Gayatri Projects

What Gayatri Projects does

Gayatri Projects Limited is the flagship infrastructure entity of the Gayatri Group, founded as a partnership in 1963 and incorporated in 1989, listed on the BSE since 2006 and the NSE since 2011. The company delivers turnkey Engineering, Procurement, and Construction (EPC) services across highways, bridges, irrigation, mining, and industrial infrastructure, and operates a portfolio of Build-Operate-Transfer (BOT) road and infrastructure assets through eight special purpose vehicles. Execution is supported by an in-house equipment fleet and ISO 9001 certified processes, and the firm has historically qualified and executed projects jointly with partners including IJM, DLF, and Jaiprakash Associates.

The customer base is concentrated on central and state government agencies, principally the National Highways Authority of India, state Public Works Departments, irrigation and water resources departments, the Airports Authority of India, and the Sardar Sarovar Narmada Nigam. A smaller set of private industrial clients includes Visakhapatnam Steel Plant and Kakinada Port. Revenue is generated through fixed-price EPC contracts, long-tenor BOT toll/annuity concessions, and, more recently, a Mine Development and Operations contract on the Jhanjra Project.

The most recent disclosed financial anchor is FY19 standalone turnover of Rs.3,463 crores, with net worth of Rs.1,329.63 crores and total assets of Rs.5,864 crores, against an order book of Rs.16,317 crores (approximately 4.7x of FY19 revenue). Subsidiaries include Gayatri Energy Ventures and Bhandara Thermal Power in the power sector. In September 2025, the National Company Law Tribunal approved a Rs.2,400 crore one-time settlement resolving approximately Rs.8,100 crore of legacy dues, clearing the principal balance-sheet overhang and enabling a renewed bidding and expansion posture supported by fresh equity capital from Zeal Global Opportunities Fund (5.06% stake, April 2026) and a promoter off-market stake increase (June 2026).

Name

Gayatri Projects

Legal name

Gayatri Projects Limited

Website

https://gayatri.co.in

Company type

Public

Founded year

1989

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Gayatri Projects Limited is an Indian infrastructure company offering EPC construction and BOT highway services to government agencies and select industrial clients across India, operating eight SPVs with in-house equipment and subsidiaries spanning power and mining.

Ownership category

akta.pro rank

Product category

Infrastructure Construction Services

NAICS

Other Heavy and Civil Engineering Construction (237990), Utility System Construction (2371), Power and Communication Line and Related Structures Construction (237130)

SIC

Heavy Construction Other Than Bldg Const - Contractors (1600), Water, Sewer, Pipeline, Comm & Power Line Construction (1623)

akta.pro primary industry

Design-Build / EPC General Contracting (IMAFAAAD)

akta.pro secondary industries

Construction Management & Delivery (EPCM/CMAR/Design-Build Oversight) (EUANALAE), Balance-of-Plant (BOP) & Civil Works for Power Plants (EUAEAAAL)

Keywords

• Infrastructure construction services
• Highway and road construction
• EPC project execution
• BOT toll road projects
• Irrigation and dam construction

Headquarters

HQ city

Hyderabad

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. EPC Construction Contracts: Engineering, Procurement and Construction services for road, irrigation and industrial projects. Revenue recognized as projects are executed and completed.
2. BOT (Build-Operate-Transfer) Projects: Infrastructure asset ownership and development through Build-Operate-Transfer model. Revenue generated from toll collection and annuity payments during concession period.
3. Annuity-based BOT Projects: Annuity BOT projects where company receives periodic payments from government for constructing and maintaining infrastructure assets for specified concession periods.
4. Mining Operations (MDO Model): Mine Developer-Operator model for coal extraction using fully mechanized longwall mining technology. No risks related to off-take and coal prices as executed under MDO contracts.

Distribution channels1 record

Marketing channels2 records

Core offering

Gayatri Projects Limited is an Indian infrastructure construction company that executes Engineering, Procurement and Construction (EPC) contracts as well as Build-Operate-Transfer (BOT) toll and annuity road projects. Its core work spans highways, expressways, bridges, tunnels, irrigation dams and canals, industrial structures, and mining (under the MDO model) primarily for government clients such as NHAI and state agencies. It is the flagship company of the Gayatri Group and operates several Special Purpose Vehicles (SPVs) that hold and operate individual road concessions.

Product overview

Gayatri Projects Ltd operates as an infrastructure development and construction company offering a portfolio of services that span Engineering, Procurement and Construction (EPC) services and Build-Operate-Transfer (BOT) project development. The company executes road, highway, irrigation, and industrial construction projects across India using its in-house equipment fleet and workforce. Through its Special Purpose Vehicles (SPVs), the company develops and operates toll roads and highways on BOT basis, including eight subsidiary companies managing concession assets such as Western UP Tollway, Hyderabad Expressways, Cyberabad Expressways, Indore Dewas Tollways, and HKR Roadways. The company also maintains vertical integration through power sector subsidiaries including Gayatri Energy Ventures Private Limited and Bhandara Thermal Power Corporation Limited. The current order book stands at approximately Rs.16,317 crores (as of March 2019), representing 4.7x FY19 revenues with strong execution visibility across transportation, water works, land development, and mining service segments.

Differentiator

Problem solved

Functional benefit

Products and services

• EPC Construction Services Turnkey engineering, procurement and construction of infrastructure assets delivered for government and industrial clients in India. Covers design, procurement of materials, construction and project management through to handover.
• BOT (Build-Operate-Transfer) Toll and Annuity Road Projects Long-term concessions awarded by NHAI and state agencies where Gayatri Projects finances, builds, operates and maintains road assets for a defined concession period under toll or annuity models before transferring them back.
• Western UP Tollway Limited (BOT SPV) Subsidiary SPV of Gayatri Projects Limited set up to execute and operate a BOT toll road concession in the Western Uttar Pradesh region.
• Hyderabad Expressways Limited (BOT SPV) Subsidiary SPV executing and operating an expressway BOT concession in and around Hyderabad, Telangana.
• Cyberabad Expressways Limited (BOT SPV) Subsidiary SPV executing and operating an expressway BOT concession serving the Cyberabad (Hyderabad IT corridor) region.
• Mining Services (MDO Model) End-to-end mining services including mine development and operations under the MDO model, leveraging mechanized longwall mining capabilities for coal and mineral concessions.
• Irrigation and Water Works Construction Construction of dams, canals, lift irrigation schemes and other water resources infrastructure for state government irrigation and water resources departments.

Quantifiable outcome

• Order book of Rs.16,317 Crores providing approximately 4.7x FY19 revenue visibility
• +2 more outcomes

Named customers10 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

16 partnerships are on record, tiered minor and core.

• Viswanath-Gayatri Joint VentureminorStrategic or Co-development Partner · 26 August 2010Joint venture formed on August 26, 2010 awarded contract for design, manufacture, predispatch inspection, testing and supply of material for construction of power distribution infrastructure under O&M in Barwani and Ratlam districts.
• Maytas-Gayatri Joint VentureminorStrategic or Co-development Partner · 17 June 2010Joint venture formed on June 17, 2010 in the ratio of 62:38, for widening to 2 laning of road projects in Nagaland under SARDP-NE Phase A.
• Gayatri-BCBPPL Joint VentureminorStrategic or Co-development Partner · 19 January 2008Joint venture formed on January 19, 2008 for execution of work of Indira Sagar main canal from RD 130.935 Km to 155.00 Km including distribution work at Madhya Pradesh.
• DLF-Gayatri ConsortiumcoreStrategic or Co-development Partner · 17 January 2008MOU signed with DLF Limited on January 17, 2008 to apply for all future road works as a consortium. DLF is the largest real estate developer in India. The joint venture benefits the company in qualifying for large scale works announced by NHAI and to procure more orders on combined strengths.
• Gayatri-GDC Joint VentureminorStrategic or Co-development Partner · 17 September 2006Joint venture formed on September 17, 2006 in the ratio of 70:30, for execution of work of rehabilitation and upgrading of road sections in Chhattisgarh.
• GPL-Brahmaputra ConsortiumminorStrategic or Co-development Partner · 8 November 2005Joint venture formed on November 8, 2005 in the ratio of 26:74, for execution of works like up-gradation, strengthening, operation and maintenance on BOT basis in the State of Punjab.
• Gayatri-ECI Joint VentureminorStrategic or Co-development Partner · 18 August 2005Joint venture formed on August 18, 2005 in the ratio of 75:25, for widening and strengthening of existing National Highway from 2-lane to 4-lane from Km 60.0 to km 30.00 of Bijni to WB Border Section of NH-31C in Assam.
• RNS-GPL Joint VentureminorStrategic or Co-development Partner · 7 May 2005Joint venture formed on May 7, 2005 in the ratio of 50:50, for tendering and execution of widening and strengthening of roads from Ramanathapuram to Tuticorn with a total length of 118 kms of State Highways in Tamil Nadu.
• Jaiprakash-Gayatri Joint VenturecoreStrategic or Co-development Partner · 9 July 2004Joint venture formed on July 9, 2004 in the ratio of 60:40, for participation in pre-qualification bids and tenders for irrigation projects including expansion into states such as Orissa, Madhya Pradesh, Gujarat and Maharashtra.
• IJM-Gayatri Joint VenturecoreStrategic or Co-development Partner · 21 December 1998Joint venture formed on December 21, 1998 in the ratio of 60:40 (IJM 60%, Gayatri 40%), for submitting prequalification, tender and subsequent execution of various civil and structural works including Earth works, National and State Highways, Bridges, Dams, Reservoirs, Airports, Roads and Buildings within India.
• GPL-RKTCPL Joint VentureminorStrategic or Co-development PartnerJoint venture for construction of Kudri Barrage project at Chhattisgarh including vertical lift gates and detailed alignment of barrage survey, drawing, design, planning, fixing principal levels of barrage.
• Gayatri-SPL Joint VentureminorStrategic or Co-development PartnerJoint venture for improvement and augmentation of Thanjavur to Pudukottai section of NH-226 to 2-lane with paved shoulders from km 00.000 to km 55.228 under NHDP Phase IV in EPC mode.
• Nagarjuna Construction Company Ltd.coreStrategic or Co-development PartnerConsortium partner for Western UP Tollway Ltd. BOT project - first toll project for GPL bagged with consortium company Nagarjuna Construction Company Ltd. and Maytas Infra Ltd. Project involves 4-lane divided highway of 52 km to 131 km of NH-59 in Uttar Pradesh.
• Infrastructure Development Finance Company Ltd (IDFC)coreStrategic or Co-development PartnerConsortium partner for annuity BOT projects Gayatri Lalitpur Roadways Ltd. and Gayatri Jhansi Roadways Ltd. Projects involve 50 km stretch between Jhansi and Lalitpur on NH-26 as part of North-South Corridor.
• Maytas Infra LimitedcoreStrategic or Co-development PartnerConsortium partner for Hyderabad Expressways Ltd. and Cyberabad Expressways Ltd. SPVs for development of outer ring road (ORR) expressway projects in Hyderabad.
• DLF Infra Holdings Ltd.coreStrategic or Co-development PartnerConsortium partner for Indore Dewas Tollways Ltd. (Six-Laning of NH-3) and HKR Roadways Ltd. (Four-Laning of Hyderabad-Karimnagar-Ramagundam stretch).

Scale indicators9 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Ashoka Buildcon: Indian road EPC and BOT toll operator with similar order-book discipline and government-counterparty exposure. Highly comparable on NHAI/state highway bid participation and SPV concession structure.
• Patel Engineering: Indian EPC contractor focused on hydropower, irrigation and tunneling projects. Directly comparable to Gayatri's irrigation and water works segment including dams and lift irrigation schemes.
• IRB Infrastructure Developers: India's leading BOT toll-road developer with similar SPV-based concession model and reliance on NHAI/state road authority tenders. Directly comparable on the build-operate-transfer asset ownership thesis.
• Simplex Infrastructures: Indian EPC contractor with comparable heavy civil, road, irrigation and urban infrastructure portfolio. Historically similar scale and customer profile, often bidding against Gayatri for the same NHAI/state contracts.
• Sadbhav Engineering: Indian infrastructure EPC company executing roads, irrigation and mining projects with a comparable diversified portfolio. Overlaps directly with Gayatri's transportation, irrigation and mining service lines.
• KEC International: Power infrastructure and transmission EPC company that overlaps with Gayatri's Viswanath-Gayatri JV power distribution work and subsidiaries' thermal power exposure. Comparable on power-adjacent EPC execution.
• Dilip Buildcon: Direct Indian peer focused on road EPC and BOT highway projects with a comparable order-book-driven model and pan-India execution footprint. Most directly comparable to Gayatri's road construction and BOT SPV business.
• Nagarjuna Construction Company (NCC): Diversified Indian EPC contractor in roads, irrigation, buildings and mining. Already a joint-venture partner of Gayatri (Western UP Tollway SPV), making it an exact comparable on capability mix and customer roster.

Broad incumbents

• Hindustan Construction Company (HCC): Larger and more diversified Indian infrastructure contractor covering hydropower, tunneling, urban infrastructure and roads. Broader incumbent peer that overlaps with Gayatri's heavy civil engineering and irrigation scope.
• Larsen & Toubro (L&T): India's largest EPC conglomerate with a transportation infrastructure, power and irrigation portfolio. Sets the competitive ceiling on large-ticket government tenders that Gayatri also bids for.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries2 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 Gayatri Projects