Chavda Infra is a private-sector EPC (Engineering, Procurement, Construction) specialist that has spent 35 years evolving from a local repair contractor into the builder behind many of Ahmedabad’s tallest skyscrapers. Founded in 1990 by engineer Mahesh Chavda, the company now handles the entire real estate value chain-from planning and design through to quality assurance-for a roster of Gujarat’s leading developers, without ever bidding for government work. Its recurring approach is to win projects through reputation rather than tenders, control quality and timelines with an in-house ecosystem of advanced formwork, concrete plants, and logistics, and then turn that reliability into repeat business from the same marquee clients. # Business segments A single, integrated EPC engine serving private residential, commercial, and institutional clients-every project is delivered using the same in-house construction ecosystem, with no separate reportable business segments. ## 1. Private-sector EPC construction: the skyscraper builder for Gujarat’s developers **Chavda Infra is hired by the region’s top developers to construct high-rise buildings, earning milestone payments as each floor slab is cast-it competes on delivery speed and quality, not on being the cheapest bidder.** - **Paid by the slab, not the project** - the company raises an invoice after every slab is cast, which keeps cash flowing steadily during construction rather than waiting for a single handover payment. - **Wins work without tendering** - most projects are awarded through nomination by developers who know the company’s track record, so it often secures contracts even when it is not the lowest bidder, protecting its margins. - **Three building types, one playbook** - residential projects (group housing, townships, private residences) made up roughly 55% of FY25 revenue, commercial projects about 32%, and institutional projects (hospitals, universities, malls) about 13%, all executed with the same in-house teams and equipment. - **Repeat clients are the moat** - developers like Shivalik (7 projects), A Shridhar (6), Nirma (6), and HN Safal (4) keep returning, which means the order book is fed by relationships rather than a constant hunt for new customers. - **Cost shocks pass through** - contracts include escalation clauses that enable partial pass-through of rising steel, cement, or labour costs, particularly in premium and institutional projects, so commodity swings do not wipe out project profitability. # In-house construction ecosystem **Chavda Infra owns the equipment, materials, and logistics that most contractors rent-a \~₹106 crore investment in formwork, concrete plants, and a vehicle fleet that turns construction into a controlled manufacturing process.** - **Concrete made in-house** - two ready-mix concrete plants, owned through the promoter-family entity Chavda RMC LLP, supply captive projects so the company controls both the quality and the delivery schedule of its most critical material. - **A fleet that removes dependency** - 18 mixer trucks, 7 concrete pumps, 4 static booms, and a collection of JCBs and loaders mean the company does not wait for third-party logistics when a pour is scheduled. - **Refurbishment yard stretches the asset base** - a 5,000 sq. yard yard reconditions used formwork and construction materials, so the company can balance new and refurbished equipment across projects without sacrificing quality. - **Safety as a system, not a slogan** - every site runs an Edge Protection System, on-site safety officers oversee daily operations, and a dedicated Safety Park trains the 3,500+ daily workforce through real-life simulations, contributing to zero casualties in FY25 and H1 FY26. # Group structure and partners **The listed company is a standalone EPC contractor with no subsidiaries, supported by two promoter-owned sister entities that supply concrete and occasionally develop real estate.** - **Promoter family holds 73%** - the Chavda family controls the listed entity, with founder Mahesh Chavda as Chairman and Managing Director, his son Johil as Whole-time Director, and his spouse Dharmistha as Executive Director. - **Sister entities sit outside the listed company** - Chavda RMC LLP runs the ready-mix concrete plants that supply the EPC projects, and Chavda Developers Private Limited is a real-estate developer, both privately owned by the promoter family and treated as related parties. - **No subsidiaries, no joint ventures** - the company prepares only standalone financial statements and has no reportable business or geographical segments beyond its Indian EPC operations. - **Senior management has been in place for decades** - the CEO has been with the group since 2004, and senior managers have over 25 years of tenure, creating a stable execution backbone that the company credits for its low attrition and systematised knowledge transfer.