- **Soma Textiles & Industries Ltd. is a company that has been completely reinvented twice in five years - first by a court order that shut its textile mills, and then by a takeover that turned it into a road builder.** Originally a cotton-to-denim manufacturer dating back to 1940, it lost its factory to an environmental ruling in 2021, survived by trading cotton, and was acquired in July 2025 by Roadway Solutions India Infra Limited, which immediately redirected it into highway construction. The recurring pattern is a business that adapts to survive: when one door is forced shut, it pivots to the next viable thing in its value chain or ownership circle. # Business segments A single engine at the very start of its journey - a highway construction contractor executing its first two projects, both awarded by its new parent company. ## 1. Highway construction: a captive contractor for the parent group **The company builds roads on contracts handed down by its own holding company, which provides both the work and the operational umbrella while the new team learns the trade.** - **Work comes from the parent** - the company received its first two construction orders on 19 December 2025, both from its holding company Roadway Solutions India Infra Limited, which then owned 56.68% of its shares. One is a connector to the Mumbai-Nagpur expressway in Maharashtra, the other an eight-lane expressway in Gujarat, with completion timelines of 12 and 24 months. - **Revenue is booked as the work progresses** - because the customer controls the asset while it is being built, the company recognises revenue over time using the cost-to-cost method: the proportion of costs incurred against the estimated total contract cost. It only books claims and variation orders when customer approval is reasonably certain, so the top line reflects work actually validated. - **The end-market is government infrastructure spending** - demand rests on public expenditure on roads, highways and urban connectivity, which management believes offers substantial long-term opportunity. The company is not bidding in the open market yet; it is building capability inside the group ecosystem first. - **It is still standing up its operational muscle** - the company is in the initial phase of the transition and is focused on developing technical expertise, strengthening project management, expanding vendor networks and securing efficient resource use. It acknowledges that stabilisation will take time and require continued financial and managerial support from the parent. - **Raw-material prices are the sharpest risk** - steel, cement, bitumen and fuel costs can swing, and the business is also exposed to labour availability, regulatory approvals, weather delays and high working-capital needs, all of which are common to infrastructure contracting. # Group structure and partners **The company is a listed vehicle controlled by the privately held Roadway Group, which bought a near-75% stake in mid-2025 and immediately began feeding it construction contracts.** - Roadway Solutions India Infra Limited, the holding company, is an unlisted public company based in Pune that is itself engaged in construction and allied activities. It is controlled by Ameet Gadhoke, Teja Ranade Gadhoke and Navjeet Gadhoke. - The acquisition was executed through a Share Purchase Agreement on 9 July 2025, in which the Somany family and Sarvopari Investments sold their entire 74.98% stake to Roadway Solutions and two individuals acting in concert. A mandatory open offer followed for the remaining 25.02% at ₹47.14 per share, with no intention to delist. - Related-party entities that transact with the company include Roadway Solutions Precast Concrete Private Limited and two expressway special-purpose vehicles - Vadodara-Mumbai Expressway 8 and Package 9 - plus Mumbai Falcons Racing Limited. - The company holds a 40% stake in SOMA TEXTILE FZC, an associate based in the UAE, though that entity has accumulated losses exceeding its total capital. There are no subsidiaries or joint ventures.