💰 Financial Performance

Revenue Growth by Segment

Total operating income grew by approximately 175% YoY, rising from INR 103.01 Cr in FY2024 to INR 283.39 Cr in FY2025. The growth was driven by the expansion of the EPC and logistics divisions beyond the Jindal Group to 19 different customers.

Geographic Revenue Split

The company has a high level of geographic concentration in Gujarat, Maharashtra, and Andhra Pradesh. Specific percentage splits per state were not disclosed, but these regions represent the core revenue base.

Profitability Margins

Net Profit Margin (PAT) was 8.44% in FY2025, a decrease from 10.01% in FY2024. Operating margins remained healthy despite the scale-up, with PAT increasing in absolute terms from INR 10.31 Cr to INR 23.96 Cr (up 132%).

EBITDA Margin

EBITDA margin stood at 12.43% in FY2025, compared to 14.51% in FY2024. The absolute EBITDA grew by 135.7% from INR 14.95 Cr to INR 35.24 Cr.

Capital Expenditure

The company successfully completed an IPO of INR 69.98 Cr in July 2025, which significantly improved Tangible Net Worth from INR 50.67 Cr to INR 141.03 Cr. Planned capex is focused on scaling operations to meet the INR 465.89 Cr order book.

Credit Rating & Borrowing

Assigned 'IVR BBB- / Stable' for long-term facilities and 'IVR A3' for short-term facilities. Interest coverage ratio is strong at 20.11x as of March 31, 2025.

⚙️ Operational Drivers

Raw Materials

Primary operational inputs include excavated materials such as soil and hard rock, along with fuel for logistics and transportation fleets. Specific cost percentages for each were not disclosed.

Import Sources

Sourced domestically within India, primarily from project sites in Gujarat, Maharashtra, and Andhra Pradesh.

Capacity Expansion

The company is currently executing a healthy order book of INR 465.89 Cr as of October 2025. INR 257.86 Cr is scheduled for completion in FY2026 and INR 55.64 Cr in FY2027.

Raw Material Costs

Not disclosed as a specific percentage of revenue; however, the company manages costs through integrated logistics for excavated materials.

Manufacturing Efficiency

Inventory days stood at 46 days in FY2025, primarily reflecting Work-in-Progress (WIP) that is yet to be billed to customers.

Logistics & Distribution

The company operates an integrated logistics model for the transportation and disposal of excavated materials to dumping sites as directed by customers.

📈 Strategic Growth

Expected Growth Rate

175%

Growth Strategy

Growth will be achieved by diversifying the client base (expanding from 1 major client to 19), executing the INR 465.89 Cr order book, and expanding geographical presence beyond the current three core states. The July 2025 IPO provided INR 69.98 Cr to fund this expansion.

Products & Services

Civil engineering services including excavation, grading, utility work, paving, and logistics services for the transportation and disposal of excavated materials.

Brand Portfolio

Savy Infra and Logistics Limited.

New Products/Services

Integrated solutions across infrastructure, steel, and mining sectors, evolving from simple earthwork to full-scale EPC and logistics management.

Market Expansion

Targeting expansion beyond Gujarat, Maharashtra, and Andhra Pradesh to reduce geographical concentration risk.

Strategic Alliances

Historically focused on the Jindal Group; now engaging with 19 different customers to diversify risk.

🌍 External Factors

Industry Trends

The industry is shifting toward clients requiring uniform high-quality service and integrated processes. The EPC sector is growing but faces heightened competition and increasing compliance requirements.

Competitive Landscape

Faces heightened competition from other infrastructure and logistics firms and challenges in attracting/retaining human capital.

Competitive Moat

Competitive advantage is derived from an integrated service model (EPC + Logistics) and the experience of promoter Mr. Tilak Mundhra (>10 years) and advisor Mr. Liladhar Mundhra (>20 years).

Macro Economic Sensitivity

Highly sensitive to government infrastructure spending and domestic economic conditions affecting the EPC and logistics sectors.

Consumer Behavior

Clients are increasingly prioritizing quick service and process uniformity across large-scale enterprises.

Geopolitical Risks

Minimal impact due to domestic focus, though regulatory changes in India pose a potential threat.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Companies Act 2013, SEBI (LODR) Regulations 2015, and environmental norms related to excavation and waste disposal.

Environmental Compliance

The company spent INR 10.00 Lakhs on CSR activities in FY2025, exceeding the required INR 9.66 Lakhs, focusing on education and vocational training.

Taxation Policy Impact

Not disclosed; however, the company is subject to standard Indian corporate tax and GST regulations.

Legal Contingencies

The Secretarial Audit for FY2024-25 reported compliance with all applicable statutory provisions; no major pending litigation values were disclosed.

⚠️ Risk Analysis

Key Uncertainties

Customer concentration risk (75% from top 5) and geographic concentration in three states are the primary business uncertainties.

Geographic Concentration Risk

High concentration in Gujarat, Maharashtra, and Andhra Pradesh.

Third Party Dependencies

Significant dependency on a limited number of customers for the majority of revenue.

Technology Obsolescence Risk

Risk of loss from inadequate or failed systems/processes; the company is increasing technology use to mitigate human failure risks.

Credit & Counterparty Risk

Debtor days of 66 indicate a moderate credit risk, with an overall operating cycle of 70 days.