Suyog Gurbaxani Funicular Ropeways Ltd is India’s first and only listed pure-play funicular ropeway developer - it builds and operates cable railways that turn punishing uphill climbs into a two-minute ride. The company was founded in 2010 by a team with decades of road-and-bridge construction experience, and it delivered the country’s first successful Build-Operate-Transfer ropeway at the Saptashrungi Gad Temple in Maharashtra. Its recurring approach is to win a long-term government concession, design and finance the entire system, then layer hotels, food courts and shopping complexes around the ropeway station so that every pilgrim who rides the trolley also becomes a customer for everything else on site. # Business segments A single engine with two tightly linked revenue layers - a BOT ropeway that collects the ticket fare, and the hospitality-and-retail ring built around its stations that captures spending before and after the ride. ## 1. Funicular ropeway concessions: a toll on a sacred slope **The company earns a regulated ticket fee on every passenger who chooses a two-minute cable-car ascent over a 510-step climb, under a concession that can run for more than three decades.** - **The whole lifecycle sits under one roof** - SGFRL handles design, engineering, procurement, finance, construction, operation and maintenance, so it controls quality and cost from the first survey to the daily cable inspection. - **Revenue is built into the tender itself** - ticket prices are pre-defined in the concession agreement and carry an in-built escalation clause, which means the company knows the fare trajectory for the entire concession period before it pours the first foundation. - **The flagship is a counterbalanced railway** - at Saptashrungi Gad, two air-conditioned trolleys, each holding 60 passengers, are linked by a cable looping over a pulley at the top; as one descends, it helps pull the other up, moving up to 1,200 people an hour across a 330-foot elevation in roughly two minutes. - **The moat is the mountain itself** - ropeways need far less land than a road, can cut straight up a slope, and produce low dust emissions, making them one of the few transport modes that environmental clearance actually favours in hilly terrain. - **A second system has already been built** - a ropeway at Haji Malang in Maharashtra was completed under an EPC contract and inaugurated in January 2026, proving the company can deliver projects beyond its own BOT balance sheet. ## 2. On-site hospitality and retail: the station as a marketplace **Every ropeway station is also a shopping-and-stay complex, turning a transport utility into a destination where pilgrims eat, sleep and buy before they leave.** - **Six services wrapped around the ride** - the company provides travel (the ropeway itself), budget accommodation, shopping complexes, paid parking, food courts and a children’s play zone, all permitted under the same tender framework that governs the ticket. - **A 10-acre pilgrim hub** - at Saptashrungi, the site holds a shopping complex with more than 50 shops, parking for over 150 vehicles, and a hotel with 28 guest rooms, dormitories, a multi-cuisine restaurant and a coffee shop. - **The crowd is guaranteed** - the temple draws devotees from across India year-round, with two Navratri festivals creating predictable peak-season surges, so the shops and hotel inherit footfall rather than having to create it. # Group structure and partners **The company is a standalone entity with no subsidiaries or joint ventures, run by a promoter group that has been in construction for more than thirty years.** - As of March 2025, SGFRL has no subsidiary, associate or joint venture - it is a single legal entity with all operations held directly on its own balance sheet. - The founding promoters include Rajkumar Dwarkadas Gurbaxani, who brought over three decades of road-and-bridge construction experience to the ropeway venture, and the board comprises nine directors, four of them independent including one woman independent director. - The company’s equity shares have been listed on the BSE SME platform since November 2021, and it holds a CRISIL BBB/Stable credit rating. - In early 2026, a promoter entity transferred a 2% stake to a finance company owned and controlled by the same individual but classified outside the promoter group, and a separate promoter holding 0.29% sought reclassification to the public category.