About Mayasheel Ventures Limited

BUSINESS OVERVIEW

Mayasheel Ventures is engaged in the construction of roads and highways for NHIDCL (National Highways and Infrastructure Development Corporation Ltd.) and other government departments. The company undertakes a variety of infrastructure projects including expressways, national highways, flyovers, and bridges, as well as technically complex and high-value civil engineering works.

Recognized as a “Class A” government contractor by the Uttar Pradesh Public Works Department (U.P.P.W.D.), the company is authorized to bid for and execute large-scale and complex infrastructure projects, ensuring compliance with regulatory standards. It has proven expertise, financial capability, and technical resources to deliver both EPC (Engineering, Procurement, and Construction) and BOQ (Bill of Quantity) based assignments.

In addition to core construction activities, Mayasheel Ventures also undertakes electrical works such as the construction of electrical powerhouses, installation of streetlights, and development of transmission lines. Although this segment has not generated revenue over the past three financial years, three electrical projects are currently in progress.

Operating on a Business-to-Government (B2G) model, the company’s revenue primarily stems from government tenders. In 2023, it successfully completed a 14.401 km two-lane road with hard shoulders on NH 129A in Nagaland under the EPC mode authorized by NHIDCL. The company also takes up subcontracting assignments for diverse infrastructure projects, enabling broad application of its technical competencies.

As on March 31, 2025, the Company has 294 employees on the payroll of the Company. The Banker to the Company is HDFC Bank Limited.

INDUSTRY ANALYSIS

Indian Roads & Highways Industry: Market Overview

India’s Roads and Highways market, valued at USD 152.16 billion in 2024, is projected to reach USD 266.60 billion by 2030, growing at a CAGR of 9.63%. Roads and highways form the backbone of India's transport network, connecting cities, towns, and rural regions, and are crucial for economic activity, trade, tourism, and emergency services.

Highways are designed for long-distance, high-speed travel with multiple lanes and safety features, including expressways, freeways, and motorways. The government and agencies are actively upgrading infrastructure with smart roads, digital tolling, and intelligent traffic systems to improve safety, efficiency, and sustainability.

Key Market Drivers

1. Urbanization and Population Growth

India’s urban population is expected to reach 600 million by 2030, driving demand for better road connectivity. The Smart Cities Mission, rapid suburban growth, and increasing vehicle ownership are pressuring authorities to develop multi-lane roads, flyovers, and bypasses to reduce congestion and improve mobility.

2. Logistics and E-commerce Boom

The rise of India’s logistics and e-commerce sectors—driven by platforms like Amazon, Flipkart, and Reliance JioMart—is creating demand for seamless connectivity. GST reforms, industrial expansion, and increased warehousing near major highway corridors are pushing the development of freight corridors, expressways, and last-mile connectivity.

3. Technology and Sustainability

The sector is evolving with the adoption of smart technologies such as FASTag, AI, IoT, and GIS. Eco-friendly initiatives like using recycled materials, plastic roads, solar lighting, and EV charging stations are gaining prominence. The NHAI is exploring EV lanes and charging corridors, aligning with India’s green mobility goals.

Indian Infrastructure Industry: Overview

India’s robust infrastructure push is central to achieving a US$ 26 trillion economy. Flagship initiatives like the Gati Shakti Master Plan and National Infrastructure Pipeline (NIP) are transforming physical infrastructure to enhance efficiency, reduce costs, and drive economic growth.

The sector spans power, roads, bridges, urban development, and housing—supporting allied sectors and job creation. The government’s focus is shifting towards long-term asset sustainability, digital infrastructure, and enhanced urban mobility.

Market Size and Investment Outlook

• The 2024–25 Interim Budget increased capital infrastructure investment by 11.1% to Rs. 11.11 lakh crore (US$ 133.86 billion), equivalent to 3.4% of GDP.

• The NIP now includes 9,142 projects across 34 sub-sectors, with a cumulative value of US$ 1.9 trillion—nearly half dedicated to roads and bridges.

• Indian Railways revenue stood at US$ 28.89 billion (as of March 2024), with freight volumes up 2.1% YoY.

• India’s logistics market is valued at US$ 317.26 billion (2024) and expected to grow to US$ 484.43 billion by 2029, with efforts underway to cut logistics costs from 14% to 8% of GDP.

• The aviation sector is expanding with planned investment of Rs. 98,000 crore (US$ 11.8 billion) for airport upgrades, and aims to build 190–200 airports by 2040 under the UDAN scheme.

Future Outlook

India currently has the fifth-largest metro network, with over 810 km operational and another 919 km under construction. The focus is expanding to Tier II and III cities, leveraging digitalization to bridge urban–non-urban disparities.

To support urban infrastructure, India will need US$ 840 billion over the next 15 years. Global collaborations—like Saudi Arabia's planned US$ 100 billion investment—are strengthening sectoral growth.

Infrastructure investment contributed 9% of GDP during the 11th Five-Year Plan, and a projected US$ 1 trillion is targeted in the 12th, with 40% from the private sector. With an 8% GDP growth forecast over the next three years, infrastructure remains a core pillar of India’s economic strategy.

BUSINESS STRENGTHS

1. Experienced Management Team
Led by promoters Mr. Amit Garg, Ms. Meenu Garg, and Mr. Prabhat Rajpoot, the company benefits from a combined experience of over 35 years in construction and civil engineering. The senior management has extensive experience working with government departments, enhancing collaboration, contract execution, and competitive bidding.

2. Quality Assurance
Focus on strict quality standards across products, processes, and raw materials ensures delivery excellence. Raw materials undergo pre-acceptance quality checks and receive approval from relevant departments to maintain service quality.

3. Robust Order Book
As of March 31, 2025, the company holds an order book worth ₹20,160.19 Lakhs, supported by adequate execution resources. Continued focus on roads, highways, and bridges, combined with a reputation for timely delivery, quality, and cost efficiency, has contributed to consistent order inflow.

4. Strong Project Management and Execution
Project execution is aligned with contract specifications and high construction standards. Emphasis is placed on on-time or early completion, backed by proven project management capabilities and operational efficiency.

BUSINESS STRATEGIES

1. Geographical Expansion
With over 65 projects completed, the company currently operates in select Indian states and aims to expand operations into new regions, particularly Assam and Nagaland, along with other states where new projects have been secured.

2. Increased Focus on Roads and Highways
By concentrating on road and highway construction, the company strengthens its specialization and competitiveness in securing government contracts, enabling market share growth through continuous bidding in this core segment.

3. Cost Efficiency and Technological Upgradation
Ongoing efforts are made to enhance productivity and profitability through cost optimization, modernization of machinery, process improvements, and skill development of the workforce to achieve higher asset turnover.

4. Retention of Skilled Manpower
The company faces challenges with high attrition, common in project-based construction work. Focus remains on retaining skilled workers post-project completion, especially those located near work sites.

BUSINESS RISK FACTORS & CONCERNS

1. Dependence on Government Contracts
A significant portion of revenue is derived from projects approved by NHIDCL and other government departments. Any adverse changes in central or state government policies could result in contract restructuring, termination, or cancellation, directly affecting business and financial performance.

2. Client and Project Concentration Risk
Revenue heavily depends on key clients such as NHIDCL and a limited number of large contracts. This high concentration increases exposure to individual project risks, and underperformance or losses on major contracts could negatively affect operational and financial outcomes.

3. Uncertainty in Government Prioritization
Future performance is reliant on the Government of India’s continued emphasis on infrastructure development. A shift in budget allocation or reduced focus on infrastructure may lead to a decline in available work, impacting revenue.

4. Challenges in Competitive Bidding
Infrastructure projects are secured through a competitive bidding process, subject to strict technical and financial pre-qualification. Failure to consistently meet these requirements, either independently or via joint ventures, may restrict project acquisition and hinder growth.

5. Geographic Revenue Concentration
Despite operations across multiple regions, revenue is predominantly generated from Assam, Manipur, and Nagaland—accounting for 95.63% (FY25), 93.24% (FY24), and 96.59% (FY23). Any operational disruption in these states could materially affect revenue and performance.

6. Supplier Dependency Risk
The company relies on suppliers from Assam, Nagaland, and West Bengal for raw materials. Any disputes or disruptions with these suppliers could adversely affect project timelines and operational continuity.

Mayasheel Ventures faces key risks related to its dependence on government contracts, geographic concentration in the Northeast region, supplier dependency, and exposure to policy changes and competitive bidding. These factors may significantly impact revenue stability, project acquisition, and overall financial performance.