What ITD Cementation does

ITD Cementation India Limited is a publicly listed Indian infrastructure construction company founded in 1931 and headquartered in Mumbai, with its stock traded on BSE under the ticker ITDCEM. The company specializes in executing large-scale heavy civil works, including access-controlled expressways, underground metro rail systems, tunnel boring in complex urban geology, and other major infrastructure projects. Its technical capabilities center on deploying specialized equipment such as earth pressure balancing shield tunnel boring machines (used on Mumbai Metro Aqua Line through reclaimed land and heritage zones) and operating concrete supply chains at mega-project scale (over 3 million cubic metres supplied on the 594 km Ganga Expressway).

The company generates revenue through project-based contracts won via competitive government tenders and direct negotiations with private infrastructure developers, typically structured as design-build-finance-operate-transfer or similar concession models. Its primary customer base comprises government infrastructure authorities — including UPEIDA for Ganga Expressway and Mumbai Metro Rail Corporation for Metro Line 3 — alongside private developers such as Adani Enterprises and IRB Infrastructure. Revenue is recognized progressively as construction milestones are completed on awarded contracts, with no recurring or subscription component.

In 2024–2025, ITD Cementation underwent a change in controlling ownership when Adani Group's Dubai-based entity Renew Exim DMCC acquired the 46.64% stake previously held by Thailand's Italian-Thai Development for approximately Rs 3,204 crore (USD 351M), financed in part through a USD 750 million offshore bond placement. The company remains publicly listed and operational, with Adani's capital backing and related-party project pipeline (notably Adani Enterprises on Ganga Expressway) driving a 58% stock gain by April 2026. Headcount sits in the 1,001–5,000 range, consistent with a mid-to-large specialist contractor at its current revenue scale.

Name

ITD Cementation

Legal name

ITD Cementation India Ltd

Website

https://itdcem.co.in

Company type

Public

Founded year

1931

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

ITD Cementation India Limited is a Mumbai-headquartered civil infrastructure construction company executing expressways, underground metro rail systems, tunnels, and heavy civil works for government authorities and private developers across India.

Ownership category

akta.pro rank

Product category

Heavy Civil Engineering Construction

NAICS

Heavy and Civil Engineering Construction (237), Highway, Street, and Bridge Construction (237310)

SIC

Heavy Construction Other Than Bldg Const - Contractors (1600)

akta.pro primary industry

Tunnels & Underground Rail Civil Construction (IMAFAFAE)

akta.pro secondary industry

Interchanges, Ramps & Flyovers Construction (IMAFAEAD)

Keywords

• Civil infrastructure construction
• Heavy civil engineering
• Tunnel boring services
• Expressway construction
• Metro rail construction

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Infrastructure Construction Contracts: ITD Cementation generates revenue through winning and executing large-scale infrastructure construction contracts including roads, expressways, metro rail systems, and other civil engineering projects. Revenue is project-based, earned as construction progresses on awarded contracts.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels2 records

Core offering

ITD Cementation India Limited is a heavy civil infrastructure construction contractor that executes mega-scale projects for government authorities and private developers. Its current portfolio spans access-controlled expressways (e.g., 594 km Ganga Expressway Package 3), underground metro rail tunnels and stations (e.g., Mumbai Metro Line 3 / Aqua Line, 33.5 km), and marine and hydraulic structures. The company deploys specialized equipment such as Earth Pressure Balancing Shield Tunnel Boring Machines (EPBMs), mobile concrete batching plants, transit mixers, boom pumps, and mechanical rebar processing machines to deliver these projects.

Product overview

ITD Cementation India Limited is a civil construction and infrastructure company. Based on the source material, the company has been involved in major infrastructure projects including the Ganga Expressway (594-km road corridor executed as part of a consortium) and the Mumbai Metro Aqua Line (Line 3) civil construction packages. The company operates as a construction services provider rather than a technology product company.

Differentiator

Problem solved

Functional benefit

Products and services

• Ganga Expressway Package 3 (UPEIDA) End-to-end civil construction of a 594 km access-controlled expressway package (Hardoi to Unnao section) awarded by UPEIDA, involving massive concrete operations, earthworks, and pavement construction for the Government of Uttar Pradesh.
• Mumbai Metro Line 3 (Aqua Line) Underground Package Underground metro rail construction package on Mumbai Metro Line 3 (Aqua Line) — a 33.5 km fully underground corridor with 7 stations — executed for Mumbai Metro Rail Corporation Ltd (MMRCL) using EPBMs and large-scale concrete operations.
• Marine and Hydraulic Structure Construction

Quantifiable outcome

• 58% stock gain on business transformation and Adani-backed margin expansion
• +1 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Four partnerships are on record, tiered core and supporting.

• Adani Enterprises LimitedcoreStrategic or Co-development Partner · 1 January 2025Adani Enterprises, as primary developer, partnered with ITD Cementation for execution of the Ganga Expressway project. ITD Cementation was among the key execution partners for the 594-km corridor developed by Adani Enterprises and IRB Infrastructure.
• IRB Infrastructure Developers LimitedcoreStrategic or Co-development Partner · 1 January 2025IRB Infrastructure and Adani Enterprises developed the Ganga Expressway, with ITD Cementation as one of the key execution partners for civil construction works on this major infrastructure project.
• Mumbai Metro Rail CorporationcoreStrategic or Co-development Partner · 1 January 2025ITD Cementation served as key contractor for civil construction packages on Mumbai Metro Aqua Line (Line 3), executing underground tunnel construction through challenging urban geology including reclaimed land and densely populated areas.
• Schwing Stetter IndiasupportingTechnology or Integration · 1 January 2025Schwing Stetter India supported the Ganga Expressway project with batching plants, transit mixers, and boom pumps. ITD Cementation utilized these equipment solutions for concrete operations totaling over 3 million cubic metres.

Scale indicators5 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• NCC Limited: Diversified Indian construction firm active in highways, metros, buildings, and water infrastructure. Competes directly with ITD in road, bridge, and urban infrastructure tenders across India.
• Afcons Infrastructure: Closest peer in heavy civil construction with particular strength in tunnels, metros, and marine works. Like ITD, recently became part of the Adani Group, making it a near-twin in terms of ownership, capabilities, and target project types.
• Tata Projects: Tata Group's EPC arm executing metros, expressways, and large civil infrastructure across India. Directly competes with ITD Cementation for government and private infrastructure tenders with overlapping capabilities.
• Kalpataru Projects International: Diversified EPC with significant presence in roads, bridges, metros, and urban infrastructure in India. Overlapping capability set and customer base with ITD Cementation across government infrastructure tenders.
• Dilip Buildcon: Specialist in highway and expressway construction on EPC and HAM models. Closely comparable to ITD's highway/expressway execution capabilities and bidding approach for government road projects.
• Hindustan Construction Company: Long-established Indian heavy civil contractor with heritage in hydropower, tunnels, bridges, and expressways. Directly comparable to ITD in tunnel boring and complex urban infrastructure execution.
• GR Infraprojects: Highway and expressway-focused EPC plus HAM developer with strong road construction credentials. Competes with ITD on large access-controlled corridor packages similar to the Ganga Expressway.

Emerging players

• KEC International: Primarily a transmission and power infrastructure EPC, but expanding into civil and urban infrastructure. Emerging as a partial competitor on integrated infrastructure packages where ITD also bids.

Broad incumbents

• Larsen & Toubro: India's largest EPC conglomerate with a dominant construction division spanning roads, metros, tunnels, and heavy civil works. Broader portfolio and scale make it the principal incumbent against which ITD Cementation competes for large infrastructure tenders.

Others

• IRB Infrastructure Developers: Expressway developer and concessionaire on BOT/HAM models and a current ITD Cementation customer on the Ganga Expressway. Operates on the developer/owner side of the value chain rather than as a peer contractor, but operates in the same highway infrastructure ecosystem.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/itd-cementation-india-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds1 record

Investors1 record

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 ITD Cementation