Top 10 Fastest Growing Construction Companies

01 Nov 2022 Long Read

In recent years, infrastructure has been at the heart of India's economic development. In the second quarter of 2022, India's construction industry was valued at more than 3.3 trillion Indian rupees.

Most construction companies that emerged victorious from the financial crisis typically moved quickly and aggressively on productivity (including cost reduction), rapidly reallocated resources, and made bold moves (including early divestitures and acquisitions in recovery) to prepare for the future. Leaders also made significant investments in digital technologies, differentiated their portfolios and offerings, and improved their balance sheets. On our list of the top 10 fastest growing construction firms, B L Kashyap & Sons is at number 10.

BL Kashyap & Sons established in 1989, is one of India's leading construction, infrastructure, and civil engineering firms, specialised in major industrial, residential, and commercial projects. It provides integrated EPC services in Roads, Metros, EPC Urban Infrastructure in Health Care, Irrigation Projects, Power Houses, Railways, and other Center as well as State Related Projects, Airports Land Side as well as Air Side, and other High engineering design related EPC projects, delivering resolutely smart and sustainably top-notch designed infrastructure for the nation. The company's pan-India presence in the infrastructure sector has enabled it to deliver projects that contribute to our country's long-term development and economic growth.

During the year FY 2021-22, the company recorded a consolidated turnover of Rs 1,157.51 crore, an increase of 52 per cent as compared to the previous year. Net Profit was Rs 43.94 crore as against a loss of Rs 58.41 crore in FY 2020-21. Other income was Rs 2.17 crore. Focusing on its product mix, the company is moving from contracting with clients and focusing more on end-users, built-to-suit, large corporate and clients with all the project approvals and funding in place. It is also shifting from road infrastructure players in to the building infrastructure space.

Today, BL Kashyap & Sons has a broad portfolio spanning a number of industries, including IT campuses, retail spaces, malls, hotels, apartment buildings, institutions, factories and manufacturing plants, healthcare, and transportation. The company has built iconic structures all over the country. It has also taken on turnkey projects to establish water and waste water management systems, industrial units, chemical process plants, residential buildings, townships, commercial buildings, airports, and power generation, transmission, and distribution systems.

On our list of the top 10 fastest growing construction firms,Welspun Enterprises is at number 9.

Welspun Enterprises is among India’s fastest growing infrastructure development companies. WEL specialises in road and water projects under the HAM and via large-value EPC contracts. It has predominantly been a road infrastructure company, and has forayed into water infrastructure over the past few years.

The company’s robust orderbook, which stood at Rs 8,400 crore as on March 31, 2022, which expanded to about Rs 12,500 crore as on May 31, 2022, is backed by their capabilities, experience and execution finesse, which when coupled with the increasing and varied opportunities in the infrastructure space and the increasing government investments, speaks volumes about the future optimism of the business. The company has a strong workforce of more than 26,000 employees and more than 100,000 shareholders.

Further, using total assets of $1 billion, WEL generates annual revenues of $2.3 billion using cutting-edge technologies, robust operational excellence, focused strategies and responsible ESG practices. Currently, the company has executed seven HAM projects, two BOT projects, three EPC projects, along with 3,200 lane km projects completed and 1,400 lane km projects ongoing.

On our list of the top 10 fastest growing construction firms, PSP Projects is at number 8.

PSP Projects headquartered in Ahmedabad, PSP Projects (PSP), established in 2008, is considered among the leading and fastest growing EPC companies in India today. This is a multi-disciplinary construction organisation offering a diversified range of construction and allied services across industrial, institutional, commercial and residential, hotels and hospitality, hospitals and marquee government projects in India.

The company’s end-to-end solutions and services include civil construction, building renovation, MEP services and interior fitouts.

With a workforce of 1,345 employees, the company has worked for 150+ private and public customers pan-India across 226 projects. Over the years, PSP Projects has developed capabilities across project stages - business development, tendering, engineering and design, procurement, construction, MEP services, operations and maintenance.

As on March 31, 2022, the company was engaged in 43 projects with an aggregate value of Rs 4,324 crore, and these projects were addressed through captive and collaborative capabilities. Since its incorporation and founding, it has completed 183 projects. It has a strong presence in Gujarat and has expanded its geographical footprint to the states of Maharashtra, Karnataka, Uttar Pradesh, Rajasthan and Delhi. It has reported a revenue of Rs 1,748.76 crore in FY 2021-22, which was 40.93 per cent higher than revenue of the previous year of FY 2020-21. EBITDA grew 90.27 per cent and profit after tax strengthened 101.02 per cent.

On our list of the top 10 fastest growing construction firms, KNR Constructions is at number 7.

KNR Constructions is one of the leading companies in the field of EPC services. The company enjoys an enviable reputation in the infrastructure development segment with construction of roads, highways, bridges and flyovers, excelling in providing EPC services, BOT and Hybrid Annuity Model (HAM) basis, irrigation projects, urban water infrastructure management and agriculture.

With over two decades of experience, the company has executed more than 7,500 lane km road projects across 12 states in India. With a legacy of 40 years and a talent pool of 2,205 employees, it has gained expertise in executing technically complex projects with ease, either on an individual basis or through JVs. Multiple orders received across different segments and regions of India are a testament to it’s proficiency in the field. Its order book of Rs 9,000.8 crore (as on March 31, 2022) comprises of Rs 6,790.9 crore in the roads sector and Rs 2,209.9 crore in the irrigation sector. EPC road projects and HAM projects constitute 75 per cent of the total order book while irrigation projects constitute the remainder 25 per cent. In the year FY 2021-22, the company achieved a milestone turnover of Rs 3,272.59 crore, thereby recording an increase in turnover of 21.09 per cent. PAT stood at Rs 381.8 crore, an upward shift of 56 per cent.

On our list of the top 10 fastest growing construction firms, J kumar infraprojects is at number 6.

J Kumar Infraprojects having started its journey in 1980, J Kumar Infraprojects has managed to create a niche in the field of urban infrastructure in India. With an order book of over Rs 11,936 crore as on March 31, 2022, the company is present across infrastructure segments including metros, flyovers, subways, bridges, roads, expressways and civil construction. With a workforce of 7,000 employees, it has an impeccable track record of completing complex projects within the stipulated time.

Today, it has successfully executed milestone projects such as the Mumbai metro, Delhi metro, JNPT and many more firsts to its credit. It has a strong presence in the states of Maharashtra, Delhi, Gujarat, Rajasthan and Uttar Pradesh and is in pursuit to expand to others.

It undertook its first metro project in 2012 and currently holds a significant share of metro projects in Mumbai. The company had an order book of Rs 3,685 crore as on March 31, 2022, taking its consolidated order book to Rs  11,936 crore.

Despite a challenging year, the company has outperformed. Revenue from operations during FY 2021-22 grew 37 per cent to Rs 3,527 crore as compared to Rs 2,571 crore in FY 2020-21. EBITDA stood at Rs 505 crore, as compared to Rs 311 crore in FY 2020-21 with a strong margin of 14.3 per cent, as compared to 12.1 per cent in the earlier year. PAT grew by 222 per cent to Rs 206 crore, as compared to Rs 64 crore, with an improved PAT margin of 5.8 per cent, as compared to 2.5 per cent in FY 2020-21.

With an increasing government thrust on infrastructure projects, complemented by a robust order book and investment in the latest technology, J Kumar Infraprojects is poised to become a billion-dollar revenue company by the year 2027.

On our list of the top 10 fastest growing construction firms, Dineshchandra R Agrawal Infracon is at number 5.

Dineshchandra R Agrawal Infracon is one of India’s leading infrastructure development groups, headquartered at Ahmedabad, Gujarat. The company is engaged in multiple sectors of the industry such as roads and highways, bridges and flyovers, railway and metro rail, buildings, water supply and waste management, airport infrastructure, defence infrastructure, urban and IT infrastructure-smart cities. Principled in timely and quality delivery, more than 3,000 engineers work on various projects that showcase the company’s global outreach.

During FY 2021-2022 the annual turnover of the company is Rs 4,75,940.88 (in lakhs). As on March 31, 2022, DRAIPL had a strong outstanding order book position of Rs 16,289 crore, with an order book to TOI ratio of 4.22x, which provides strong revenue over the medium term. The order book is further geographically diversified across 14 states, with Gujarat contributing around 28% of the order book, while the balance spread across Haryana, Delhi, Andaman and Nicobar, among others. Of the order book, 27% of the orders are from its HAM SPVs, while the rest from other reputed clientele. the company reported a TOI of Rs 3,864 crore during FY22, thereby registering a healthy growth of 37% over FY21 on the back of the execution of sizeable works in its engineering, procurement, and construction (EPC) projects. DRAIPL’s TOI during the last five years ended March 31, 2022, grew at a CAGR of 16% per annum.

The company is one of the first in India to get certified by ISO 9001:2015 as well as for ISO 27000 and CMMI level 5.

On our list of the top 10 fastest growing construction firms, HG Infra and Engineering is at number 4.

HG Infra and Engineering predominantly engaged in the road construction activities, HG Infra and Engineering is a major EPC player with an increasing focus on HAM projects. Having embarked on its journey in 2003, today the company is a dominant player in the road construction space with competencies to undertake EPC, HAM and civil construction related infrastructure projects and catering to a wide range of clients including government and private. Over the years, the company has emerged as one of the most established names in the Indian road infrastructure sector. It has a strong presence spread across Haryana, Delhi, Rajasthan, Uttar Pradesh, Telangana, Odisha, Andhra Pradesh, Karnataka, and Maharashtra.

Being in operation for 19 years, it delivers projects with high quality and safety standards and on a timely basis across diverse geographies of India. From being a regional player, today it has spread to nine geographies with 4,800 employees and has built competencies to bid for and execute large-scale EPC and HAM projects as a prime contractor. The company’s business model is centred on complete integration coupled with a large fleet of in-house equipment and skilled human resources, which makes it a preferred player in the segment. It is actively pursuing diversification to other segments like railways, water infrastructure and airports.

During FY 2021-22, its revenue from operations stood at Rs 3,615.2 crore compared to Rs 2,535 crore, registering a YoY growth of 43 per cent. EBITDA was at Rs 5,847 million compared to Rs 4,181 million in 2020-21, clocking a YoY growth of 40 per cent. PAT stood at Rs 338.8 crore, compared to Rs 211 crore in 2020-21, growing at 61 per cent YoY.

On our list of the top 10 fastest growing construction firms, GR Infraprojects is at number 3.

GR Infraprojects incorporated in 1995, GR Infraprojects is one of the fastest growing organisations in the Indian infrastructure sector, with a legacy of 25 years.

With 25 years of robust experience, GR Infra has a diversified projects portfolio comprising complex projects that require sharp focus on strategy and execution across the length and breadth of the country. With an employee base of 17,000, the principal business of civil construction includes projects on EPC, Built Operate and Transfer (BOT) and on Hybrid Annuity Mode (HAM) basis in the road sector. It also has EPC projects in railways, metro, airport runways and Optical Fibre Cable (OFC) projects. Apart from road construction, it has also ventured into power transmission as a part of its diversification strategy.

The scope of services includes designing and engineering of the project, procurement of raw materials, project execution at site with overall project management up to the commissioning of the project. In addition, it also undertakes repair and maintenance of projects in accordance with contractual arrangements with project awarding authorities.

The company has delivered over 100 projects. As on March 31, 2022, it had 30 under-execution projects across 16 states and one union territory. During the year, it bagged 10 projects with a contract value of Rs 9,350 crore. Its consolidated revenue from operations grew by 7.83 per cent from Rs 8,458.34 crore in FY 2021-22 from Rs 7,844.13 crore in FY 2020-21. In FY 2021-22, consolidated EBITDA stood at Rs 1,800.72 crore and consolidated PAT was Rs 831.91 crore, compared to Rs 954.82 crore in FY 2020-21.

On our list of the top 10 fastest growing construction firms, APCO Infratech is at number 2.

APCO Infratech incorporated in January 1992, APCO Infratech (AIPL) is engaged in construction and infrastructure sector undertaking projects in segments such as roads and highways, tunnel, metro, marine and structural works for power plants, industrial EPC and institutional building works. APCO Infratech is an ISO 9001:2015 and OHSAS 18001:2007 certified professionally managed organisation with a dedicated team of 9,800 employees and 1,500 professionals. The company’s order book has witnessed healthy traction registering CAGR of 30% over the past four years and stood at Rs 15,099 crore as on January 01, 2022. with company reporting total operating income (TOI) of Rs 5473 crore for the year ending March 31, 2021.

Notwithstanding the disruptions attributed to the second wave of the COVID-19 pandemic, the company has achieved TOI of Rs 4096 crore in 9MFY22 (refers to the period from April 1, 2021 to December 31, 2021), as against Rs 3700 crore for 9MFY21.

The company is also the first in India to have been awarded the first Hybrid Annuity Mode (HAM) Project in India for the Meerut-Bulandshahr. The company draws its distinction as being one of the largest players in the making of expressways in India and also one of the major construction agency directly employed by the NHAI, UPEIDA, UPSHA and MSRDC.

On our list of the top 10 fastest growing construction firms, PNC Infratech is at number 1.

PNC Infratech is an integrated infrastructure solution provider with investment, design, development, construction, operation, maintenance, and management capabilities. It has more than three decades of proven experience and expertise in airports, highways, expressways, bridges, flyovers, dedicated rail freight corridor, drinking water supply and allied sectors. It has successfully executed more than 85 major infrastructure projects across various states in India, and has executed projects across varied implementation formats, including item rate, EPC (Design-Build), BOT-Annuity, BOT-Toll, OMT, O&M and HAM projects across sectors.

It has over 10,000 employees and possesses large fleet of state-of-the-art plant and equipment, that include large logistic fleet and modern machinery right from the mining stage till commissioning, which can deliver large size projects quickly with high quality. It has secured new orders of total value Rs 11,146 crore during FY 2021-22, and has an unexecuted order book worth Rs 20,000 crore.

During FY 2021-22, its revenue grew by 25 per cent year-on-year on a consolidated basis at Rs 7,208 crore, as compared to Rs 5,788 crore in FY 2020-21. Consolidated EBITDA was Rs 1,534 crore, higher by 8 per cent as compared to Rs 1,422 crore in FY 2020-21; and consolidated Profit After Tax (PAT) stood at Rs 580 crore, as compared to Rs 497 crore in FY 2020-21, with a growth of 17 per cent.

Recently, PNC Infratech set two world records viz laying highest quantity of Dense Bitumen Macadam (42,666 MT) in 100 hours over 50 km single lane at Package 29 of Delhi Vadodara Expressway Project of NHAI. The MoRTH and the Government of India conferred the ‘Award of Excellence’ for the same.

#Larsen & Toubro (L&T) is a forerunner in the Indian construction industry. The company operates in over 50 countries around the world, staying ahead of the curve with its EPC projects, high-tech manufacturing, and services. For more than eight decades, L&T has achieved and maintained leadership in its major lines of business through a strong, customer-focused approach and a constant pursuit of world-class quality. In addition to India, the company has a manufacturing footprint in eight other countries, as well as several international offices and a global supply chain.

Major domestic and international order wins in the energy and infrastructure sectors were the primary contributors to its year-end order inflow of Rs 192,997 crore. The company's revenues for the fiscal year 2021–2022 increased by 15% to Rs 156,521 crore.

As of March 31, 2022, the company had a sizable, expanding, and diversified order book worth Rs 357,595 crore. A 73% portion of the total order book belongs to the infrastructure sector, which also saw a 9% increase as a result of orders received in the projects sector. Additionally, the business reported an impressive operational Profit After Tax of Rs 8,572 crore, up 23% from the prior year. Strong operational cash flows have allowed the company to make progress in its capital employed metrics, which has in turn improved return ratios. The company has also repaid borrowings throughout the year, which has improved debt-to-equity ratios.

Furthermore, the company has been aiming for broader geographic dispersal in order to achieve positive results while reducing exposure. As the company expands its reach to several African and South East Asian countries, the Middle East region remains a priority. The Middle East region currently accounts for 76% of L&T's international order book of Rs 95,227 crore.

On the sustainability front, the company has set a target of Water Neutrality and Carbon Net Zero by 2035 and 2040, respectively, and is already present in the EPC solar and water space, while actively looking to expand its footprint in the green hydrogen and energy storage space. A strong, customer focused approach and the constant quest for top class quality have enabled L &T to be the largest and the most profitable construction company in India.

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