WEBSITE BSE:0 NSE: Inc. Year: 2020 Industry: Engineering - Construction My Bucket: Add Stock
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1. Business Overview
Srinibas Pradhan Constructions Ltd. (SPCON) is an Indian company operating in the Engineering - Construction sector. Its core business likely involves undertaking construction projects across various sub-segments, which may include civil construction (roads, bridges, flyovers), building construction (commercial, residential, industrial), and potentially other infrastructure projects (water supply, sewerage, power transmission lines, etc.). The company operates primarily as a contractor, bidding for and executing projects awarded by government bodies, public sector undertakings, and private clients. It makes money by charging clients for the successful completion of these construction projects, typically based on fixed-price contracts, cost-plus contracts, or hybrid models.
2. Key Segments / Revenue Mix
Specific segment breakdown and revenue contribution data for SPCON are not available. However, based on its industry, a typical Indian construction company might have segments such as:
Infrastructure: Roads, bridges, highways, railways, urban infrastructure.
Buildings: Residential, commercial, industrial, institutional buildings.
Water & Environment: Water supply, irrigation, wastewater treatment, sanitation.
Without specific data, it is not possible to detail the company's current revenue mix.
3. Industry & Positioning
The Indian Engineering - Construction industry is highly competitive, fragmented, and cyclical, heavily influenced by government spending on infrastructure, industrial capex, and real estate cycles. The industry includes a wide range of players from large, diversified conglomerates to specialized mid-sized and small local contractors. Positioning for SPCON would depend on its project portfolio, geographic focus, execution capabilities, and client relationships. Given its name and general information, it is likely a mid-tier player primarily focusing on specific regions or types of projects within India, competing with both larger established players and numerous smaller local firms for contracts.
4. Competitive Advantage (Moat)
Without specific company details, identifying a strong, durable moat for SPCON is challenging. Potential competitive advantages in the construction sector, which SPCON may possess, include:
Execution Capabilities & Track Record: A proven history of timely and quality project delivery can build trust and lead to repeat business or pre-qualification for larger projects.
Specialized Expertise: Niche capabilities in complex engineering or specific types of infrastructure (e.g., difficult terrain, specific materials).
Client Relationships: Strong, long-standing relationships with key government agencies or private developers.
Access to Capital/Equipment: Ability to secure financing for large projects or own a significant fleet of modern construction equipment.
However, the sector generally faces high competition, making differentiation difficult without unique proprietary technology or significant economies of scale which are not explicitly evident.
5. Growth Drivers
Key factors that can drive growth for SPCON over the next 3-5 years include:
Government Focus on Infrastructure: Continued high government spending on roads, railways, urban development, and other public infrastructure projects under initiatives like the National Infrastructure Pipeline.
Urbanization: Increasing demand for urban infrastructure, housing, and commercial spaces driven by growing urban populations.
Industrial Capex: Revival in private sector capital expenditure across manufacturing, logistics, and other industries.
Smart Cities & Sustainability: Opportunities arising from new projects focused on sustainable infrastructure, renewable energy integration, and smart city development.
Access to Funding: Availability of affordable project financing and increasing private sector participation in infrastructure development.
6. Risks
SPCON faces several key business risks typical for the construction industry:
Project Execution Risks: Delays, cost overruns, quality issues, and unforeseen technical challenges can severely impact profitability and reputation.
Intense Competition: The fragmented nature of the industry leads to aggressive bidding, potentially impacting project margins.
Working Capital Management: Construction projects are working capital intensive, and delays in client payments or cost escalations can strain liquidity.
Regulatory & Environmental Risks: Changes in government policies, land acquisition challenges, environmental clearances, and compliance can lead to project delays or cancellations.
Raw Material Price Volatility: Fluctuations in prices of key inputs like cement, steel, and fuel can erode project margins, especially for fixed-price contracts.
Dependency on Government Contracts: High reliance on government tenders can expose the company to policy changes, bureaucratic delays, and payment cycles.
Interest Rate Sensitivity: High debt levels for project financing make the company vulnerable to rising interest rates.
7. Management & Ownership
Specific details about the promoters and management quality of Srinibas Pradhan Constructions Ltd. are not available. In India, companies like SPCON often have strong promoter groups who play a significant role in strategic direction and business development, particularly in securing contracts and managing key relationships. The ownership structure would typically involve the promoter group holding a significant stake, alongside institutional and public shareholders.
8. Outlook
Srinibas Pradhan Constructions Ltd. operates in a sector with significant long-term growth tailwinds, driven by India's continuous need for infrastructure development, urbanization, and government spending. The potential for growth is substantial for companies capable of efficient project execution, sound financial management, and maintaining strong client relationships. However, the outlook is also tempered by inherent industry challenges such as intense competition, project execution risks, working capital pressures, and susceptibility to economic cycles and regulatory changes. Success will hinge on SPCON's ability to selectively bid for profitable projects, manage costs effectively, and maintain a robust balance sheet amidst a demanding operating environment.
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Market Cap ₹103 Cr.
Stock P/E 15.6
P/B 2.8
Current Price ₹130.8
Book Value ₹ 46.1
Face Value 10
52W High ₹169
Dividend Yield 0%
52W Low ₹ 99
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) |
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| Net Sales |
| Other Income |
| Total Income |
| Total Expenditure |
| Operating Profit |
| Interest |
| Depreciation |
| Exceptional Income / Expenses |
| Profit Before Tax |
| Provision for Tax |
| Profit After Tax |
| Adjustments |
| Profit After Adjustments |
| Adjusted Earnings Per Share |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|
| Net Sales | 4 | 26 | 35 | 90 | |
| Other Income | 0 | 0 | 0 | 0 | |
| Total Income | 4 | 26 | 35 | 90 | |
| Total Expenditure | 4 | 24 | 30 | 76 | |
| Operating Profit | 0 | 2 | 6 | 13 | |
| Interest | 0 | 0 | 0 | 2 | |
| Depreciation | 0 | 0 | 1 | 3 | |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | |
| Profit Before Tax | 0 | 2 | 5 | 9 | |
| Provision for Tax | 0 | 0 | 1 | 2 | |
| Profit After Tax | 0 | 1 | 4 | 7 | |
| Adjustments | -0 | 0 | 0 | 0 | |
| Profit After Adjustments | 0 | 1 | 4 | 7 | |
| Adjusted Earnings Per Share | 11.9 | 45.7 | 6.4 | 11.4 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 157% | 182% | 0% | 0% |
| Operating Profit CAGR | 117% | 0% | 0% | 0% |
| PAT CAGR | 75% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | NA% | NA% | NA% | NA% |
| ROE Average | 56% | 76% | 78% | 78% |
| ROCE Average | 49% | 86% | 73% | 73% |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Shareholder's Funds | 0 | 3 | 8 | 16 |
| Minority's Interest | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 1 | 4 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 3 | 4 | 12 | 36 |
| Total Liabilities | 4 | 6 | 21 | 56 |
| Fixed Assets | 0 | 1 | 3 | 12 |
| Other Non-Current Assets | 0 | 1 | 4 | 1 |
| Total Current Assets | 3 | 5 | 14 | 43 |
| Total Assets | 4 | 6 | 21 | 56 |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | 0 | -0 | 3 | -14 |
| Cash Flow from Investing Activities | -0 | -0 | -6 | -2 |
| Cash Flow from Financing Activities | 0 | 1 | 3 | 16 |
| Net Cash Inflow / Outflow | 0 | -0 | 0 | 0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 |
| # | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Earnings Per Share (Rs) | 11.93 | 45.68 | 6.44 | 11.36 |
| CEPS(Rs) | 14.72 | 49.74 | 7.47 | 16.01 |
| DPS(Rs) | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 14.83 | 82.21 | 14 | 27.43 |
| Core EBITDA Margin(%) | 4.52 | 8.16 | 15.84 | 14.76 |
| EBIT Margin(%) | 3.96 | 7.67 | 14.28 | 11.79 |
| Pre Tax Margin(%) | 3.96 | 7.51 | 13.52 | 9.82 |
| PAT Margin (%) | 2.99 | 5.62 | 10.06 | 7.34 |
| Cash Profit Margin (%) | 3.55 | 6.12 | 11.67 | 10.35 |
| ROA(%) | 3.43 | 28.94 | 26 | 17.2 |
| ROE(%) | 83.68 | 105.07 | 68.36 | 55.76 |
| ROCE(%) | 35.74 | 126.25 | 81.81 | 49.47 |
| Receivable days | 178.82 | 41.48 | 53.9 | 74.39 |
| Inventory Days | 29.26 | 9.54 | 28.89 | 26.29 |
| Payable days | 216.91 | 92.96 | 142.18 | 122.7 |
| PER(x) | 0 | 0 | 0 | 0 |
| Price/Book(x) | 0 | 0 | 0 | 0 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.05 | 0 | 0.17 | 0.23 |
| EV/Core EBITDA(x) | 1.15 | 0.03 | 1.06 | 1.54 |
| Net Sales Growth(%) | 0 | 512.04 | 33.86 | 154.28 |
| EBIT Growth(%) | 0 | 1085.86 | 149.32 | 109.92 |
| PAT Growth(%) | 0 | 1051.28 | 139.52 | 85.58 |
| EPS Growth(%) | 0 | 282.79 | -85.9 | 76.34 |
| Debt/Equity(x) | 2.1 | 0.02 | 0.24 | 1.08 |
| Current Ratio(x) | 1.01 | 1.37 | 1.21 | 1.21 |
| Quick Ratio(x) | 0.9 | 1.09 | 0.82 | 0.97 |
| Interest Cover(x) | 1704 | 48.81 | 18.58 | 5.97 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 |
| # | Mar 2026 |
|---|---|
| Promoter | 62.1 |
| FII | 0 |
| DII | 0 |
| Public | 37.9 |
| Others | 0 |
| Total | 100 |
| # | Mar 2026 |
|---|---|
| Promoter | 0.49 |
| FII | 0 |
| DII | 0 |
| Public | 0.3 |
| Others | 0 |
| Total | 0.79 |
* The pros and cons are machine generated.
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