K2 Infragen

What K2 Infragen does

K2 Infragen Limited is an integrated engineering, procurement, and construction (EPC) infrastructure company publicly listed on Indian exchanges under ticker K2INFRA. Originally incorporated on March 5, 2015 as K2 Powergen Private Limited, the company rebranded to K2 Infragen in 2017 and converted to a public limited company in November 2023, completing its IPO in 2024. Headquartered in Gurgaon, Haryana, the company executes turnkey infrastructure projects across at least eight Indian states covering North, Central, South, and West India. Its core service offerings span railway electrification (including specialized 2x25 kV AC traction system upgradation), power transmission and distribution (132/33 kV and 220 kV substations and lines), road and highway construction under EPC and hybrid annuity modes, water supply projects under Jal Jeevan Mission/AMRUT, renewable energy/solar EPC, and building construction. Technical capabilities include in-house design, procurement, and project management, supported by a fleet of 15 owned construction equipment and ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications.

The company operates a project-based revenue model under three streams: one-time EPC contract revenue, professional services including design and supervision, and a smaller trading business. Revenue is generated through competitive bidding on central and state government tenders as well as direct engagement with private sector clients. Major customers include Indian Railways, Konkan Railway, RVPN, KPTCL, NHAI, Panchayat Raj Engineering Department Telangana, and private-sector EPC clients such as Larsen & Toubro, Tata Projects, HG Infra Engineering, KEC International, GR Infraprojects, and Adani Green Energy. Recent notable contract wins include a Rs 390.91 crore Telangana road project, Rs 262 crore Indian Railways Luni-Bhildi electrification (as JV lead partner with Salasar Techno Engineering), Rs 158.58 crore Konkan Railway electrification, Rs 85 crore KPTCL transmission order, and Rs 56.91 crore RVPN orders. The company has also acquired a 49% stake in Animaus Energy to enter solar generation with intent to make it a wholly owned subsidiary. For FY 2025-26, revenue from operations was Rs 184.68 crore (~$22M, +25.96% YoY) and the order book reached approximately Rs 918 crore by June 2026.

The business is led by Founder and Managing Director Pankaj Sharma (electronics engineer, MBA Marketing), with CFO Priyanka Pareek (Chartered Accountant), VP-Projects Pushpendra Singh, VP-Business Strategy Vineet Sharma, Senior VP Sanjay Gupta (ex-KEC International, 38+ years EPC experience), Executive Director Vikas Lakhanpal (ex-American Tower, Honeywell), and several independent directors including Ajai Kumar Singh Chauhan (RITES background). Operating geographies span four regions of India with no international footprint disclosed. Key risks include concentrated dependence on government tendering, a contract value (Rs 390.91 crore) that exceeds four times the company's market capitalization (~Rs 84.86 crore as of June 2026), disclosed Income Tax Department search proceedings, and execution capacity constraints given an order book more than five times annualised revenue.

Name

K2 Infragen

Legal name

K2 Infragen Limited

Website

https://k2infra.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

K2 Infragen Limited is a publicly listed Indian EPC infrastructure company executing turnkey projects in railway electrification, power transmission and distribution, road construction, water supply, and solar across eight Indian states for government agencies and private clients.

Ownership category

akta.pro rank

Product category

Infrastructure Construction Services (EPC)

NAICS

Power and Communication Line and Related Structures Construction (237130), Utility System Construction (2371)

SIC

Heavy Construction Other Than Bldg Const - Contractors (1600)

akta.pro primary industry

Construction Management & General Contracting (EPCM, Scheduling, QA/QC, HSE) (EUAMAFAJ)

akta.pro secondary industries

Overhead & Underground Collection System Construction (MV/HV Lines, Duct Banks) (EUAEADAG), Electrical Balance-of-Plant EPC (MV Collection, Cabling, Earthing, Lighting) (EUAEADAB), Civil & Site Works EPC (Earthworks, Roads, Drainage, Foundations) (EUAEADAA)

Keywords

• Railway electrification services
• Power transmission infrastructure
• Road construction EPC
• Engineering procurement construction
• Infrastructure development services

Headquarters

HQ city

Gurugram

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Supply Chain, Operations, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. EPC Contract Business: The primary revenue stream comes from engineering, procurement and construction contracts. The company designs projects, procures key materials, and executes at sites with overall project management through commissioning. Projects span railway electrification, power transmission/distribution, road construction, water supply, and building construction. Revenue from operations grew 25.96% to Rs 1.85 billion (₹184.68 crore) in FY 2025-26.
2. EPC Service Business: Service-based EPC offerings including design, procurement, construction supervision, subcontract management, work order management, and post-construction activities provided to clients across the infrastructure value chain.
3. Trading Business: The company also engages in trading business as part of its revenue diversification strategy.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

K2 Infragen Limited is an integrated Engineering, Procurement and Construction (EPC) infrastructure company that delivers turnkey construction services across railway electrification (including 2x25 kV AC traction power systems), power transmission and distribution (substations and transmission lines), road and highway construction, water supply projects (JJM/AMRUT), renewable energy/solar EPC, and building/civil construction. The company combines in-house design, procurement, project management and quality control with a fleet of 15 owned construction equipment to execute projects for government clients (Indian Railways, Konkan Railway, RVPN, KPTCL, NHAI) and private infrastructure majors across 8 Indian states.

Product overview

K2 Infragen Limited is an integrated EPC (Engineering, Procurement, and Construction) infrastructure company offering a comprehensive suite of services across multiple domains. The company operates through a unified service model combining EPC/Turnkey Construction, Power Engineering, and Project Engineering as its foundational pillars. These core services support specialized infrastructure offerings including Road/Transport/Highways construction, Railway electrification and infrastructure work, Power Transmission and Distribution (T&D), Renewable Energy/Solar EPC, Water Supply Projects (JJM/AMRUT), and Building/Civil construction. The company executes projects across 8 Indian states with in-house design, engineering, procurement, project management, and quality management capabilities, supported by a fleet of 15 construction equipment and vehicles.

Differentiator

Problem solved

Functional benefit

Products and services

• EPC / Turnkey Construction Services Comprehensive engineering, procurement, and construction services delivering complete infrastructure projects on a turnkey basis, including build-to-order and build-operate-lease arrangements for government and private clients.

Quantifiable outcome

• Revenue growth of 25.96% YoY to ₹184.68 crore in FY26
• +4 more outcomes

Named customers12 records

Segments6 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered minor and core.

• Om Associates Pvt. Ltd.minorStrategic or Co-development Partner · 23 March 2026Consortium partnership for ₹85 crore KPTCL transmission project in Karnataka. K2 Infragen awarded order in consortium with Om Associates Pvt. Ltd. for development of 220 KV transmission lines and substations in Belgaum district.
• Salasar Techno Engineering Ltd.coreStrategic or Co-development Partner · 1 January 2026Joint venture partnership for railway electrification project where K2 Infragen holds 74% stake as lead partner. The JV secured ₹262 crore Indian Railways contract for 2x25 kV AC traction power system on Luni-Bhildi rail section.

Scale indicators9 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• IRCON International: Government PSU focused on railway construction and electrification; competes directly for the same Indian Railways packages and Zonal Railways tenders K2 is winning.
• HG Infra Engineering: Direct peer in road and highway EPC under HAM mode (also a customer of K2's embankment work). Competes for similar NHAI and state road packages in North/West India where K2 operates.
• Rail Vikas Nigam Limited (RVNL): Railway PSU executing large rail infrastructure including electrification and civil works; competes for multi-disciplinary railway EPC packages analogous to those K2 targets.
• KEC International: Direct competitor in railway electrification and power T&D, with overlapping customer base (RVPN, KPTCL, Indian Railways) and a much larger global EPC footprint. K2's Senior VP Sanjay Gupta was previously VP at KEC, indicating talent and methodology overlap.
• Dilip Buildcon: Listed Indian highway EPC under HAM/EPC models, operating across similar geographies and competing for the same NHAI and state road tenders that anchor K2's Road segment.
• Kalpataru Projects International: Mid-to-large Indian EPC with adjacent business mix in power T&D, railways (including OHE), and water/urban infrastructure. A direct competitor for the same government T&D and railway electrification tenders K2 is bidding on.
• Patel Engineering: Direct peer in hydro/water/EPC civil works and tunnels, with similar presence in India's infrastructure buildout. Competes in adjacent water supply and tunnelling segments.
• GR Infraprojects: Direct peer in HAM-mode roads, railway civil works, and embankment construction; also a K2 customer and source of senior talent (Non-Executive Director Neeraj Bansal previously at GR Infraprojects).

Broad incumbents

• Tata Projects: Large diversified EPC incumbent and also a K2 customer; competes in power, rail, road, and urban infrastructure with materially greater balance sheet and execution scale.
• Larsen & Toubro (L&T): India's largest EPC conglomerate with deep presence across railways, power T&D, roads, and buildings—the same segments K2 pursues. Also a K2 customer for civil works; sets the de-facto benchmark on tender competitiveness.

Market position

Strengths6 records

Weaknesses7 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/k2-infragen-limited
• Instagraminstagram.com/k2_group.2015

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about K2 Infragen