NSE: CAPACITE · BSE: 540710
CAPACITE INFRAPROJECT LTD
Builds civil structures for high-rise and super high-rise buildings in India, including basements, podiums, clubhouses, service floors, upper floors, penthouses and terraces, with work spanning structural construction through finishes. The order book stood at INR 13,498 crore at end-FY26, split between public sector undertakings and private developers, with 92% concentrated in the top 10 projects. FY26 revenue of INR 2,623 crore grew 12% year on year, while order inflow of INR 4,446 crore exceeded guidance of INR 3,500 crore; recent wins include a INR 482 crore order from Twenty-Five Downtown Realty for Tower T5 at Mahalaxmi, Mumbai, and a INR 589 crore letter of intent from Ten X Realty East, a Raymond Realty subsidiary. The company runs around 30 project sites and uses aluminium formwork and jump-form systems, with INR 165 crore of capex planned for FY27 largely for these systems. The largest cost line is materials at 31.4% of revenue, primarily steel, aluminium and electrical items which rose about 18% between February and April 2026, followed by other operating expenses at 43.2% of revenue. Net debt is below INR 170 crore, working capital days have been cut by 43, and bank credit rating was upgraded to BBB+. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Civil construction for public sector undertakings, Civil construction for private real estate developers. Asset-heavy, working-capital-intensive civil contractor focused on high-rise and super high-rise buildings
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,335 | 1,799 | 1,932 | 2,350 | 2,623 |
| EBITDA (ex other income) | 213 | 351 | 331 | 379 | 427 |
| margin % | 16.0 | 19.5 | 17.2 | 16.1 | 16.3 |
| Owners' profit | 44 | 95 | 120 | 204 | 192 |
| EPS, as reported (₹) | 6.48 | 14.04 | 16.09 | 24.08 | 22.82 |
| ROE % · ROCE % | 4.5 · 9.3 | 8.9 · 15.9 | 7.9 · 14.5 | 11.8 · 16.7 | 10.1 · 15.4 |
| Debt / equity (x) | 0.34 | 0.34 | 0.21 | 0.24 | 0.25 |
| Cash from operations | 34 | 101 | (39) | 52 | 223 |
| Capex | (102) | (92) | (85) | (103) | (175) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 518 | 590 | 671 | 589 | 646 | 675 | 712 | 629 |
| Profit before tax | 58 | 50 | 69 | 63 | 65 | 66 | 58 | 52 |
| Net profit | 45 | 52 | 53 | 47 | 51 | 50 | 45 | 40 |
| EPS (₹) | 5.31 | 6.18 | 6.28 | 5.55 | 6.04 | 5.97 | 5.27 | 4.70 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,04,226 | 30.4 | 3.92 | 18.4 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 37,739 | 42.0 | 3.84 | 27.2 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 22,629 | 19.9 | 2.93 | 10.3 | 13.3 | 15.0 | 16.0 | 10.0 |
| CEMINDIA PROJECTS LIMITED | 20,566 | 34.2 | 8.57 | 17.5 | 24.9 | 31.7 | 29.8 | 10.5 |
| IRB INFRA DEV LTD. | 19,228 | 14.7 | 0.92 | 9.4 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 19,035 | 25.7 | 5.92 | 15.5 | 23.1 | 29.7 | 13.5 | 9.6 |
| ENGINEERS INDIA LTD | 14,062 | 17.9 | 4.47 | 15.7 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 9,758 | 22.6 | 2.35 | 16.0 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.8 | 13.5 | 20 of 101 | 81% |
| P/B | 0.7 | 1.2 | 19 of 85 | 79% |
| ROCE | 11.2 | 10.0 | 51 of 107 | 53% |
| ROE | 10.1 | 9.1 | 38 of 87 | 57% |
| Debt / Equity | 0.3 | 0.4 | 31 of 87 | 65% |
| EBITDA margin | 17.3 | 12.4 | 25 of 88 | 72% |
| Revenue growth | 6.7 | 6.2 | 42 of 86 | 52% |
| Profit growth | (15.2) | 2.7 | 52 of 84 | 39% |
| Market cap | 1271 | 465 | 40 of 107 | 63% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Board meeting on Nov 4 to consider Q2 FY27 results | results | low | — | — |
| 8 Oct 2026 · All shares in demat form; no rematerialisation requests in Sep 2026 quarter | compliance | minimal | — | — |
| 6 Oct 2026 · Capacit'e wins about ₹369 Cr Chennai Metro order | business updates | high | — | — |
| 24 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 9 Sept 2026 · Four senior management personnel appointed as Business Unit CEOs | management changes | medium | — | — |
| 27 Aug 2026 · Capacit'e bags ₹741 Cr LOI from Mahindra Lifespace for Mumbai projects | business updates | high | — | — |
| 18 Aug 2026 · Capacit'e CEO Rajendra K Jain resigns effective Aug 18, 2026 | management changes | critical | — | — |
| 12 Aug 2026 · Capacite Q1 FY27 earnings call transcript filed | investor communications | medium | — | — |
| 10 Aug 2026 · Q1 FY27 earnings call audio recording shared on company website | investor communications | low | — | — |
| 8 Aug 2026 · Q1 FY26-27 results published in newspapers | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.