Atal Realtech is a construction contractor that builds what governments and developers commission - stadiums, hospitals, roads, water systems - but it rarely signs the front-page contract. Incorporated in Nashik in 2012 and listed on the NSE’s main board by 2023, the company earns its living as a sub-contractor to the main contractors who hold the project awards, while also trading construction materials to those same clients. That recurring approach - doing the physical work behind someone else’s name, supplemented by supplying the materials the job requires - is the thread that runs through the business, and in mid-2025 it added a small real-estate arm built on the same construction know-how. # Business segments Two engines at different stages - a government-tied contracting workhorse that does the building, and a newly incorporated real-estate bet that may one day build for itself - both drawing on the same construction backbone. ## 1. Works contracts: the sub-contractor who builds what others win **The company constructs civil and infrastructure projects almost entirely as a sub-contractor to main contractors, earning revenue from the physical work and from selling materials to the job site.** - **Builds behind the main contractor** - most of its construction activity is undertaken as a sub-contractor for main contractors who have been allotted a project by a government body or private principal employer; it has also taken a few projects directly as a contractor for private developers. - **A Class I-A licence opens the big-ticket door** - its registration with the Maharashtra Public Works Department in the highest contractor class lets it bid for large-value government civil works, which is the gateway to the public-infrastructure projects that dominate its order book. - **Spans the full civil-works menu** - the company builds sports complexes with indoor and outdoor stadiums, multi-purpose halls, commercial and industrial structures, hospitals, cold storages, schools, and mass housing, as well as water-supply and drainage networks, roads and bridges, and major and minor irrigation projects. - **Materials trading fills the truck both ways** - beyond construction services, it trades construction materials, supplying them to clients against their specific requirements, so a project relationship generates two revenue streams: the contract work itself and the materials sold to the site. - **Revenue recognised as the walls go up** - construction income is booked using the percentage-of-completion method, measured by the proportion of costs incurred to date against estimated total costs, while revenue from traded materials is recognised when the goods and their risks transfer to the buyer. ## 2. Real estate: a builder’s first step into owning what it builds **A wholly owned subsidiary incorporated in June 2025 marks the company’s entry into property development, starting from a standing start with no completed projects yet.** - **Born from a boardroom decision in May 2025** - the Board approved the incorporation of Atal Realty Limited on 15 May 2025, and the subsidiary was formally registered on 2 June 2025 with the object of carrying on the business of builders and property developers. - **Fully owned, minimally capitalised** - Atal Realtech holds 100% of the equity share capital, subscribed for a cash consideration of ₹1,00,000, making it a clean-sheet venture with no legacy assets or liabilities. - **Fed by the contracting engine** - inter-segment transfers from the Works Contract segment to the Real Estate segment consist of material, labour, and overhead, recorded at cost, meaning the parent’s construction resources can supply its own development projects without a market mark-up. # Group structure and partners **A family-led contractor with a thin corporate structure - no subsidiaries until mid-2025 - funded by bank lines and a recent rights issue, and controlled by promoters holding just over a quarter of the equity.** - **Family at the helm** - Managing Director Vijaygopal Atal, Executive Director Amit Atal (his nephew), and Non-Executive Director Tanvi Atal (his daughter) form the promoter core, with three independent directors rounding out a six-member board. - **A single subsidiary added after year-end** - the company had no subsidiaries, associates, or joint ventures as of 31 March 2025; Atal Realty Limited became its first subsidiary on 2 June 2025. - **Banking with HDFC Bank and AU Small Finance Bank** - secured loans, overdraft facilities, and bank guarantee facilities are sourced from these two lenders, providing the working-capital and guarantee lines that construction contracting demands. - **Promoters hold 27%, the public holds the rest** - as of March 2025, promoters owned 27.11% of the expanded equity base of 11.10 crore shares (face value ₹2 each), following a September 2024 rights issue that raised roughly ₹26 crore and a November 2023 stock split that sliced each ₹10 share into five. - **A related-party loan bridged a cash need** - during FY25 the company took and repaid an unsecured loan of ₹10.01 crore from Managing Director Vijaygopal Atal between April and September 2024, conducted at arm’s length and ratified by shareholders in January 2025.