Integrity Infrabuild Developers Ltd is a government-approved road builder that has quietly laid the groundwork for much of rural India, completing 112 projects since it began as a small partnership firm. The business converted to a public limited company in June 2024 and listed on the NSE Emerge SME platform in May 2025, but its approach remains the same: own the machines, master the methods, and stick to public-sector contracts where the order book is deep and the need is constant. That recurring logic - buy the equipment, win the tender, build the road - explains everything that follows.
Business segments
A single engine built on government road contracts - the company constructs and maintains roads, highways, bridges and tunnels for public-sector clients, using its own fleet of specialised machinery and a lean team of 53 people.
1. Road construction and maintenance: where the group builds its reputation
The company earns its revenue by winning government tenders to build and repair roads and bridges, then executing the work with its own plant and labour - a classic contractor model where the margin lives in the machinery.
- Paid by project completion - revenue is recognised using the Percentage of Completion Method, meaning the company books income as costs are incurred, with progress certified by the project engineer at each stage.
- The fleet is the factory - the company owns an Ashitech Batchmix Plant that precisely proportions aggregates, bitumen and filler for high-quality asphalt, and a Unipave Asphalt Paver that delivers uniform mat thickness and a smooth surface finish, so quality control stays in-house.
- Two paving technologies, one edge - it deploys Warm Mix Asphalt, produced and laid at lower temperatures to cut fuel use and emissions, and Roller-Compacted Concrete, which combines concrete's strength with asphalt's speed for industrial roads and heavy-traffic areas.
- Rural roads are the backbone - the bulk of its 112 completed projects are rural roads and bridges, and it has expanded geographically into the Tapi, Bharuch and Rajpipla Road & Building Department through subcontracting.
- Input costs are the risk - cement, steel and fuel prices directly squeeze project margins, and dependence on government clients exposes the business to payment delays and administrative bottlenecks.
Group structure and partners
A standalone company with no subsidiaries or joint ventures, funded by bank debt and a recent warrant issue - and still almost entirely promoter-held.
- The company has no holding company, subsidiary, associate or joint venture.
- It carries term loans from HDFC Bank, Axis Bank and NBFCs - John Deere and Case New Holland - secured against plant and machinery and backed by the personal guarantees of its directors.
- Promoters hold 99.996% of the equity: Keyur Sheth at 65.38%, Rajendra Sheth at 25.59%, and Disha Sheth at 9.03%.
- A preferential issue of warrants to non-promoter investors, including Escorp Asset Management Limited, raised funds specifically to cover working capital needs from a growing order book and to purchase a paver, roller and related road-making equipment.