Shantidoot Infra Services is a construction company that builds hospitals, colleges, and other public buildings, almost entirely for government and related-party clients in Bihar. It was founded in Patna and listed on the BSE’s SME platform in 2023, and it is now working to migrate to the main board. The recurring approach is to win large, multi-year contracts through public e-tendering and then execute them as an integrated builder - handling everything from raw materials to the finished structure - while expanding into adjacent services like youth training that keep its workforce and local relationships active between projects. # Business segments A single construction engine, supplemented by a small consultancy and training extension - both rooted in public-sector contracts and related-party institutions in Bihar. ## 1. Construction contracts: the company’s sole revenue engine **The business is a pure-play contractor that bids for public and related-party building projects, constructs them from the ground up, and books revenue only when the work is done.** - **One segment, one geography** - the company reports a single business segment called “Construction contract and contract” and a single geographical segment confined to India, so every rupee earned comes from building structures on Indian soil. - **Paid on completion, not on promise** - revenue is recognised on an accrual basis only after the transfer of goods or services to the customer, following Accounting Standard 7 on construction contracts, which means income appears in the books only when a building phase is genuinely handed over. - **The GMCH project is the anchor** - the company’s most significant engagement is building the Gautam Medical College & Hospital for Right Path Foundation, a related party, covering the hospital, academic block, service block, two hostels, boundary walls, and allied structures. The original contract was worth ₹511 crores, and the medical college and hostels were scheduled for completion in 518 days from signing. - **Cost revisions happen mid-stream** - the GMCH project cost was revised from ₹242 crore to ₹273 crore because an additional hostel block of 2,02,556.31 sq. ft. was added, a change approved by shareholders as a material related-party transaction in April 2026. - **Government tenders are the growth path** - the company has been recognised for public e-tendering, and its board has considered bids for Bihar State Government and Central Government contracts, including an Ayurvedic Medical College building in Bihar Sharif. The managing director was separately authorised to apply for a Minor Water Resources Department project in Bihar. - **A branch office opens the next geography** - in June 2024 the board ratified opening a branch in Ranchi, authorised an employee to buy plant and machinery for it, and directed management to recruit a local team, signalling an intent to bid for work beyond Bihar. ## 2. Consultancy and training: a small extension tied to the core **The company runs a consultancy and training operation for the youth of Bihar, housed inside the same legal entity and treated as an extension of its main construction object.** - **Same company, separate unit** - the board gave consent to open a distinct strategic business unit for consultancy, but the company’s main object and line of business have not changed; consultancy and training operate within the existing management structure. - **Built on local relationships** - the training activity is described as serving the youth of Bihar, and it sits alongside related-party institutions such as Gautam Teachers Training College, Gautam Institute of Nursing & Paramedics, and D.P. Singh Institute of Education, where key managerial personnel have significant influence. This suggests the consultancy unit draws on the same institutional network that generates construction contracts. # Group structure and partners **The company has no subsidiaries or joint ventures, but it operates inside a dense web of related-party institutions - all linked through its promoter and key managers - that supply its largest contracts.** - **Standalone by design** - as of the latest annual report, Shantidoot Infra Services has no subsidiary, associate, or joint venture, and it is not registered as a non-banking financial company or core investment company. - **The promoter is the controlling shareholder** - the promoter group held 72.07% of equity as of March 2024, with Managing Director Mr. Avijeet Kumar alone holding 63.53%, giving him effective control over strategy and related-party decisions. - **Right Path Foundation is the key counterparty** - this related party, where key managerial personnel have significant influence, is the client for the GMCH project, making it the single largest source of construction revenue. - **A network of educational and healthcare entities** - other related parties include Gautam Tech Solution, Gautam Medilife Private Limited, Shantidoot Hospital, Shantidoot Trust, and multiple nursing, pharmacy, and teacher-training institutes, all sharing common key managerial personnel and creating a closed ecosystem of potential construction and consultancy clients. - **A rights issue funds the next step** - in March 2026 the board recommended increasing authorised share capital from ₹3 crore to ₹13 crore and approved raising up to ₹12 crore through a rights issue to existing shareholders, a move that will bring fresh equity into the standalone entity without introducing outside control.