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) | 23 |
| margin % | 19.6 |
| 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 2 quarters
| ₹ crore | Q4 FY26 | Q2 FY27 |
|---|---|---|
| Revenue | 77 | 75 |
| Profit before tax | 14 | 13 |
| Net profit | — | — |
| EPS (₹) | 13.26 | 12.31 |
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. | 5,66,554 | 31.7 | 4.25 | 23.1 | 8.2 | 6.5 | 16.0 | 8.7 |
| RAIL VIKAS NIGAM LIMITED | 40,312 | 44.9 | 4.11 | 58.1 | 8.9 | 7.5 | 5.8 | 4.3 |
| KALPATARU PROJECT INT LTD | 23,345 | 19.7 | 2.70 | 11.2 | 7.0 | 8.5 | 16.0 | 8.3 |
| CEMINDIA PROJECTS LIMITED | 23,262 | 37.3 | 8.88 | 23.1 | 10.4 | 13.3 | 29.8 | 9.7 |
| NBCC (INDIA) LIMITED | 21,060 | 26.6 | 6.18 | 28.5 | 10.8 | 13.5 | 13.5 | 6.6 |
| IRB INFRA DEV LTD. | 20,581 | 15.9 | 0.97 | 10.1 | 2.7 | 1.6 | 7.6 | 55.6 |
| ENGINEERS INDIA LTD | 16,440 | 18.3 | 4.92 | 23.5 | 10.6 | 10.9 | 4.6 | 21.0 |
| TECHNO ELEC & ENG CO. LTD | 10,828 | 25.1 | 2.60 | 23.5 | 11.4 | 12.4 | 29.6 | 15.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.6 | 13.5 | 19 of 102 | 82% |
| EBITDA margin | 19.1 | 10.1 | 18 of 105 | 84% |
| Market cap | 129 | 512 | 70 of 107 | 35% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 5 Nov 2026 · Audio recording shared for H1 FY2027 earnings call | investor communications | low | — | — |
| 5 Nov 2026 · Desco posts 78.5% H1 FY27 revenue growth; order book exceeds ₹370 crore | investor communications | medium | — | — |
| 4 Nov 2026 · Desco Infratech half-year revenue up 79%, but operating cash flow negative | results | high | — | — |
| 4 Nov 2026 · No current quarterly data; consolidated half-year revenue up 26%, profit after tax up 4% | results | high | — | — |
| 2 Nov 2026 · Kalpesh Maganbhai Patel appointed Deputy General Manager and SMP | management changes | medium | — | — |
| 2 Nov 2026 · Desco Infratech schedules H1 FY27 investor earnings call | board shareholder meetings | low | — | — |
| 31 Oct 2026 · Board to approve September 2026 half-year results | results | low | — | — |
| 9 Oct 2026 · AGM voting results: All 12 resolutions passed with 100% approval | compliance | minimal | — | — |
| 8 Oct 2026 · Routine SEBI Reg 74(5) compliance certificate filed for Q2 FY27 | compliance | minimal | — | — |
| 7 Oct 2026 · Desco Infratech regularises Independent Director Mr. Shailesh K. Naik | 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.