SAB Industries is fundamentally a family-run project builder that has spent four decades turning government contracts into land, and is now turning that land into a real estate business. Incorporated in 1983 in Chandigarh, it absorbed a fellow promoter-group company, Steel Strips Ltd, in 2021, which brought with it a large portfolio of listed shares. The recurring approach is to use the cash flows and asset base of one engine-first construction, then investments-to patiently stockpile and develop the next, with real estate now emerging as the centrepiece. # Business segments Four engines at different stages-a real estate developer unlocking a patient land bank, a legacy government contractor, a portfolio of promoter-group shares, and a small farming operation-each built on the assets of the one before. ## 1. Real Estate Development: the land bank the company was built to create **The company is methodically converting its own land holdings in Punjab and Haryana into residential and industrial projects, with the first phase already complete and sold.** - **Land bought long ago, sold today** - the company develops and sells apartments, industrial plots, and farm houses on land it already owns at prime locations, so its raw material cost was locked in years before any sale. - **A flagship project with a second act** - the RERA-approved "SSL Highway Towers" sits on 25,846.73 square metres on the Chandigarh-Ambala highway at Derabassi, an industrial satellite town; Phase-I is finished with a completion certificate in hand, and a layout redesign for Phase-2 will add about 200,000 square feet of saleable area. - **A pipeline measured in acres** - the company holds four more parcels for future development: roughly 36 acres near Lalru on the Chandigarh-Ambala Highway for a mixed-use project, 16 acres on a state highway in Sangrur and 11 acres at Amloh in Fatehgarh Sahib for industrial plots, and a premium plot at Sohna, Gurgaon, for upscale farm houses. ## 2. Construction & Engineering: the legacy government contractor **A Class-1 licence and a fleet of owned machinery let the company bid for and build public infrastructure across northern India, with the in-house muscle to handle disputes.** - **Licensed to build for the state** - the company is registered as a Class-1 contractor with multiple state public works departments including Uttaranchal, Himachal Pradesh, and Madhya Pradesh, as well as central bodies, which qualifies it to execute large government projects. - **Roads, buildings, water, rail** - the project portfolio spans buildings and housing, roads, water and environment, irrigation, power, and railways, making the division a generalist infrastructure builder for public-sector clients. - **Owns its tools** - a sizeable base of owned construction equipment reduces dependence on equipment vendors, giving the company more control over project timelines and costs. - **Claims handled in-house** - a dedicated Contracts and Claims team, supported by an external legal firm, manages pre-legal claims and litigation, which is a core capability in a business where contract disputes are routine. ## 3. Investments: a balance-sheet anchor of promoter-group shares **The company holds a concentrated portfolio of listed shares in two fellow promoter-group firms, which acts as a store of value separate from its operating businesses.** - **Two big bets on the group** - the portfolio consists of roughly 1.32 crore shares of Steel Strips Wheels Limited and about 1.48 crore shares of Indian Acrylics Limited, both part of the promoter group headed by the Garg family. - **A segment of its own** - the investment portfolio is reported as a distinct business segment in the company's financial disclosures, not merely a treasury function. ## 4. Agriculture: a small farming sideline **The company operates a minor agricultural segment, likely on land it holds, that rounds out its revenue base.** - **Land put to use** - the agriculture segment generates a small share of revenue, consistent with a company that holds significant land and may farm portions of it while holding it for future development. # Group structure and partners **The company sits inside a dense family-controlled network of over twenty entities, with the promoter family holding nearly three-quarters of the stock and the next generation stepping into executive roles.** - **A web of Garg-family entities** - the promoter group includes more than twenty companies spanning chemicals, wheels, finance, and real estate, including Indian Acrylics Ltd, Steel Strips Wheels Ltd, and Steel Strips Infrastructures Ltd. - **Promoters firmly in control** - as of 31st March 2024, promoters and persons acting in concert held 73.57% of the equity, with almost all shares in dematerialized form. - **The amalgamation that reshaped the balance sheet** - in October 2021, Steel Strips Ltd was absorbed into SAB Industries via an NCLT-approved scheme, with shareholders getting one SAB share for every 350 Steel Strips shares held; a subsequent proposal to merge Steel Strips Infrastructures was deferred in August 2022. - **Next-generation leadership** - Ms. Priya Garg, daughter of Chairman Shri Rajinder Kumar Garg, was appointed Managing Director for a five-year term starting August 2025, and her son, Mr. Taavissh Jain, joined the board as a Non-Executive Director at the same time.