Best 5 Top Infrastructure Companies In India Small & Mid Cap

Top infrastructure companies in India

Infrastructure development is the backbone of India’s economic growth, creating a strong multiplier effect across sectors. As of FY24, infrastructure investment accounts for 8% of India’s GDP, underscoring its critical role in driving productivity and improving living standards.

In India, the government is the main investor in the infrastructure sector. However, most of the infrastructure projects now are private and public partnerships. Investments in infrastructure have catalyzed growth in industries like construction, real estate, manufacturing, and services. Programs like Bharatmala Pariyojana and Gati Shakti Master Plan aim to boost economic efficiency by reducing logistics costs, currently at 14% of GDP, to align with global benchmarks of 8-10% of GDP by 2030.

Aiming to become a $5 trillion economy by 2025 and a $10 trillion economy by 2035, the role of infrastructure is most important. Infrastructure investments are projected to add 2-3% to annual GDP growth by 2030, with total spending reaching $1.5 trillion during the 2020-2030 period, fueled by public-private partnerships and foreign direct investment (FDI) inflows.

Infrastructure companies in India

The infrastructure industry in India is on a robust growth trajectory, driven by large-scale investments, policy reforms, and rapid urbanization. As of 2024, the Indian infrastructure market is valued at approximately $250 billion, and it is projected to grow to $320 billion by 2028 and reach around $400 billion by 2030, at a CAGR of around 6%.

This growth will be mainly driven by the growth in different areas including transportation (roads, highways, and railways), water solutions, urban infrastructure, and renewable energy. Government Initiatives such as Bharatmala Pariyojana, Smart Cities Mission, Jal Jeevan Mission, etc. are accelerating infrastructure development.

With urbanization expected to reach 40% by 2030, the demand for urban infrastructure, including metro rail projects, smart city solutions, National Electricity Plan, and efficient water management, is surging.

Top infrastructure companies in India

There are many infrastructure companies in India both in listed and non-listed segments. In this article, I will not discuss any large-cap infrastructure companies in India such as L&T, Hindustan Construction Company Limited, Tata Projects Limited, etc. My focus here is to analyze the top 5 small and mid-cap infrastructure companies in India. I will also share a few other best infrastructure companies in India to keep an eye on.

5 Top Infrastructure Companies in India

KEC International

KEC International’s strong revenue growth, robust order book, and strategic focus on T&D and Civil infrastructure make it a solid contender among the top infrastructure companies in India. This company is one of my top infrastructure companies in India for long-term investment. Here is a detailed analysis of why I chose this as my top infrastructure company in India to invest in.

Key Trends in Revenue, Profit, and Cash Flow
- KEC’s revenue has shown consistent growth over the past five years, increasing from ₹11,965 crore in FY20 to ₹19,914 crore in FY24, reflecting a CAGR of approximately 12%.
- Profit After Tax (PAT) increased from ₹176 crore in FY23 to ₹347 crore in FY24, showcasing a significant recovery.
- The company is focusing on debt reduction initiatives and internal accruals have strengthened cash flows, with a net debt reduction of ₹1,074 crore by Q2 FY25.
Segment Revenue
- The transmission & Distribution (T&D) segment contributes 49% of the order book while Civil and Urban Infrastructure contribute 34%, Railways contribute 11%, and Renewables, Cables, and Oil & Gas combined contribute ~6%.
- A significant share of revenues and order intake (~75%) originates from India, with growing contributions from the Middle East, Africa, and the Americas.

Strategic Priorities (Next 3-5 Years)
- The company will continue to focus on reducing debt via internal accruals and strategic asset reorganization (e.g., transfer of Cable business to a subsidiary).
- Increasing focus on international markets, particularly in T&D and Civil infrastructure.
- Emphasis on integrating green technologies and enhancing digital capabilities
- Realignment of the Cable business by January 2025.
- Increased focus on green infrastructure as part of the National Electricity Plan, targeting 500 GW of renewable energy by 2030

Valuation
- With ₹34,000 crore in order books and a record L1 position of ₹42,500 crore, the company shows strong potential for sustained growth.
- Among the recent Projects, major orders include the 765kV GIS Substation project in India, Substation structures in the United States, and Significant T&D projects in Saudi Arabia, UAE, and Oman.
- Market Cap: ₹ 32,205 Cr., Stock PE: 76.4 Industry PE: 41, ROCE: 16%, ROE:8.8%, EPS: 15.8

GR Infraprojects Ltd.

GR Infra’s expertise in EPC and HAM projects, combined with its robust financial position and strong order book, this company is also a leading infrastructure player in India.

Key Trends in Revenue, Profit, and Cash Flow
- Standalone revenue grew from ₹8,05,157 lakh in FY22 to ₹8,32,849 lakh in FY23 and then declined to ₹7,78,976 lakh in FY24, reflecting a YoY drop of 4.41%.
- The decline in revenue is attributed to delays in HAM (Hybrid Annuity Model) project approvals and slower project execution.
- PAT increased from ₹76,082 lakh in FY22 to ₹85,177 lakh in FY23, supported by operational efficiencies. PAT for FY24 declined to ₹75,561 lakh, reflecting tighter margins.
- Strong cash flow management with a debt-to-equity ratio of 0.10x as of FY24, indicating prudent financial discipline.
Segment Revenue
- GR Infra’s business primarily revolves around Highways & Bridges (86.33% of revenue), with minimal focus on water-related projects. The company is exploring opportunities in water infrastructure but has no significant contributions from this segment yet.
- GR Infra is predominantly India-focused, with operations spanning over 23 states and an emphasis on rural and urban connectivity. The company is into newer segments like railways, metros, ropeways, and tunnels.
- Robust backward integration with in-house design and manufacturing of critical materials like bitumen and crash barriers strong project execution capabilities and a lean debt structure make it a good company to look into.
Strategic Priorities (Next 3-5 Years)

The company is targeting ₹15,000-20,000 crore in new orders in FY25, focusing on areas including roads, railways, metros, and multi-modal logistics parks.

Valuation
- With an order book of ₹19,529 crore as of FY23, GR Infra is well-positioned for sustained growth. The company’s secured projects include two ropeway projects worth ₹3,613 crore and a multi-modal logistics park valued at ₹758 crore in FY24.
- Market Cap: ₹ 14,247 Cr., Stock PE:12.4, Industry PE:41.18, ROCE:17%, ROE:15.6%, EPS: 118

H.G. Infra Engineering Ltd. (HGIEL)

HGIEL stands out in the infrastructure sector due to its strong execution capabilities, robust order book, and diversification into non-road projects. Its focus on sustainability and emerging sectors like solar and water infrastructure aligns with long-term growth prospects making it one of my top infrastructure companies in India to keep an eye on.

Key Trends in Revenue, Profit, and Cash Flow
- Revenue increased from ₹44,185 million in FY23 to ₹51,217 million in FY24, a 15.9% YoY growth. HGIEL has maintained a 5-year revenue CAGR of 20.6%, showcasing robust growth driven by consistent project execution.
- PAT increased significantly from ₹4,214 million in FY23 to ₹5,455 million in FY24, reflecting a strong growth trajectory
- The company demonstrated strong working capital management, with net working capital days reducing from 33 days in FY23 to 25 days in FY24.
Segment Revenue
- HGIEL’s revenue primarily originates from roads and highways, contributing ~80% to the order book.
- Non-road projects, such as railways, metro, and water resources, contributed 20% in FY24, reflecting the company’s diversification strategy.
- The company presence in 13 Indian states, with a balanced mix of public and private contracts.
Market Share and Competitive Position
- Market Position: HGIEL is among the fastest-growing infrastructure players in India, with a competitive edge in timely project delivery
- A robust order book of ₹124,340 million in FY24, with significant contributions from HAM (Hybrid Annuity Model) and EPC (Engineering Procurement Construction) projects
Strategic Priorities (Next 3-5 Years)
- The company is focusing on increasing contribution from non-road projects to 25% of the order book.
- Focus on high-growth sectors such as metro, railways, and solar.
- Emphasis on ESG (Environmental, Social, Governance) initiatives, particularly in water resource projects
- To maintain EBITDA margins above 16% and ROCE at ~30%
- HGIEL plans to secure ₹11,000-12,000 crore in new orders for FY25, with ₹1,000-2,000 crore from the water and solar sectors.
- Active projects include the Ganga Expressway (54.3% complete) and Raipur-Visakhapatnam Corridor (73.7% complete)

Valuation
- With consistent financial performance and a growing order book, HGIEL offers strong investment potential.
- Market Cap: ₹ 9,943 Cr., Stock PE:18.56, Industry PE:41.18, ROCE:24%, ROE:24%, EPS: 82.2

Kalpataru Projects International Limited (KPIL)

Kalpataru Projects International Limited stands out for its diversified portfolio, strong financials, and focus on sustainability. Its significant presence in water infrastructure, combined with robust execution capabilities and a growing order book, makes it a compelling option for long-term investment in India’s infrastructure growth.

Key Trends in Revenue, Profit, and Cash Flow
- Consolidated revenue grew consistently from ₹12,676 crore in FY20 to ₹19,626 crore in FY24, with a 16% YoY growth.
- FY24 marked the company’s highest-ever revenue, driven by strong execution across diverse sectors.
- PAT improved from ₹350 crore in FY22 to ₹533 crore in FY24, showcasing consistent profit growth.
- Improved working capital efficiency led to better cash flow management, with net working capital days at 98 days as of Q2 FY25.
Segment Revenue
- KPIL’s portfolio includes significant revenue contributions from Power Transmission & Distribution (T&D), Urban Infra, Water, Railways, and Oil & Gas.
- The water segment contributes approximately 11% of total revenue, with strong growth potential as the company expands its footprint in water infrastructure projects.
Strategic Priorities (Next 3-5 Years)
- Increased focus on water-related projects and international markets.
- Target to achieve carbon neutrality by 2040 and circular economy principles by 2035
Valuation
- Strong order book of ₹58,415 crore as of FY24, indicating robust growth potential
- Secured a notable water infrastructure project in Maldives, further solidifying its expertise in the water segment.
- Market Cap: ₹ 21,927 Cr., Stock PE:41.76, Industry PE: 41.18, ROCE: 16%, ROE:10.4%, EPS:32.3

PNC Infratech Ltd.

PNC Infratech Ltd. demonstrates robust financial growth, strategic sectoral focus, and an expanding portfolio in water infrastructure and highway projects. With a strong balance sheet and a well-diversified order book, the company is well-positioned to capitalize on India’s infrastructure growth. This make it one of the best infrastructure companies in India.

Key Trends in Revenue, Profit, and Cash Flow
- Consolidated revenue increased from ₹7,956 crore in FY23 to ₹8,650 crore in FY24, reflecting a growth of approximately 9% YoY.
- H1 FY25 revenue stands at ₹3,595 crore, with a YoY increase in profitability and strong EBITDA margins.
- PAT grew by 38% in FY24, reaching ₹909 crore, with PAT margins improving. Consolidated PAT for H1 FY25 is ₹659 crore, a 100% increase YoY, showcasing exceptional profitability.
- Strong financial discipline, with a standalone net worth of ₹5,269 crore as of September 2024 and minimal debt of ₹410 crore.
Segment Revenue
- Water and canal projects contributed approximately 30% to the order book in FY24.
- Revenue from drinking water projects under the Jal Jeevan Mission (JJM) was ₹1,906 crore in FY24, indicating a strong focus on water solutions.
- Projects across states, including Maharashtra, Andhra Pradesh, and Uttar Pradesh.
- High growth in water infrastructure and highways, supported by government initiatives like Jal Jeevan Mission and Bharatmala Pariyojana.
- Timely execution of EPC and HAM projects, with several ahead of schedule.

Strategic Priorities (Next 3-5 Years)
- Increase contribution from water infrastructure projects to 30-35% of total revenue.
- Expansion of HAM portfolio, with 23 projects worth ₹30,199 crore.
- Focus on sustainability through ESG initiatives and technological innovation.

Valuation and Recent Projects
- Order book of ₹20,400 crore, providing revenue visibility for the next 2-3 years.
- Recent Projects such as Integrated infrastructure projects in Maharashtra worth ₹6,670 crore.
- Several HAM projects achieved financial closure and provisional completion.
- Expansion into high-speed road corridors and rural drinking water projects.
- Upcoming projects in Maharashtra include Pune Ring Road and Jalna-Nanded expressway connectors.
- Market Cap: ₹ 8,361 Cr., Stock PE: 6.75, Industry PE:41.18, ROCE:16%, ROE:18.8%, EPS:48.3

Final words on top Infrastructure companies to invest in

Based on the detailed analysis of infrastructure companies, KEC International, H.G. Infra Engineering Ltd. (HGIEL) and PNC Infratech Ltd. stand out as the most attractive investment options among the top infrastructure companies in India. KEC International is a well-structured diversified company while HGIEL demonstrates exceptional project execution capabilities, strong financial discipline, and diversification into high-growth areas like solar and water infrastructure.

PNC Infratech excels with its robust order book, significant contributions from water projects under the Jal Jeevan Mission, and impressive profitability growth, making it a leader in both highways and water infrastructure and one of the best infrastructure companies in India. These three top infrastructure companies in India offer a balanced blend of financial stability, strategic growth initiatives, and alignment with government programs, presenting compelling opportunities for long-term investment opportunities in Indian infrastructure companies.

Other Best Infrastructure Companies in India

Techno Electric & Engineering Company Ltd.: Techno Electric & Engineering Company Ltd. is a leading EPC (Engineering, Procurement, and Construction) contractor in India, specializing in power generation, transmission, and renewable energy projects. This is also one of the best top infrastructure companies in India to invest in.
NBCC (India) Limited: NBCC (India) Limited, a Navratna public sector enterprise, is a key player in India’s construction and project management space, specializing in urban infrastructure, real estate, and redevelopment projects.
Afcons Infra: Afcons Infrastructure is a leading player in India’s infrastructure sector, specializing in complex projects such as metros, railways, marine infrastructure, and tunnels. The company is recognized for its strong execution capabilities, innovative construction techniques, and a global footprint spanning over 25 countries. Its focus on sustainability and high-value projects positions it as a significant contributor to India’s infrastructure growth. This is one of the best infrastructure companies in India to invest in
IRB Infrastructure Developers Ltd.: is one of the best infrastructure companies in India, specializing in the development and operation of highways and expressways. As one of the largest private toll road operators in India, IRB has a robust portfolio of BOT (Build-Operate-Transfer), HAM (Hybrid Annuity Model), and TOT (Toll-Operate-Transfer) projects. With its focus on high-speed corridors, operational efficiency, and long-term revenue potential through toll collection, IRB is a significant contributor to India’s road infrastructure development.
IRCON International Ltd: IRCON International Ltd. is a prominent public sector undertaking specializing in railway construction, highways, bridges, and urban infrastructure. Renowned for its expertise in executing large-scale railway projects both domestically and internationally, IRCON has a strong presence in over 30 countries. I consider this as one of the best infrastructure companies in India to invest in.
NCC Ltd.: A diversified construction company involved in various segments like buildings, roads, and bridges.
Simplex Infrastructures Ltd.: A well-established player with expertise in various infrastructure sectors, including buildings, roads, and water.
Texmaco Rail & Engineering Ltd.: A diversified company with a focus on railway infrastructure, including wagons, coaches, and locomotives.
Dilip Buildcon Ltd.: A leading road and highway construction company with a strong presence in India.
Ashoka Buildcon Ltd.: A major player in road and highway construction, with a focus on BOT (Build-Operate-Transfer) projects.