BSE: 540147
Shashijit Infraprojects Limite
Undertakes civil construction of immovable properties, including row houses and industrial shed buildings, for private clients in India. The business operates as a single segment, with Construction and Development of Immovable Properties accounting for 100% of segment revenue in the quarter ended 30 June 2024. Two recent letters of intent illustrate the scale of work: an LOI from Fortune Dreamcon Private Limited for row house construction valued at Rs 3.06 crore (taxes extra), and an LOI from Mehul Roadways for an industrial shed building valued at Rs 4.00–4.50 crore (excluding taxes), both to be completed within 12–15 months. FY26 total revenue stood at Rs 23.44 crore against total assets of Rs 36.69 crore, with net profit of Rs 0.49 crore and an EBITDA margin of 7.85%. The cost structure is dominated by materials at 48.9% of revenue, followed by other operating expenses at 43.8% and employee costs at 7.2%. The company is based in Vapi, Gujarat, is listed on BSE, runs only in India, and has no subsidiaries or joint ventures. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Construction and Development of Immovable Properties (100%). Small-scale, single-segment civil construction contractor
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 28 | 35 | 27 | 23 | 23 |
| EBITDA (ex other income) | 2 | 2 | 2 | (2) | 1 |
| margin % | 7.3 | 6.9 | 8.1 | (9.7) | 5.4 |
| Owners' profit | 0 | 0 | (1) | (3) | 0 |
| EPS, as reported (₹) | 0.17 | 0.44 | (0.12) | (0.58) | 0.07 |
| ROE % · ROCE % | 1.1 · 5.8 | 3.8 · 11.1 | (5.5) · 9.6 | (20.8) · (17.3) | 3.2 · 6.2 |
| Debt / equity (x) | 0.91 | 1.02 | 1.01 | 0.59 | 0.59 |
| Cash from operations | 0 | 3 | 1 | (3) | 1 |
| Capex | (2) | (4) | 0 | (1) | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5 | 5 | 7 | 6 | 4 | 7 | 6 | 5 |
| Profit before tax | (1) | (3) | 0 | 0 | 0 | (0) | (0) | (1) |
| Net profit | (1) | (2) | 0 | (0) | (0) | 0 | (0) | (0) |
| EPS (₹) | (0.18) | (0.33) | 0.05 | 0.02 | 0.02 | 0.05 | (0.05) | (0.10) |
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/B | 1.2 | 1.3 | 39 of 85 | 55% |
| ROCE | (5.2) | 6.1 | 96 of 98 | 2% |
| ROE | (4.9) | 6.3 | 82 of 84 | 2% |
| Debt / Equity | 0.7 | 0.4 | 61 of 87 | 30% |
| EBITDA margin | (5.4) | 10.3 | 98 of 105 | 7% |
| Revenue growth | (15.6) | 7.5 | 71 of 86 | 18% |
| Profit growth | (156.6) | 17.6 | 78 of 83 | 6% |
| Market cap | 17 | 509 | 104 of 107 | 3% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 5 Nov 2026 · Shashijit Infraprojects reports higher loss on lower revenue | compliance | minimal | — | — |
| 4 Nov 2026 · Board approves September results; H1 net loss of Rs 71.47 lakh | board shareholder meetings | low | — | — |
| 30 Oct 2026 · Board meeting to approve September 2026 quarter and half-year results | results | low | — | — |
| 21 Oct 2026 · GST advisory on tax liabilities of about 43.92 lakh rupees | regulatory legal | high | — | — |
| 21 Oct 2026 · Update on Vapi property dispute: Gujarat HC hearing adjourned to Oct 23 | regulatory legal | medium | — | — |
| 19 Oct 2026 · Certificate under SEBI Reg 74(5) for quarter ended 30 September 2026 | compliance | minimal | — | — |
| 1 Oct 2026 · Two Independent Directors appointed at Shashijit Infraprojects | management changes | medium | — | — |
| 1 Oct 2026 · AGM 2026 results: 4 resolutions passed, removal of Ajit Jain defeated | board shareholder meetings | low | — | — |
| 1 Oct 2026 · Revised AGM proceedings filed; 5 resolutions including removal of CMD Ajit Jain | compliance | minimal | — | — |
| 30 Sept 2026 · Legal matter with Vapi Municipal Corporation adjourned to October 9 | regulatory legal | high | — | — |
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.