Sattva Engineering Construction Limited is a specialized Engineering, Procurement, and Construction (**EPC**) firm focused on the high-growth water resource management and wastewater infrastructure sectors. An **ISO 9001:2015, 45001:2018, and 14001:2015** certified entity, the company provides end-to-end solutions—from design and engineering to commissioning and long-term maintenance—for critical urban and rural utility projects. --- ### **Core Business Verticals & Service Offerings** The company operates through a single integrated segment, delivering comprehensive infrastructure for government authorities and urban local bodies. * **Water Storage & Supply Infrastructure:** Design and construction of large-scale underground and overhead tanks (**OHT**), pump houses, and extensive distribution networks, including individual house service connections (**HSC**). * **Underground Sewage Systems (UGSS):** Installation of complex sewage pipelines, collection wells, pumping stations, and both pre-cast and cast-in-situ machine holes. * **Water Treatment Plants (WTP):** Engineering facilities for treating raw water from rivers or lakes, utilizing clariflocculators, filter presses, and rapid gravity sand filter beds. * **Sewage Treatment Plants (STP):** Construction and operation of plants using advanced biological treatment technologies, including Sequential Batch Reactor (**SBR**) and Membrane Bioreactor (**MBR**). * **Operation & Maintenance (O&M):** Embedded service contracts that provide recurring revenue through routine maintenance, supply of consumables, and spare parts management post-commissioning. --- ### **Strategic Growth Pillars & Market Expansion** Sattva is currently undergoing a strategic transition to capture higher-margin, large-scale infrastructure opportunities. * **Project Upscaling:** The company is shifting its focus from mid-sized projects (**12.5 MLD to 60 MLD**) to bidding for high-capacity Water Supply Projects (**WSPs**) and **STPs** to optimize resource utilization and improve economies of scale. * **Geographical Diversification:** While historically concentrated in **South India** (specifically **Tamil Nadu**), the company achieved a breakthrough in **January 2026** by securing an engineering services contract for an **STP** in **Deoband, Uttar Pradesh**, marking its entry into the North Indian market. * **Technological Differentiation:** To secure specialized contracts, the company is adopting progressive technologies such as **Odour Control Systems** for pumping stations and **IoT-based SCADA** systems for real-time performance monitoring and fault detection. * **Policy Alignment:** Operations are strategically mapped to major Government of India initiatives: * **Jal Jeevan Mission (JJM):** Rural drinking water supply. * **AMRUT 2.0:** Urban water and sewage infrastructure. * **Smart Cities Mission:** Technology-integrated water management. --- ### **Operational Infrastructure & Project Execution** The company maintains high execution standards through in-house technical capabilities and modern project management tools. * **In-house Engineering:** Internal teams handle hydraulic calculations, process descriptions, and structural designs, reducing reliance on external consultants and protecting margins. * **Digital Integration:** Utilization of **SAP B1 ERP** for internal controls and **SCADA** systems integrated with pollution control board monitoring for real-time compliance. * **Corporate Assets:** In **March 2026**, the company acquired a **3,200 Sq. Ft.** commercial facility at Greams Road, Chennai, for **INR 3.09 Crore** to serve as its central corporate hub. #### **Key Project Portfolio (As of March 2026)** As of **March 31, 2025**, the order book stood at **14 ongoing projects** totaling **INR 308.09 Crore**. | Project / Client | Capacity / Scope | Status (Mar 2026) | | :--- | :--- | :--- | | **Odour Control (46 Pumping Stations)** | **₹47.85 Crore** | LOI Received **Jan 2026** | | **Sholinganallur (AMRUT 2.0)** | **36 LL** Storage; **28.7 km** Pipe | Commissioned / Final Works | | **Sholinganallur (WSS Strengthening)** | **38 LL** Storage; **19.11 km** Pipe | Commissioned / Final Works | | **Semmenchery Water Scheme** | Area XV | Commissioned **Feb 2026** | | **Kannagi Nagar TNUHDB** | Division 196 | Partially Commissioned **Mar 2026** | --- ### **Financial Performance & Capital Structure** Sattva has demonstrated robust growth in both revenue and profitability, supported by a successful transition to the public markets. #### **Annual Financial Summary** | Metric | FY 2024-25 (₹ Crore) | FY 2023-24 (₹ Crore) | Growth (%) | | :--- | :---: | :---: | :---: | | **Gross Revenue** | **94.85** | **77.43** | **22.5%** | | **Profit After Tax (PAT)** | **9.14** | **4.56** | **100.4%** | | **Unbilled Work in Progress** | **33.16** | **18.25** | **81.7%** | #### **IPO and Capitalization** * **Listing:** Listed on the **NSE-EMERGE** platform on **September 3, 2025**. * **IPO Details:** Issued **47,16,800** shares, raising **₹35.38 Crore**. * **Proceeds Utilization:** **₹27.50 Crore** was allocated to and fully utilized for **Incremental Working Capital Requirements**. * **Equity Actions:** Prior to the IPO, the company increased its **Authorized Capital** from **₹1.5 Crore** to **₹18 Crore** and executed a **10:1 Bonus Issue** in **December 2024**. --- ### **Credit Profile & Risk Management** In **March 2026**, **Acuite Ratings & Research Limited** upgraded the company’s credit ratings, citing an improved financial risk profile. | Facility Type | Amount (₹ Cr) | Rating / Outlook | | :--- | :---: | :--- | | **Long Term Rating** | **26.50** | **ACUITE BBB | Stable** (Upgraded/Assigned) | | **Short Term Rating** | **61.50** | **ACUITE A3+** (Upgraded/Assigned) | #### **Risk Factors & Mitigation** * **Tender & Concentration Risk:** The business relies on **lowest price (L1)** competitive bidding for government contracts. To mitigate this, the company is forming strategic partnerships, such as the consortium with **Liku-Tech Environment Solutions**. * **Receivable Management:** The company faces aging issues with **BGR**, with **₹1,97,25,565** outstanding for over **3 years**. Management has initiated a **winding-up petition** with the **NCLT** for recovery but has not yet deemed a provision necessary. * **Cost Volatility:** Direct contract expenses are rising, with material consumption reaching **₹51.15 Crore** in FY25. The company is countering this through a transition toward **alternative energy sources** at operational sites to lower long-term O&M costs. * **Governance:** The company is currently formalizing a comprehensive **Risk Management Policy** and maintains a clean record with **zero cases** reported under the Sexual Harassment of Women at Workplace Act.