Shantidoot Infra Services Limited is an **integrated construction and real estate development company** headquartered in **Patna, Bihar**. Historically a specialized service provider, the company is currently undergoing a transformative scaling phase, transitioning from the **SME segment** toward a **Main Board listing** on the **BSE and NSE**. The company’s strategic focus is centered on large-scale institutional infrastructure, residential development, and diversified consultancy services within the Eastern Indian market. --- ### **Core Project Portfolio & Revenue Drivers** The company’s growth trajectory is currently anchored by high-value institutional contracts, specifically in the healthcare and education sectors. * **Gautam Medical College & Hospital (GMCH) Project:** * **Location:** Ranchi Smart City, Jharkhand. * **Contract Value:** Originally awarded at **₹511.00 Crore** (August 2024), with a revised project cost of **₹273 Crore** as of March 2026 following scope adjustments. * **Scope of Work:** Construction of comprehensive hospital buildings, academic blocks, service blocks, and a significant **Hostel Block (2,02,556.31 sq. ft.)**. * **Execution Timeline:** **396 days** for the hospital wing and **518 days** for the medical college and hostels from the date of contract commencement. * **Geographic Concentration:** While primarily focused on **Bihar**, the company has expanded its operational footprint into **Jharkhand** to execute the GMCH project, establishing a dedicated **branch office in Ranchi** and initiating localized recruitment and machinery procurement. --- ### **Strategic Diversification & New Business Units (SBUs)** To mitigate sector-specific risks and create multiple revenue streams, Shantidoot has formalized several new strategic units: * **Infrastructure SBU:** A dedicated division focused exclusively on large-scale civil engineering and public works. * **Public E-Tendering:** The company has secured recognition for public e-tendering, allowing it to bid for and access **Government of India** infrastructure contracts. * **Consultancy & Training:** A new SBU established to provide professional consultancy and youth vocational training programs within Bihar. * **Hospitality Exploration:** Management is currently conducting feasibility studies for investments in the hospitality sector, specifically targeting projects eligible for government subsidy schemes. --- ### **Capital Structure & Financial Engineering** The company has aggressively restructured its balance sheet to support its migration to the Main Board and fund its expanding project pipeline. | Metric | Details | | :--- | :--- | | **Authorized Share Capital** | **₹13,00,00,000** (Increased from ₹3 Cr) | | **Paid-up Share Capital** | **₹1,79,80,000** (17,98,000 shares at ₹10 par) | | **IPO Details** | **₹4.02 Crore** total size (Fresh Issue: ₹2.01 Cr; OFS: ₹2.01 Cr) | | **IPO Issue Price** | **₹81.00** (including **₹71.00 premium**) | | **Stock Sub-division** | Face value split from **₹100 to ₹10** (May 2022) | | **Bonus Issue** | **1:3 ratio** via capitalization of free reserves | **Fundraising Strategy:** The Board has approved a **Rights Issue** for an aggregate amount not exceeding **₹12 Crore** to bolster working capital. Additionally, the company is leveraging its **Start-up India registration** to access tax exemptions and fiscal incentives. --- ### **Corporate Governance & Management** The company transitioned to a **Public Limited Company** in **FY 2022-23**. Leadership is concentrated under **Mr. Avijeet Kumar (Managing Director)**, whose tenure and remuneration are set through **March 2027**. * **Board Oversight:** Recent appointments of **Mr. Uday Goswami** and **Mrs. Mamta Sinha** as **Independent Directors** (February 2024) were made to strengthen the board's fiduciary oversight. * **Compliance Leadership:** **CS Moneera Anjum** serves as the Company Secretary and Compliance Officer (effective July 2025). * **Audit Framework:** **M/S S R K S & Associates** were appointed as Statutory Auditors in September 2024 for a **5-year term**, supported by **M/s Arvin Arpan and Associates** as Internal Auditors. --- ### **Risk Profile & Mitigation Framework** Investors should note significant historical challenges regarding regulatory adherence and related party transactions. #### **1. Regulatory & Secretarial Lapses** The company has faced recurring issues with timely statutory filings: * **SEBI/LODR:** Delays in filing **Regulation 31** (Shareholding Pattern) and **Regulation 32** (Statement of Deviation) returns. * **MCA Discrepancies:** Incorrect filings of **Form DPT-03** (Return of Deposits) for 2022–2024, which did not reconcile with the audited Balance Sheets. * **Administrative Gaps:** Historical vacancies in the Company Secretary position exceeding the **3-month statutory limit**. #### **2. Related Party Transactions (RPT)** A significant portion of the company’s order book involves related entities: * **GMCH Contract:** The **₹511 Crore / ₹273 Crore** contract is with the **Right Path Foundation**, an entity where MD **Mr. Avijeet Kumar** holds a common directorship. * **Operational Leases:** The company’s office premises are leased from the **MD & CFO**. * **Mitigation:** Management has implemented a **Revised Policy on Related Party Transactions** to ensure arm’s-length pricing and has committed to seeking fresh shareholder approval for executive remuneration that exceeds **5% of profits**. #### **3. Operational Risks** * **Geographic Concentration:** Heavy reliance on the political and economic climate of **Bihar and Jharkhand**. * **Execution Risk:** The GMCH project requires rapid mobilization of **plant, machinery, and manpower** to meet strict 396-to-518-day deadlines. --- ### **Sustainability & Future Outlook** Shantidoot is pivoting toward a **Sustainability-First** model, integrating energy-efficient processes into its construction workflows to reduce its corporate carbon footprint. By combining its **Start-up India** status with a move toward the **Main Board**, the company aims to institutionalize its operations, improve liquidity for shareholders, and transition from a regional contractor to a diversified infrastructure player.