TWAMEV CONS AND INFRA LTD

Executes civil and infrastructure construction contracts under an asset-light model that relies on subcontractors and joint ventures. For FY26, revenue was Rs 67.45 crore and net profit Rs 7.65 crore. Materials were 16% of revenue, employees 8.9%, and other operating expenses 83.1%, with depreciation 2.3% and capex 0.1%. In Q4 FY25, revenue was Rs 84 crore, up 60% from Rs 53 crore in the prior quarter. The order book stood at Rs 325-330 crore executable over 24-36 months, split across roads (28%), railways (33-34%), a Rs 175 crore Shillong Ropeway project in JV with KC International and POMA (28-29%), a Shillong water pipeline (6%), and a Tripura project (3.5%). Management is targeting Rs 250-300 crore of fresh orders during the year across NHAI, railways, state PWD, NHIDCL, PHE/water distribution, and transmission-line works. Management's normalized operating EBITDA margin guide is 8-10%; FY25 EBITDA of Rs 207 crore was boosted by Rs 79 crore of other income from a legacy Bihar arbitration now in execution phase at Calcutta HC. The standalone balance sheet has no bank borrowings; consolidated borrowing of Rs 338 crore sits in step-down subsidiary TRPL, collateralised by an NHAI arbitration claim. Promoters hold 90-93%, with an OFS underway to 90% and a graded reduction to 75% over two years, alongside a roughly Rs 200 crore QIP planned.