Garuda Construction and Engineering is a civil construction company that started in 2010 as the in-house builder for its promoter group’s hospitality projects, then pivoted in 2017 to take on residential work for outside developers in the Mumbai suburbs. Today it is a listed EPC (Engineering, Procurement, and Construction) contractor that delivers entire buildings - from design and foundation to interiors and long-term maintenance - for government bodies and private developers across India, operating an asset-light model where it relies on subcontractors for equipment, materials, and labour rather than owning a heavy machinery fleet. The recurring approach is to bid for or negotiate “lock-and-key” contracts, execute them through a tightly managed network of subcontractors, and increasingly get paid not just in cash but in land and finished flats - a barter model that ties its fortunes to the real estate it helps create. # Business segments A single construction engine that earns its fees by building everything from police headquarters to convention centres, with two attached service lines - MEP fit-outs and multi-year maintenance - that wrap around the same projects. ## 1. Civil construction and EPC: the turnkey builder **The company takes a patch of land and hands back a finished, occupied building - it designs, engineers, procures, builds, and finishes the entire structure under one contract.** - **End-to-end project owner** - it runs the full cycle from pre-execution (identifying projects, cost estimation, tender submission) through construction (material management, permits, on-site execution) to post-execution, offering what it calls “lock-and-key” projects that go from foundation to interiors. - **Asset-light, subcontractor-heavy** - rather than buying its own heavy equipment, it hires third-party subcontractors for machinery, materials, and labour, which keeps its own employee count low at 102 people and makes it possible to scale up or down across geographies without being weighed down by idle assets. - **Paid in cash, land, or flats** - while many contracts are straightforward cash deals, the company also accepts land leases and residential flats as payment; for two Gorakhpur Development Authority projects worth a combined ₹1,518.60 crore, it will receive 6 acres of land on a 99-year lease, and for three other EPC contracts worth ₹190.25 crore, it will take residential flats instead of cash. - **Public-sector backbone, private-sector roots** - roughly two-thirds of its order book now comes from government bodies like the Gorakhpur Development Authority and the Government of Delhi, but 73% of its 26 completed projects were for private clients, reflecting a deliberate shift toward larger public contracts while still serving private developers. ## 2. MEP: the building’s nervous system **Once the concrete shell is up, the company installs everything that makes the building breathe and function - air conditioning, power, water, and fire safety.** - **Integrated or standalone** - MEP (Mechanical, Electrical, and Plumbing) work is delivered both as part of a full turnkey construction contract and as a separate, standalone service for clients who only need the fit-out. - **Covers the full suite** - the scope includes HVAC (heating, ventilation, and air conditioning), electrical systems, plumbing, and firefighting installations, meaning the company can wire, pipe, and climate-control an entire building without bringing in another specialist. ## 3. Operations and maintenance: the long tail **After handing over the keys, the company stays on to run the building - a multi-year service contract that generates recurring work from a project it already knows inside out.** - **Post-construction caretaker** - it offers O&M (Operations and Maintenance) services that cover structural, mechanical, and facility systems for both government and private projects, effectively becoming the building’s long-term steward. - **Anchored by a landmark** - the most visible example is the 13-year O&M contract for the Delhi Police Headquarters, where the company continues to maintain the twin-tower complex it built, locking in a revenue stream that outlasts the construction phase by more than a decade. # Group structure and partners **The company sits under a promoter holding entity and is building a subsidiary footprint in the Middle East, while its client list remains closely intertwined with entities controlled by its own leadership.** - **Holding company and subsidiaries** - the ultimate holding company is PKH Ventures Limited; Garuda itself has two Indian subsidiaries, PKH Ayodhya Private Limited and PKH Projects LLP, the latter of which generated revenue of ₹911.67 lakhs for the parent in FY25. - **Saudi Arabian outpost** - a wholly-owned subsidiary, Garuda Arabia Limited, has been incorporated in Saudi Arabia with paid-up capital of SAR 1,000,000 to provide construction services, though it has not yet started business operations. - **Related-party clients** - a meaningful portion of revenue comes from enterprises over which key managerial personnel have influential control, including Eternal Building Assets Private Limited and Shree Umiya Builder & Developers, making the company both a contractor to and a business partner of its own leadership’s wider network. - **Leadership continuity** - the company is led by Chairman and Managing Director Pravin Kumar Brijendra Kumar Agarwal, who has been with it since incorporation in 2010 and brings over 20 years of experience across construction, development, and hospitality. - **Strategic creditor relationship** - in June 2025, the company committed to investing up to ₹40 crore in non-convertible debentures of Options Infra Project Private Limited, the entity behind a commercial project in Santacruz, Mumbai for which Garuda itself is the contractor, effectively financing a client that feeds it construction work.