Capacit'e Infraprojects is a construction company that does one thing - build buildings - but it does it for the most demanding clients and the most complex projects in India, from super-high-rise towers to data centres and hospitals. Founded in 2012 by three industry veterans who believed that sticking to a single discipline would create a deeper competitive advantage than chasing every infrastructure contract, the company has since delivered over 75 million square feet of built space across more than 100 projects. Its entire story is a recurring loop: stay narrow, build taller and more technically difficult structures, earn the trust of marquee public and private clients, and let that track record qualify you for the next set of even larger, more complex jobs that fewer rivals can touch. # Business segments Capacit'e is a single-engine business - a pure-play building construction EPC contractor - that earns its revenue from one activity executed across three client-facing contracting models. ## 1. Building construction EPC: the specialist that only builds buildings **The company is an end-to-end builder of complex structures - it designs, procures materials, and constructs entire buildings for a fixed price, then moves on to the next project.** - **One discipline, no distractions** - unlike most Indian construction firms that spread across roads, bridges, and industrial projects, Capacit'e has spent over a decade focused exclusively on buildings, which means its systems, equipment, and people are optimised for a single craft. This narrowness is deliberate: the company believes complexity is the real entry barrier, and in super-high-rise work, the list of qualified builders shrinks as the building gets taller. - **Three ways to get paid** - the company offers Total Contracting (full scope from shell to interiors), General Contracting (a defined subset of works), and Design & Build services where it takes responsibility for both engineering and execution for a lump sum. Over 65% of its government order book runs on an EPC basis, meaning it handles engineering, procurement, and construction under one contract. - **Revenue recognised as floors rise** - the company uses the percentage-of-completion method, billing clients against certified work as each project progresses, so income flows in stages rather than at the end of a multi-year build. Construction activity contributed 99.18% of revenue in FY26, with the remainder coming from scrap sales - there are no product sales, dealerships, or recurring revenue streams. - **Marquee clients, repeat business** - the client list reads like a directory of India's most active developers and government bodies: DLF, Lodha, Godrej Properties, Oberoi Realty, Prestige, MHADA, CIDCO, BSNL, NBCC, and the National High Speed Rail Corporation, among others. Historically, marquee clients have accounted for over 75% of the order book, and repeat orders are a consistent feature, which the company treats as a proxy for execution quality. ## 2. High-rise and super-high-rise: where the moat is deepest **The taller the building, the fewer companies can build it - and Capacit'e has made this scarcity its competitive home.** - **Experience that compounds with height** - the company has over a decade of focused high-rise and super-high-rise construction experience, including ultra-luxury towers like Hubtown 25 Downtown in Mahalaxmi (four towers, ₹1,518 crore contract value). It is positioned among the top three players in the super-high-rise building construction industry in India. - **Formwork is the secret weapon** - the company deploys specialised systems - aluminium formwork from Mivan for monolithic casting, automatic climbing systems from DOKA for building cores, and jumpform and slipform techniques - that determine the speed, finish quality, and repeatability of every floor cycle. An in-house Formwork & Construction Methods department designs, customises, and maintains these systems rather than relying on subcontractors. - **Equipment ownership that rivals can't easily replicate** - the company owns luffing tower cranes, super-high-rise concrete pumps, man-and-material hoists, and automated steel processing equipment, which it supplements with long-term leases and project-specific rentals through a centralised procurement cell. This mix gives it control over vertical logistics - the critical path on any tall building - without overloading the balance sheet. - **Projects above 40 floors are 40% of the order book** - the company's order book split by project type shows that 40% of work comes from buildings above 40 floors, a segment where prequalification requirements and demonstrated experience filter out most competitors. ## 3. Institutional and public-sector building: the counterweight to private cycles **Government hospitals, data centres, metro stations, and university buildings provide a stable, well-funded pipeline that balances the lumpiness of private developer work.** - **Public sector is 57% of the order book** - the company has deliberately built a hybrid portfolio serving both private developers and government entities, creating a hedge against downturns in either segment. Government contracts come with escalation clauses that pass commodity price movements through to the client quarterly, based on wholesale price index averages, with no minimum threshold. - **Complexity in a different form** - institutional projects demand skills that differ from residential towers: data centres require power resilience and precision cooling, hospitals need specialised MEP (Mechanical, Electrical, Plumbing) integration, and metro stations involve disciplined civil-technical coordination. The company has delivered a data centre for BSNL, a 352-bed Tata Cancer Hospital in Varanasi, and a ₹542 crore design-and-build order from IIT Bombay for fast-track composite steel and RCC structures. - **Prequalification as a filter** - large public-sector projects require bidders to demonstrate experience on similar-scale work, and Capacit'e's track record of over 100 completed projects and 75 million square feet of construction serves as a credential that smaller or less focused competitors cannot easily match. - **Selective about which public jobs to chase** - the company reviews public-sector opportunities for financial strength, funding visibility, and payment structure, and explicitly avoids projects with negative cash flow or unfavourable payment terms, such as RLDA-type tenders. # Group structure and partners **The company uses joint ventures and associates as project-specific vehicles to share risk and pool expertise on the largest contracts, while keeping the parent balance sheet clean.** - **The BDD Chawl redevelopment is the flagship partnership** - Capacit'e holds a 37.1% stake in TCC Construction Private Limited and 35% in TPL-CIL Construction LLP, both formed alongside Tata Projects and CITIC Construction to execute the ₹11,744 crore MHADA redevelopment project in Mumbai. - **One subsidiary for an overseas foothold** - CIL MMEPL Ekatha Private Limited (51% holding) was formed to develop landside works for the Ekatha Harbour project in the Maldives under a contract from Rail Vikas Nigam Limited, though exports constitute only 0.40% of total turnover. - **Promoter-led, with institutional backing** - the three founders - Rohit Katyal (Executive Chairman), Rahul Katyal (MD & CEO), and Subir Malhotra (Whole Time Director) - remain at the helm, supported by a board with five independent directors. The company raised ₹200 crores through a Qualified Institutional Placement in FY24 to strengthen execution capacity.