Supreme Infrastructure India Ltd is an engineering and construction contractor that builds India’s roads, bridges, buildings and power lines for government clients, but its real story is a survival arc: a diversified builder that collapsed under roughly ₹3,800 crore of debt around 2020, lost nearly all its toll-road subsidiaries to insolvency, and is now clawing back as a lean, asset-light EPC firm focused on high-margin urban construction. The company was born in 1983 as a small asphalt contractor in Mumbai and grew over four decades into a multi-state EPC player, only to be reshaped by a court-sanctioned debt restructuring completed in 2025 that wiped the slate and handed control back to the founding Sharma family. The recurring thread is a philosophy of cautious bidding - it says it will only chase projects promising at least 14% EBITDA margins, with low debt on its books, and not start new work until existing jobs are three-quarters done - a discipline forged in the fire of its own near-collapse.
Business segments
Two engines at opposite ends of the life cycle - a core EPC construction business rebuilding from a restructured base, and a legacy toll-road portfolio now almost entirely in insolvency - with the former carrying the entire future.
1. Engineering and construction: the rebuild starts here
The company earns its living by building infrastructure for government authorities, recognising revenue as work progresses on site - a single operating segment that is now its entire going-concern business.
- Paid as the work gets done - revenue is recognised over time using the percentage-of-completion method, meaning the company books income in step with the value of work delivered to the customer, not when cash arrives; unbilled work sits as a contract asset until invoiced.
- Government is the only customer that matters - clients include NHAI, the Airports Authority, BARC, Mumbai’s municipal corporation and state electricity boards, so the pipeline depends on public infrastructure programmes like Bharatmala and PM Gati Shakti.
- Backward integration keeps costs in check - it owns ready-mix concrete plants, asphalt plants, crushers and an equipment bank worth around ₹150 crore that is fully depreciated, so it is not paying rental margins on core machinery.
- Raw materials bought in bulk, on credit - as one of the largest steel and cement buyers in Maharashtra, it secures low rates through direct MoUs with suppliers like SAIL, Tata Steel and Ultratech, and typically gets 60-90 days to pay.
- A ₹1,725-crore order book signals the restart - as of June 2025, the order book stood at about ₹1,725 crores, lifted by a ₹450-crore turnkey contract to build a 16-lakh-square-foot housing complex in Powai, Mumbai, for a Brookfield-managed redevelopment.
2. BOT toll roads: the legacy that unravelled
The company once built and operated toll roads under long-term concessions through a web of subsidiaries, but nearly all of them are now in insolvency - this is the past, not the future.
- Eighteen projects launched, most now gone - of 18 BOT projects started over the company’s history, 11 were functional at one stage, 7 ceased, and by FY25 five of its six remaining subsidiaries were under corporate insolvency and one was in liquidation.
- The holding company was the first domino - Supreme Infrastructure BOT Private Limited, the 100% subsidiary that held most of the road SPVs, entered insolvency in May 2024, at which point SIIL lost control and it ceased to be a subsidiary.
- The flagship highway project stalled - the Panvel-Indapur section of NH-17, an 84-km BOT concession awarded by NHAI with an estimated cost of ₹1,206 crore, was delayed by land and environmental clearance issues; NHAI appointed a new contractor to finish the work and the SPV entered insolvency in August 2024.
- Corporate guarantees still hang over the company - SIIL has given guarantees of roughly ₹1,533 crore to lenders of its subsidiary and group companies, and those companies have defaulted on their borrowings, creating a contingent liability that outlasts the insolvencies.
Group structure and partners
The listed parent sits atop a subsidiary network that has been almost entirely severed by insolvency, while the promoter family has tightened its grip through a post-restructuring share allotment.
- The promoter and promoter group held 34.68% of the equity as of March 2025; after the NCLT-sanctioned debt restructuring, a preferential allotment of shares, warrants and loan conversions at ₹86.94 per share lifted their stake to 40.70% on a fully diluted basis.
- An open offer for up to 26% of the pre-preferential capital at ₹97.60 per share was triggered by acquirers including Vikram Sharma and two promoter-linked entities, consolidating family control.
- The subsidiary map is now a catalogue of insolvencies: Supreme Infrastructure BOT Private Limited (CIRP, May 2024), Supreme Panvel Indapur Tollways (CIRP, August 30, 2024, ceased to be a subsidiary), Patiala Nabha Infra Projects, Kopargaon Ahmednagar Tollways, Supreme Vasai Bhiwandi Tollways and Supreme Manor Wada Bhiwandi Infrastructure are all under CIRP; Sanjose Supreme Tollways Development is under liquidation.
- One operating subsidiary survives outside the toll-road wreckage: Supreme Mega Structures Private Limited (60% held), which rents out scaffolding, shuttering and steel pipes and does structural fabrication work.
- A related entity, Supreme Housing and Hospitality Private Limited, owns Supreme Business Park in Mumbai; State Bank of India and ICICI Bank hold a mortgage over it as security for SIIL’s credit facilities, and a separate debt-resolution scheme involving Canara Bank is underway to monetise the property.