hired for specific sites. - **A local moat built on credentials** - beyond its AA contractor registration, the company maintains affiliations with five professional bodies including the Builder Association of India and the Gujarat Institute of Housing and Estate Developers, which signal standing and help with tender qualification. Its order book stood at around ₹200 crores as of FY23, with projects expected to complete within three years, up from more than ₹150 crores a year earlier. # Real estate development capability: a legal licence to expand, not yet a business **In 2022 the company rewrote its constitutional documents to permit property development, land dealing and township building - but this is an enabling move, not a source of revenue today.** - **Objects clause expanded by shareholder vote** - on 1 October 2022, shareholders approved an alteration to the Memorandum of Association, and the Registrar of Companies confirmed it in November 2022, formally reclassifying the company from a financial-services CIN to a construction-and-real-estate CIN. The new objects allow the company to act as builders, developers, land dealers, architects and real estate agents for residential and commercial projects including townships, hotels and serviced apartments. - **Land acquisition and development powers added** - the company can now purchase, lease or exchange land, develop it into housing schemes or commercial complexes, and sell or maintain the resulting properties. It can also lend money secured against construction or earthmoving machinery, and invest in other companies with similar objects. - **Same revenue recognition, same discipline** - if the company ever sells properties it develops, revenue would be recognised under the same Percentage of Completion Method used for its contracting work, with the same thresholds around cost incurred, area contracted and buyer payments received. # Group structure and partners **The company stands alone - no material subsidiary, a recently exited minor venture, and one exploratory partnership approach on the table.** - **No operating subsidiary** - the company has no material subsidiary as of FY25. It had incorporated Karnish Infrastructure Private Limited in August 2022 with a 51% stake, but that entity recorded nil turnover and was sold in August 2024 to an unrelated party for Rs. 2.55 lakhs. - **A partnership overture from a global firm** - in December 2024, the company received an Expression of Interest from MEINHARDT GROUP, a privately-owned planning, design and engineering firm with over 61 offices and 6,000 staff worldwide, for a strategic collaboration covering buildings, industrial infrastructure and sports projects - though no definitive agreement has been signed. - **Promoter-held and locally listed** - promoters and the promoter group hold 52.31% of the equity, and the shares trade on the BSE, with an old application to delist from the Ahmedabad Stock Exchange still pending since 2004.