- **Globe Civil Projects is a government-focused builder that turns concrete, steel and design drawings into finished institutional buildings and infrastructure - a Class-I super contractor that gets paid almost entirely by the Indian public sector. It began in 1991 as a proprietorship, converted into a limited company in 2002 under founder Ved Prakash Khurana, and listed in mid-2025 after four decades of quietly accumulating the licences, joint ventures and repeat-client relationships that let it bid for ever-larger central-government projects. The approach that runs through everything is selective bidding: the company does not chase every tender, does not undercut to win, and only goes after fully funded government work where payment is certain and margins are worth the effort.** # Business segments Two engines that feed each other - a core EPC contracting business that builds schools, stadiums, housing and government offices on turnkey contracts, and a tiny trading side that is really just the leftover materials from those construction sites. ## 1. EPC contracting: where the group builds and gets paid **The company wins government tenders, constructs the entire project from foundation to finish, and earns its money as work is measured and certified - a model built on client selection, not just construction skill.** - **Paid by the government, not private developers** - roughly 85% of revenue comes from government and public-sector clients, with central-government contracts alone making up nearly two-thirds of the order book, so cash flow depends on the sovereign exchequer rather than corporate balance sheets. - **Selective bidding is the real moat** - the company scans government portals, assesses whether it can prequalify, and bids only where its chance of winning is very high; it refuses to under-quote, which means it competes on credentials and complexity rather than price. - **A Class-I super-contractor licence unlocks the big jobs** - accreditation from CPWD (Central Public Works Department) lets the company bid independently for projects up to ₹650 crore, a ceiling that places it above mid-size rivals and opens the door to marquee institutional work. - **Six joint ventures act as a force multiplier** - by partnering with other firms on specific tenders, the company shares risk and qualifies for projects it could not handle alone, which is how it stretches its balance sheet without stretching its own equity. - **Repeat clients are the recurring revenue** - CPWD, NBCC, IITs, NITs and TCIL keep coming back, which means the company spends less time chasing new relationships and more time executing work it already knows how to deliver. ## 2. Trading: the leftovers from the building sites **A residual activity - the company sells surplus construction materials that were procured for its own projects, not a standalone trading business.** - **An afterthought, not a strategy** - trading accounts for roughly 1% of revenue and exists because project sites sometimes end up with excess steel, cement or other materials that are easier to sell than to return. - **No separate sourcing or inventory** - the materials come from the same centralized procurement pipeline that feeds the EPC business, where steel and cement are bought directly from manufacturers like Ultratech Cement regardless of where the project sits. # Group structure and partners **A family-run standalone company with no subsidiaries, held together by three Khurana-family executive directors and a network of six project-specific joint ventures.** - **Three generations of Khuranas at the top** - Ved Prakash Khurana (Chairman) and his nephews Vipul and Nipun Khurana (both Managing Directors) run the company, with a COO who has been with the firm since 2002 and an HR head who has been with the firm since 2009. - **No holding company, no subsidiaries** - the company is a single legal entity with just one associate (a hotels business) and one group company (an engineering systems firm), so all construction revenue flows through the listed entity. - **Joint ventures are temporary and tactical** - each of the six JVs was formed for a specific project with a defined profit share, ranging from 1.5% to 61%, and none of them are permanent subsidiaries that would complicate the group structure. - **Entirely domestic** - all operations and revenue are within India, with no foreign subsidiaries, no export contracts and no currency exposure.