Wealth Creators
Methodology
Real Estate Sector
India’s property market has kept its upward momentum: after an extraordinary 2023, the sector is still on track to surpass US$650 billion by 2025 and reach US$1 trillion by 2030, anchoring roughly 13 per cent of national GDP. Fuelled by steady end-user demand, the top eight cities opened 2024 with their best-ever first quarter—moving about 74,500 homes in just three months—while Tier-II locations also saw solid gains, proving the residential upswing is broad-based, not merely metro-centric.Demand continues to tilt premium. Luxury homes maintained double-digit growth in 2024 after last year’s meteoric rise, and urbanisation remains a wind at the market’s back:
India’s city population is set to cross 542 million next year. Foreign and domestic capital are equally supportive—cumulative foreign direct investment in real-estate activities has climbed past US $45 billion, and private-equity inflows held firm at roughly Rs 240 billion during April–December FY 25 even as global funding costs rose. Big-ticket government programmes such as Pradhan Mantri Awas Yojana (Urban) 2.0 are also channelling record sums into affordable housing.
Commercial real estate is matching that pace. After leasing a record 63 million sq ft of office space in 2023, the country is on course to breach the 70-million-sq-ft mark this year, led by global capability centres and booming flexible workspaces. Retail and hospitality have followed suit: mall leasing hit a five-year high of around 6.4 million sq ft in 2024 and branded-hotel supply is set for steady expansion—signs that consumption and travel demand continue to normalise.
Developers are responding with ambitious rollouts. Prestige Group, Mahindra Lifespaces and Godrej Properties are pushing multi-city pipelines, while Shriram Properties’ new Rs 5 billion investment platform underscores the depth of capital chasing quality projects. With supportive policy, robust funding channels and sustained appetite across price bands, India’s real-estate sector is poised to remain a cornerstone of economic growth through 2025 and well beyond.
Sources: NAREDCO & IBEF.ORG
Real Estate Companies
1) AGI Infra
AGI Infra has blossomed into one of Punjab’s standouts real‑estate players. In FY 2024‑25 the company delivered Rs 3.25 billion in revenue and a record Rs 670 million net profit—an industry‑leading margin of about 20 per cent. Five‑year profit has compounded at 35 per cent, helping the stock more than double over the past 12 months and pushing market capitalisation beyond Rs 25 billion. Robust cash‑generation and prudent balance‑sheet management keep return on equity above 25 per cent, giving the developer ample headroom for fresh launches.
AGI’s growth engine is an expanding 160‑acre land bank spread across high‑velocity corridors in Jalandhar, Ludhiana, Mohali and New Chandigarh. Flagship communities such as Jalandhar Heights‑III and AGI Smart Homes‑II Extension—both introduced this year—add over 1 million sq ft of saleable area and deepen the brand’s mid‑income positioning. Management is targeting a steady cadence of two launches a year, supported by disciplined cost control and cash‑up‑front construction phasing. With demand for organized housing in Tier‑II Punjab still running ahead of supply, AGI Infra enters FY 2025‑26 aiming for another 20‑plus per cent jump in topline and a sustained, high‑teens return profile—well placedBR/p>
Anant Raj continues its strong growth trajectory, reporting Rs 206 million of revenue from operations in FY 2024-25, up 39 per cent from Rs 148.3 million in FY 2023-24, while profit after tax rose 60 per cent to Rs 42.6 million from Rs 2.66 billion a year earlier. EBITDA climbed to Rs 5.32 billion in FY 25 versus Rs 3.71 billion in FY 24, reflecting robust margin expansion. This performance is underpinned by a strong project pipeline—over 10.87 million sq ft of residential developments and 1.92 million sq ft of commercial leasable space—supported by a debt-free land bank of 83.43 acre in the Delhi–NCR region.
The company’s strategy of selective launches and diversification into high-growth verticals is paying off. Its affordable-housing arm, Aashray 2 in Tirupati, is on track for a June 2027 delivery with projected revenues of Rs 3.50 billion, while the data-centre division expanded to 6 MW of operational IT load in FY 25 and has 22 MW under construction, poised to meet surging digital-infrastructure demand. Coupled with stable annuity income from completed assets and consistent dividend payouts, Anant Raj is well-positioned to sustain double-digit growth and healthy returns in FY 26 and beyond.
3) Prestige Group
Prestige Group delivered a standout performance in FY 2024-25, with revenue from operations surging 40 per cent Y-O-Y to Rs 141.13 billion, up from Rs 100.68 billion in FY 2023-24. Collections edged up slightly to Rs 1,208.40 billion in FY 2024-25 versus Rs 1,195.44 billion the prior year, underpinning robust cash flows even as unit sales moderated from 210,403 units to 170,231 units. Meanwhile, average realisation climbed 8 per cent, reflecting strong premiumization across its portfolio.
On the operational front, Prestige launched 26 million sq ft of new projects in FY 2024-25, sustaining its multi-city pipeline and highlighted by the launch of Prestige Nautilus in Mumbai, which achieved Rs 24.00 billion in sales in its first month. Financially, the company bolstered its balance sheet with a Rs 49.05 billion QIP raise and maintained a conservative net debt-to-equity ratio of 0.54 times, providing ample headroom to fund its upcoming launch pipeline of 44.8 million sq ft (GDV ~Rs 421.20 billion). Supported by a 689-acre land bank across key markets, Prestige is well-positioned for sustained growth into FY 2025-26 and beyond.
Wood Sector
India’s wood-products market is moving swiftly up the value chain. Latest estimates peg the sector at US$16 billion in 2025, on track to reach about US$24 billion by 2030, a compound annual growth rate of roughly 8.8 per cent. Steady home-improvement spending—especially in the metros—combined with the growing reach of brands such as Century Plyboards, Godrej Interio, Greenply, Ikea India and Kingswood has lifted organised players’ share to almost a quarter of total sales. Rising disposable incomes and branded conversions keep the industry on course to cross the US$25 billion mark well before decade-end.The downstream furniture segment is expanding in lockstep. Industry trackers see the Indian furniture market climbing from about US$28 billion in 2024 to roughly US$47 billion by 2029, buoyed by rapid urbanisation, a wave of residential handovers and heavy government spending on infrastructure. Sociodemographic change is lifting ticket sizes too: nuclear families now spend around 30 per cent more per capita on interiors than joint families, accelerating demand for modular kitchens, built-in wardrobes and engineered wood cabinetry.
Technology and sustainability are reshaping product choices. The wooden-flooring niche, valued near US$1.8 billion in 2024, is projected to reach about US$4.3 billion by 2032, growing at roughly 11–12 per cent a year. Residential buyers already account for about 55 per cent of demand, favoring eco-certified laminates and engineered boards for their low emissions and quick installation. Manufacturers are responding with IoT-enabled production lines, AR-based room visualisers and a broader palette of water-resistant finishes—features that are quickly becoming standard in metro and tier-II renovations.
Panels and boards—the industry’s backbone— continue to scale. India’s plywood market, valued near Rs 235 billion in FY 2024-25, is expected to touch roughly Rs 388 billion by FY 2033-34, a 5.4 per cent CAGR. Organised brands now capture about 25 per cent of a Rs 430 billion plywood pie as GST enforcement and rising quality awareness erode unorganised share. Parallel categories are expanding even faster: the combined wood-panel universe (MDF, particleboard, laminates) is already worth around Rs 265 billion, with MDF alone outpacing at over 6 per cent annual growth thanks to OEM furniture demand and fresh capacity additions. With branded penetration, sustainability mandates and new investments all accelerating, India’s wood industry is set to mirror the multi-year growth trajectory of its real-estate counterpart.
Sources: Lamiwood,
DataInstghtsMarket, Plyreporter and Greenply
Wood Companies
1) Greenply Industries
Greenply Industries delivered a robust financial performance in FY 2024-25, with consolidated revenue from operations rising to Rs 19.01 billion from Rs 17.67 billion a year earlier (up 7.6 per cent). Profit after tax climbed 12.5 per cent to Rs 1.05 billion (FY 24: Rs 0.93 billion), and EBITDA expanded to Rs 1.34 billion versus Rs 1.18 billion, reflecting tight cost control and resilient pricing. On the segment front, the plywood and allied division led the way with revenues of Rs 15.59 billion (FY 24: Rs 14.76 billion), while the MDF business grew to Rs 4.42 billion from Rs 3.91 billion, driven by rising adoption among furniture and fit-out makers.
The balance sheet remains a key strength. Greenply closed the year with net cash of Rs 0.07 billion and achieved a return on capital employed of 8.5 per cent, up from 7.6 per cent, underscoring efficient capital deployment. Capital expenditure totaled Rs 1.84 billion, funding digital-printing upgrades, lamination line enhancements and renewable energy additions that lower power costs. With a pan-India dealer network exceeding 3,000 outlets and strong cash-flow generation, the company is well positioned to sustain margin expansion and double-digit growth in FY 2025-26 and beyond.
2) Century Plyboards
Century Plyboards reported a solid financial performance in FY 2024-25, with standalone revenue from operations rising to Rs 40.12 billion, up 7.4 per cent from Rs 37.35 billion in FY 2023-24. Other operating income more than doubled to Rs 5.56 billion, driving total income to Rs 40.68 billion, an 8.2 per cent increase Y-O-Y. Despite modest margin pressure, EBITDA remained resilient at Rs 5.24 billion (12.9 per cent of total income), only 1.3 per cent below the previous year, while profit after tax stood at Rs 2.85 billion, down 9.6 per cent from Rs 3.15 billion due to higher depreciation and input costs.
On the operational front, the plywood segment led growth, with volumes up 14.0 per cent to 416,476 CBM and revenue climbing to Rs 22.99 billion, underpinned by strong end-user demand. Laminates and MDF segments contributed Rs 6.03 billion and Rs 7.45 billion respectively, while particle board and other products added Rs 3.51 billion and Rs 0.66 billion. The company invested Rs 16.12 billion in capital expenditures to expand capacity and modernize facilities, and net current assets grew to Rs 12.87 billion, up 20.8 per cent from Rs 10.66 billion, supporting healthy liquidity and efficient working-capital management. With its diversified portfolio and ongoing investments, Century Plyboards is well positioned for sustainable growth in FY 2025-26 and beyond.
Paints Sector
India’s paints and coatings market is expanding on a vivid palette of growth drivers. The industry is currently valued at about US$13–14 billion (≈ Rs 1.1 trillion) in 2024 and is projected to reach US$16.4 billion by 2030, implying a robust CAGR of roughly 9 per cent. Decorative paints dominate, accounting for around 75 per cent of industry revenue—roughly Rs 720 billion— while per-capita paint consumption remains just 4 kg, barely a third of the global average, underscoring significant headroom for expansion. Demand is being lifted by housing completions, a vibrant renovation cycle, and rising disposable incomes. Urban households now spend about 30 per cent more per capita on home interiors than joint families, fuelling steady volume growth even through the 2024 slowdown. Water-based emulsions already generate nearly half of total paint revenues as consumers gravitate toward low-odor, low-VOC options, and government housing schemes plus infrastructure outlays are opening new rural and Tier-II catchments for organised brands.Technology and eco-credentials are reshaping the product mix. Low-VOC, anti-bacterial, and dirt-repellent coatings are now mainstream, while factories adopt IoT-enabled mixing lines and AI-driven tinting to cut batch errors. The wood-floor–compatible coatings niche is growing at 11–12 per cent a year, and water-borne systems are forecast to widen their lead as stricter emission norms kick in. Digital colour-visualiser tools, once a novelty, already influence one in every five urban repainting decisions, accelerating the product-selection cycle and boosting the share of premium finishes.
Competitive dynamics are heating up. JSW Paints’ Rs 129.15-billion acquisition of AkzoNobel India vaults it into the No. 4 slot, while Aditya Birla’s Birla Opus is deploying Rs 100 billion to challenge incumbents. Market leader Asian Paints saw FY-25 decorative-paint revenue dip 5.7 per cent despite 2.5 per cent volume growth, signaling price competition and down-trading pressure. Yet most manufacturers anticipate a rebound by FY-26 as urban demand normalizes, and fresh capacity—industry utilisation is expected to rise 20–24 per cent over the next three years—comes on stream. With strong fundamentals, low penetration, and aggressive expansion plans, India’s paint sector looks poised for a vivid growth run through the rest of the decade.
Sources: Custom
Market Insights, Mordor Intelligence
Paint Companies
1) AkzoNobel IndiaAkzoNobel India delivered steady growth in FY 2024-25, with consolidated revenue from operations rising 3.2 per cent to Rs 40.91 billion (FY 2023-24: Rs 39.62 billion) and profit after tax inching up 0.7 per cent to Rs 4.30 billion (FY 2023-24: Rs 4.27 billion). EBITDA margins held around mid-teens despite a competitive pricing environment, and the board recommended a final dividend of Rs 30 per share, underscoring confidence in the company’s cash-flow profile.
On the operations front, AkzoNobel India strengthened its manufacturing footprint by commissioning a 5,166 tpa powder-coatings line at its Gwalior plant in September 2024, taking its total to five facilities at Thane, Mohali, Bengaluru, Hyderabad and Gwalior. The company also expanded its premium Dulux portfolio and low-VOC emulsions, rolled out digital-colour visualizer studios across 500+ retail outlets, and ramped up specialty coatings capacity to meet growing demand from automotive and industrial customers. With a balanced mix of decorative and industrial segments, a healthy dividend payout and continuous product innovation, AkzoNobel India is well-placed to sustain its growth trajectory through FY 2026.
2) Berger Paints
Berger Paints India has continued to strengthen its market position, delivering consolidated revenue of Rs 115.45 billion in FY 2024-25, up 3.1 per cent from Rs 111.99 billion a year earlier. Operating EBITDA held steady at Rs 18.56 billion (vs. Rs 18.61 billion), with EBITDA margins around 16 per cent, while consolidated net profit rose to Rs 11.80 billion from Rs 11.68 billion, reflecting resilient premium-product sales and tight cost control. On a standalone basis, revenues edged up to Rs 101.69 billion (FY 24: Rs 100.03 billion), and operating profit remained firm at Rs 16.74 billion (FY 24: Rs 16.72 billion). Market share expanded to 20.3 per cent in FY 25, up from 19.5 per cent, underscoring Berger’s continued gains against a backdrop of competitive pricing and new-product introductions.
The company’s growth is underpinned by its pan-India manufacturing footprint—29 plants (14 in India) with combined capacity of 1.30 million MT, including recent brownfield expansions at Sandila and ongoing greenfield projects at Panagarh and Khurdah. Decorative paints saw high single-digit volume growth in FY 25, while protective and industrial coatings maintained steady demand on the back of government infrastructure spending and “Make in India”-led manufacturing activity. Berger also improved its financial flexibility, boosting consolidated net cash to Rs 6.89 billion from Rs 3.32 billion a year ago. With a clear focus on premium emulsions, specialty coatings and digital-colour tools, and backed by strong cash flow, Berger is well-positioned to sustain growth and margin expansion in FY 26 and beyond.
3) Kansai Nerolac Paints
Established in 1920 as Gahagan Paints & Varnish Co., Kansai Nerolac Paints is now India’s second-largest paint maker and a leader in industrial coatings. In FY 2024-25, consolidated revenue from operations reached Rs 74.97 billion, up 1.4 per cent from Rs 73.93 billion in FY 2023-24. Profit before tax declined 11.4 per cent to Rs 13.87 billion, and profit after tax fell 13.7 per cent to Rs 10.21 billion, reflecting margin pressure from rising input costs and strategic investments. On a segment basis, PBDIT stood at Rs 9.74 billion versus Rs 10.23 billion a year earlier, and return on capital employed moderated to 12.6 per cent from 14.6 per cent.
To bolster market leadership, Nerolac expanded annual manufacturing capacity by 8.6 per cent, from 611 million liters in FY 24 to 664 million liters in FY 25, driven by new lines at Vizag and capacity enhancements at Sayakha and Bawal. R&D spend rose to Rs 0.52 billion, with 24 patents filed, underpinning innovation across its “Paint+” decorative and industrial portfolio. Shareholders’ funds stood at Rs 188.28 billion as of March 31, 2025, down from Rs 212.00 billion a year prior, while market capitalisation remained at Rs 188.28 billion, testament to sustained investor confidence. Positioned at the forefront of India’s housing and infrastructure expansion, Nerolac is well-placed to drive growth through FY 26 and beyond.
Ceramic, Tiles and Bath ware Sector
India’s tiles, ceramic and bathware universe is entering a fresh growth cycle. Together, these segments are worth close to US$20 billion today—roughly US$9 billion in floor and wall tiles and about US$11 billion in sanitaryware, faucets and allied bathware. Analysts expect the combined market to swell past US$34 billion by 2029, a healthy 11‑12 per cent CAGR. On the supply side, the country already fires out nearly 1.2 billion sq m of tiles each year and exports more than 400 million sq m, cementing its place among the world’s top three producers. The Morbi‑Thangadh belt in Gujarat—augmented by new sanitaryware and faucet units—now contributes roughly four‑fifths of national capacity, while satellite clusters in Rajasthan and Tamil Nadu are scaling up rapidly.Demand tailwinds are equally robust. Government housing schemes, Smart City retrofits and a faster urban‑makeover cycle keep order books full, with residential replacements still driving about 60 per cent of tile volumes and almost half of branded bathware sales. Consumers are clearly trading up: large‑format vitrified slabs, digitally printed motifs, rimless WCs and sensor‑equipped taps are growing at double‑digit clips. Factories, too, are getting smarter—digital inkjet lines, oxygen‑enriched gas kilns and rooftop solar installations are trimming fuel costs by up to 18 per cent, while recycled‑content bodies and Environmental Product Declarations are helping exporters meet tightening green standards overseas.
Yet stock‑market sentiment has cooled on sector leaders such as Kajaria Ceramics and Cera Sanitaryware, whose market caps have slipped 10‑20 per cent over the past year. Four factors lie behind the pullback: volatile natural‑gas prices have squeezed kiln margins; a blip in retail housing completions softened high‑margin showroom sales; one‑off write‑downs—like Kajaria’s UK exit—dented quarterly profits; and a flood of new Morbi capacity pressured prices just as valuations were looking stretched. Most analysts, however, see the correction as temporary: energy hedges are in place, urban housing momentum is reviving and premiumization remains intact. Once fuel costs stabilise and fresh project deliveries pick up pace, earnings—and investor appetite—should return to an upward trajectory.
Sources: Markets
and Data, LinkedIn, Mordor Intelligence, Maximize Market Research
Tile Companies
1) Cera SanitarywareCera Sanitaryware, founded in 1980, has built a 44-year reputation for design-led innovation across its Senator, CERA Luxe and CERA brands. In FY 2024-25 the company delivered Rs 19.15 billion in revenue—up 2.4 per cent from Rs 18.71 billion in FY 2023-24—while EBITDA held at Rs 3.53 billion versus Rs 3.55 billion a year earlier. Net profit rose 3.0 per cent to Rs 2.46 billion from Rs 2.39 billion, reflecting tight cost control and pricing discipline. Cera remains debt-free with cash reserves of Rs 7.19 billion, generating free cash flow that comfortably covers capex and dividends, sustained for over three decades.
Growth is powered by continuous product development and network expansion. In FY25, Cera rolled out new 3D-printed design lines and advanced robotic glazing and finishing cells, boosting throughput and quality. Its pan-India distribution now spans 6,500 dealers, 24,000 retail outlets and 1,800 brand stores, supported by 13 company-owned experience centres. Brand-building initiatives—including a plumber-loyalty programme with over 1,300 participants and digital-colour visualiser studios in 500+ outlets—have lifted premium‐segment traction. On sustainability, Cera added 10.3 MW of renewable energy capacity and reduced water and power consumption per tonne of output, reinforcing its zero-debt, high-governance model. These strategic investments in technology, brand and ESG underpin Cera’s roadmap for continued, profitable growth.
2) Somany Ceramics
Somany Ceramics has navigated a challenging market backdrop to deliver modest top-line growth and preserve its financial flexibility in FY 2024-25. Consolidated revenue rose 2.6 per cent to Rs 26.43 billion from Rs 25.77 billion the prior year, while EBITDA narrowed to Rs 2.21 billion (8.4 per cent margin) from Rs 2.53 billion (9.8 per cent). Profit after tax declined 38 per cent to Rs 0.60 billion, down from Rs 0.97 billion, as pricing pressure and lower capacity utilization weighed on project economics. Tile capacity stands at 75 million sq m per annum, sanitaryware at 0.48 million pieces, and bath fittings at 1.30 million pieces, with full-year tile production near 44 million sq m and overall plant utilization above 80 per cent.
To drive the next phase of growth, Somany continued to expand its brand and distribution network—now covering 6,500 dealers, 24,000 retail outlets and 1,800 experience centers—and launched three new premium tile collections alongside advanced robotic glazing lines. It also enhanced operational efficiency through digital-inkjet printing and 3D-printing of bespoke patterns. On the balance-sheet front, net debt to equity improved to 0.29× from 0.36×, and working-capital days were contained at 21 days, providing headroom for targeted capex on renewable energy and capacity debottlenecking. With its zero-debt sanitaryware arm cash-flow positive and a steady flow of new product launches, Somany Ceramics is positioned to capitalize on the recovery in housing demand and urban refurbishment in FY 2026.
3) Kajaria Ceramics
Kajaria Ceramics has continued to cement its leadership in India’s tile industry, operating an annual manufacturing capacity of 90.5 million sq m across eight plants in India and one in Nepal. In FY 2024-25 the company delivered Rs 46.83 billion of consolidated revenue—up 2.3 per cent from Rs 45.78 billion in FY 2023-24—while EBITDA eased 14.6 per cent to Rs 5.98 billion (FY 24: Rs 7.00 billion) and profit after tax declined 30.2 per cent to Rs 2.94 billion (FY 24: Rs 4.22 billion), reflecting softer home-renovation demand and input-cost pressures.
On the operational front, Kajaria produced 114.7 million sq m of tiles and sold 91.7 million sq m in FY 25, sustaining over 80 per cent plant utilisation. Its strategy of premiumisation—launching three new high-end tile collections—and diversification into adhesives (via a forthcoming manufacturing unit in Tamil Nadu) is driving a broader product mix. Supported by a loyal network of 1,800+ dealers and a conservative net-debt / equity ratio of 0.29x, Kajaria Ceramics is well positioned to capture the next wave of growth as residential and commercial refurbishment activity rebounds.
Steel Sector
India’s steel sector has powered past a fresh milestone: installed crude-steel capacity touched about 205 million tonne (MT) in FY 2025, 10 per cent higher than the previous year and almost double the 109 MT recorded a decade ago. Annual output keeps pace—crude-steel production rose 6 per cent Y-O-Y to roughly 152 MT, while finished-steel production reached nearly 145 MT. The National Steel Policy still targets 300 MT of capacity by 2030, a build-out that will require investments of roughly Rs 10 lakh crore (US $156 billion) and cement India’s status as the world’s second-largest producer.Domestic appetite is absorbing much of this metal. Finished steel consumption climbed about 11 per cent to 150 MT in FY 2025, lifted by record public‐works spending and a rebound in residential construction. Per-capita use, at just under 98 kg, remains well below the policy goal of 160 kg by 2031—an indicator of the runway still ahead. Infrastructure alone is set to take 11 per cent of total steel demand by FY 2026, while automobile output (over 25 million vehicles in FY 2024) and a rapidly expanding white-goods sector add sturdy downstream pull.
Producers are investing aggressively and greening their fleets. Mega-projects include JSW’s proposed 25 MT plant in Maharashtra and Tata Steel’s plan to double Indian capacity to 40 MT by 2030. The Production-Linked Incentive scheme for specialty steel—now in its second tranche with an outlay of Rs 63.22 billion—has attracted commitments of more than Rs 420 billion, promising 26 MT of high-value downstream additions. Technology upgrades are equally notable: hydrogen injection trials at blast furnaces, gas-based direct-reduced iron modules, and oxygen-enriched kilns trim fuel use by up to 15 per cent and position the industry for lower-carbon growth.
Yet headwinds persist. India turned a net importer for a second straight year: finished-steel imports rose to about 9 MT in FY 2025, while exports slipped below 5 MT amid weak global prices and trade barriers. Rapid domestic capacity additions risk near-term oversupply, squeezing margins if construction spending slows. Input volatility—especially coking-coal prices that have swung between US$186 and US$354 a tonne—adds to cost pressure. Even so, with robust policy support, rising FDI (cumulative inflows top US$18 billion), and a pipeline of green and brownfield projects, India’s steel industry looks set to sustain its upward curve well into the next decade.
Source: IBEF, GMK Center, Ministry of Steel
Steel Companies
1) JSW SteelJSW Steel posted a mixed financial performance in FY 2024-25. Consolidated revenue from operations came in at Rs 1,688.24 billion, down 3.6 per cent from Rs 1,750.06 billion in the prior year, while operating EBITDA fell 18.9 per cent to Rs 229.04 billion versus Rs 282.36 billion, compressing the margin to 13.6 per cent from 16.1 per cent. Net profit tumbled 61.1 per cent to Rs 34.91 billion, against Rs 89.73 billion a year ago. On the operational front, crude-steel output rose 5.1 per cent to 27.79 million tonne (from 26.45 million tonne), driven by a strong plant-load factor of 91 per cent across its Indian facilities.
Strategically, JSW Steel continues to expand and modernise its integrated footprint. In FY 25 it commissioned a new 4.5 MTPA blast furnace at JSW Vijayanagar Metallics, achieving over 90 per cent utilisation by March 2025, and brought a 0.12 MTPA colour-coating line online in Jammu & Kashmir. Bhushan Power & Steel completed its Phase II brownfield expansion to 4.5 MTPA in Q2 FY 25, enhancing alloy wire-rod capacity. Backed by an approved capex programme of Rs 618.63 billion over the next three years, JSW Steel is on track to add more than 7 MTPA of domestic capacity by September 2027 and reach 50 MTPA in India by FY 2030-31. The balance sheet remains solid, with net debt-to-equity at 0.94x and net debt-to-EBITDA at 3.34x, underpinning the company’s ability to fund growth while maintaining financial discipline.
2) Tata Steel
Tata Steel delivered a mixed yet resilient financial performance in FY 2024-25. Revenue from operations stood at Rs 2,185.43 billion, down 4.6 per cent from Rs 2,291.71 billion in FY 2023-24, while operating EBITDA rose 10.2 per cent to Rs 258.02 billion, lifting the EBITDA margin to 11.8 per cent from 10.2 per cent a year earlier. The company swung back to profitability, posting a net profit of Rs 31.74 billion versus a loss of Rs 49.10 billion in FY 2023-24. Crude-steel production increased 3.3 per cent to 30.92 million tonne, and India deliveries grew 5.3 per cent to 30.96 million tonne, underpinning strong domestic demand. Capital expenditure totaled Rs 156.71 billion, funding capacity expansions, downstream upgrades and digital-isation efforts.
Strategically, Tata Steel continued to scale and modernise its integrated footprint. In FY 25 it commissioned India’s largest blast furnace (5 MTPA) at Kalinganagar and brought a 2.2 MTPA cold-rolling mill online, while cost-competitiveness programs targeting Rs 115 billions of savings were launched across geographies. On sustainability, the group decommissioned high-emission UK assets and is piloting hydrogen and bio-char injection in blast furnaces, aiming to cut CO₂ intensity by 15 per cent by 2030. Net debt remained controlled at Rs 825.79 billion (net debt/EBITDA of 3.2×), leaving ample headroom for the approved Rs 618.63 billion capex plan through FY 28. With stronger margins, productive capital deployment and a clear decarbonisation roadmap, Tata Steel is well-positioned to consolidate its leadership in India’s steel sector.
3) Steel Authority of India (SAIL)
Steel Authority of India (SAIL) reported a mixed set of results for FY 2024-25. Revenue from operations stood at Rs 1,024.78 billion, down 2.7 per cent from Rs 1,053.75 billion in FY 2023-24. Operating EBITDA fell 4.2 per cent to Rs 117.64 billion (FY 24: Rs 122.80 billion), compressing the margin to roughly 11.5 per cent, while profit after tax declined 21.4 per cent to Rs 21.48 billion (FY 24: Rs 27.33 billion) amid higher finance and raw-material costs. Crude steel output was virtually flat at 19.17 million tonne (FY 24: 19.24 MT), and total sales volume rose 5.1 per cent to 17.89 million tonne (FY 24: 17.02 MT), driven by strong domestic demand.
To restore margin momentum and capture future growth, SAIL is pushing an aggressive expansion and modernization agenda. In FY 25 it invested Rs 65 billion of capex toward debottlenecking and sustaining its 19 MT capacity, as part of a broader Rs 1 trillion plan to ramp capacity to 35 MT per annum by 2031. Stage I approvals are in place for adding 7.5 MT at IISCO (Burnpur), Bokaro and Durgapur at a projected Rs 550 billion capex, while ongoing modernisation at Bhilai and Rourkela will boost blast-furnace efficiency by up to 15 per cent. SAIL is also securing raw-material supplies through captive iron-ore mines with combined output nearing 15 MT, accelerating its move into higher-margin, value-added products—galvanized, color-coated and special-steel grades now target 20 per cent of revenues—and piloting hydrogen injection and digital-twin technologies to cut CO₂ intensity by 15 per cent by 2030. These strategic levers, backed by a low net-debt-to-equity ratio of 0.66×, aim to position SAIL for the next phase of demand growth in India’s infrastructure and automotive sectors.
Cement Sector
India’s cement sector has entered another expansion phase. Installed capacity climbed to about 690 million tonne per annum (MTPA) by March 2025, up from roughly 660 MTPA a year earlier, keeping the country firmly in the No. 2 global slot. Actual output followed suit: dispatches reached around 453 million tonne in FY 2024-25, roughly eight per cent higher year-on-year, even after the usual summer lull. Industry value now sits near US $18-23 billion and is expected to exceed US $30 billion by 2030, supported by government capex and a housing pipeline that retails a 50-kg bag of cement for about Rs360, eight per cent higher than mid-2024.Demand drivers remain healthy. Record allocations of Rs 11.1 lakh crore for infrastructure in Union Budget FY 25, combined with road works under Bharatmala and continuing momentum in Pradhan Mantri Awas Yojana, lifted domestic consumption to around 150 million tonne. Yet per-capita use is still only ~260 kg, less than half the global average, leaving ample room for further growth. Rating agencies now project volumes to cross 480-485 million tonne in FY 26 and to maintain six-to-seven-per cent annual growth through the rest of the decade.
Producers are scaling rapidly and greening their operations. UltraTech has commissioned 6 MTPA of new clinker lines and targets 200 MTPA group capacity by 2030. Adani-owned Ambuja and ACC are integrating recent acquisitions to reach a combined 140 MTPA by FY 28. Waste-heat recovery installations already exceed 1 GW industry-wide, trimming kiln energy needs by as much as 30 per cent, while pilot hydrogen- and ammonia-blend firing is under way at several plants. An industry roadmap aims to reduce CO₂ intensity by 24 per cent by 2030, anchoring a longer-term net-zero path.
Headwinds persist—volatile petcoke and coal prices, a 15 per cent spike in freight costs, and an import surge to roughly 9 million tonne in FY 25 even as exports slipped below 5 million tonne—but consolidation and scale are cushioning margins. Analysts expect the five largest groups to add roughly 140 MTPA of capacity by FY 28 while keeping leverage contained, aided by operating-margin recovery of 17 per cent. With under-penetration, supportive policy and sustained private investment, India’s cement industry looks positioned for another decade of solid, if cyclical, growth.
Sources: IBEF, DPIIT, ToI, UltraTech Cement, GCCA, ET
Cement Companies
1) JK CementEstablished over five decades ago, JK Cement stands among India’s top five cement producers, with a consolidated grey-cement capacity of 24.34 million TPA and white-cement & putty capacity of 3.05 million TPA. In FY 2024-25, the company delivered Rs 110.93 billions of revenues—up 2 per cent from Rs 109.18 billion in FY 2023-24—while net profit rose 5 per cent to Rs 8.70 billion from Rs 8.31 billion the year prior. EBITDA held firm at Rs 19.78 billion, just 1 per cent below FY 2023-24’s Rs 20.05 billion, underscoring tight cost control amid input-cost pressures.
JK Cement’s growth is driven by targeted capacity expansions and strategic acquisitions. In June 2024, it commissioned a 2 million TPA grinding unit at Prayagraj within ten months of groundbreaking, achieving 80 per cent utilisation in H2 FY 25. A 6 million TPA clinker-line expansion at Panna and a split grinding unit in Bihar are slated for FY 2025-26. On the raw-material front, the company secured a 60 per cent stake in Saifco Cements (0.26 million TPA clinker, 0.42 million TPA grinding) in Jammu & Kashmir, along with rights to a 250 million-tonne limestone reserve and two coal blocks, bolstering its medium-term feedstock security. These initiatives, together with a broad product portfolio and strong dealer network, position JK Cement for sustained, profitable growth.
2) India Cements
Established in 1946 and now a subsidiary of UltraTech Cement, the India Cements reported standalone revenue from operations of Rs 40.89 billion in FY 2024-25, down from Rs 49.42 billion the previous year—a 17.3 per cent decline amid softer demand and pricing pressures. Total income (including other income) fell to Rs 41.39 billion from Rs 49.97 billion, while the company recorded a net loss of Rs 6.68 billion in FY 25—widening significantly from a Rs 2.03 billion loss in FY 24—driven by higher raw-material and finance costs as well as inventory markdowns.
In Q4 and for the full year FY 25, the company recognized an exceptional credit of Rs 0.54 billion (versus Rs 0.42 billion in FY 24), largely on gains from the sale of subsidiary investments. To streamline operations and bolster synergies, the Board approved the amalgamation of its four wholly-owned Indian subsidiaries—ICL Securities, ICL Financial Services, ICL International and India Cements Infrastructures—effective January 1, 2025. With these consolidations complete, management is now focused on leveraging scale economies, optimizing logistics networks and reducing debt to restore profitability in the coming year.
3) Ramco Cements
Established in 1957, Ramco Cements today ranks among India’s top cement producers with an aggregate capacity of about 24.0 MTPA—comprising 14.7 MTPA of integrated plants and 9.3 MTPA of grinding units across Tamil Nadu, Andhra Pradesh, Odisha and West Bengal. In FY 2024-25, the company’s standalone revenue from operations stood at Rs 84.95 billion, down 9.1 per cent from Rs 93.50 billion in FY 2023-24, as a softer price environment offset a flat volume trend. Yet net profit after tax rose 5.6 per cent to Rs 4.17 billion from Rs 3.95 billion, supported by disciplined cost management and a stronger share of premium products.
The company continued to fortify its long-term growth and margin profile through targeted capacity and sustainability investments. During FY 25, Ramco deployed Rs 0.58 billion debottleneck 0.9 MTPA of grinding capacity at Kalavatala and Valapady, lifting total grinding capacity to 9.3 MTPA. An 18 MW captive power plant at Kolimigundla came online in July 2024, and renewable energy assets now total 166 MW, underpinning a 33 per cent green-power mix. Looking ahead, Ramco has earmarked nearly Rs 12.5 billion of capex through FY 26 to add another 6 MTPA of clinker and 1.5 MTPA of cement capacity at Kolimigundla, while its captive limestone mines and two coal blocks secure raw-material supplies. These investments, combined with a broad regional footprint and ongoing operational improvements, position Ramco Cement for sustained, profitable growth.
Infrastructure & Construction Sector
India’s infrastructure build-out has accelerated sharply over the past year. Public capital spending in the Union Budget 2025-26 was raised again to Rs 11.21 lakh crore (US $128.6 billion), roughly 3.1 per cent of GDP. This lifts cumulative spending under the National Infrastructure Pipeline—now tracking more than 9,100 projects across 34 subsectors—toward the government’s goal of mobilising Rs 143 lakh crore (US$1.7 trillion) between FY 2024 and FY 2030. With headline GDP growth still above six per cent and construction accounting for about 8 per cent of the economy, the sector remains central to India’s ambition of becoming a US $5-trillion economy.Transport continues to absorb the lion’s share of new money. Roads received Rs 2.87 lakh crore (US $32.9 billion) for FY 2026, and highway builders are expected to add about 13,000 km of carriageway in the year to March 2025. Railways secured a record Rs 2.65 lakh crore (US $31.4 billion), enabling more than 31,000 km of track commissioning over the past decade and a pace of 14½ km per day in FY 2024. Metro-rail is expanding fast: an operational network of roughly 810 km in 20 cities is being doubled with another 980 km under construction in 27 centres. Civil aviation is next in line, with plans to lift the national total to around 200 airports within ten years, opening air travel to an additional 40 million passengers.
Private capital is stepping up alongside public funds. A second asset-monetisation plan aims to recycle Rs 10 lakh crore (US$115 billion) by FY 2030, while a new Infrastructure Finance Secretariat is streamlining approvals to crowd in investors. Cumulative FDI into construction and infrastructure has already topped US$62 billion, and corporates such as the Adani Group have announced fresh state-specific commitments—Rs 30,000-plus crore in Kerala alone over five years. The domestic logistics market, valued at US$317 billion, is forecast to reach US$484 billion by 2029 at an 8-9 per cent CAGR, underscoring the scale of opportunity for warehousing, cold-chain and multimodal hubs.
Policy reforms and technology upgrades are nudging the sector onto a greener, more efficient path. Waste-heat recovery and solar rooftops are becoming standard across large construction-material plants; hydrogen-ready equipment trials have begun on select highway projects; and digital twins under the PM Gati Shakti master plan are shortening approval cycles. Challenges remain—volatile input costs, skilled-labor shortages and the risk of implementation lags—but with per-capita cement use still around 260 kg (barely half the global average) and urbanization set to add 100 million city dwellers by 2035, India’s construction and infrastructure sector looks poised to anchor growth well into the next decade.
Sources: Ministry
of Finance/Budget Division, IBEF
Construction Companies
1) SPML Infra
SPML Infra has swung back to health. In FY 2024‑25 the Kolkata‑based water‑infrastructure specialist posted revenue of Rs 8.24 billion and a full‑year PAT of Rs 49 million, a sharp turnaround from the prior year’s loss. A debt workout with the National Asset Reconstruction Company has already trimmed outstanding borrowings to Rs 4.1 billion, backed by arbitration awards worth Rs 6.36 billion that are earmarked for further repayments.
The order momentum is equally strong. The firm closed March 2025 with a Rs 30 billion order book and another Rs 25.71 billion where it is lowest bidder (L1). Flagship wins include the Rs 6.18 billion Konar Irrigation project in Jharkhand and a Rs 2.58 billion Chennai water‑supply package—both reinforcing SPML’s leadership in water EPC. To diversify, it is investing Rs 1.75 billion in a 2.5 GW battery‑energy‑storage (BESS) pack plant, leveraging US‑based Energy Vault technology and funded largely through recent promoter equity infusions.
Management now targets 50 per cent growth in both revenue and profit for FY 2025‑26, anchored by high‑margin (>10 per cent) projects and a fresh tender pipeline exceeding Rs 90 billion. With a cleaned‑up balance sheet, visible backlog and a foray into clean‑energy storage, SPML is positioning itself for a multi‑year upswing while keeping its trademark focus on water infrastructure intact.
2) Welspun Enterprises
Welspun Enterprises has raced up the infrastructure league tables, clocking over 25 per cent revenue growth in FY 2024-25 and emerging as one of the fastest-expanding EPC-cum-HAM players in its peer set. As at March 2025, the company boasts a robust Rs 143 billion order book—about four times FY 25 revenue of Rs 35.84 billion—underscoring strong multi-year visibility across water, roads and tunnelling projects.
Its strategy centers on higher-margin, technically complex mandates and a disciplined bid filter that weighs cash conversion and early-completion incentives. This has steadily lifted the average ticket size of new orders, improving project-level economies and profitability. Welspun has also ridden the government’s wave of water-sector spending, tapping programmes such as the Jal Jeevan Mission and urban wastewater upgrades to deepen its presence in the water and wastewater segment, which now accounts for roughly two-thirds of the live backlog.
Key project wins in FY 25—each anchoring long-cycle revenue—include the Rs 46.36-billion Dharavi 418 MLD wastewater plant, the Rs 41.24-billion Bhandup 2,000 MLD water-treatment complex and the Rs 28 billion rural drinking-water project under Uttar Pradesh’s Jal Jeevan Mission. These headline contracts, combined with the company’s proven ability to monetise completed road assets and recycle capital, position Welspun Enterprises for sustained growth and reinforce its market visibility for the years ahead.
3) ITD Cementation
ITD Cementation India has broken into the country’s top tier of EPC contractors on the back of another record year. In FY 2024‑25 the 94‑year‑old builder crossed the Rs 90 billion revenue mark (18 per cent growth) while PAT climbed 36 per cent to Rs 3.73 billion, keeping EBITDA margins in double digits and net‑debt at just 0.31x equity. A pivotal development was the entry of Renew Exim DMCC (Adani Group) as the new majority shareholder, giving ITD a deeper capital pool, access to the Adani infrastructure ecosystem and a springboard for larger, more complex mandates.
Order momentum is equally compelling. The company closed March 2025 with a Rs 183‑billion backlog—roughly two years of revenue—after booking Rs 71 billion of fresh work that spans reclaimed land for the Vadhvan deep‑seaport, a third LNG jetty at Dahej, Phase II housing at Delhi’s Kasturba Nagar colony and underground stations for Bengaluru Metro. Maritime jobs still command the single‑largest slice (≈35 per cent), but metro, airport, tunnelling and industrial projects now make up a fast‑growing 50 per cent share, giving the portfolio a balanced mix of public‑sector scale and private‑sector speed.
Management is guiding 25 per cent top‑ and bottom‑line growth in FY 2025‑26, supported by a Rs 900‑billion live tender pipeline and an order‑inflow target of Rs 150‑160 billion. Core priorities include safeguarding double‑digit EBITDA margins through disciplined bidding, accelerating digital site controls, and deepening ESG practices—from low‑carbon construction techniques to proactive workforce skilling. With a fortified balance sheet, a diversified order book and Adani backing, ITD Cementation appears set for a multi‑year expansion phase while staying true to its hallmark of engineering excellence.
4) GPT Infraprojects
GPT Infraprojects has maintained its rapid ascent, building on last year’s 500 per cent surge in the contracting segment. As at March 2025, the company commands a robust order book of about Rs 34.86 billion – roughly 2.9 times its FY 25 revenue of Rs 11.88 billion, giving clear visibility across bridges, highways and concrete sleepers. Consolidated revenue rose 16.5 per cent year-on-year to Rs 11.88 billion, while profit after tax jumped 38.6 per cent to Rs 0.80 billion, underscoring sustained operating leverage and cost discipline.
Its strategy continues to focus on higher-margin, larger-ticket EPC contracts and disciplined bidding, which has steadily lifted the average project size and enhanced project economics. Recent wins include the Rs 8.35 billion Prayagraj Southern Bypass (NHAI), the Rs 6.64 billion Mau–Tarighat rail viaduct (RVNL), the Rs 5.47 billion Kona Expressway six-lane viaduct (RVNL) and a Rs 4.81 billion rail overbridge package for Southeastern Railway. These headline contracts, alongside sustained orders for concrete sleepers in India and southern Africa, position GPT Infraprojects for continued growth and reinforce its standing as a key beneficiary of India’s expanding railway and highway capex programme.
5) Ashoka Buildcon
Ashoka Buildcon closed FY 2024‑25 on a strong note. Consolidated revenue touched Rs 100 billion and profit after tax reached Rs 17.34 billion, helped by healthy 30 per cent operating margins and a conservative debt‑to‑equity ratio of just 0.5. The company starts the new year with an order book of Rs 149 billion—about one‑and‑a‑half times its annual revenue—providing solid earnings visibility across highways, rail, buildings and power‑transmission projects.
The strategy is clear: pursue higher‑margin hybrid‑annuity and EPC packages while unlocking capital from mature toll and HAM assets. Recent wins such as the Rs 13.91 billion Bowaichandi–Guskara road corridor in West Bengal, a Rs 3.12 billion 400 kV sub‑station for Mahatransco and a Rs 5.69 billion rail gauge‑conversion job highlight Ashoka’s ability to diversify beyond highways. Proceeds from asset sales will fund a bid pipeline of more than Rs 200 billion, keeping growth options open without stretching the balance sheet. With steady margins, a robust backlog and disciplined capital recycling, Ashoka Buildcon is well placed for another phase of profitable expansion.
6) Capacit'e Infraprojects
Capacit'e Infraprojects ended FY 2024‑25 with steady growth and a strong order pipeline. The company reported Rs 18.75 billion in consolidated revenue and Rs 960 million profit after tax, reflecting its focus on high‑margin, premium residential and commercial building projects. Operating margins remained healthy at around 13‑14 per cent, supported by efficient project execution and cost control. With a debt‑to‑equity ratio below 0.3, the balance sheet remains strong, giving the company financial flexibility for future expansion.
The order book stood at Rs 94 billion as of March 2025—about five times the annual revenue—providing long‑term visibility. Key ongoing projects include luxury residential towers for marquee clients like Lodha, Oberoi, Godrej and Tata Housing, alongside large mixed‑use developments in Mumbai, Pune and NCR. Capacit'e is also winning repeat business from private developers, a sign of its reputation for timely delivery and quality construction.
Looking ahead, the company aims to deepen its presence in Tier‑I cities while selectively exploring public sector opportunities such as institutional and government housing projects. With a robust pipeline, disciplined bidding and strong client relationships, Capacit'e Infraprojects is well placed to capture the growing demand for premium and high‑rise developments in India’s urban real estate market.
7) Dilip Buildcon
Dilip Buildcon bounced back with a decisive earnings lift. FY 2024‑25 consolidated revenue came in at Rs 113.17 billion, while profit after tax vaulted to Rs 8.40 billion, a four‑fold surge that pushed PAT margins above 7 per cent thanks to stronger mining contributions and a sharper 19 per cent EBITDA margin. At year‑end the Bhopal‑based contractor held a Rs 149.23 billion order book—about 1.3 times annual revenue—with roads (21 per cent), mining (24 per cent) and irrigation (21 per cent) forming the core mix.
Growth now rests on three pillars: (1) continued ramp‑up of its mining division, (2) disciplined EPC bidding, and (3) aggressive capital recycling. Recent wins such as the Rs 11.36 billion Kozhikode–Wayanad twin‑tube tunnel and a Rs 9.64 billion BharatNet optical‑fiber package underscore diversification beyond highways. Meanwhile, successive stake sales of HAM assets to Shrem InvIT and Alpha Alternatives have released cash and booked gains, sharpening the balance sheet for a fresh bid pipeline exceeding Rs 200 billion. With an early‑completion record, a broadening sector footprint and cash from asset monetisation, Dilip Buildcon is poised for a new phase of profitable, multi‑segment expansion.