CAPACITE - Capacit'e Infra.
📢 Recent Corporate Announcements
Capacit'e Infraprojects Limited has received a Letter of Intent (LOI) worth approximately ₹537 crore from TenX Realty Limited, a subsidiary of Raymond Limited. The contract involves the construction of multiple towers and a retail building for the 'Address by GS-3' and 'Invictus-2' projects in Thane. This is a repeat order, which underscores the company's strong relationship with major real estate developers and its execution capabilities. The order significantly bolsters the company's order book and provides strong revenue visibility for the coming years.
- Total contract value of approximately ₹537 crore excluding GST
- Scope includes construction of Towers F, G, NTA, and a Retail Building in Thane (West)
- Repeat order from TenX Realty Limited, a step-down subsidiary of Raymond Limited
- The project is part of the company's ordinary civil contracting operations and is not a related party transaction
- Strengthens the company's position as a preferred contractor in the high-rise residential space
Capacit'e Infraprojects Limited has secured a Letter of Intent (LOI) valued at ₹537 crore from TenX Realty Limited, a subsidiary of Raymond Limited. The contract involves civil construction for the 'Address by GS-3' and 'Invictus-2' projects in Thane, including multiple towers and a retail building. This repeat order from a major developer underscores the company's strong market position and execution reliability. The addition of this contract significantly enhances the company's outstanding order book and future revenue visibility.
- Total contract value of approximately ₹537 crore excluding GST
- Scope includes construction of Towers F, G, NTA, and a Retail Building in Thane (West)
- Repeat order from TenX Realty Limited on behalf of Raymond Limited's Realty Division
- The contract is a non-related party transaction executed in the normal course of business
- Strengthens the company's specialized portfolio in high-rise and township construction
Capacit'e Infraprojects reported its highest-ever quarterly revenue of INR 681 crore in Q3 FY26, marking a 13% YoY increase. The company's order book remains robust at INR 13,188 crore, with year-to-date order inflows of INR 3,909 crore already exceeding the full-year guidance of INR 3,500 crore. Management has successfully reduced finance costs, with interest rates for fund-based limits dropping to 9.65% from previous highs of 12.5%. Despite a slight YoY dip in quarterly PAT to INR 50 crore, the company maintains a healthy net debt-to-equity ratio of 0.12x and projects 18-20% growth for the next financial year.
- Total income for Q3 FY26 rose 13% YoY to INR 681 crore with EBITDA margins improving to 16%.
- Order book stands at INR 13,188 crore as of December 2025, with 61% from the public sector.
- Year-to-date order inflows reached INR 3,909 crore, surpassing the annual target of INR 3,500 crore.
- Interest rates on fund-based limits reduced significantly to 9.65% from 12.5% over the last two years.
- Recovered INR 38 crore of old receivables out of a INR 50 crore target for the current financial year.
Capacit'e Infraprojects has initiated a postal ballot to seek shareholder approval for a material related party transaction involving its subsidiary, CIL MMEPL Ekatha Private Limited. The transaction is with Mohan Mutha Export Private Limited for an aggregate value of up to ₹456 crores covering the period from April 2025 to March 2027. This amount includes ₹166.40 crores in transactions already executed as of December 31, 2025. The company states that these transactions are conducted in the ordinary course of business and on an arm's length basis.
- Proposed material related party transaction (RPT) with an aggregate limit of ₹456 crores.
- Transaction involves subsidiary CIL MMEPL Ekatha Private Limited and Mohan Mutha Export Private Limited.
- The approval period spans two financial years from April 01, 2025, to March 31, 2027.
- Includes ratification/continuation of ₹166.40 crores in transactions already completed by December 2025.
- Remote e-voting for shareholders is scheduled from February 13 to March 14, 2026.
Capacit'e Infraprojects has officially released the audio recording of its earnings conference call held on February 12, 2026. The call addressed the company's financial and operational performance for the third quarter and the nine-month period ending December 31, 2025. This disclosure is a routine regulatory requirement under SEBI LODR regulations to ensure transparency for all stakeholders. Investors can now access the management's detailed commentary on the company's growth trajectory and project execution.
- Audio recording of the Q3 and 9M FY26 earnings call is now available for public access.
- The call was conducted on February 12, 2026, following the release of financial results.
- Complies with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- Provides insights into operational performance for the period ended December 31, 2025.
Capacit'e Infraprojects reported a 14% YoY growth in Q3FY26 revenue to ₹675.4 crore, driven by accelerated project execution. The company's order book stands at a robust ₹13,188 crore, with YTD order inflows of ₹3,909 crore already surpassing the full-year guidance of ₹3,500 crore. While PAT saw a marginal 3% YoY decline to ₹50.5 crore, EBITDA grew 20% to ₹108.2 crore with margins at 16%. Management has successfully reduced interest rates from 12.5% to 10.25% and expects significant finance cost savings in FY27.
- Order book reached ₹13,188 crore as of Dec 2025, with YTD inflows of ₹3,909 crore exceeding the annual target.
- Q3FY26 Revenue from operations grew 14% YoY to ₹675.4 crore; EBITDA increased 20% to ₹108.2 crore.
- Net Debt-to-Equity ratio remains healthy at 0.12x, supported by a reduction in fund-based interest rates to 10.25%.
- Realized ₹38.3 crore from non-core asset sales, with another ₹12 crore expected by March 2026 and ₹50 crore in FY27.
- Company maintains a Vision 2028 target of 20%+ CAGR to surpass ₹4,000 crore in annual revenue.
Capacit'e Infraprojects reported its highest-ever quarterly revenue of ₹681 crore for Q3 FY26, marking a 13% YoY growth. While EBITDA grew by 20% to ₹108 crore with improved margins of 16%, PAT witnessed a marginal decline of 3% to ₹50 crore. Crucially, the company has already exceeded its full-year order inflow guidance, securing ₹3,909 crore YTD against a target of ₹3,500 crore. The company maintains a robust order book of ₹13,188 crore with a healthy balance sheet showing a Net Debt to Equity ratio of 0.12x.
- Highest ever quarterly revenue from operations at ₹681 crore, up 13% YoY.
- EBITDA increased by 20% YoY to ₹108 crore with margins expanding to 16.0% from 15.3%.
- YTD order inflows reached ₹3,909 crore, surpassing the full-year guidance of ₹3,500 crore.
- Robust order book of ₹13,188 crore as of December 31, 2025, with 61% from the public sector.
- Strong financial position with Gross Debt at ₹464 crore and Net Debt to Equity at 0.12x.
Capacit'e Infraprojects reported a net profit of ₹45.13 crore for Q3 FY26, marking a 22.8% growth compared to ₹36.75 crore in the corresponding quarter of the previous year. Revenue from operations saw a marginal decline of 1.6% YoY to ₹554.81 crore. While profitability improved, the statutory auditors issued a qualified conclusion regarding the recoverability of ₹11.56 crore in trade receivables. Additionally, the company is pursuing legal action for another ₹54.93 crore in long-outstanding receivables and contract assets.
- Net Profit for Q3 FY26 increased to ₹45.13 crore from ₹36.75 crore YoY.
- Revenue from operations stood at ₹554.81 crore, a slight decrease from ₹563.83 crore in Q3 FY25.
- 9M FY26 Net Profit reached ₹130.61 crore on a total income of ₹1,654.07 crore.
- Auditors raised a qualified conclusion over ₹11.56 crore in receivables due to lack of sufficient recovery evidence.
- Management is contesting ₹54.93 crore in long-standing dues through NCLT and RERA forums.
Capacit'e Infraprojects Limited has announced its earnings conference call scheduled for February 12, 2026, at 11:00 AM IST. The management team, including the Executive Chairman and CFO, will discuss the company's financial and operational performance for the third quarter and nine months ended December 31, 2025. This call is a standard procedure following the release of quarterly results, providing a platform for analysts and investors to gain deeper insights into the company's project execution and order book. The disclosure follows SEBI's Listing Obligations and Disclosure Requirements.
- Earnings call for Q3 and 9MFY26 scheduled for February 12, 2026, at 11:00 AM IST
- Management representation includes Executive Chairman Rohit Katyal and CFO Rajesh Das
- Discussion will focus on operational and financial performance for the period ending December 31, 2025
- International dial-in numbers provided for investors in Singapore, Hong Kong, UK, and USA
Capacit'e Infraprojects has received a Letter of Intent (LOI) worth approximately ₹445 crore (excluding GST) from Great Value Realty Limited. The contract involves civil and structural works for the 'Great Value Ekanam' project located in Sector 107, Noida. This new client addition strengthens the company's presence in the NCR region and bolsters its order book. The project aligns with Capacit'e's core expertise in high-rise and residential construction.
- Total contract value of approximately ₹445 crore excluding GST
- Project involves civil and structural works for Great Value Ekanam in Noida
- New client acquisition (Great Value Realty Limited) diversifying the customer base
- The transaction is not a related party transaction, ensuring transparency
Capacit'e Infraprojects Limited has informed the exchanges that its statutory auditors, M S K A & Associates, have converted from a partnership firm into a Limited Liability Partnership (LLP). The firm will now be known as M S K A & Associates LLP, effective from January 13, 2026. This change is a routine administrative conversion under the Limited Liability Partnership Act, 2008. The auditors will continue to fulfill their duties for the remainder of their appointed tenure.
- Statutory Auditors M S K A & Associates converted to M S K A & Associates LLP
- Conversion notification received by the company on January 13, 2026
- Auditors will continue their existing tenure and discharge all statutory obligations
- Disclosure made under Regulation 30 of SEBI (LODR) Regulations, 2015
Capacit'e Infraprojects Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The company's Registrar and Share Transfer Agent, KFin Technologies, confirmed that all shares were held in dematerialized form as of December 31, 2025. No requests for dematerialization or rematerialization were received or processed during the quarter. This is a standard regulatory filing confirming administrative compliance with depository norms.
- Compliance certificate issued for the quarter ended December 31, 2025.
- 100% of the company's shares are confirmed to be in dematerialized form.
- Zero requests for dematerialization or rematerialization were received during the three-month period.
- Confirmation provided by Registrar and Share Transfer Agent, KFin Technologies Limited.
Capacit'e Infraprojects Limited has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the declaration of the company's unaudited financial results for the third quarter ended December 31, 2025. The window will remain closed for all designated persons and their immediate relatives until 48 hours after the results are made public. The specific date for the board meeting to approve these results will be communicated at a later time.
- Trading window closure begins on Thursday, January 1, 2026.
- Closure is related to the review of financial results for the quarter (Q3) ending December 31, 2025.
- The restriction applies to all Designated Persons and their immediate relatives.
- Trading window will reopen 48 hours after the financial results are declared to the stock exchanges.
- Board meeting date for result approval is yet to be announced.
Financial Performance
Revenue Growth by Segment
Total Operating Income grew 21.6% YoY from INR 1,931.64 Cr in FY24 to INR 2,349.51 Cr in FY25. The company focuses solely on building construction, executing projects across residential, commercial, and institutional spaces.
Geographic Revenue Split
Operations are concentrated in major Indian metropolitan regions including Mumbai (MMR), Delhi (NCR), Bengaluru, Pune, Varanasi, Chennai, and Hyderabad. Specific percentage split per region is not disclosed.
Profitability Margins
Net Profit Margin improved from 6.00% in FY24 to 8.26% in FY25, representing a 226 bps increase. Return on Net Worth grew from 7.55% to 10.67% (+312 bps) over the same period.
EBITDA Margin
EBITDA Margin was 19.49% in FY25 compared to 18.75% in FY24, a YoY improvement of 74 bps. Core profitability is driven by a conscious focus on high-margin super high-rise projects.
Capital Expenditure
Property, Plant and Equipment stood at INR 588.80 Cr as of September 30, 2025, with Capital Work-in-Progress at INR 10.38 Cr. The company plans to monetize non-core assets of approximately INR 65 Cr during FY26.
Credit Rating & Borrowing
Infomerics Ratings upgraded long-term and short-term ratings in FY25. Average utilization of fund-based limits is 81.31% and non-fund-based limits is 76.50% as of June 2025.
Operational Drivers
Raw Materials
Key materials include steel, cement, and advanced formwork systems. While specific cost percentages are not disclosed, most projects include cost escalation clauses to mitigate price volatility.
Import Sources
Not disclosed in available documents; however, operations are centered in major Indian metros suggesting domestic sourcing.
Capacity Expansion
The company has constructed over 70 million square feet to date. Current project pipeline visibility is high with INR 3,464 Cr in new bookings achieved in H1 FY26 alone.
Raw Material Costs
Raw material costs are managed through selective client onboarding and cost escalation clauses. The company uses modern technology in formworks to manage complex structures efficiently.
Manufacturing Efficiency
Interest Coverage Ratio improved 20.9% from 4.63x in FY24 to 5.60x in FY25. The company holds a Limca Book of Records entry for the fastest construction of a hospital.
Strategic Growth
Expected Growth Rate
25%
Growth Strategy
Growth is driven by a robust order book of INR 3,464 Cr in H1 FY26, focus on high-margin super high-rise buildings (top 3 ranking in India), and repeat orders from marquee clients like CIDCO, MCGM, and MHADA. The company is also monetizing INR 65 Cr of non-core assets to strengthen liquidity.
Products & Services
EPC contracting services for high-rise and super high-rise residential, commercial, and institutional buildings, including MEP, finishing, and interior services.
Brand Portfolio
Capacit'e
New Products/Services
Expansion into specialized segments like data centers, hospitals, and super high-rise towers (e.g., a 320-meter tower project).
Market Expansion
Expansion within existing core metros (MMR, NCR, Bengaluru) and increasing presence in public sector projects (CIDCO, MCGM).
Market Share & Ranking
Ranked among the top three companies in India for super high-rise building construction.
Strategic Alliances
Joint ventures include Tata Projects (for a 320m super high-rise), CIL MMEPL EKATHA, and SCC-Capacit'e (V) JV formed in July 2025.
External Factors
Industry Trends
The industry is shifting toward high-rise and super high-rise urban developments and specialized institutional infrastructure like data centers and hospitals.
Competitive Landscape
Competes with larger EPC players like Tata Projects and Ahluwalia, but maintains higher margins through specialized project selection.
Competitive Moat
Sustainable moat through technical expertise in super high-rise construction (300m+), which has high barriers to entry and allows for higher margins than standard EPC players.
Macro Economic Sensitivity
Highly sensitive to the Indian real estate cycle and government infrastructure spending. GDP growth directly impacts demand for commercial and residential spaces.
Consumer Behavior
Increasing demand for high-end gated communities and specialized healthcare/institutional facilities.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013, SEBI (LODR) Regulations, and Indian Accounting Standards (Ind AS).
Environmental Compliance
The company emphasizes environmental responsibility and excellence in project delivery as part of its corporate overview.
Taxation Policy Impact
Consolidated Profit Before Tax for H1 FY26 was INR 131.94 Cr. Standard corporate tax rates apply.
Legal Contingencies
The company is involved in ongoing legal proceedings and settlements to recover old dues from the 2020-2023 period. A qualified opinion was issued by auditors for the standalone financial statements in FY25.
Risk Analysis
Key Uncertainties
Working capital intensity and the potential impact of put options in NCDs on the company's liquidity position.
Geographic Concentration Risk
High revenue concentration in MMR, NCR, and Bengaluru regions.
Third Party Dependencies
Dependency on labor mobilization and training for large-scale project execution.
Technology Obsolescence Risk
Mitigated by the adoption of cutting-edge construction techniques and innovative formwork systems.
Credit & Counterparty Risk
Credit risk is managed through a selective client policy and an Audit Committee-approved Expected Credit Loss (ECL) policy.