What Madhav Infra Projects does

Madhav Infra Projects Ltd. is an Indian publicly listed EPC contractor founded in 1994 and headquartered in Vadodara, Gujarat, operating across three infrastructure verticals: transport infrastructure (highways, bridges, elevated corridors using Cast In Situ Reinforced Concrete, Prestressed Concrete Girders, PQC, and bituminous pavements), sustainable energy (turnkey solar EPC with 148MW completed and 155.5MW ongoing across ground-mounted, floating, and rooftop formats, plus small hydro operations), and rail logistics infrastructure (greenfield rail line construction including earthwork, track laying, and bridge works). The company serves government agencies and public sector undertakings — including Madhya Pradesh PWD, NHAI, MPRDCL, Western Railway, NTPC, ONGC, IOCL, GIPCL, EESL, and AAI — through competitive public tenders and concession/SPV structures such as Hybrid Annuity Mode (HAM) arrangements and build-operate-transfer toll projects.

The business model is project-based EPC revenue recognition through one-time contracts won via competitive bidding, with project values ranging from approximately INR 1.5 Crores to INR 266.98 Crores. Multi-year contract durations and HAM annuity receivables introduce a degree of revenue durability, but the underlying revenue mechanics remain tender-driven and non-recurring between award cycles. The company maintains a vertically integrated execution capability from design through commissioning, supplemented by operations and maintenance services for solar installations. A network of special-purpose vehicle subsidiaries — including Madhav Aaron Sindh Road, Badi Baktara Toll, Khalghat Manawar Toll, Madhav Solar, and MI Solar India — ring-fences concession assets and HAM receivables.

The company is family-controlled by the Khurana family, with Mr. Ashok Khurana serving as Chairman (56 years of construction industry experience) and Mr. Amit Khurana as Managing Director (instrumental in the solar diversification). With 300+ employees, a board that includes a former Citibank PE executive and a pharmaceutical entrepreneur-acquirer, and SEBI-listed compliance, Madhav Infra operates as a professionally managed mid-tier Indian infrastructure contractor with national footprint across eight states.

Name

Madhav Infra Projects

Legal name

Madhav Infra Projects Ltd.

Website

https://madhavcorp.com

Company type

Public

Founded year

1994

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Madhav Infra Projects Ltd. is an Indian publicly listed EPC contractor delivering transport infrastructure (roads and bridges), solar energy installations, and rail infrastructure for government agencies and public sector undertakings across India, founded in 1994 and headquartered in Vadodara, Gujarat.

Ownership category

akta.pro rank

Product category

Infrastructure EPC Services

NAICS

Highway, Street, and Bridge Construction (237310), Heavy and Civil Engineering Construction (237), Power and Communication Line and Related Structures Construction (237130)

SIC

Heavy Construction Other Than Bldg Const - Contractors (1600)

akta.pro primary industry

Design-Build / EPC General Contracting (IMAFAAAD)

akta.pro secondary industries

Construction Management & General Contracting (EPCM, Scheduling, QA/QC, HSE) (EUAMAFAJ), Overhead & Underground Collection System Construction (MV/HV Lines, Duct Banks) (EUAEADAG), Civil & Site Works EPC (Earthworks, Roads, Drainage, Foundations) (EUAEADAA)

Keywords

• Highway construction services
• Solar EPC projects
• Railway infrastructure development
• Bridge construction services
• Infrastructure EPC contractor

Headquarters

HQ city

Vadodara

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Transport Infrastructure EPC: Engineering, Procurement, and Construction contracts for roads, highways, bridges, and elevated corridors. Revenue is project-based, one-time, derived from government and institutional clients through competitive bidding. Project values range from small contracts (Crores 1-2) to large infrastructure projects (Crores 100+).
2. Sustainable Energy Infrastructure: Turnkey solar EPC projects including design, engineering, procurement, installation, and commissioning. Operations and maintenance services for solar installations. Project types include ground-mounted, floating, and rooftop solar. Also includes small hydro plant investments and operations.
3. Rail Logistics Infrastructure: EPC contracts for greenfield rail infrastructure projects including earthwork, track laying, bridge construction, and yard development for Western Railway and other rail authorities.
4. Industrial Civil Works: Civil and structural works for industrial facilities including refineries, petrochemical plants, and manufacturing facilities.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Madhav Infra Projects Ltd. is an Engineering, Procurement, and Construction (EPC) company delivering infrastructure solutions across three sectors: Transport Infrastructure EPC (highways, bridges, elevated corridors), Sustainable Energy Infrastructure (turnkey solar PV EPC projects), and Rail Logistics Infrastructure Projects (greenfield rail line construction including earthwork, track laying, and bridges). Projects are delivered as turnkey contracts through competitive bidding on government and PSU tenders, with values ranging from approximately INR 1.5 Crores to INR 264+ Crores.

Product overview

Madhav Infra Projects Ltd. is an Engineering, Procurement, and Construction (EPC) company offering infrastructure solutions across three main sectors: Transport Infrastructure EPC Services (roads, bridges, elevated corridors), Sustainable Energy Infrastructure (turnkey solar EPC projects with 148MW completed and 155.5MW ongoing capacity), and Rail Logistics Infrastructure Projects (greenfield rail development). The company operates as a unified EPC services provider with expertise spanning over three decades, delivering projects across roads, bridges, railway infrastructure, and utility-scale solar PV projects throughout India.

Differentiator

Problem solved

Functional benefit

Products and services

• Transport Infrastructure EPC Services

Quantifiable outcome

• 40+ years of experience delivering infrastructure projects
• +4 more outcomes

Named customers15 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

13 partnerships are on record, tiered minor and core.

• Satellite Corporate Services Pvt. Ltd.minorOthersRegistrar and transfer agent providing share registry services to the company for investor relations and share management. Located at Mumbai.
• Khushbu PrajapatiminorOthersCompany Secretary and compliance officer serving as key contact for investor grievances and regulatory matters.
• Madhav (Aaron Sindh Road) Pvt LtdcoreOthersSpecial purpose vehicle company for road development projects under build-operate-transfer arrangements with Madhya Pradesh Road Development Corporation. Company holds concessionaire interest.
• Badi Baktara Toll Private LimitedcoreOthersSpecial purpose vehicle company for toll road projects with Madhya Pradesh Road Development Corporation through Madhav (Baktara) Corridor arrangement.
• Khalghat Manawar Toll Private LimitedcoreOthersConcessionaire entity for Khalghat-Manawar road project in partnership with Madhya Pradesh Road Development Corporation.
• Madhav Infracon (Ghansore Mandla Corridor) Private LimitedcoreOthersSPV for Ghansore-Mandla road development project under HAM with MPRDCL.
• Madhav (Sehore Silodi Corridor) Highways Pvt. Ltd.coreOthersSPV for Sihora-Majhgawan-Silodi road development under EPC/HAM with MPRDCL.
• Madhav (Phoolsagar Niwas Shahpura Corridor) Highways Pvt. Ltd.coreOthersSPV for Phoolsagar-Niwas-Shahpura road project with MPRDCL.
• Madhav Infracon (BK Corridor) Pvt. Ltd.coreOthersSPV for Budhni-Rehti-Nasrullagunj-Khategaon road development with MPRDCL.
• Madhav Solar (Karnataka) Pvt. Ltd.coreOthersSubsidiary entity for solar projects in Karnataka with partnership with Karnataka Renewable Energy Development Limited.
• Madhav Solar Pvt. Ltd.coreOthersSubsidiary for solar projects including Punjab projects with Punjab State Power Corporation Limited.
• WAA Solar Pvt. Ltd.minorOthersPartner in multiple solar projects including Surendranagar project and Bhopal Airport project.
• MI Solar India Private LimitedcoreOthersSubsidiary company for solar installations including projects in Delhi, Chhattisgarh, and Uttarakhand.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• NCC Limited (Nagarjuna Construction): Diversified Indian EPC with strong presence in roads, buildings, water, and electrical T&D. Competes for the same NHAI/state PWD tenders as Madhav and overlaps in solar/water verticals.
• IRB Infrastructure Developers: Indian highway developer and EPC contractor with a large portfolio of BOT-toll and HAM road assets. Comparable to Madhav's HAM SPV structure and government-tendered highway focus.
• PNC Infratech: Mid-sized Indian EPC focused on highways, bridges, and airports with HAM and BOT-toll projects. Directly comparable in scale, project mix, and government tender orientation to Madhav.
• Hindustan Construction Company (HCC): Indian heavy civil EPC player with deep experience in highways, bridges, tunnels, and hydropower. Comparable to Madhav's bridge and rail/transport infrastructure vertical.
• Dilip Buildcon: Indian listed EPC contractor specializing in road and highway construction, similar to Madhav's transport infrastructure vertical. Operates across multiple Indian states with a comparable HAM/SPV structure for annuity-style road assets.
• KEC International: Indian EPC contractor with strong presence in T&D, railways, and solar. Overlaps with Madhav in the rail infrastructure and solar EPC verticals, particularly for PSU-tendered projects.
• Sadbhav Engineering: Indian EPC contractor in transport infrastructure (roads, bridges, mining) with BOT and HAM project experience. Comparable business model and government client base to Madhav's transport vertical.

Broad incumbents

• Larsen & Toubro Construction: India's largest EPC conglomerate with extensive transport, solar, and rail capabilities. Competes with Madhav in larger-value tenders and represents the upper bound of scale in the same vertical.
• Tata Projects: Large, diversified Indian EPC spanning transportation, power, water, and industrial construction. Competes with Madhav for solar EPC and rail tenders but operates at a much larger scale and broader portfolio.

Emerging players

• Waaree Renewable Technologies: Indian solar EPC and renewable energy developer with growing utility-scale and rooftop solar portfolio. Overlaps with Madhav's 148MW completed / 155.5MW ongoing solar vertical.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key highlights6 records

Customer concentration

• Xx.com/madhav_corp
• Facebookfacebook.com/MadhavCorp

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries8 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 Madhav Infra Projects