The investor holds a 6.62% stake in the EPC company, which has a ₹13,498 crore order book and counts developers such as Lodha, DLF, Oberoi Realty and Godrej Properties among its clients.
While investors often focus on listed real estate developers, veteran investor Mukul Agrawal has taken a different route. He owns about 6.62 percent of Capacit’e Infraprojects, a construction company that works behind the scenes on projects undertaken by some of India’s largest developers and government agencies.
The company provides indirect exposure to India’s building construction cycle without owning land or selling homes. Instead, it executes projects for developers and public-sector clients.
The Builder Behind the Builders
Capacit’e Infraprojects is an engineering, procurement and construction (EPC) company specializing in end-to-end construction services. Its portfolio includes residential, commercial and institutional buildings, along with mixed-use developments.
The company undertakes:
- High-rise and super high-rise buildings
- Shell and core projects
- Lock-and-key contracts
- MEP works
- Hotels and malls
- Office complexes and hospitals
- Data centres and factories
- Metro stations and townships
Over the past 12 years, Capacit’e says it has delivered more than 75 million square feet across various segments.
Rather than marketing apartments or owning land banks, the company acts as the execution partner for developers, making it a “builder behind the builder.”
Client List Includes Leading Developers
According to Infomerics Ratings and company disclosures, Capacit’e’s client base includes several prominent names, including:
- Oberoi Realty
- Lodha
- Godrej Properties
- DLF
- Prestige Group
- Raymond
- Phoenix Mills
- Piramal Realty
- Hubtown
- Brookfield
- Signature Global
Projects highlighted by the company include:
- The Park Towers 3 and 4 for Lodha Group
- One Altamount for Lodha Group
- Piramal Mahalaxmi
- Garden City Phase 3 for Oberoi Realty
- Auris Serenity for Transcon Developers
- 25 South Prabhadevi for Hubtown Group
This structure allows Capacit’e to benefit from rising construction activity across multiple developers instead of depending on the fortunes of a single real estate company.
₹13,498 Crore Order Book Provides Visibility
As of March 31, 2026, the company had a standalone order book of ₹13,498 crore.
The mix comprises:
- 57% public-sector projects
- 43% private-sector projects
By segment:
- Residential projects: 62%
- Mixed-use projects: 29%
- Institutional projects: 9%
High-Rise Expertise Offers a Competitive Edge
Around 60 percent of Capacit’e’s order book consists of buildings exceeding 40 floors.
Such projects require specialized expertise in:
- Foundation engineering
- Concrete pumping
- Safety systems
- Construction sequencing
- Manpower management
The complexity involved reduces competition and gives Capacit’e a niche position within the building construction segment.
FY26 Financial Performance
For FY26, the company reported:
- Revenue from operations: ₹2,622.7 crore, up 12% from ₹2,349.5 crore in FY25.
- EBITDA: ₹427.2 crore, compared with ₹379.4 crore a year earlier.
- EBITDA margin: 16.3%, versus 16.1% in FY25.
- Profit after tax: ₹193 crore, down from ₹204 crore.
The decline in profit was mainly due to a sharp fall in other income, which dropped to ₹20.9 crore from ₹57.6 crore in FY25.
Management said FY25 included one-time write-backs, while FY26 other income largely consisted of regular interest income, making comparisons less meaningful.
Q4 FY26 Performance
In the March quarter:
- Revenue rose 6% to ₹711.8 crore.
- EBITDA increased 27% to ₹109.1 crore.
- EBITDA margin improved to 15.3% from 12.8%.
- PAT declined to ₹45 crore, compared with ₹53 crore in Q4 FY25.
Cash Flow and Working Capital Improved
Operating cash flow strengthened considerably during FY26.
Net cash generated from operating activities rose to ₹224 crore, compared with ₹52 crore in FY25.
The company also reduced working capital days, including retention debtors, by 43 days, aided by improved collections.
Order Wins and Financing Costs Improved
Capacit’e secured fresh orders worth ₹4,446 crore during FY26, exceeding its guidance of ₹3,500 crore.
Its credit rating was upgraded to BBB+/Stable from BBB/Stable.
Management said borrowing costs have fallen over the past two years:
- Fund-based rates declined from about 12.5% to 9.65%.
- Non-fund-based commission charges reduced from 2.5% to 1.2%.
The company expects lower finance costs to support earnings in FY27.
Challenges During FY26
Execution was affected by:
- Election-related disruptions in the Mumbai Metropolitan Region.
- Labour migration during assembly elections.
- Regulatory interruptions in the NCR region.
Commodity inflation also created pressure. Prices of electrical and aluminium products rose around 18% between February and April 2026.
Management made a ₹10 crore procurement provision, which could be reversed if escalation claims are recovered from clients over the next two quarters.
FY27 Outlook
Management has guided for around 20 percent revenue growth annually over the next two years.
Two key projects are expected to contribute significantly:
- CIDCO: ₹500-600 crore revenue in FY27.
- MHADA: ₹350-400 crore revenue.
Projects from clients including Signature Global, Raymond, NBCC, and other private developers are also expected to support growth.
About the Company
Capacit’e Infraprojects Ltd is a building-focused EPC company engaged in residential, commercial, institutional and mixed-use construction projects. It specializes in high-rise and super high-rise structures and has delivered over 75 million square feet across India.
TL;DR
Mukul Agrawal’s 6.62% stake in Capacit’e Infraprojects gives him indirect exposure to India’s real estate cycle. The company has a ₹13,498 crore order book, specializes in high-rise construction, and works with developers including Lodha, Oberoi Realty and Godrej Properties.
AI Summary
- Mukul Agrawal owns about 6.62% of Capacit’e Infraprojects.
- The company has a ₹13,498 crore order book.
- Around 60% of orders involve buildings above 40 floors.
- FY26 revenue rose 12% to ₹2,622.7 crore.
- Management expects around 20% annual revenue growth over the next two years.
