Active InfrastructuresShare price, financial results, shareholding and management
- Market cap
- ₹259 cr
- Stock P/E
- 25.3peers 13.0
- Book value
- ₹80.2
- Price to book
- 2.15
- EV / operating profit
- 19.8
- Market cap to sales
- 2.68
- ROCE · FY26
- 9.8%
- ROE · FY26
- 8.8%
- ROE, 3-year average
- 22.3%
- Operating margin · FY26
- 16.6%peers 19.6%
- Sales growth, 3 years
- 2.8%
- Profit growth, 3 years
- 0.8%
- Debt to equity
- 0.67peers 0.12
- Borrowings
- ₹80.2 cr
- Interest cover
- 5.4×
- Cash from business / op. profit
- -153%
- Debtor days
- 189
- Pledged
- 0.00%
- Promoter holding
- 73.31%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 881
- 52-week high / low
- ₹190 / ₹170
- Dividend yield
- Paid
- Face value
- ₹5
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Active Infrastructures share price chart
Close on 5 Oct 2026 · -4.83% on the day · Vol 600
Daily prices to 5 Oct 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 5 Oct 2026
- 1 month
- +0.0%
- 3 months
- -3.4%
- 6 months
- +1.5%
- 1 year
- -1.4%
- Since IPO
- -4.7%
- Traded a day, 20 days
- ₹0.22 cr
- Taken for delivery
- 100%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +7% | -21% |
| 3 years, a year | +3% | +1% |
| Latest half, H2 FY26 | +4% | -50% |
About Active Infrastructures: business, products and customers
Active Infrastructures builds roads, water supply schemes and commercial buildings, mostly in Maharashtra, Madhya Pradesh and Uttar Pradesh. Much of its road and water work comes as subcontracts from other contractors, and its shares trade on NSE Emerge.
Active Infrastructures, based in Nagpur, works in two segments: infrastructure (roads and bridges, flyovers, water supply and irrigation) and the construction of commercial projects such as office blocks, retail spaces and private education buildings. Its main completed building is Riaan Tower in Nagpur, an educational and commercial block whose units it sells. In the infrastructure segment its largest job is a four lane highway spur at Rampur in Uttar Pradesh, built by its subsidiary Digvijay Shradha Infrastructure, and it runs four water supply packages for Madhya Pradesh government bodies.
Most infrastructure work reaches the company second or third hand. The Rampur road was awarded by NHAI to a joint venture, which appointed Digvijay Construction as subcontractor, which in turn subcontracted it to Digvijay Shradha Infrastructure; the Madhya Pradesh water packages came through Jain Engineering Works (India). The offer document says the main contractor gives the performance guarantee except on the water projects, where the company furnishes bank guarantees backed by cash collateral.
Read more about the business
The building business shapes the reported numbers. Revenue from a sold unit is booked only when the unit is handed over, so a year in which a large office block is sold looks very different from a year of contract work: FY23 revenue jumped almost entirely because of an office block sale, and the offer document says the stub period margin rose when an extra floor was sanctioned and the land cost was spread over more floors. Contract work, by contrast, is billed as milestones are met and needs working capital and guarantees.
The offer document names AVP Infracon, Mason Infratech, V.L. Infraprojects and OSS Construction as competitors of similar size, all civil contractors that bid for government works, and compares its figures with V.L. Infraprojects and AVP Infracon as listed peers. It says price and quality decide most contracts, and that some promoter group entities work in the same line with no agreement not to compete.
From the offer document (Red Herring Prospectus, 2025) and the company's exchange announcements.
Read the deeper study ↓In its favour
- The promoters own a large part of the company: 73.31%.
- It paid a dividend in the past year.
To watch
- Progress on the Rampur four lane spur subcontract held by Digvijay Shradha Infrastructure (Offer document, p.133 and p.136).
- Completion of the four Madhya Pradesh water supply packages listed as the order book (Offer document, p.136 to 137).
- Sale of the 29 unsold units in Riaan Tower, Nagpur (Offer document, p.131).
- Property bought through two sale deeds by the step-down subsidiary Raghukul Shradha Realty LLP (Exchange announcement, 21 August 2026).
- Customers take longer to pay than before: 189 days in FY26, against 0 in FY22.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Active Infrastructures revenue and profit growth
Half-yearly results · Profit and lossSales have grown slowly. Last year profit fell even as sales rose, so the company kept less from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Active Infrastructures half-yearly results
SME companies report every six months · ₹ crore
| H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|
| Sales | 47 | 34 | 56 | 39 | 58 |
| Expenses | 35 | 26 | 40 | 30 | 51 |
| Operating profit | 12 | 8 | 16 | 9 | 7 |
| OPM | 25.0% | 24.0% | 28.0% | 24.0% | 12.0% |
| Interest | 2 | 0 | 3 | 2 | 2 |
| Depreciation | 3 | 2 | 2 | 1 | 2 |
| Profit before tax | 7 | 6 | 11 | 8 | 7 |
| Net profit | 5 | 6 | 8 | 6 | 4 |
Active Infrastructures profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 1 | 89 | 97 | 90 | 96.57 |
| Expenses | 1 | 76 | 80 | 66 | 80.55 |
| Operating profit | 0 | 13 | 17 | 24 | 16.02 |
| OPM | 10.0% | 15.0% | 18.0% | 26.0% | 16.6% |
| Other income | 0 | 0 | 0 | 1 | 4.98 |
| Interest | 0 | 0 | 2 | 3 | 3.31 |
| Depreciation | 0 | 0 | 3 | 4 | 2.97 |
| Exceptional and other items | · | · | · | -1 | · |
| Profit before tax | 0 | 13 | 12 | 17 | 14.72 |
| Tax rate | 27.0% | 23.1% | 25.0% | 23.5% | 30.5% |
| Net profit | 0 | 10 | 9 | 13 | 10.23 |
| EPS ₹ | 0.13 | 14.59 | 6.95 | 6.31 | 6.81 |
| Dividend payout | 0.0% | 0.0% | 25.0% | 16.0% | 7.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Earnings per share before FY23 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Active Infrastructures profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a low return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 10.0% | 15.0% | 18.0% | 26.0% | 16.6% |
| Tax rate | 27.0% | 23.1% | 25.0% | 23.5% | 30.5% |
| ROCE | · | 12.5% | 15.6% | 15.4% | 9.8% |
| ROE | · | 68.2% | 39.4% | 18.7% | 8.8% |
| Dividend payout | 0.0% | 0.0% | 25.0% | 16.0% | 7.0% |
Active Infrastructures debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Active Infrastructures balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 0.67 | 0.67 | 5 | 8 | 7.51 |
| Reserves | 10 | 18 | 22 | 104 | 112.95 |
| Net worth | 10.67 | 18.67 | 27 | 112 | 120.46 |
| Borrowings | 109 | 69 | 65 | 56 | 80.23 |
| Other liabilities | 6.33 | 11.33 | 16 | 26 | 39.26 |
| Total liabilities | 126 | 99 | 108 | 194 | 239.95 |
| Fixed assets | 1 | 8 | 31 | 31 | 49.75 |
| Capital work in progress | 0 | 0 | 0 | 0 | 18.73 |
| Investments | 1 | 1 | 1 | 1 | 1.10 |
| Other assets | 124 | 90 | 76 | 162 | 170.37 |
| Receivables | · | · | · | 52.10 | 49.94 |
| Inventory | · | · | · | 41.12 | 60.94 |
| Cash | · | · | · | 62.19 | 22.56 |
| Trade payables | · | · | · | 13.07 | 16.69 |
Active Infrastructures cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | -2 | 18 | 32 | 4 | -24.51 |
| Cash from investing | -1 | -7 | -27 | -6 | -48.41 |
| Cash from financing | 4 | -11 | -5 | 63 | 19.59 |
| Net cash flow | 1 | 0 | 0 | 61 | -53.33 |
| Capital spending | · | · | · | 3.32 | 22.06 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 0 | 24 | 80 | 211 | 189 |
| Inventory days | 5,64,016 | · | 223 | 967 | · |
| Days payable | 24,090 | · | 31 | 307 | · |
| Cash conversion cycle | 5,39,926 | 24 | 273 | 872 | 189 |
| Working capital days | 3,102 | 60 | 11 | 108 | 259 |
Active Infrastructures peers and competitors
Listed SME companies in the same industryBy sales, Active Infrastructures is number 4 of the 18 listed SME companies in realty.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Kesar India | 3,307 | 110.2 | 176 | 30 | 24.0% | 0.18 |
| B-Right Realestate | 947 | 20.6 | 168 | 46 | 39.0% | 1.06 |
| Mason Infratech | 239 | 10.9 | 131 | 22 | 26.0% | 0.68 |
| Active Infrastructures | 259 | 25.3 | 96.6 | 10.2 | 16.6% | 0.67 |
| Justo Realfintech | 149 | 7.8 | 92 | 19 | 30.0% | 0.12 |
| V R Infraspace | 85 | 10.8 | 74.4 | 7.9 | 15.1% | 0.79 |
| P. E. Analytics | 203 | 13.0 | 46.8 | 15.7 | 30.9% | 0.00 |
| Shantidoot Infra Services | 106 | 73.7 | 45 | 1.4 | 9.0% | - |
| Homesfy Realty | 43 | - | 40.3 | -20.5 | -49.8% | 0.00 |
| SBL Infratech | 4 | 23.8 | 36.1 | 0.2 | 0.5% | 0.05 |
| SVS Ventures | 12 | 11.7 | 16.8 | 1 | 5.6% | 0.00 |
| Median of the 10 others | 128 | 13 | 60.6 | 11.8 | 19.6% | 0.12 |
Active Infrastructures shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little more than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders has come down.
Active Infrastructures shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Mar 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 | |
|---|---|---|---|---|---|
| Promoters | 71.36% | 71.36% | 72.38% | 73.31% | 73.31% |
| Foreign investors (FIIs) | 2.72% | 2.72% | 2.72% | 2.72% | 2.72% |
| Indian institutions (DIIs) | 0.00% | - | - | - | - |
| HNIs (over ₹2 lakh each) | 6.57% | 7.21% | 11.58% | 11.58% | 11.58% |
| Small holders (up to ₹2 lakh) | 10.11% | 6.67% | 5.49% | 4.70% | 4.70% |
| Companies and others | 9.24% | 12.04% | 7.83% | 7.69% | 7.69% |
| Number of shareholders | 2,050 | 1,012 | 703 | 666 | 881 |
The named holders are at 30 June 2026, beside 31 March 2026, each under the group the pattern files them in.
Active Infrastructures study: the business from its own documents
Read from 2 of the company's own documentsActive Infrastructures so far
From the company's own record
- 28 March 2025Listed on NSE Emerge at ₹181
- 30 June 2026Promoters at 73.31%
- 18 Sept 2026Highest close since listing, ₹182.05
Active Infrastructures key facts from the filings
Each figure with the document it comes from
- Largest road job
- ₹221.5 cr
- Subcontract value of the Rampur four lane spur held by the subsidiary; the company's profit share is 51% and Digvijay Construction's 49%.Offer document, p.133 and p.136
- Water supply packages
- ₹123.6 cr
- Four Madhya Pradesh packages run directly by the company, from ₹13.2 cr to ₹70.2 cr each. Reported figures; our arithmetic.Offer document, p.136 to 137
- Top three clients
- 96.54%
- Share of FY24 revenue from three clients; the top ten gave 99.94%.Offer document, p.141
- Building sales share
- 60.56%
- Part of FY24 revenue from the commercial projects segment; in FY23 it was 93.39%.Offer document, p.137
- Riaan Tower units
- 135 of 164 sold
- Units sold in the Nagpur commercial tower, with 29 still unsold at the offer document.Offer document, p.131
Show 5 more facts
- Guarantee collateral
- 10% to 30%
- Cash collateral typically needed to back financial bank guarantees on contracts, which ties up money as work grows.Offer document, p.36
- IPO for working capital
- ₹39.0 cr
- Largest use planned for the issue money, beside ₹16.7 cr for loans and guarantee margin and ₹7.0 cr for equipment.Offer document, p.83
- Interest in other income
- 65.81%
- Share of FY24 other income that was interest on unsecured loans given; in the stub period to September 2024 it was 75.92%.Offer document, p.283
- Tripura tender
- Lowest bidder
- A joint venture with Mecgale Pneumatics was lowest bidder for temple area upgrades for Tripura Tourism; no contract signed at the offer document.Offer document, p.137
- People
- 53
- Permanent employees at the offer document, plus about 150 to 160 contract workers.Offer document, p.141
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The offer document lists the Rampur road and the four Madhya Pradesh water packages as the company's order book, with tentative completion dates between March and September 2025, and says scope changes or government delays can move these dates. It also names the Tripura Tourism work, where the company's joint venture was lowest bidder but had not signed a contract.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Active Infrastructures earns from building roads and water schemes, much of it taken on as a subcontractor, and from selling units in commercial buildings it puts up.
Its weak spots are a very small group of clients, work that often passes through related or other contractors, and revenue that jumps with each building sale.
WatchCan it set its own prices?Government work is won by tender, usually by the lowest bidder, and much of it comes as a subcontract on terms set higher up the chain.
WatchHow strong is it against rivals?It is a small regional contractor facing large and local rivals, and some promoter group entities do the same work with no agreement not to compete.
WatchWho are its customers?Almost all revenue comes from three clients, so one delay or lost job would change the year.
WatchDoes it need a lot of money?Contracts need bank guarantees backed by cash, equipment and working capital, and building projects tie up land and unsold units.
AverageCan it keep finding new work?It tracks government tenders and bids alone or in joint ventures, and had a road, four water packages and a pending Tripura job, but no long run of repeat wins is shown.
WatchDo good and bad years swing a lot?Yes: revenue depends on when building units are handed over and when contract milestones are met.
Who runs Active Infrastructures?
Promoters, directors and officers; tap a name for the background
SGSunil Gyanchand RaisoniPromoter
Holds a B.Com and has over 28 years in infrastructure, construction and education. Chairman of the Raisoni Group of Institutions, Nagpur, Chancellor of G H Raisoni University, Chhindwara, and promoter of the holding company Shradha Infraprojects; earlier chairman of Wardaman Urban Co-operative Bank.
Offer document, p.178 to 179SSShreyas Sunil RaisoniPromoter and Non-Executive Director
Holds a Bachelor of Computer Engineering from Savitribai Phule Pune University and has over seven years of work experience, including as a project team member with Aquicore and Airbnb. On the board since May 2021 and a whole time director of Shradha Infraprojects.
Offer document, p.163, p.165 and p.180SIShradha Infraprojects LimitedCorporate promoter and holding company · holds 71.36%
A Nagpur company incorporated in 1997, listed on the NSE main board, in general construction, civil engineering and real estate. Riaan Diagnostic is also named a corporate promoter but holds no shares in the company directly.
Offer document, p.29, p.181 and p.182NSNitesh SanklechaManaging Director
Holds a B.Com from Nagpur University, a Ph.D. in Commerce and Management and is a Chartered Accountant. Advised the Raisoni Group of Institutions for 17 years on construction project management, stores, procurement and accounts; Managing Director since June 2024 and also a director of Shradha Infraprojects.
Offer document, p.162 and p.164CWChandrakant Waman WaikarNon-Executive Director
A civil engineer from the University of Bombay with 43 years in construction, including as General Manager (Projects) at SMS Limited and Additional General Manager at Shapoorji Pallonji. On the board since June 2024.
Offer document, p.162 and p.164 to 165GBGaurav Balkrishna SharmaIndependent Director
A Chartered Accountant with over 19 years in audit, taxation and consultancy; senior partner at TACS & Co. since November 2005. On the board since June 2024.
Offer document, p.164 to 165GJGautam JainChief Financial Officer
Holds bachelor's and master's degrees in Commerce from Rashtrasant Tukadoji Maharaj Nagpur University and over ten years in finance; earlier Finance Manager with the Raisoni Group of Institutions and Chief Finance and Accounts Officer at G H Raisoni University.
Offer document, p.175Active Infrastructures latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹58 cr (+4%), net profit ₹4 cr (-50%) on H2 FY25.
- Shareholding, 30 June 2026: promoters unchanged at 73.31%.
Active Infrastructures announcements
37 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 04, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 04, 2026PDF ↗
- Copy of Newspaper PublicationOf Corrigendum to the Annual Report of the Company for the Financial Year 2025-26 in Local Newspaper/sPDF ↗
- CorrigendumTo Annual Report 2025-26PDF ↗
- General UpdatesRegarding Execution of Two (02) Sale Deeds by step-down Subsidiary - Raghukul Shradha Realty LLP for Acquisition of PropertyPDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Monitoring Agency ReportFor Quarter ended 30th June, 2026PDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 04, 2026PDF ↗
- Record Datethat Record date for the purpose of Dividend is 21-Aug-2026PDF ↗
- Outcome of Board MeetingHeld on August 11, 2026PDF ↗
Active Infrastructures annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Active Infrastructures share split, bonus and dividends
From the corporate actions the company announces on the exchange
- DividendDIVIDEND - RE 0.50 PER SHAREex-date 21 Aug 2026
- DividendDIVIDEND - RE 1 PER SHAREex-date 11 July 2025
Checks we ran on Active Infrastructures' data · 10
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- !For FY25, H2FY25, H1FY26, H2FY26 the exchange filing's profit lines do not add up as read, so the figures shown are from the results page instead.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,50,15,016 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 5 Oct 2026, from the exchange's daily figures.
Questions people ask about Active Infrastructures
What does Active Infrastructures do?
Active Infrastructures builds roads, water supply schemes and commercial buildings, mostly in Maharashtra, Madhya Pradesh and Uttar Pradesh. Much of its road and water work comes as subcontracts from other contractors, and its shares trade on NSE Emerge.
What is the share price of Active Infrastructures?
₹173 at the close on 5 Oct 2026, from the exchange's daily figures.
What is the market cap of Active Infrastructures?
₹259 cr at the close on 5 Oct 2026, on 1,50,15,016 shares.
What is the P/E of Active Infrastructures?
25.3 times FY26 profit at the close on 5 Oct 2026 (our arithmetic).
What are Active Infrastructures' revenue and profit?
Revenue ₹97 cr and profit after tax ₹10 cr in FY26.
Who are the promoters of Active Infrastructures?
Sunil Gyanchand Raisoni, Shreyas Sunil Raisoni, Shradha Infraprojects Limited; promoters held 73.31% at 30 June 2026.
What was the IPO price of Active Infrastructures?
₹181 a share; it listed on 28 March 2025.
What is Active Infrastructures' website?
www.activeinfra.in
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Built from 1 offer document, 1 annual report, 37 exchange announcements, 5 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.