COMPANY OVERVIEW :
SHRADHA INFRAPROJECTS LIMITED ("SHRADHA") is an organisation providing environmentally friendly building and engineering services. SHRADHA constructed magni cent, famous buildings and completed a number of projects. Each infrastructure project helps us think bigger and construct more modern buildings, which helps us carve out a favorable niche for ourselves in the building industry. Some of the Shradha-initiated projects in Nagpur, Maharashtra, that have achieved remarkable success are listed below:
Shradha House
Victoria House
Mangalam Shradha
OVERVIEW :
Introduction:
The Infrastructure, Real Estate, and Construction (IRC) sector in India plays a pivotal role in propelling the nations economic growth and social development. As one of the core pillars of Indias development strategy, this sector directly contributes to GDP, employment generation, urbanization, and industrial productivity.
India is currently undergoing a transformative phase marked by rapid urban expansion, modernization of public utilities, and ambitious government-led infrastructure programs such as Bharatmala, Sagarmala, Smart Cities Mission, PM Gati Shakti, and the National Infrastructure Pipeline (NIP). With a projected infrastructure investment of over USD 1.4 trillion under NIP till FY 2025, India aims to bridge the infrastructure gap, boost connectivity, and create a sustainable environment for economic resilience.
The construction industry, which includes roads, highways, ports, airports, railways, energy, and water infrastructure, is the second-largest employer in India after agriculture. It is anticipated to grow at a CAGR of 6 7%, supported by strong policy support, capital in flows through FDI, and the revival of private sector participation through PPP models.
Simultaneously, the real estate sector, comprising residential, commercial, and industrial segments, is witnessing renewed investor and consumer interest post-pandemic. Regulatory reforms such as RERA, GST, and digitization of land records have enhanced transparency, accountability, and investor con dence. Driven by growing urban demand, housing a ordability, and infrastructure-led growth, the Indian real estate market is expected to reach USD
1 trillion by 2030, contributing around 13% to GDP by 2025.
Together, the IRC sector remains a key enabler of Indias vision of becoming a $5 trillion economy, with robust linkages to more than 250 ancillary industries. As the nation focuses on sustainable and inclusive growth, this sector will continue to offer significant opportunities for private enterprise, investment, and innovation.
Market Size:
Indias Infrastructure, Real Estate, and Construction (IRC) sector represents one of the largest and most dynamic components of the national economy, with substantial investment in flows and policy focus.
Infrastructure
The infrastructure sector in India is expected to reach a market size of USD 1.4 trillion by 2025, driven by the ongoing implementation of the National Infrastructure Pipeline (NIP), which includes over 9,000 projects across energy, roads, railways, and urban development. The Union Budget 2024 25 allocated more than INR 11.11 lakh crore (approximately 3.4% of GDP) towards capital expenditure, reinforcing the governments commitment to infrastructure-led growth.
Roads and Highways: The total length of national highways is targeted to reach 2 lakh kilometers by 2025. Under the Bharatmala Pariyojana, 65,000+ km of highways are being developed.
Railways: With investments of over INR 2.4 lakh crore in FY 2024 25, Indian Railways is undergoing massive modernization, including electri cation, high-speed corridors, and multimodal logistics parks.
Urban Infrastructure: Programs such as Smart Cities Mission, AMRUT 2.0, and PMAY-Urban are catalyzing urban growth and sustainable infrastructure development.
Construction
The construction sector in India, which includes residential, industrial, and infrastructure construction, was valued at approximately USD 730 billion in 2023, and is expected to grow at a CAGR of 6 7% over the next 5 years. This growth is supported by:
Strong public sector investments
Growing demand for urban and rural connectivity
Increasing focus on green buildings and digital construction technologies
Real Estate
Indias real estate sector is projected to grow from USD 200 billion in 2021 to USD 1 trillion by 2030, contributing 13% to Indias GDP by 2025. The sector includes residential, commercial, retail, hospitality, and industrial segments.
Residential: With rising income levels, nuclear family trends, and favorable interest rates, Tier 1 and Tier 2 cities are witnessing increasing housing demand. A ordable housing, driven by PMAY, continues to dominate.
Commercial: Indias commercial officespace absorption in FY 2024 25 is expected to cross 40 million sq. ft, especially in metro cities, IT hubs, and financial districts.
Industrial & Logistics: Driven by the e-commerce boom and "Make in India" initiative, the warehousing and logistics space is expanding rapidly, projected to reach USD 25 billion by 2027.
Global Economy
The global economy in FY 2024 25 continues to recover gradually amid persistent geopolitical tensions, in ationary pressures, and monetary tightening in major economies. The International Monetary Fund (IMF), in its April 2024 World Economic Outlook, projects global GDP growth at 3.2% for 2024, marginally improving from 3.1% in 2023, signaling a phase of cautious optimism following recent economic disruptions. World Economic Outlook, projects global GDP growth at 3.2% for 2024, marginally improving from 3.1% in 2023, signaling a phase of cautious optimism following recent economic disruptions.
Key Global Trends:
· In ation Control: After peaking in 2022, global in ation has moderated but remains above pre-pandemic levels.
Central banks, particularly the US Federal Reserve, European Central Bank, and Bank of England, have maintained a tight monetary stance to anchor in ation expectations, though rate cuts are anticipated in late 2024 or early 2025.
Supply Chain Stabilization: Post-pandemic supply chain bottlenecks have eased, contributing to a more balanced global trade environment. However, trade rerouting due to geopolitical frictions, especially in Eastern Europe and the Middle East, has led to regional cost variations and realignment of trade corridors.
Geopolitical Uncertainty: The ongoing Russia Ukraine con ict, tensions in the South China Sea, and disruptions in the Red Sea continue to affect investor sentiment and commodity markets, particularly crude oil and metals.
Green Transition: Global economies are increasingly focused on climate-resilient growth. Investments in renewable energy, sustainable infrastructure, and electric mobility are gaining momentum, with advanced and emerging economies both committing to net-zero targets.
Emerging Markets Outlook:
Merging economies, particularly in Asia and Africa, are expected to outpace advanced nations in growth. India and China remain key global growth engines, with India projected to grow at 6.8%, supported by robust domestic demand and infrastructure-led growth.
Impact on Infrastructure and Real Estate:
Investment Trends: Global investors are increasingly turning to infrastructure and real assets in emerging markets for long-term, in ation-hedged returns.
Construction Materials & Costs: Volatility in global commodity prices, including steel, cement, and crude oil, continues to influence construction costs. Supply chain resilience and localization are being prioritized by developers and contractors.
Sustainability Focus: Global financing institutions and ESG-focused funds are driving infrastructure players to adopt green building standards, smart city frameworks, and sustainable procurement practices.
Indian Economy
India remains one of the fastest-growing major economies in the world, demonstrating resilience amidst global headwinds. As per the Ministry of Finance and the Reserve Bank of India (RBI), Indias real GDP growth for FY
2024 25 is projected at 6.8 7.0%, supported by robust domestic demand, government-led infrastructure push, and strong macroeconomic fundamentals.
Economic Performance and Drivers
GDP Growth: In FY 2023 24, the Indian economy grew by 7.6%, outperforming most global peers. The growth trajectory is expected to sustain in FY 2024 25, driven by consumption, investment, and industrial expansion.
In ation and Monetary Policy: Retail in ation has moderated and remained within the RBIs tolerance band of 2 6%. With core in ation easing and commodity prices stabilizing, the central bank has maintained a balanced monetary policy stance to support growth while anchoring in ation.
Fiscal Management: The Union Budget 2024 25 continued to emphasize scal consolidation, targeting a scal de cit of 5.1% of GDP, while allocating record capital expenditure of over INR 11.11 lakh crore to stimulate infrastructure, logistics, and digital development.
External Sector: Despite a challenging global trade environment, Indias export performance remained resilient, supported by service exports and diversi ed markets. Foreign exchange reserves remained healthy at over USD 600 billion, ensuring macroeconomic stability.
Key Sectoral Trends
Infrastructure: Continued emphasis on connectivity, logistics, multimodal transport, smart cities, and clean energy is strengthening Indias infrastructure backbone.
Manufacturing: Under the Production Linked Incentive (PLI) schemes and "Make in India", the manufacturing sector is seeing increased FDI in flows and capacity expansion.
Real Estate and Construction: The sector has rebounded strongly, particularly in urban residential and commercial segments, supported by favorable demographics, rising income levels, and a ordable nancing.
Government Initiatives
PM Gati Shakti, National Logistics Policy, Digital India, Smart Cities Mission, and National Infrastructure Pipeline (NIP) are catalyzing investments and efficiency in infrastructure creation.
Digital public infrastructure (DPI) like UPI, Aadhaar, and FASTag has improved service delivery and transparency across sectors.
Outlook
With strong economic fundamentals, demographic advantage, and ongoing structural reforms, India is poised to become a $5 trillion economy in the coming years. The outlook for the Indian economy in FY 2024 25 remains optimistic, with opportunities across infrastructure, real estate, digital services, and green energy poised to accelerate long-term growth.
Indian Infrastructure Sector:
The Indian infrastructure sector stands as the backbone of the countrys economic development and a key enabler of inclusive and sustainable growth. With the Government of Indias continued thrust on infrastructure-led development, the sector has witnessed record investments, institutional reforms, and capacity expansion in recent years. It is projected that infrastructure investment will account for approximately 9% of Indias GDP by 2030.
Growth Drivers and Investments
Indias infrastructure market is estimated to grow to over USD 1.4 trillion by 2025, fueled by the implementation of the National Infrastructure Pipeline (NIP), which encompasses over 9,000 projects across sectors such as transport, power, water, housing, and digital infrastructure.
The Union Budget 2024 25 allocated a historic INR 11.11 lakh crore towards capital expenditure, reflecting a 16.9% year-on-year increase, further underlining the Governments intent to strengthen the nations physical infrastructure.
The PM Gati Shakti Master Plan continues to transform infrastructure development by ensuring integrated planning and synchronized implementation across ministries and departments, enhancing multimodal connectivity and reducing logistics costs.
Key Segments in Focus
1. Transportation :
Roads and Highways: Under the Bharatmala Pariyojana, over 65,000 km of national highways are under development. India has already built over 12,000 km of highways in FY 2023 24.
Railways: With a budgetary outlay exceeding INR 2.4 lakh crore, Indian Railways is undergoing modernization with new Vande Bharat trains, electri cation, high-speed rail projects, and improved freight corridors.
Airports and Ports: India aims to increase the number of operational airports to over 220 by 2025. The Sagarmala Project is revamping port infrastructure and connectivity for seamless coastal logistics.
2. Urban Infrastructure:
Smart Cities Mission, AMRUT 2.0, and PMAY-Urban are improving urban planning, housing, & service delivery.
Urban transit systems, including metros and electric bus corridors, are expanding rapidly across major cities.
3. Energy & Power:
The Government targets 500 GW of non-fossil fuel capacity by 2030. Infrastructure for solar parks, green hydrogen, and power transmission is being built at a record pace.
4. Water and Sanitation :
Projects like Jal Jeevan Mission and Namami Gange are ensuring piped water supply and environmental sustainability, especially in rural and semi-urban regions.
Policy and Regulatory Support
Introduction of Public-Private Partnership (PPP) models, faster land acquisition, dispute resolution mechanisms, and improved Ease of Doing Business rankings have significantly enhanced investor con dence.
The National Monetization Pipeline (NMP) is unlocking value from existing public infrastructure assets, aimed at mobilizing INR 6 lakh crore through FY 2025.
Outlook
The Indian infrastructure sector is poised for sustained growth, driven by a combination of high government spending, private sector participation, regulatory reforms, and technological integration. As India positions itself to become a $5 trillion economy, the demand for efficient and sustainable infrastructure will continue to rise, offering robust opportunities for companies like Shradha Infraprojects Limited in sectors such as roads, housing, urban infrastructure, and smart utilities.
Positive Indicators and Opportunities
Indias Infrastructure, Real Estate, and Construction (IRC) sector is entering a phase of strong, sustained growth, backed by macroeconomic stability, robust policy reforms, and rising demand across urban and rural markets. Several key indicators and trends point toward an optimistic outlook for sector players.
1. Governments Infrastructure-Led Growth Agenda
The Government of Indias strong focus on infrastructure development through initiatives like the National Infrastructure Pipeline (NIP), PM Gati Shakti, and National Logistics Policy is generating consistent demand for infrastructure and construction services.
The record capital expenditure outlay of INR 11.11 lakh crore in Union Budget 2024 25 marks a 4.4x increase over pre-pandemic levels, providing long-term visibility to contractors and developers.
2. Urbanization and A ordable Housing Demand
By 2030, over 40% of Indias population is expected to live in urban areas. This will create a massive need for roads, metros, housing, water supply, and waste management.
Schemes like PMAY (Urban & Gramin) continue to generate demand for a ordable and mid-segment housing, particularly in Tier 2 and Tier 3 cities.
3. Growth in Commercial and Industrial Real Estate
The resurgence in demand for officespaces, industrial parks, data centers, and logistics hubs is creating fresh construction opportunities.
Warehousing and logistics infrastructure, driven by e-commerce, 3PL operators, and the "Make in India" initiative, is projected to grow at 13 15% CAGR.
4. Public-Private Partnership (PPP) Model Revival
Reforms in PPP frameworks and the introduction of hybrid annuity models (HAM) have reinvigorated private sector participation in infrastructure projects.
Road, urban transport, and smart utility projects under PPP mode continue to see strong investor and EPC contractor interest.
5. Technology and Digital Infrastructure
Growing investment in smart cities, digital governance, and 5G infrastructure is opening up new segments for infrastructure companies.
Use of advanced technologies like Building Information Modeling (BIM), drones, and IoT is improving project execution, safety, and monitoring efficiency.
6. Sustainable and Green Construction
With Indias commitment to net-zero by 2070, infrastructure developers have significant opportunities in solar parks, green buildings, EV infrastructure, and waste-to-energy projects.
Access to green nance and ESG-focused funding sources is also expanding rapidly.
7. Robust Financing and Institutional Support
Multilateral agencies such as the World Bank, ADB, and NIIF are actively supporting large-scale infrastructure projects.
New avenues for financing through Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs) are creating liquidity for developers and investors.
Outlook
The convergence of these positive indicators makes the infrastructure and construction sector in India one of the most promising growth stories globally. For companies like Shradha Infraprojects Limited, this presents a unique opportunity to scale operations, diversify project portfolios, and contribute meaningfully to the nations development goals.
Challenges and Considerations
While the Infrastructure, Real Estate, and Construction (IRC) sector in India holds immense potential, it is equally confronted with structural and operational challenges that companies must navigate carefully to ensure sustainable growth. Addressing these risks is critical for timely project execution, financial viability, and long-term competitiveness.
1. Regulatory and Approval Delays
Multiple clearances environmental, land acquisition, municipal permits often cause significant delays in project commencement.
Despite digitization efforts, coordination among central, state, and local authorities remains a bottleneck.
2. Land Acquisition and Rehabilitation Issues
Acquiring land for infrastructure projects continues to be time-consuming and politically sensitive, especially in semi-urban and rural areas.
· Legal disputes and inadequate compensation often stall projects or escalate costs.
3. Rising Input Costs and Supply Chain Volatility
Volatility in the prices of key materials like steel, cement, and bitumen affects project margins.
Supply chain disruptions-due to geopolitical tensions or commodity price shocks-can impact timelines and procurement strategies.
4. Financing and Working Capital Constraints
Infrastructure projects are capital-intensive with long gestation periods, requiring sustained nancing.
Smaller players often face challenges accessing low-cost credit, while delays in receivables from public agencies can stress working capital cycles.
5. Execution and Labor-Related Issues
Execution efficiency remains a concern due to shortage of skilled manpower, seasonal disruptions, and lack of advanced construction methods at smaller sites.
Ensuring safety, compliance, and retention of labor especially post-pandemic requires stronger HR and operational protocols.
6. Environmental and Sustain ability Compliance
Projects are under increasing scrutiny for environmental impact, especially under ESG frameworks and global sustainability norms.
Delays due to mandatory environmental impact assessments (EIA) and the need for green certi cations can affect project timelines.
7. Legal and Contractual Risks
Disputes related to contracts, scope changes, or payments are common in EPC and PPP projects, often leading to cost and time overruns.
Arbitration and dispute resolution, while improving, still take considerable time.
8. Political and Policy Uncertainty
Infrastructure projects are susceptible to policy changes, especially during transitions in state or central governments.
Delays in government payments or changes in tender terms can disrupt planning and cash flows.
Risk Mitigation and Strategy
To manage these challenges, Shradha Infraprojects Limited adopts a proactive approach through:
Diversi ed project portfolio across geographies and segments
Stringent project planning and time line monitoring
Strong vendor and labor management practices
Engagement with government and local authorities to resolve issues early
Technology adoption for procurement, safety, and project tracking
Legal compliance and risk assessment frameworks at every stage Conclusion
By identifying and addressing sector-specific risks and constraints, Shradha Infraprojects Limited is committed to ensuring operational excellence, financial prudence, and sustainable development in line with national infrastructure goals.
Speci c Policy Examples and its Impact
| Policy/Initiative | Year Introduced | Objective | Impact on Infra Sector / SIPL |
| PM Gati Shakti | 2021 | Integrated infrastructure planning across 7 sectors | - Faster clearances via GIS dashboard |
| - Better inter-ministerial coordination- | |||
| Predictable execution cycles | |||
| National Infrastructure Pipeline (NIP) | 2019 (ongoing) | Investment visibility across infra sectors ( Rs111 lakh crore projects) | - Pipeline of tenders for EPC rms |
| - Boost to private/PPP sector involvement | |||
| RERA (Real Estate Regulation Act) | 2016 | Transparency & Regulation in real estate | - Increased buyer con dence- |
| Timely project execution-Promoted escrow-based fund utilization | |||
| A ordable Rental Housing Complexes (ARHC) | 2020 | Urban rental housing for migrant workers | - New business model for low |
| -income housing- Supports infra labor welfare | |||
| National Monetization Pipeline (NMP) | 2021 | Monetize brown eld infra assets ( Rs6 lakh crore target) | - Revenue opportunities via asset |
| O & M- Facilitates InvIT -based project monetization | |||
| Smart Cities Mission | 2015 | Urban modernization through technology and sustain ability | - EPC opportunities in smart utilities |
| - Rise in ICT-integrated infra projects | |||
| Goods & Services Tax (GST) + | 2017 (reforms ongoing) | Uni ed tax regime and credit structure | - Simpli ed multi-state operations- |
| Improved working capital management | |||
| ITC Clari cations Production Linked Incentive (PLI) | 2020 (sector- wise) | Promote domestic Scheme manufacturing (steel, cement, modules, etc.) | - Lower material dependency- Cost-e ective procurement for infra execution |
The Indian Infrastructure, Real Estate, and Construction (IRC) sector is poised for robust expansion in the coming years, driven by large-scale public investments, rising urban demand, and increased private participation. As a core pillar of Indias growth strategy, the IRC sector contributes significantly to GDP, employment, and capital formation.
Infrastructure Sector
As of FY 2024, Indias overall infrastructure market is valued at approximately USD 1.2 trillion.
With the continued implementation of the National Infrastructure Pipeline (NIP) and allied reforms, the sector is projected to reach USD 1.5 trillion by 2027, growing at a CAGR of 7 8%.
The transportation infrastructure (roads, railways, ports, and airports) alone is expected to attract over USD 500 billion in investment by 2030.
Construction Industry
The construction sector accounts for nearly 9% of Indias GDP and employs over 51 million people, making it the second-largest employer after agriculture.
The industry was valued at INR 38.9 lakh crore (USD 470 billion) in 2023, and is expected to grow at a CAGR of 10.5%, reaching USD 1.1 trillion by 2030.
Growth is driven by government housing schemes, infrastructure megaprojects, and private sector real estate development.
Real Estate Segment
The Indian real estate market was valued at USD 265 billion in 2023 and is projected to reach USD 1 trillion by 2030, contributing over 13% to Indias GDP.
Key drivers include:
A ordable and mid-income housing under PMAY
Expansion in commercial and retail spaces
Growing demand for logistics parks, warehouses, and data centers
Investment Outlook
According to the Department for Promotion of Industry and Internal Trade (DPIIT), the construction development sector attracted FDI in flows worth USD 26.4 billion between April 2000 and March 2024.
The National Monetization Pipeline (NMP) is expected to unlock USD 81 billion through asset monetization by FY 2025, further boosting private sector participation.
Outlook for Shradha Infraprojects Limited
Given this favourable macroeconomic and policy landscape, Shradha Infraprojects Limited is well- positioned to:
Leverage the high-growth infrastructure pipeline in roads, urban infra, and housing
Expand its presence in Tier 2/3 cities where housing and infrastructure demand is surging
Partner in PPP and EPC models across transport, utilities, and public housing domains
Infrastructural Projects in India
| Project / Scheme | Scope & Coverage | Budget / Investment | Objective / Impact |
| Bharatmala Pariyojana | 65,000 km of highway network | Rs5.35 lakh crore | Economic corridors, border connectivity, port linkage roads |
| Sagarmala Programme | 574 projects (ports, logistics, coastal infra) | Rs6 lakh crore+ | Lower logistics cost, enhance port e ciency |
| Dedicated Freight Corridors (DFC) | 3,300+ km across Eastern & Western corridors | Rs81,000 crore+ | Shift freight from road to rail; lower cost and time |
| PM Gati Shakti Master Plan | Integration of 16 ministries & infra projects | Uni ed digital platform | Reduce delays, enhance efficiency, cross-sector coordination |
| Smart Cities Mission | 100 cities, urban smart infrastructure | Rs2 lakh crore+ | IT-enabled infrastructure: transport, water, waste, power |
| Amrit Bharat Station Scheme | Redevelopment of 1,300+ railway stations | Rs24,470 crore | Passenger amenities, urban interface, connectivity |
| Metro Rail Projects | In 15+ cities incl. Mumbai, Pune, Bengaluru | Rs3.5 lakh crore+ (cumulative) | Urban mobility, reduce congestion, promote sustain ability |
| Renewable Energy Corridors & Parks | 500 GW target; solar, wind parks and green grid infrastructure | Supported by SECI & MNRE | Clean energy transition; infra for storage, transmission |
| Bullet Train - Mumbai -Ahmedabad HSR | 508 km corridor using Shinkansen tech | Rs1.1 lakh crore | High-speed connectivity; showcase project for infra modernization |
| Industrial Corridors (DMIC, CBIC, etc.) | Across 11 states; plug-and- play industrial zones | Public-Private Investments | Manufacturing, exports, and logistics synergy |
FDI in Infrastructure in India
Foreign Direct Investment (FDI) plays a pivotal role in augmenting Indias infrastructure capacity and bridging the investment gap across core sectors such as transportation, energy, construction development, and logistics. Indias liberal FDI policy framework, coupled with improved ease of doing business, has made it one of the most attractive destinations for global infrastructure investors.
Key Highlights
As per the Department for Promotion of Industry and Internal Trade (DPIIT), the construction development sector (townships, housing, built-up infrastructure, and construction development projects) has attracted cumulative FDI
in flows of USD 26.4 billion between April 2000 and March 2024.
The construction (infrastructure) activities sector alone attracted over USD 29.2 billion during the same period.
These two segments together account for nearly 12% of Indias total FDI in flows over the last two decades.
| Sector | FDI Route | Cumulative FDI (Apr 2000 - Mar 2024) |
| Construction Development | Automatic (up to 100%) | USD 26.4 billion |
| Construction (Infrastructure) | Automatic (up to 100%) | USD 29.2 billion |
| Power and Renewable Energy | Automatic (up to 100%) | USD 17.9 billion |
| Roads & Highways | Automatic (PPP model) | Signi cant FDI via EPC & hybrid annuity |
| Ports and Shipping | Automatic | Growing via Sagarmala-linked projects |
Policy Enablers
100% FDI allowed under the automatic route in most infra sub-sectors including urban transport, industrial parks, SEZs, and logistics parks.
Gati Shakti, PM Gati Shakti Master Plan, and National Monetization Pipeline (NMP) have opened avenues for private and foreign investment in public assets.
REITs and InvITs have made Indian infra assets more accessible and transparent to foreign institutional investors.
Global Investment Trends
Sovereign wealth funds, global infrastructure funds, and pension funds from Canada, Singapore, the UAE, and Australia have increased their stakes in Indian infrastructure platforms.
Key players like Brook eld, Blackstone, GIC, CPPIB, and Macquarie are actively investing in sectors like toll roads, power transmission, warehousing, and metro assets.
Outlook
With India targeting a USD 1.5 Trillion Infrastructure Market by 2027, and the government enabling stable, policy-driven growth, FDI is expected to remain a cornerstone of long-term capital in flow into the sector. Companies like Shradha Infraprojects Limited stand to benefit through partnerships, PPPs, and co-investment models enabled by global capital infusion.
Infrastructure Growth Highlights
Indias infrastructure sector continues to be a key driver of economic growth, job creation, and global competitiveness. With sustained policy thrust, rising public capital expenditure, and increasing private participation, the sector has witnessed strong momentum across multiple verticals:
Key Growth Highlights (As of FY 2024 25)
Momentum Drivers
Gati Shakti platform accelerating coordination and execution
Robust pipeline under National Infrastructure Pipeline (NIP) 9,000+ projects worth 111 lakh crore (till 2025)
National Monetisation Pipeline (NMP) unlocking value from public assets (target: 6 lakh crore)
Enhanced state and private sector involvement through PPPs and InvITs
Investments and Developments in Indian Infrastructure
Indias infrastructure sector continues to witness robust in flows and development activity, driven by government push, private sector participation, and global investor con dence. The sector is evolving with integrated transport systems, renewable energy growth, and digital infrastructure expansion.
| Type | Details |
| Union Budget 2024-25 | Rs11.11 lakh crore allocated to infrastructure - 3.4% of GDP (record high) |
| FDI In flows (Apr 2000-Mar 2024) | USD 55.6 billion+ in construction development and infrastructure |
| Private Equity (PE) & VC | USD 20+ billion in roads, warehousing, energy (Brook eld, GIC, Blackstone) |
| National Infrastructure Pipeline (NIP) | Rs111 lakh crore project pipeline (?9,000 projects across sectors) |
| National Monetisation Pipeline (NMP) | Rs6 lakh crore target - roads, railways, power, airports |
Key Recent Developments
Brook eld India REIT launched its second InvIT for infrastructure investment, raising over 2,000 crore in 2024.
Adani Group invested 7,000 crore for expansion of Mundra Port and SEZ.
NHAI InvIT monetized road assets worth 10,200 crore in FY 2023 24.
GQ and EW connectivity expanded under Bharatmala, improving logistics corridors.
JSW Energy announced 10,000 crore investment in pumped hydro storage projects.
Delhi Mumbai Expressway partially opened, expected full completion by FY 2025 26.
Pune Metro Phase II construction awarded under EPC + PPP hybrid model.
Sovereign Funds like ADIA, CPPIB, and Temasek made fresh commitments in warehousing and logistics parks.
Outlook
With the government maintaining strong capital outlay and fast-tracking project clearances through Gati Shakti and digital dashboards, Indias infrastructure investment climate remains highly conducive. The sector is expected to attract USD 1.4 trillion in cumulative investment between FY 2020 and FY 2025.
GOVERNMENT INITIATIVES
The Indian government has undertaken several transformative policy measures and programs to catalyze infrastructure development and attract private investment. These initiatives are aimed at building world-class infrastructure, improving logistics efficiency, and ensuring sustainable urban and rural development.
Key Government Initiatives
| Initiative | Launch Year | Objective |
| PM Gati Shakti National Master Plan | 2021 | Integrated planning and faster execution of infra projects via GIS platform |
| National Infrastructure Pipeline (NIP) | 2019 | Rs111 lakh crore project pipeline across 20+ sectors till FY 2025 |
| National Monetisation Pipeline (NMP) | 2021 | Asset monetization worth ?6 lakh crore to fund new infra |
| Smart Cities Mission | 2015 | 100 cities to receive digital, transport, and civic infrastructure upgrades |
| Bharatmala Pariyojana | 2017 | Develop 65,000+ km of roads & economic corridors |
| Sagarmala Programme | 2015 | Enhance port-led development and connectivity |
| Atal Mission for Rejuvenation & Urban Transformation (AMRUT) | 2015 | Basic infrastructure in 500+ cities - water, sewerage, urban transport |
| UDAN (Ude Desh ka Aam Naagrik) | 2017 | Boost regional air connectivity and airports under RCS |
| Make in India - Infra Focus | 2014 | Attract manufacturing investment, develop industrial corridors |
| Renewable Energy Push | Ongoing | Target 500 GW non-fossil capacity by 2030 (solar parks, wind zones) |
Supporting Policy Reforms
Ease of Doing Business: Digitization of clearances, online portals like PARIVESH, SWAMITVA, & PM Gati Shakti NMP.
Viability Gap Funding (VGF): O ered for PPP projects in metro rail, roads, and waste management.
100% FDI under Automatic Route: Available for most infrastructure segments including roads, ports, airports, and logistics parks.
Financial Institutions: Institutions like NIIF, IIFCL, and REC are supporting long-term infra nancing.
Impact and Industry Response
These initiatives have led to accelerated project execution, enhanced private participation, and infrastructure-led employment generation. Projects under Gati Shakti and NIP have reduced delays and increased inter-ministerial coordination, while the NMP is unlocking public asset value for reinvestment.
Road Ahead
Indias infrastructure and construction landscape is poised for transformative growth in the coming years. Backed by strong government intent, sustained public capital expenditure, increasing private participation, and a robust regulatory ecosystem, the sector is expected to be a key pillar of Indias ambition to become a USD 5 trillion economy.
Key Forward-Looking Themes
Accelerated Project Execution: The rollout of the PM Gati Shakti platform and digitized clearances is expected to streamline project timelines and reduce cost overruns.
Urban Expansion and Housing: With continued urbanization, demand for a ordable and sustainable housing, smart cities, and urban infrastructure will increase, driving real estate and construction growth.
Sustainable Infrastructure: Focus on green buildings, EV infrastructure, solar energy, and climate-resilient transport will create new investment avenues and compliance standards.
Private Sector & PPP Models: Rising con dence of global institutional investors will strengthen PPP-based project development, especially in roads, metros, logistics, and smart utilities.
Digital & Logistics Infrastructure: E-commerce growth, smart logistics parks, and digital platforms for project tracking will revolutionize traditional infrastructure delivery.
Policy Continuity & Reforms: Continued support under initiatives like National Infrastructure Pipeline, National Monetisation Pipeline, and Smart Cities Mission will ensure long-term investment flows and investor con dence.
Company Outlook
Shradha Infraprojects Limited is strategically positioned to capitalize on these emerging opportunities. With a strong project execution track record, focus on integrated development, and alignment with national priorities, the Company expects to play a critical role in Indias infrastructure build-out and contribute significantly to nation-building.
COMPANYS VISION
At Shradha Infraprojects Limited, our vision is to be a trusted leader in the infrastructure and real estate development sector, committed to building sustainable, innovative, and integrated spaces that enhance quality of life and contribute to Indias growth story.
We aspire to:
Deliver excellence in construction through quality, transparency, and on-time project execution.
Foster urban transformation by developing landmark residential, commercial, and infrastructure projects.
Champion sustainable and green development, aligned with national priorities and global best practices.
Cultivate enduring relationships with customers, partners, and stakeholders based on integrity & value creation.
Emerge as a preferred infrastructure partner across urban and semi-urban regions, driving regional progress.
On the occasion of completing 27 years in business, we take this opportunity to thank every individual and
stakeholder who has contributed to this success story.
OPPORTUNITIES AND CHALLENGES
Opportunities
1. Robust Policy Support
Initiatives like Gati Shakti, National Infrastructure Pipeline (NIP), Smart Cities Mission, and AMRUT offer vast opportunities in urban infrastructure, housing, transport, and smart utilities.
2. Rising Urbanization & Housing Demand
Rapid urban migration and rising middle-class aspirations are fueling demand for a ordable and mid-income housing, especially in Tier-II and Tier-III cities.
3. Public-Private Partnerships (PPPs)
Enhanced government focus on PPP models provides a structured and scalable opportunity for private players to partner in large infrastructure projects across roads, metros, and logistics.
4. Asset Monetisation and InvITs
Governments National Monetisation Pipeline and growing acceptance of REITs/InvITs enable asset recycling and long-term capital infusion for infrastructure developers.
5. Digital & Green Infrastructure
Growth of 5G, logistics tech, green energy, and climate-resilient infrastructure is creating new verticals for innovation and investment.
6. Increased FDI & Global Investment
Continued interest from sovereign wealth funds and infrastructure-focused global investors provides access to capital and strategic partnerships.
Challenges
1. Land Acquisition and Regulatory Hurdles
Delays in land acquisition, project approvals, and environmental clearances continue to affect timelines and project viability.
2. Rising Input Costs and In ation
Volatility in prices of cement, steel, labor, and fuel increases construction costs and compresses margins.
3. Financing Constraints
High cost of borrowing, limited availability of long-term nance, and dependence on NBFCs pose funding risks for mid-sized developers.
4. Execution and Time Overruns
Logistical ine ciencies, local disruptions, and lack of skilled labor can lead to project delays and higher operating costs.
5. Regulatory Compliance Burden
Complying with evolving environmental, safety, RERA, and ESG norms demands dedicated investment and process reforms.
6. Competition and Pricing Pressure
Intense competition in real estate and infra EPC segments puts pressure on pro tability & requires differentiation through quality and service delivery.
By strategically leveraging the policy environment, institutional support, and evolving market demands, Shradha Infraprojects Limited aims to mitigate these challenges and convert them into opportunities for sustained growth and value creation.
Company Strengths
Shradha Infraprojects Limited possesses a strong foundation of core competencies, strategic foresight, and operational excellence that enable it to stand out in Indias dynamic infrastructure and real estate sector. The Companys strengths continue to drive sustainable growth, stakeholder con dence, and long-term value creation.
1. Proven Execution Capabilities
Timely completion of complex infrastructure and real estate projects across Maharashtra and central India.
· Strong project management practices, adherence to quality benchmarks, and use of modern construction technology.
2. Regional Leadership and Market Knowledge
Deep-rooted presence and strong brand recall in Nagpur and adjoining regions.
Intimate knowledge of local real estate demand, land dynamics, and customer preferences.
3. Diversi ed Portfolio
Balanced mix of residential, commercial, and infrastructure development projects.
Participation in government-led infrastructure initiatives alongside private sector ventures.
4. Financial Discipline and Transparency
Focus on prudent financial management, low gearing levels, and disciplined capital allocation.
Commitment to corporate governance, timely disclosures, and regulatory compliance.
5. Customer-Centric Approach
Consistent focus on customer satisfaction, timely delivery, and after-sales service.
Reputation for delivering value-driven developments tailored to modern lifestyle needs.
6. Strategic Land Bank
Access to a strategically located and titled land bank for future development across growth corridors.
Enables faster project rollout and ensures cost efficiency.
7. Experienced Management Team
Visionary leadership supported by a qualified and experienced management team.
Deep industry knowledge and ability to navigate regulatory, operational, and market complexities.
8. Alignment with National Priorities
Project strategies aligned with initiatives such as Housing for All, Smart Cities, and Gati Shakti.
Focus on infrastructure-led development to contribute meaningfully to Indias growth.
KEY DEVELOPMENTS IN FY 2024-25
During the year FY 2024-25, the work of Re sectioning of the disturbed dam pro le of Ravishankar Sagar Dam Gangrel .Chhattisgarh, India as per the order received from M/s Chakradhar Contractors & Engineers Pvt. Ltd., is in progress.
The Construction of Four- Lane "Western Side Spur of Rampur Rudrapur Section Connecting NH-24 to NH-87 by passing Rampur Town" (Design Km 00+000) to (Design Km 13 + 700) on EPC Mode in the State of Uttar Pradesh for a consideration of Rs. 221.46 Crores, as awarded from National Highway Authority of India to Digvijay Construction
Private Limited and further sub-contracted to M/s Digvijay Shradha Infrastructure Private Limited [Fellow Subsidiary
of Shradha Infraprojects Limited] vide Sub Contract agreement is in process and
During the year FY 2023-24 M/s Active Infrastructures Private Limited (unlisted material subsidiary Company )has entered into various sell agreements with the parties for sale of property owned by the Company situated at "Riaan
Towers", at Dr. Rangilal Marg, Mangalwari Bazar Road, Sadar, Nagpur.
The work of the new Residential Group Housing Scheme in the name of Abhiman Niwas which is a 7 Towers (i.e. 4 no. towers 1BHK and 3 no. Towers - 2 BHK) scheme in the prime location situated at Isasani, Hingna, Nagpur is in process
4 FINANCIAL PERFORMANCE :
Abridged Pro t and Loss Statement
(Amount in Rs. Lakhs except EPS)
| Description | Standalone | Standalone | Consolidated | Consolidated |
| 2024-25 | 2023-24 | 2024-25 | 2023-24 | |
| Revenue from Operations | 1642.80 | 1308.58 | 10658.65 | 11044.93 |
| Other Income | 546.92 | 620.14 | 905.14 | 657.94 |
| Total Income | 2189.72 | 1928.72 | 11563.80 | 11702.87 |
| Purchase of Stock- in- trade | 11.28 | 110.98 | 94.78 | |
| Cost of Goods Sold or Services Rendered | 634.20 | 648.15 | 7485.66 | 8688.56 |
| Changes in inventory | ||||
| Employee Benefits Expense | 54.98 | 61.62 | 79.85 | 71.12 |
| Finance Cost | 9.96 | 0.09 | 331.28 | 14.76 |
| Depreciation & Amortization Expenses | 39.33 | 6.33 | 412.05 | 345.48 |
| Other Expenses | 98.40 | 48.01 | 145.67 | 111.47 |
| Total Expenses | 848.15 | 875.18 | 8549.29 | 9231.40 |
| Pro t / (Loss) before Exceptional Items and Tax | 1341.57 | 1053.54 | 3014.51 | 2471.47 |
| Pro t Before Tax | 1341.57 | 1053.54 | 3014.51 | 2471.47 |
| Tax Expenses | 370.12 | 105.44 | 805.43 | 469.69 |
| Pro t After Tax | 971.44 | 948.10 | 2209.08 | 2001.78 |
| Other Comprehensive Income | 0.61 | 4.72 | 0.61 | 4.72 |
| Tax expenses | ||||
| Net Amount | ||||
| Total Comprehensive Income | 972.06 | 952.82 | 2209.70 | 2006.49 |
| Less- Share of Non-Controlling Interest | ||||
| Pro t for the year for the owners of the Company | ||||
| Earnings per share (Basic) | 1.92 | 1.87 | 3.64 | 3.68 |
| Earnings per share (Diluted) | 1.92 | 1.87 | 3.64 | 3.68 |
On Standalone basis
| (a) Income Analysis | The Companys total revenues for the current year ended 31st March, 2025 stood at Rs. 2189.72 Lakhs/- |
| (b) Expense Analysis | Depreciation and Finance cost |
| Depreciation during 2024-25 amounted to Rs. 39.33/- Lakhs. | |
| Finance cost increased to Rs. 9.96/- Lakhs in 2024-25 as compared to Rs. 0.09/- Lakhs in 2023-24. | |
| (c) Pro t Analysis | PBT during 2024-25 was Rs. 1341.57/- & Pro t after tax for 2024-25 was Rs. 971.44./-. |
| (d) Net Worth | The Net worth of the Company is Rs. 5918.50/- Lakhs. |
On Consolidated basis
| (a) Income Analysis | : The Companys total revenues for the current year ended 31st March, 2025 stood at |
| Rs. 11563.80/- | |
| (b) Expense Analysis | Depreciation and Finance cost |
| Depreciation during 2024-25 amounted to Rs. 412.05/- Lakhs Finance cost increased to | |
| Rs. 331.28/- in 2024-25 as compared to Rs. 14.76/- in 2023-24. | |
| (c) Pro t Analysis | PBT during 2024-25 was Rs. 3014.51/- & Pro t after tax for 2024-25 was Rs. 2209.08/-. |
| (d) Net Worth | The Net worth of the Company is Rs. 7366.30/-. |
KEY RATIO INDICATOR
| Ratio | Current Period | Previous Period | % Variance | Reason for Variance |
| (a) Current Ratio (Current Assets / Current Liabilities) | 4.70 | 7.69 | -38.85% | Due to Increase in current liability |
| (b) Debt-Equity Ratio (Total Debt / Total Equity) | 0.06 | 0.02 | 235.08% | Substantial increase in bank OD during the year. |
| (c) Debt Service Coverage Ratio (EBITDA & Non-Cash Items/ Total Installment) | NA | NA | NA | |
| (d) Return on Equity Ratio (Net Pro t After Tax / Average Shareholders Equity) | 0.13 | 0.15 | -9.42% | |
| (e) Inventory turnover ratio (Net Sales / Average inventory) | 0.67 | 0.70 | -4.52% | |
| (f) Trade Receivables turnover ratio (Net sales / Average accounts receivable) | 1.89 | 24.16 | -92.18% | Substantial increase in Average Trade Receivables |
| (g) Trade payables turnover ratio (Net Credit Purchases/ Average accounts payable) | 2.14 | 7.09 | -69.77% | Substantial increase in Average Trade Payables |
| (h) Net capital turnover ratio (Net Sales / Working Capital) | 0.42 | 0.39 | 6.11% | |
| (i) Net profit ratio (Pro t After Tax / Net Sales) | 0.59 | 0.72 | -18.38% | |
| (j) Return on Capital employed (EBIT / (Total net worth - Intangible Assets +Total debt - Deferred Tax Asset) | 0.17 | 0.15 | 12.76% | - |
| (k) Return on investment (Gain on Investment / Total Investment) | 0.10 | 0.00 | 100% | No dividend Received during previous year. |
INTERNAL CONTROL SYSTEM
The Company has instituted a sound Internal Control System designed to ensure: o Accuracy and reliability in financial reporting.
-Compliance with applicable laws and regulations, including the Companies Act, 2013.
- Proper authorization and recording of all transactions.
- Safeguarding of assets from unauthorized use or loss.
Internal controls and documented procedures are implemented across all key operations and are periodically reviewed for relevance and effectiveness.
The Companys Internal Financial Controls (IFC) have been independently evaluated by both internal and statutory auditors at the entity and process levels. No material weaknesses have been reported, and both auditors have expressed satisfaction with the control mechanisms.
The Audit Committee reviews internal audit reports, risk assessments, and auditor recommendations regularly and ensures timely corrective action wherever necessary.
Emphasis has been laid on digitization and modernization of IT systems. Hardware and software upgrades have been undertaken to enhance control reliability and data security.
A detailed review of process documentation and control effectiveness is currently in progress to ensure uniform compliance across all critical business functions.
RISKS AND CONCERNS:
To manage risks with the ultimate goal of maximising stakeholders value, the company has an integrated and organised enterprise risk management process. At Shradha, the risk management process typically entails risk identi cation, assessment, prevention, prioritisation, and monitoring. With the aid of this technique, the Company is better able to take informed decisions about the creation of opportunities, effectively manage risks to acceptable levels, and enhance con dence in the accomplishment of its desired goals and objectives.
Risk Management Framework
The Company has a defined Risk Management policy applicable to all businesses of the Company. This aids in locating, evaluating, and minimising risk that might affect the Companys productivity and attainment of its corporate goals. The various business and functional chiefs across the organisation keep a close eye on the risks. The Company is subject to a number of risk factors because of the nature of the industry it operates in. These risk factors can be broadly categorised as political, competitive, operational, and financial concerns. From the pre-bid phase through project execution and project conclusion, risk management procedures are followed at all times.
Future projects incorporate the key project takeaways after an analysis of the key project learnings. The Company regularly holds knowledge-sharing workshops to reinforce the fundamentals of risk management, as well as its requirements and advantages. Independent directors and senior management make up the companys risk management committee. The Risk Management Committee evaluates each major risk that has been identified as well as any new threats on a quarterly basis and determines the status of any plans or mitigation measures.
HUMAN RESOURCE (HR)
SHRADHA has always held the view that our companys human resources are a valuable asset. Sustainability of the rms for decades is an uncommon occurrence in todays fast evolving economic, sociopolitical, and business climate of VUCA (Volatile, Uncertain, Complex, and Ambiguous) environment. The Companys highly experienced and dedicated personnel, whose combined dedication has enabled the organisation to reach new heights by celebrating 24 years of project success, is its greatest asset. Each Division is able to preserve the human strategic advantage thanks to the HR functions complete specialisation in responding to the various human resource needs of the Companys business verticals.
HEALTH AND SAFETY:
SHRADHA is dedicated to the workers health and safety at all times. All employees are given a tidy, sanitary, and welcoming workplace by your company. Your company has increased its efforts to guarantee the health and safety of its employees during the epidemic. All buildings and sites undergo routine cleaning, social distance standards are observed, sanitizers are installed in various places, visitor entryways are kept to a minimum, and masks are required. Weekly mailers are distributed to employees to inform them of the safety precautions to be taken during pandemic times.
OUTLOOK
The historical sales momentum may slow down a little as we move into 2022 2023, but it will still be strong enough to tell a happy tale. Contrary to the previous year, the infrastructure and real estate sectors are presently expanding thanks to motivated home purchasers. Construction activity has restarted and work is progressing more quickly to meet obligations now that the majority of the workers who were forced to leave during the lockdown have returned. There are many homes in India that are unsold but are ready for occupants, and there is no GST to be paid because occupation certificates have already been given. Additionally, this has encouraged homebuyers to approach real estate as a proactive investment.
There are many homes in India that are unsold but are ready for occupants, and there is no GST to be paid because occupation certificates have already been given. Additionally, this has encouraged homebuyers to approach real estate as a proactive investment.
CAUTIONARY STATEMENT
The forward-looking statements in this management discussion and analysis reflect the current beliefs of your company on upcoming developments and financial performance. Numerous factors could cause the actual outcomes to significantly deviate from those projected in the forward-looking statements.
The Company disclaims all liability and obligation to publicly update or revise any forward-looking statements to reflect new information, future developments, or other factors. Actual results could significantly vary from those projected in the statement. The regulatory authoritys determination of tari and other charges and levies, changes to government rules and tax laws, local economic trends, as well as other elements on a worldwide scale, are important variables that could have an impact on the companys operations.
The Companys financial statements are prepared using the historical cost convention, on the accrual basis of accounting, and in compliance with Section 133 of the Companies Act, 2013 (the "Act") and the Indian Accounting Standards. In order for the financial statements to accurately and fairly depict the situation and profit for the year, the management of SHRADHA INFRAPROJECTS LIMITED ("SHRADHA") has employed estimates and judgements relevant to the financial accounts on a cautious and reasonable basis.
| On behalf of the Board | |
| For SHRADHA INFRAPROJECTS LIMITED | |
| SD/- | SD/- |
| Nitesh Sanklecha | Shreyas Raisoni |
| Managing Director & CFO | Whole Time Director |
| (DIN: 03532145) | (DIN: 06537653) |
| Date: 28/05/2025 | |
| Place: Nagpur |
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