BSE: 544387
Desco Infratech Limited
Lays gas and power infrastructure for utilities across India as an EPC contractor. The largest line is City Gas Distribution (CGD) — MDPE and steel pipeline laying, domestic PNG connections and CNG station connectivity for clients including Adani Total Gas, GAIL, IndianOil, BPCL, Sabarmati Gas, Gujarat Gas and ONGC. CGD contributed about 70% of FY26 revenue (INR 83.24 crores) at a 15.42% PAT margin. Power distribution and solar EPC, including underground cable laying and solar project execution, made up the remaining 30% (INR 35.37 crores) at a 10.01% PAT margin. A third segment — Compressed Bio Gas — is being built through subsidiary Shri Green Agro Energies, with Phase-1 of a 5 TPD plant at Bulandshahr, Uttar Pradesh commissioned in June 2026 and revenue expected from FY27. The order book stood at INR 345 crore with a tender pipeline of INR 650 crore against FY26 revenue of INR 118.79 crores, while other operating expenses dominate the cost structure at 63.7% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. City Gas Distribution (CGD) (70%), Power Distribution and Solar EPC (30%), Compressed Bio Gas (CBG). Project-based EPC contractor scaling into adjacent clean-energy verticals (CBG, solar EPC)
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 119 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 21.30 |
| ROE % · ROCE % | — · 31.4 |
| Debt / equity (x) | — |
| Cash from operations | (19) |
| Capex | (3) |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q4 FY26 |
|---|---|
| Revenue | 77 |
| Profit before tax | 14 |
| Net profit | — |
| EPS (₹) | 13.26 |
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. | 5,35,992 | 32.3 | 4.17 | 19.4 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 43,725 | 48.7 | 4.45 | 31.1 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 24,595 | 21.6 | 3.18 | 11.1 | 13.3 | 15.0 | 16.0 | 10.0 |
| NBCC (INDIA) LIMITED | 22,448 | 30.3 | 6.98 | 18.9 | 23.1 | 29.7 | 13.5 | 9.6 |
| IRB INFRA DEV LTD. | 21,849 | 16.8 | 1.04 | 10.0 | 4.1 | 2.5 | 7.6 | 55.6 |
| CEMINDIA PROJECTS LIMITED | 21,576 | 35.9 | 8.99 | 18.3 | 24.9 | 31.7 | 29.8 | 10.5 |
| ENGINEERS INDIA LTD | 16,007 | 20.4 | 5.09 | 17.9 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 11,793 | 27.4 | 2.84 | 19.3 | 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) | 14.1 | 14.7 | 49 of 108 | 55% |
| ROCE | 29.4 | 10.0 | 11 of 109 | 91% |
| Market cap | 144 | 454 | 68 of 110 | 39% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 21 Sept 2026 · Empaneled by NREDCAP for rooftop solar projects in Andhra Pradesh | business updates | medium | — | — |
| 17 Sept 2026 · LOI from Sabarmati Gas worth Rs. 5.86 Million for pipeline work | business updates | low | — | — |
| 16 Sept 2026 · Desco Infratech signs MoU with DenEB Air Gases for LNG/CNG EPC projects | strategic transactions | medium | — | — |
| 9 Sept 2026 · Revised board meeting outcome corrects typo in Section 185 loan limit | board shareholder meetings | low | — | — |
| 9 Sept 2026 · Desco Infratech receives order worth Rs 30.29 million from IOCL | business updates | medium | — | — |
| 8 Sept 2026 · Annual Report FY2025-26 link shared; 15th AGM on 30 Sept 2026 | general | low | — | — |
| 8 Sept 2026 · Desco Infratech submits newspaper notice for 15th AGM on Sep 30, 2026 | compliance | minimal | — | — |
| 7 Sept 2026 · Desco Infratech files FY25-26 Annual Report, Revenue up 99.5% | investor communications | medium | — | — |
| 7 Sept 2026 · Desco Infratech 15th AGM on Sep 30, 2026; key items include borrowing limit raise to Rs 150 Cr | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Board okays AGM on 30 Sep, triples borrowing limit to Rs 150 Cr | management changes | medium | — | — |
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.