CAPACITE - Capacit'e Infra.

📊 NSE: CAPACITE 🏢 Construction 📅 Last Updated: 12/13/2025 20:41

💰 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.