SRM Contractors Ltd(SRM)

NSE: SRMBSE: 544158

₹ 345.55-0.76%refreshed 26 Oct, 11:57 am ISTMarket cap: ₹ 793 crWebsite: www.srmcpl.comUpdated: 24 Oct 2026

About

SRM Contractors Ltd is an EPC civil construction company building roads and bridges, tunnels and slope stabilisation works, historically based in J&K/Ladakh and now working across several Indian states. It reported FY26 revenue from operations of Rs 1,025.57 Cr. As of June 2026 its order backlog was about Rs 2,190.20 crore, and it holds a 51% stake in Maccaferri Infrastructure Pvt. Ltd. (MIPL).^[1][2][3]

Order book

Order backlog was about ₹2,190.20 cr as of June 2026, compared with ₹1,843.87 cr at March 2026.^[2][4]
Roads & Bridges made up 54% of the order book as of June 2026.^[2]
As of December 2025, the order book of ₹1,423.79 cr split into roads & bridges ₹940 cr (66%), slope stabilisation ₹344 cr (24%) and tunnels ₹139 cr (10%).^[3]
Book-to-bill ratio was 1.80 in FY26, compared with 2.44x in FY25.^[4][3]
Average project completion time was 18 to 24 months, as stated in Q1 FY27.^[2]

Order inflow and bid pipeline

Order inflows were ~₹500 cr in Q1 FY27, compared with ₹1,097.29 cr for the whole of FY26.^[2][4]
Q1 FY27 wins: ₹229.5 cr from NF Railway (Dimapur - Kohima broad gauge line), ₹210.6 cr from MSIDC (Nashik Darshan Path) and ₹60.4 cr from MORTH (landslide mitigation), all under EPC mode.^[2]
The bid pipeline (tenders under evaluation) was ₹5,200 cr in Q1 FY27, compared with ₹4,271.85 cr in FY26.^[2][4]
Management said in Q3 FY26 that slope stabilisation bids convert at about 50%, compared with about 10 - 20% for roads.^[3]
In Q2 FY26 it won a ₹110.28 cr order for a 1,000 MW pumped storage project at Bhivpuri, Maharashtra, with completion expected by February 2027.^[5]

Geographic spread

Maharashtra was the largest state in the order book as of June 2026 at ₹964.95 cr (44%), ahead of J&K at ₹339.07 cr (15%).^[2]
As of March 2026, Maharashtra made up ₹846.56 cr (46%) of the order book, with Uttarakhand at ₹180.21 cr and Gujarat at ₹134.23 cr.^[4]
In FY26 MIPL's office network helped it enter Uttarakhand, Himachal Pradesh, Nagaland, Gujarat and Maharashtra, beyond its J&K/Ladakh base.^[5]

MIPL acquisition

SRM acquired a 51% stake in Maccaferri Infrastructure Pvt. Ltd., a subsidiary of Officine Maccaferri S.p.A., Milan, Italy.^[6][4]
MIPL was consolidated from October 21 (FY26) and added ₹31 cr of revenue in Q3 FY26. Its order book was ₹282 cr at that point.^[3]

Capex and equipment

Capex was ₹152 cr in FY26, compared with an earlier plan of ₹90 - 95 cr; it was mainly spent on construction equipment.^[4][3]
About ₹100 cr of capex was planned for FY27 for further equipment build-out, as stated in Q3 FY26.^[3]

Expansion plans

The company plans to move into Hybrid Annuity Model (HAM) projects; the HAM pipeline was ₹2,157 cr in Q2 FY26.^[2][5]
It is targeting GCC and African markets and is negotiating slope stabilisation work in Saudi Arabia, Oman and UAE (Q3 FY26).^[4][3]
FY27 consolidated revenue guidance is ₹1,400 - 1,750 cr, with EBITDA margin guided at 15 - 18%+, as of Q1 FY27.^[2]

Recent developments

On 23 Sep 2026 the Abu Dhabi branch became a wholly owned subsidiary, SRM Contractors LLC, with initial capital of AED 100,000.^[7]
On 1 July 2026 CARE Edge upgraded the long-term bank facilities rating from CARE A- to CARE A.^[2]
Dr. Sanjay Mehta became Non-Executive Group Chairman, focused on international expansion, and Puneet Pal Singh was appointed Managing Director (FY26).^[4][5]
The company acquired SRM Serves Foundation, a Section 8 company, as a wholly owned subsidiary to carry out its CSR activities (FY25).^[6]

Market Cap

₹793 Cr

High / Low

₹652 / 346

Stock P/E

6.7

Price / Book

2.1

Book Value

₹162

EPS

₹48.4

No. of Shares

2.29 Cr

ROCE

37.1%

ROE

34.3%

OPM

15.5%

Debt / Equity

0.36

Sales

₹1,026 Cr

Net Profit

₹111 Cr

Promoter holding

72.6%

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