Gülermak

What Gülermak does

Gülermak Ağır Sanayi İnşaat ve Taahhüt A.Ş. is a Turkish-headquartered EPC (Engineering, Procurement, Construction) contractor founded in 1958, specializing in turnkey transportation and industrial infrastructure. Its core service areas are transportation infrastructure (metro, light rail, tram, conventional and high-speed rail, highways, bridges and tunnels), energy (hydroelectric and combined cycle power plants), industrial construction (cement, sugar and glass factories), and environmental infrastructure (dredging, wastewater treatment, water pipelines). The company's technical differentiation rests on operation of 40+ tunnel boring machines and NATM tunneling expertise, with a delivered base of 300+ km of tunnel, 1,500+ km of railway and 120+ underground metro stations across 100+ projects.

Gülermak's customers are exclusively public-sector or state-owned entities: ministries of transport, municipal governments, road and metro authorities in Turkey, Poland, Sweden, the UAE, India, Romania, the Philippines and Macedonia. Revenue is earned through fixed-price EPC contracts awarded via competitive government tenders, often executed under consortium or joint venture arrangements with local partners (e.g., LGE JV in the Philippines, GLM Tramwaj in Poland, PORR-Gulermak for Polish expressways). Project payment follows milestone schedules over multi-year durations. Pricing is not publicly disclosed. The company operates wholly-owned subsidiaries in Poland (Gülermak sp. z o.o.) and Sweden (Gülermak Swedish Filial), regional offices in seven countries, and trades publicly on Borsa İstanbul since February 2025 following an IPO.

The company maintains ISO 9001, 14001, 45001 and 27001 certifications, a 2050 Net Zero target, and ranks 9th globally, 5th in Europe and 1st in Turkey in ENR's 2025 Mass Transit & Rail category — within the global top 20 for five consecutive years. Its go-to-market combines direct tender bidding with consortium formation and contractor-led pre-qualification. Customer concentration is by definition high given the B2G model, though concentration risk is partially diversified across 8+ countries and multiple transport authorities.

Name

Gülermak

Legal name

Gülermak Ağır Sanayi İnşaat ve Taahhüt A.Ş.

Website

https://gulermak.com.tr

Company type

Public

Founded year

1958

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Gülermak is a Turkish-founded (1958) turnkey EPC contractor delivering metro, railway, highway, tunnel, and industrial infrastructure for public-sector clients across Turkey, Europe, the Middle East, South Asia and Southeast Asia, operating 40+ TBMs and ranking top-10 globally in mass transit and rail.

Ownership category

akta.pro rank

Product category

Heavy Civil Infrastructure Construction

NAICS

Utility System Construction (2371), Water and Sewer Line and Related Structures Construction (23711), Hydroelectric Power Generation (221111), Water Supply and Irrigation Systems (221310), Architectural, Engineering, and Related Services (5413)

SIC

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

akta.pro primary industry

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

akta.pro secondary industries

Hydropower EPC & Construction (Civil Works, Electromechanical) (EUACAEAF), Construction Management & Delivery (EPCM/CMAR/Design-Build Oversight) (EUANALAE), Hydro BOP Civil & Water Conveyance (Dams, Spillways, Penstocks, Canals) (EUAMAFAG)

Keywords

• Railway construction services
• Metro infrastructure contracting
• Tunnel boring operations
• EPC infrastructure projects
• Highway bridge construction

Headquarters

HQ city

Ankara

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. EPC Infrastructure Contracts: Gülermak generates revenue primarily through Engineering, Procurement, and Construction (EPC) contracts for large-scale public infrastructure projects. Revenue is project-based, one-time, and derived from government tenders for metro, railway, highway, tunnel, bridge, and industrial construction projects. Projects are delivered under joint venture or consortium arrangements or as standalone contracts.
2. Public Infrastructure Project Delivery: Turnkey delivery of transportation infrastructure including metro systems, light rail, tramways, high-speed rail, highways, and bridges for government clients. Revenue is earned as a fixed-price or cost-plus EPC contract, typically with milestone-based payment schedules over the project duration.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Gülermak is an EPC (Engineering, Procurement, Construction) contractor that delivers turnkey infrastructure and industrial construction projects. Core offerings include transportation infrastructure (metro, light rail, tramway, railway, high-speed rail, highway, and bridge construction with TBM and NATM tunneling), energy projects (hydroelectric and combined cycle power plants), industrial facilities (cement, sugar, glass factories), and environmental infrastructure (dredging, wastewater treatment, water pipelines).

Product overview

Gülermak Ağır Sanayi İnşaat ve Taahhüt A.Ş. is a leading international EPC (Engineering, Procurement, Construction) contractor established in 1958, specializing in turnkey infrastructure and industrial construction projects. The company operates across four core service areas: Transportation Infrastructure (metro, railway, tram, highway, bridge construction with 300+ km tunnels, 120+ metro stations, 1500+ km railways, 40+ TBM operations), Energy Projects (hydroelectric and combined cycle power plants), Industrial Projects (cement, sugar, glass factories), and Environmental Projects (dredging, wastewater treatment, water pipelines). With over 100 completed projects and operations spanning Turkey, Poland, Sweden, UAE, India, Romania, Philippines, and Macedonia, Gülermak ranks among the top 20 largest mass transit and railway contracting companies globally, having successfully delivered 30+ EPC metro, tram, railway, and high-speed rail projects.

Differentiator

Problem solved

Functional benefit

Brands

• Gülermak Akademi: Internal training and development academy providing continuous learning opportunities, leadership programs including the three-year Leaders Training Program (TFL), and professional development courses for employees.

Products and services

• Transportation Infrastructure Projects Construction of railways, metro systems, light rail systems, trams, highways, and bridges. Includes tunneling with TBM and NATM methods; the company has delivered 300+ km of tunnels, 120+ underground metro stations, 1,500+ km of railway lines, and operates 40+ TBMs. Targeted at government transportation authorities and public sector clients.
• Energy Projects Construction of hydroelectric power plants (HPP) and combined cycle power plants (CCPP) for energy generation infrastructure. Targeted at state-owned utilities and private energy companies.
• Industrial Projects Construction of industrial facilities including cement factories, sugar factories, and glass factories. Targeted at private industrial companies and state-owned manufacturers.
• Environmental Projects Environmental infrastructure construction including sea, lake, and river dredging operations, wastewater treatment plants, and water pipelines. Targeted at municipal and national government environmental agencies.
• EPC (Engineering, Procurement, Construction) Turnkey Services Turnkey EPC contracting services delivering complete infrastructure projects from engineering design through procurement to construction and final delivery, typically under fixed-price or cost-plus contracts awarded via competitive tendering. Targeted at government and large industrial clients globally.
• Tunnel Boring Machine (TBM) Operations Specialized TBM tunneling services for metro and railway tunnel excavation. Gülermak has operated 40+ tunnel boring machines across international projects including Romania (Cluj Metro), India (Pune Metro, Surat Metro), and Turkey (Buca-Üçyol Metro, Halkalı-Ispartakule Railway). Targeted at metro and railway project owners.

Quantifiable outcome

• Over 300 km of tunnel constructed globally
• +4 more outcomes

Named customers7 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• LOTTE Engineering & Construction + Gülermak + EEI Joint VenturecoreStrategic or Co-development Partner · 13 June 2024The LOTTE + GÜLERMAK + EEI joint venture (LGE JV) was formed to execute the South Commuter Railway Depot Project Package No. CP S-07 in Calamba, Philippines. The groundbreaking ceremony took place on June 13, 2024 with attendance from the Philippine Department of Transportation, the Turkish and Korean embassies, ADB, and Japanese officials. The project covers approximately 23 hectares including access roads, maintenance facilities, and depot buildings.
• LOTTE Engineering & ConstructioncoreStrategic or Co-development PartnerLead partner in the LGE JV consortium for the Philippines South Commuter Railway Depot project. LOTTE serves as the consortium leader alongside Gülermak and EEI.
• EEI CorporationcoreStrategic or Co-development PartnerPartner in the LGE JV consortium for the Philippines South Commuter Railway Depot project, providing local Philippines market expertise and execution capability.
• Mosty Łódź S.A.coreStrategic or Co-development PartnerLong-standing joint venture partner of Gülermak in Poland. Mosty Łódź is part of the GLM Tramwaj consortium for the Poznań Tram project and the GLM Kraków consortium for the S52 Expressway project. Mosty Łódź is a Polish civil engineering company headquartered in Łódź.
• PPP Solutions Polska 2 sp. z o.o.minorStrategic or Co-development PartnerPPP Solutions Polska 2 sp. z o.o. is a consortium partner in the Kraków PPP Tram project alongside Gülermak. This is a public-private partnership arrangement for the development of the Kraków tramway system.
• Yapı ve Yapı + Taşyapı Joint VenturecoreStrategic or Co-development PartnerThe Gülermak – Yapı ve Yapı – Taşyapı joint venture is executing the Halkalı-Ispartakule Railway Project in Turkey. This project is part of the Halkalı-Çerkezköy-Kapıkule High-Speed Rail Line, a section of the Silk Railway corridor connecting Asia and Europe.
• PORR AG (as PORR-Gulermak consortium)minorStrategic or Co-development PartnerGülermak formed a consortium with PORR for the Poland S6 Expressway tender (involving a 5-km tunnel under the Oder River). The NDI-Dogus consortium was selected as the winning bidder; the PORR-Gulermak consortium challenged the decision before Poland's National Appeal Chamber, which upheld the award to NDI-Dogus.
• Cluj-Napoca Municipality and Government of RomaniacoreStrategic or Co-development PartnerGülermak is the main contractor for the Cluj-Napoca Metro project, Romania's first fully automated driverless metro system outside of Bucharest. The project groundbreaking ceremony was held on June 5, 2024 with government officials and local authorities in attendance. The metro will span 21 km with 19 underground stations.

Scale indicators12 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Strabag SE: Strabag is a major European construction group with significant transportation infrastructure capabilities, including tunneling, bridge, and rail projects across Central and Eastern Europe. Acts as a broader incumbent that Gulermak encounters in EU-funded infrastructure tenders.
• Ferrovial Construcción: Ferrovial is a global infrastructure group active in rail, tunnels, and large civil engineering projects across Europe, the Americas, and Australia. Comparable as a larger incumbent that competes in flagship urban transit tenders globally.
• Webuild (Salini Impregilo): Webuild is a global Tier-1 EPC contractor specializing in large-scale metro, railway, and tunnel projects worldwide. Comparable as a broader incumbent in the same mass-transit and rail niche where Gulermak competes, but operating at significantly larger scale and project size.

Direct peers

• Rönesans Holding: Ronesans is a leading Turkish construction and infrastructure group active in industrial facilities, energy, and transportation projects across Turkey, Europe, and Central Asia. Comparable in EPC delivery model, scale, and international expansion strategy.
• Kolin İnşaat: Kolin is a Turkish EPC contractor participating in major rail, metro, highway, and airport projects domestically and abroad. Directly comparable peer given shared geographic footprint in Turkey and overlapping project pipeline in transportation infrastructure EPC.
• NCC (NCC Infrastructure): NCC is a Swedish-based construction group with active civil and infrastructure operations across the Nordics. Gulermak operates a Stockholm branch and pursues Swedish contracts; NCC is a relevant regional peer for the Nordic market.
• Yapı Merkezi: Yapi Merkezi is a Turkish EPC contractor with deep expertise in metro, railway, and HSR projects across Turkey, the Middle East, and Africa. Directly comparable to Gulermak as a fellow Istanbul-headquartered firm pursuing large-scale urban rail tenders and TBM-driven tunneling projects in international markets.
• Limak İnşaat: Limak is among the top Turkish contractors with active operations in airport, rail, and metro construction both domestically and internationally. Competes with Gulermak for Turkish public infrastructure tenders and shares the same JV/consortium bidding model in Eastern Europe and the Gulf.
• PORR AG: PORR is an Austrian EPC contractor with active operations in tunneling, rail, and civil infrastructure across Europe. Recently partnered with Gulermak in a consortium bidding for the Poland S6 Expressway Oder River tunnel, indicating direct overlap in target markets and project types.
• Doğuş İnşaat: Dogus Insaat is a major Turkish heavy construction and EPC firm that competes head-to-head with Gulermak in Turkish infrastructure tenders and was the winning consortium member on the Poland S6 Expressway that Gulermak contested. Comparable by geography, scale, and project types (highways, bridges, tunnels, transit).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/gulermak-heavy-industries-construction-&-contracting-co--inc-
• Xx.com/gulermakworld

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries7 records

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 Gülermak