Suyog Gurbaxani Funicular Rope

Builds and operates funicular ropeway systems. The business runs an established ropeway at Saptashrungi Devi Temple and executes Engineering, Procurement and Construction (EPC) contracts for new ropeway projects, including one at Haji Malang in Maharashtra that was inaugurated in January 2026 under an EPC agreement with Supreme Suyog Funicular Ropeways Private Limited. FY26 standalone revenue was Rs 4,715.73 Lakhs, down about 11% from Rs 5,300.85 Lakhs in FY25, though profit after tax rose about 28% to Rs 1,114.51 Lakhs. The cost base is light on materials (0% of revenue per FY26) and is dominated by employee costs at 18.5% of revenue and other operating expenses at 31.8%. The balance sheet is debt-heavy, with long-term borrowings of Rs 10,003.66 Lakhs and total assets of Rs 263.77 crore (FY26), and the company carries CARE BBB- (Stable) ratings on Rs 80 crore of combined bank facilities. Working capital is stretched by about Rs 84 crore of unbilled receivables tied to the Haji Malang EPC project.