Mason Infratech is a Mumbai-based construction company that builds high-rise residential and commercial towers for real estate developers, operating as a contractor that takes a project from planning all the way to a finished building. It started as a small partnership in 2020, converted to a public company in 2023, and listed on the NSE’s SME platform in mid-2024 - all while growing its order book at roughly 75% a year by sticking to a single formula: own the equipment, mechanise the process, and finish jobs faster than traditional builders. That formula - a capital-efficient, technology-driven approach built around in-house machinery and a skilled workforce - is what the company now intends to replicate as it steps from pure contracting into its own development projects. # Business segments A single construction-contracting engine, now extending into development through project-level stakes - one core business, with a new leg being built on its cash flows and capabilities. ## 1. Civil construction contracting: building high-rises for developers, faster **Mason is a contractor to real estate developers, earning fees by constructing residential and commercial towers - mostly in Mumbai’s suburbs - where it uses its own cranes, pumps and aluminium formwork to deliver projects in roughly half the time of traditional methods.** - **Three contract types, one workforce** - the company works under two broad models: RCC (the concrete skeleton and blockwork) and Lock & Key (a turnkey finished building). RCC accounts for about 85% of the order book, and within that, the Full Labour Oriented version - where the developer supplies steel and ready-mix concrete while Mason provides all labour - together with Part Material Full Labour makes up that 85%, with Full Labour Oriented alone making up roughly 75% of the total order book. Lock & Key, at about 15% of the order book, covers everything from civil work through electrical, plumbing, firefighting and carpentry, with all materials supplied and fixed by Mason after client approval of samples. - **Owns the equipment that sets the pace** - the company holds 6 tower cranes, 6 concrete pumps and around 20,000 square metres of aluminium formwork, which means it does not wait for rented gear and can control its site schedules directly. Electric pumps push concrete vertically for high-rise floors, cutting labour costs and keeping noise low enough for dense urban sites. The combination of owned machinery and a trained crew lets Mason hit up to three slab cycles per month, which shortens project timelines and adds a 5-7% margin uplift through faster billing. - **Modular methods beat brick-and-mortar economics** - traditional construction runs 18-20 months with 8-10% material wastage and 12-15% operating margins; Mason’s modular approach, built on aluminium formwork, compresses that to 10-12 months, keeps wastage below 3%, and delivers 20-25% operating margins. The formwork itself is durable, precise and reusable, which makes it both cost-effective and less wasteful. - **A specialist in what few can build** - the company has a demonstrated ability to construct towers exceeding 150 metres in height, a capability that only a small set of contractors possess. It has also taken over complex jobs mid-stream when a previous contractor exited, as it did for an Indiabulls (Embassy Group) project with G+37 towers and a combined contract value of nearly ₹40 Crores across 8.94 lakh square feet. - **Positioned where the demand is heading** - the Mumbai Metropolitan Region is projected to see a 34% increase in towers over 40 floors between 2024 and 2030, with over 207 such buildings already scheduled for completion. Regulatory changes have made slum rehabilitation projects easier to launch - the consent threshold for redevelopment dropped from 70% to 51%, and the municipal commissioner can now approve buildings up to 120 metres without committee review - opening a pipeline of work that Mason is explicitly targeting. ## 2. Real estate development: the contractor becomes a principal **Mason is taking equity stakes in project-specific entities, starting with a 50% share in a Thane residential development - so it earns both as a contractor and as a developer on the same square footage.** - **A stake, not just a contract** - Mason acquired a 50% equity interest in Megastone Projects Pvt Ltd, a special-purpose vehicle set up to execute a residential project in Thane with a total construction area of 3.74 lakh square feet on a 1.07 lakh square foot plot. Mason will receive 50% of the project’s revenue and profit, plus an additional 15% profit on the EPC contracts it executes for the same built-up area - giving it two layers of economics from one project. - **End-to-end control, first-time-buyer focus** - Megastone is structured to manage the full chain: approvals, design, construction and customer engagement, targeting first-time buyers and urban families with a package of over 50 lifestyle amenities. The vehicle also participates in EWS and LIG housing schemes, broadening its addressable market within the affordable segment. - **Thane as the proving ground** - the location was chosen for its industrial base, improving transport links and government-backed infrastructure push, which together make it a high-potential residential micro-market. Mason had contributed ₹11.11 Crores of the total ₹25 Crore investment requirement by March 2025, with the balance due before October 2025, and the project is scheduled for completion within 36 months of receiving the IOD. # Group structure and partners **Mason uses minority stakes and a joint venture to extend its reach into allied construction entities, and in early 2026 it acquired a distressed contractor through the insolvency process.** - The company holds a 30% interest in Milestone Projects and Developers Private Limited, an associate that constructs, develops and deals in land and buildings. - It also holds a 30% stake in Ekkam Infra Build LLP, 40% in Avvad Superstructures LLP (incorporated 2023, not yet active), 40% in Cadcons Developers LLP, and 27.5% in Magicmind Infratech LLP - a portfolio of minority positions in construction and real-estate entities. - A 50:50 joint venture with Niraj Cement Structural Limited, called Niraj-Mason JV, gives it a partnership vehicle for pursuing contracts jointly. - In March 2026, Mason was approved as the Successful Resolution Applicant for Sabve Rohini Contractors Private Limited, a civil construction firm operating across Maharashtra, with the NCLT sanctioning a resolution plan backed by 96.7% of the creditors’ vote and a total payout of ₹1.50 Crores - funded from Mason’s own net worth and profits.