Mahendra Realtors & InfrastructureShare price, financial results, shareholding and management
- Market cap
- ₹128 cr
- Stock P/E
- 7.2peers 6.8
- Book value
- ₹56.1
- Price to book
- 1.03
- EV / operating profit
- 4.5
- Market cap to sales
- 0.94
- ROCE · FY26
- 22.1%
- ROE · FY26
- 18.2%
- ROE, 3-year average
- 21.9%
- Operating margin · FY26
- 14.6%peers 14.5%
- Sales growth, 3 years
- 29.2%
- Profit growth, 3 years
- 64.3%
- Debt to equity
- 0.11peers 0.47
- Borrowings
- ₹13.7 cr
- Interest cover
- 20.0×
- Cash from business / op. profit
- 47%
- Debtor days
- 118
- Pledged
- 0.00%
- Promoter holding
- 73.68%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 854
- 52-week high / low
- ₹85 / ₹29
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Mahendra Realtors & Infrastructure share price chart
Close on 4 Nov 2026 · +2.75% on the day · Vol 4,800
Daily prices to 4 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 4 Nov 2026
- 1 month
- -19.7%
- 3 months
- -16.8%
- 6 months
- +43.2%
- 1 year
- -27.3%
- Since IPO
- -31.8%
- Traded a day, 20 days
- ₹0.04 cr
- Taken for delivery
- 93%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +9% | +18% |
| 3 years, a year | +29% | +64% |
About Mahendra Realtors & Infrastructure: business, products and customers
Mahendra Realtors & Infrastructure repairs and strengthens old buildings, bridges and other structures, and also does waterproofing and office interiors, mostly for government bodies in and around Mumbai. Its shares trade on NSE Emerge.
Mahendra Realtors & Infrastructure was set up in Mumbai in 2007 and works mainly on structural repairs: strengthening damaged concrete with jacketing, special mortars, grouting and fibre wrapping, along with waterproofing and retrofitting. It also fits out corporate interiors, repairs bridges and flyovers, and has done some build, operate and transfer projects.
Most work is won through tenders from municipal corporations, government bodies and public sector firms, where the company is a registered vendor, plus some private clients. Past jobs named in the offer document include repairs at CIDCO's Vashi and Belapur railway stations and interiors for IIT Bombay and the Airport Authority of India.
Read more about the business
The company listed on NSE Emerge in August 2025 and put the IPO money into working capital. In May 2026 its board noted a joint venture with Ravi Enterprises for a Thane Municipal Corporation renovation contract and approved an employee stock option plan.
From the draft red herring prospectus (February 2025), the FY26 annual report, the FY26 results filing and the company's announcements of May and June 2026.
Read the deeper study ↓In its favour
- Sales have grown fast: 29% a year over three years.
- It earns a high return on the money it uses: ROCE 22% in FY26.
- It has little debt for its size: debt to equity 0.11.
- The promoters own a large part of the company: 73.68%.
To watch
- The company's money for the Thane joint venture, which the board approved for FY27 (FY26 results filing, 28 May 2026, p.2).
- The MRIL ESOP 2026 plan and any shares issued under it (Announcement, 15 May 2026, p.1).
- Any order book or new contract wins the company discloses, since none has been stated since the listing (Annual report FY26, p.60).
- Pay of the Managing Director and Whole-time Director, which rose by about half in FY26 (Annual report FY26, p.50).
- Customers take longer to pay than before: 118 days in FY26, against 63 in FY19.
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.
Mahendra Realtors & Infrastructure revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months.
Mahendra Realtors & Infrastructure half-yearly results
SME companies report every six months · ₹ crore
| H1FY26 | H2FY26 | |
|---|---|---|
| Sales | 40.22 | 95.65 |
| Expenses | 38.76 | 77.32 |
| Operating profit | 1.46 | 18.33 |
| OPM | 3.6% | 19.2% |
| Interest | 0.51 | 0.73 |
| Depreciation | 0.11 | 0.20 |
| Profit before tax | 3.40 | 20.11 |
| Net profit | 2.52 | 15.22 |
Mahendra Realtors & Infrastructure profit and loss
Full years to March, FY19 to FY26 · ₹ crore, consolidated where reported
| FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 96 | 114 | 68 | 93 | 63 | 101 | 125 | 135.86 |
| Expenses | 89 | 104 | 58 | 83 | 57 | 88 | 107 | 116.08 |
| Operating profit | 7 | 9 | 10 | 10 | 6 | 13 | 18 | 19.78 |
| OPM | 7.0% | 8.0% | 14.0% | 11.0% | 10.0% | 13.0% | 14.0% | 14.6% |
| Other income | 3 | 2 | 2 | 3 | 3 | 4 | 4 | 5.26 |
| Interest | 1 | 1 | 2 | 2 | 3 | 1 | 1 | 1.24 |
| Depreciation | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0.30 |
| Exceptional and other items | -1 | · | 1 | · | · | -1 | -1 | · |
| Profit before tax | 8 | 10 | 10 | 10 | 6 | 15 | 20 | 23.50 |
| Tax rate | 25.0% | 20.0% | 30.0% | 30.0% | 33.3% | 20.0% | 25.0% | 24.5% |
| Net profit | 6 | 8 | 7 | 7 | 4 | 12 | 15 | 17.75 |
| EPS ₹ | 49.30 | 64.61 | 57.68 | 59.45 | 32.55 | 6.66 | 8.56 | 8.03 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
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.
Mahendra Realtors & Infrastructure profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 7.0% | 8.0% | 14.0% | 11.0% | 10.0% | 13.0% | 14.0% | 14.6% |
| Tax rate | 25.0% | 20.0% | 30.0% | 30.0% | 33.3% | 20.0% | 25.0% | 24.5% |
| ROCE | · | 28.6% | 24.0% | 19.0% | 11.9% | 21.6% | 26.6% | 22.1% |
| ROE | · | 36.4% | 23.7% | 19.2% | 9.5% | 24.0% | 23.6% | 18.2% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Mahendra Realtors & Infrastructure debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. 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.
Mahendra Realtors & Infrastructure balance sheet
At each 31 March · ₹ crore
| FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 1 | 1 | 17 | 17 | 22.10 |
| Reserves | 17 | 25 | 32 | 39 | 43 | 39 | 54 | 101.93 |
| Net worth | 18 | 26 | 33 | 40 | 44 | 56 | 71 | 124.04 |
| Borrowings | 10 | 23 | 18 | 35 | 32 | 16 | 15 | 13.71 |
| Other liabilities | 41 | 36 | 34 | 19 | 22 | 21 | 52 | 44.91 |
| Total liabilities | 69 | 85 | 85 | 94 | 98 | 93 | 138 | 182.66 |
| Fixed assets | 3 | 3 | 3 | 3 | 2 | 3 | 2 | 2.67 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 2 | 3 | 1 | 0 | 4 | 3 | 4 | 5.07 |
| Other assets | 64 | 79 | 81 | 91 | 92 | 87 | 132 | 174.92 |
| Receivables | · | · | · | · | · | · | · | 43.92 |
| Inventory | · | · | · | · | · | · | · | 12.96 |
| Cash | · | · | · | · | · | · | · | 53.79 |
| Trade payables | · | · | · | · | · | · | · | 16.92 |
Mahendra Realtors & Infrastructure cash flow
₹ crore
| FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 11 | -2 | 3 | 3 | 8 | 22 | -6 | 9.36 |
| Cash from investing | -2 | 0 | -4 | -5 | 5 | -13 | -3 | -28.42 |
| Cash from financing | 2 | 5 | 1 | 1 | -2 | -29 | 11 | 28.46 |
| Net cash flow | 11 | 3 | 0 | -1 | 11 | -20 | 2 | 9.40 |
| Capital spending | · | · | · | · | · | · | · | 0.63 |
Working capital
Days
| FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Debtor days | 63 | 68 | 68 | 61 | 76 | 49 | 118 | 118 |
| Inventory days | 25 | 21 | 70 | 55 | 18 | 20 | 108 | 175 |
| Days payable | 147 | 107 | 169 | 17 | 33 | 77 | 327 | 229 |
| Cash conversion cycle | -58 | -17 | -31 | 99 | 62 | -7 | -100 | 64 |
| Working capital days | -27 | -29 | -44 | -23 | -59 | 19 | 38 | 53 |
Mahendra Realtors & Infrastructure peers and competitors
Listed SME companies in the same industryBy sales, Mahendra Realtors & Infrastructure is number 29 of the 58 listed SME companies in construction.
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 |
|---|---|---|---|---|---|---|
| Leapfrog Engineering Services | 288 | 14.4 | 152 | 20 | 15.0% | 0.44 |
| Oval Projects Engineering | 94 | 6.7 | 150 | 14 | 17.0% | 0.68 |
| V.L.Infraprojects | 37 | 4.4 | 150 | 8.4 | 10.8% | 0.56 |
| Pratham EPC Projects | 203 | 33.0 | 140 | 6.2 | 8.1% | 0.51 |
| Rachana Infrastructure | 60 | 6.0 | 138 | 10.1 | 13.0% | 0.08 |
| Winsol Engineers | 125 | 8.7 | 137 | 14.4 | 18.0% | 1.07 |
| Mahendra Realtors & Infrastructure | 128 | 7.2 | 136 | 17.8 | 14.6% | 0.11 |
| H.M. Electro Mech | 68 | 6.8 | 132 | 10 | 11.0% | 0.20 |
| Rudra Gas Enterprise | 58 | 6.5 | 124 | 9 | 14.0% | 1.41 |
| Desco Infratech | 138 | 8.6 | 119 | 16 | 20.0% | 0.21 |
| Teerth Gopicon | 14 | 1.1 | 118 | 12.8 | 20.8% | 0.24 |
| Median of the 10 others | 81 | 6.8 | 137 | 11.5 | 14.5% | 0.47 |
Mahendra Realtors & Infrastructure shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Foreign and Indian funds own a noticeable share. The number of shareholders has come down.
Mahendra Realtors & Infrastructure 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.
| Aug 25 | Sep 25 | Mar 26 | |
|---|---|---|---|
| Promoters | 73.68% | 73.68% | 73.68% |
| Foreign investors (FIIs) | 0.25% | - | - |
| Indian institutions (DIIs) | - | 9.26% | 11.28% |
| HNIs (over ₹2 lakh each) | 0.07% | 1.09% | 2.22% |
| Small holders (up to ₹2 lakh) | 24.62% | 13.54% | 10.87% |
| Companies and others | 1.38% | 2.43% | 1.95% |
| Number of shareholders | 1,437 | 1,026 | 854 |
The named holders are at 31 March 2026, beside 30 Sept 2025, each under the group the pattern files them in.
Mahendra Realtors & Infrastructure study: the business from its own documents
Read from 4 of the company's own documentsMahendra Realtors & Infrastructure so far
From the company's own record
- June 2007Company formed
- 20 Aug 2025Listed on NSE Emerge at ₹85
- 31 March 2026Promoters at 73.68%
- 18 Sept 2026Highest close since listing, ₹84.20
Mahendra Realtors & Infrastructure key facts from the filings
Each figure with the document it comes from
- Projects completed
- 500+
- Projects the company says it has finished across homes, offices, factories, institutions and government buildings.Annual report FY26, p.58
- Repair contracts
- 82.09%
- Share of revenue from repair, renovation and restoration contracts in the six months to September 2024; interiors gave 17.34%.Draft red herring prospectus, p.177
- Maharashtra share
- 98.46%
- Share of revenue earned in Maharashtra in the six months to September 2024, up from 75.68% in FY23.Draft red herring prospectus, p.177
- Top ten customers
- 89.58%
- Share of revenue from the ten largest customers in the six months to September 2024; the largest gave 19.63%.Draft red herring prospectus, p.179
- IPO money for working capital
- ₹30.4 cr
- All of it used by March 2026, out of ₹40.2 cr raised in August 2025; issue costs ran ₹0.36 cr over budget.Annual report FY26, p.24 and p.25
Show 5 more facts
- Thane joint venture
- ₹25.8 cr
- Thane Municipal Corporation renovation contract from October 2024, held 51% by the company and 49% by Ravi Enterprises.FY26 results filing, 28 May 2026, p.2 and p.17
- Pay of the two executive directors
- ₹3.3 cr each
- Paid to the Managing Director and the Whole-time Director in FY24; in FY26 each drew about 125 times the median employee's pay.Draft red herring prospectus, p.210; Annual report FY26, p.50
- Workforce
- 84
- Permanent employees at March 2026, not counting contract labour and directors.Annual report FY26, p.42 and p.51
- Waste patent
- Promoter group
- The patent for its construction and demolition waste process is held by Debries Solution, a promoter group company.Draft red herring prospectus, p.160
- Stock option plan
- MRIL ESOP 2026
- Employee stock option plan approved by the board in May 2026, put to shareholders in June 2026.Announcement, 15 May 2026, p.1
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.
Mahendra Realtors & Infrastructure earns its money winning repair and strengthening contracts for old buildings and public structures, mostly from government bodies in Maharashtra, and carrying them out with its own engineers and subcontractors.
Its weak spots are that work comes through price-driven tenders from a few large customers in one state, and that deposits and retention money tie up a lot of cash.
WatchCan it set its own prices?No. Most work is won in tenders, where bidders offer discounts below the estimated cost, and the company says clients can be price conscious.
AverageHow strong is it against rivals?Its record in specialist repair work and its vendor registrations help it qualify for tenders, but many contractors bid for the same jobs.
WatchWho are its customers?Mostly government and municipal bodies in Maharashtra, and a few customers give most of the revenue each year.
WatchDoes it need a lot of money?Yes. Each tender needs deposits, and clients hold back retention money until the defect period ends, so growth needs working capital.
AverageCan it keep finding new work?Public spending on old buildings keeps tenders coming, but the company has not stated an order book since its listing.
WatchDo good and bad years swing a lot?Yes. Revenue has fallen sharply in some years and work slows in parts of the year, depending on tender wins and site conditions.
Who runs Mahendra Realtors & Infrastructure?
Promoters, directors and officers; tap a name for the background
HSHemanshu ShahPromoter, Chairman and Managing Director · holds 33.98%
Holds a diploma in civil engineering from Shri Bhagubhai Mafatlal Polytechnic, with long experience in infrastructure, civil construction, redevelopment and repairs, including government and build, operate and transfer projects. With the company since it was set up in June 2007; also a director of DKB Builders and Debries Solution. The documents state Hemanshu Shah and Bhavesh Mahendrakumar Shah are brothers.
Draft red herring prospectus, p.196, p.198, p.199 and p.215; Annual report FY26, p.20BMBhavesh Mahendrakumar ShahPromoter and Whole-time Director · holds 34.26%
Studied commerce, with over 17 years running build, operate and transfer and redevelopment projects. Oversees budgets, cash flow and the company's financial and investment work; a director since December 2007 and whole-time director since January 2025.
Draft red herring prospectus, p.197 and p.199HBHetal Bhavesh ShahPromoter and Non-Executive Director
Studied up to the SSC and works in office administration and coordination. On the board since March 2024. The documents state Hetal Bhavesh Shah is the spouse of Bhavesh Mahendrakumar Shah.
Draft red herring prospectus, p.197, p.199 and p.200CMChandrika Mahendra ShahPromoter · holds 3.56%
A promoter since the company was set up; holds no other directorships. The documents state Chandrika Mahendra Shah is the mother of Hemanshu Shah and Bhavesh Mahendrakumar Shah.
Draft red herring prospectus, p.214 and p.215VHVarsha Hemanshu ShahPromoter · holds 1.03%
Holds a B.Com from the University of Mumbai; holds no other directorships. The documents state Varsha Hemanshu Shah is the spouse of Hemanshu Shah.
Draft red herring prospectus, p.214 and p.215SSSandeepkumar Shyambihari SinghChief Financial Officer
Holds a B.Com from the University of Mumbai and has cleared CA Intermediate, with over 9 years in audit, tax and due diligence, earlier at Nishant Consultancy Service. With the company for about seven years and Chief Financial Officer since May 2024.
Draft red herring prospectus, p.209ARAmit Rajeshkumar ShahIndependent Director
A chartered accountant with over 10 years in practice covering statutory, bank and insurance audits and corporate law, with a certificate course in IFRS. On the board since April 2024 and chairs the audit committee.
Draft red herring prospectus, p.198 and p.199; Annual report FY26, p.4SKShiv KaranIndependent Director
Holds a Bachelor of Arts from Maharishi Dayanand Saraswati University, Ajmer. Worked at SM Express from 2006, first as an employee and as a director since December 2012; on the board since May 2024.
Draft red herring prospectus, p.198 and p.199Mahendra Realtors & Infrastructure latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 31 March 2026: promoters unchanged at 73.68%.
Mahendra Realtors & Infrastructure announcements
57 on record, latest first; each opens the filing on the exchange
- Quarterly Compliance Report on Corporate governance - within 21 days from the enMahendra Realtors & Infrastructure Limited has informed regarding Submission of the Compliance Report on Corporate Governance for the Q2 FY 2025-26PDF ↗
- 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 ↗
- Updates'Declaration under Regulation 29(2) & 29 (3) of SEBI (Substantial Acquisition of Shares & Takeover) Regulations, 2011'PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 18, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 18, 2026PDF ↗
- General UpdatesDispatch of Letters to those Shareholders whose Email addresses are not registered with Company/RTA/DpsPDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 18, 2026PDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Record Datethat Record date for the purpose of Annual General Meeting to be held on 18th September, 2026 is 11th September, 2026PDF ↗
- Outcome of Board MeetingHeld on August 18, 2026PDF ↗
Mahendra Realtors & Infrastructure annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Mahendra Realtors & Infrastructure share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Mahendra Realtors & Infrastructure's data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,21,03,900 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 changes basis between FY23 (₹32.55) and FY24 (₹6.66) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY19 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Mahendra Realtors & Infrastructure
What does Mahendra Realtors & Infrastructure do?
Mahendra Realtors & Infrastructure repairs and strengthens old buildings, bridges and other structures, and also does waterproofing and office interiors, mostly for government bodies in and around Mumbai. Its shares trade on NSE Emerge.
What is the share price of Mahendra Realtors & Infrastructure?
₹58 at the close on 4 Nov 2026, from the exchange's daily figures.
What is the market cap of Mahendra Realtors & Infrastructure?
₹128 cr at the close on 4 Nov 2026, on 2,21,03,900 shares.
What is the P/E of Mahendra Realtors & Infrastructure?
7.2 times FY26 profit at the close on 4 Nov 2026 (our arithmetic).
What are Mahendra Realtors & Infrastructure's revenue and profit?
Revenue ₹136 cr and profit after tax ₹18 cr in FY26.
Who are the promoters of Mahendra Realtors & Infrastructure?
Hemanshu Shah, Bhavesh Mahendrakumar Shah, Hetal Bhavesh Shah, Chandrika Mahendra Shah, Varsha Hemanshu Shah; promoters held 73.68% at 31 March 2026.
What was the IPO price of Mahendra Realtors & Infrastructure?
₹85 a share; it listed on 20 Aug 2025.
What is Mahendra Realtors & Infrastructure's website?
www.mripl.net
More SME companies like Mahendra Realtors & Infrastructure
Other listed SME companies in construction, the closest in size first, each read from its own documents.
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- Winsol EngineersWINSOL · NSE Emerge · Construction · listed 2024Market cap ₹129 cr
- Giriraj Civil DevelopersGIRIRAJ · NSE Emerge · Construction · listed 2018Market cap ₹131 cr
- Aesthetik EngineersAESTHETIK · NSE Emerge · Construction · listed 2024Market cap ₹122 cr
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Every listed SME company in Construction → · SME companies listed in 2025 →
Built from 2 annual reports, 1 offer document, 1 result filing, 57 exchange announcements, 3 shareholding patterns and 8 years of reported results. Every figure carries its source; where the documents are silent, the page says so.