SRM Contractors is fundamentally a specialist that builds the roads, bridges, tunnels and slope protections that standard contractors cannot, in the high-altitude and landslide-prone border regions of Jammu & Kashmir, Ladakh and the Northeast. It began in 2008 as a regional road contractor and transformed itself by following government tenders into ever more technically complex, high-value work where the terrain itself keeps rivals out. The recurring approach is to cluster projects geographically, run an in-house design-to-procurement model, and deepen a skill barrier in hilly-terrain execution that, in management’s words, means “not any contractor can just walk into” the work it pursues. # Business segments A single EPC contractor operating across four project types, all delivered through the same terrain-specific engineering engine - roads and bridges form the backbone, slope stabilisation is the fast-growing differentiator, tunnels are the high-altitude calling card, and other civil works fill the edges. ## 1. Roads and bridges: the backbone that carries the order book **Building, widening and strengthening highways and bridges in difficult hill and border country is what the company does most, and the work now stretches from Kashmir to Maharashtra.** - **The largest piece of the pie** - roads and bridges made up 69% of the order book as of March 2026, worth ₹1,276.72 crore, because government infrastructure spending in border and hilly states creates a steady pipeline of projects that few contractors can execute. - **More than 100 kilometre-lanes every year** - the company has sustained this pace of road construction for several years, spanning four-lane highways, two-lane highways, state highways, district roads and city resurfacing work. - **A marquee job on the Nashik Ring Road** - a 14-kilometre, ₹483 crore road project on the southern side of the ring road shows the company stretching beyond its mountain heartland into Maharashtra, which now accounts for 46% of the order book by state. - **In-house from design to materials** - the company handles its own design, engineering and procurement of key inputs, so it controls quality and is not held up by third-party suppliers on remote sites. - **Joint ventures unlock bigger tickets** - for large projects where eligibility thresholds require it, SRM forms project-specific joint ventures or takes on sub-contracts from major infrastructure players, giving it access to work it could not bid for alone. ## 2. Slope stabilisation and geotechnical solutions: the fast-growing differentiator **Locking unstable mountainsides in place with reinforced soil walls and rockfall systems is a specialised skill, and the company has just bought a global partner to lead the field.** - **India’s tallest reinforced soil wall** - built for heavy-duty railway loading at Reasi in Jammu & Kashmir for the Udhampur-Srinagar-Baramulla Rail Link, this landmark job won the ET Infra Rail Show Award and put the company’s geotechnical capability on the map. - **A quarter of the order book and rising** - slope stabilisation stood at 24% of the order book, or ₹443.38 crore, as of March 2026, lifted by contracts such as a ₹128 crore long-term remedial job at the Thalout landslide site for the National Highway Authority of India. - **Bought the technology, not just the contract** - the acquisition of a 51% controlling stake in Maccaferri Infrastructure Private Limited, the Indian arm of the Italian Officine Maccaferri group (present in more than 100 countries), brings in-house manufacturing of geosynthetics, gabions and rockfall protection systems, plus a nationwide client base. - **Voting control from day one** - the deal was structured in four cash tranches starting January 2025, with the first ₹19 crore buying a 12.75% equity stake but securing 51% of voting rights immediately, so SRM could direct the subsidiary’s strategy while paying the full price over time. ## 3. Tunnels and caverns: the high-altitude calling card **Digging and protecting tunnels above 12,000 feet, including India’s longest precast cut-and-cover tunnel and its first high-altitude ammunition cavern, is the work that defines the company’s technical ceiling.** - **A small but strategic slice** - tunnels and caverns were 7% of the order book, or ₹123.77 crore, as of March 2026, with the company expanding tunnel work into Uttarakhand, Himachal Pradesh and the Northeast. - **Pre-qualified to bid alone** - the company can independently bid for government tunnel projects up to ₹50,000 lakhs, which means it does not always need a joint-venture partner to chase medium-sized tunnel work. - **The same terrain logic applies** - tunnel projects sit in the same high-altitude, border geographies as the roads and slope work, so the engineering teams, equipment and local knowledge transfer directly from one project type to another. ## 4. Other civil construction: filling the edges **A small collection of government housing, drainage, irrigation and mining jobs rounds out the portfolio, contributing almost nothing to the current order book but keeping client relationships warm.** - **Zero percent of the order book** - as of March 2026, miscellaneous civil works had no material backlog, though the company had completed two such projects by March 2025. - **Public-sector clients in the mix** - past work has been for the Public Works Department of Jammu & Kashmir, the Irrigation & Flood Control Department, and Northern Railways, keeping the company visible to government buyers beyond its core transport ministries. - **A quarry in the portfolio** - the company has operated its own mines at Vadagam in Gujarat, nearly 100 feet below ground level, producing millions of tons of aggregate, which likely feeds its own construction sites and provides a captive source of raw material. # Group structure and partners **A listed parent with a newly acquired Italian-backed geotechnical subsidiary, a UAE branch office, and a web of project-specific joint ventures that let it bid for work it could not touch alone.** - **A CSR subsidiary with no share capital** - in December 2024 the company acquired SRM Serves Foundation, a Section 8 not-for-profit, to channel its corporate social responsibility spending into education, healthcare and vocational training. - **Project joint ventures unlock eligibility** - the company operates through several project-specific JVs, including SRM Rajinder Projects which holds stakes ranging from 49% to 70% across five different road projects in Ladakh and Jammu & Kashmir, allowing SRM to meet the technical and financial qualification thresholds for larger government tenders. - **A beachhead in Abu Dhabi** - a branch office has been advanced in the UAE as a gateway to GCC and select African markets, signalling an early-stage intent to export the company’s terrain-engineering skills beyond India. - **Leadership reshaped for the next phase** - Group Chairman Sanjay Mehta stepped back from the Managing Director role in October 2025 to focus on international expansion, while Puneet Pal Singh was elevated to Managing Director and subsequently absorbed the CEO’s duties when the former CEO resigned in December 2025.