Segmental Infrastructure Development Unlisted Shares
Segmental Infrastructure Development is a Gurugram-based engineering consulting company for highways, tunnels, bridges and railways. Its DRHP shows consolidated revenue from operations of ₹8,545.10 lakh for FY25.
Read the full company profile
Key facts
Segmental Infrastructure Development share details
- Lot size
- 500 shares
- Min. investment
- ₹84,000
- Face value
- ₹10
- Implied market cap
- ₹212 Cr
- Shares outstanding
- 12,629,670
- Founded
- 2009
- Headquarters
- Gurgaon, Haryana
- Website
- segmental.in
- ISIN
- INE11C701011
- CIN
- U74140HR2009PTC114856
- Lock-in after IPO
- 6 months
Price history
Segmental Infrastructure Development share price chart
1Y change
+0.00%
High
₹168
Low
₹168
Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.
About
About Segmental Infrastructure Development
Segmental Infrastructure Development Limited is an engineering consulting company based in Gurgaon, Haryana. It was incorporated in March 2009 and works in the infrastructure space: highways, tunnels, bridges, railways, and urban and transit projects. It does not build roads itself. It advises the people who do, from project formulation and feasibility studies to design, cost estimation, tendering, construction supervision and project management. It also works as Independent Engineer, Authority's Engineer or project management consultant.
According to its DRHP, the company has consulted on more than 50 engineering projects with a total advisory value of over 550 crore. It had 303 employees at the time of filing. Its order book stood at ₹9,257.71 lakh as of 31 March 2025. The company calls itself a home-grown firm led by first-generation entrepreneurs.
On a restated consolidated basis, revenue from operations was ₹8,545.10 lakh in FY25, against ₹8,334.18 lakh in FY24 and ₹6,236.02 lakh in FY23. Profit after tax was ₹578.74 lakh in FY25. These are the figures shown in the DRHP on a consolidated basis, which includes a subsidiary. The latest year it reports is FY25.
The company is closely held. Promoters Ajay Kumar Mishra (57.16%), Ashish Paul (23.75%) and Rajika Mishra (14.10%) together hold 95.01% of the equity, and the public holds the remaining 4.99%. There are 1,26,29,670 equity shares of face value ₹10 each.
On the IPO route, Segmental Infrastructure Development filed its DRHP with BSE SME in September 2025 for a fresh issue of up to 45,30,000 equity shares. The price and dates are not announced in that document, and we do not guess them. Until a listing happens, shares of a company like this change hands off-market through dealers, and the prices you see here are indicative, not an exchange price.
Strengths
- Revenue from operations grew from ₹6,236.02 lakh in FY23 to ₹8,545.10 lakh in FY25 on a restated consolidated basis.
- The company reports an order book of ₹9,257.71 lakh as of 31 March 2025, which is more than its FY25 revenue from operations.
- It has advised on more than 50 engineering projects with a total advisory value of over 550 crore, covering highways, bridges, tunnels and railways.
- Net worth rose from ₹3,716.81 lakh in FY23 to ₹5,705.43 lakh in FY25 on a consolidated basis, and book value per share was ₹46.37 in FY25.
- It is an asset-light consulting business with no inventory, since the work is advisory and does not need raw materials.
- The founders still run the company. The managing director has served since incorporation, and the promoters hold 95.01% of the equity.
Risks
- Revenue depends on very few clients. The top client gave 52.06% of revenue from operations in FY25 and the top 10 clients gave 98.49%.
- Profit after tax was ₹578.74 lakh in FY25 on a consolidated basis, below ₹682.61 lakh in FY24, even though revenue rose. FY25 also includes an extraordinary item of ₹(174.99) lakh.
- Borrowings have risen fast, from ₹545.77 lakh in FY23 to ₹2,346.70 lakh in FY25 on a consolidated basis, mostly short-term.
- The business is working capital intensive. Trade receivables were ₹3,112.63 lakh at the end of FY25, while cash and cash equivalents were only ₹82.66 lakh.
- Work comes from competitive bids, mostly for government projects, and the company has no long-term or recurring contracts, so the order book can change.
- The DRHP lists 13 tax proceedings, 1 criminal proceeding and 2 material civil litigations against the company, with an aggregate amount involved of ₹546.528 lakh.
- Promoters hold 95.01% of the equity, so they control all key decisions that need shareholder approval.
- The company has related party dealings, including director remuneration of ₹48.00 lakh each to the managing director and the whole-time director in FY25.
- Branch offices are held on 11-month rent agreements, which can disrupt operations if not renewed.
- Unlisted shares trade off-market without exchange rules, so prices are indicative and exits can take time.
Financials
Segmental Infrastructure Development financial performance
Revenue, profit and balance-sheet figures by fiscal year.
Revenue & PAT (₹ Cr)
Revenue
PAT
| Metric | FY25Latest | FY24 | FY23 |
|---|---|---|---|
| Revenue (₹ Cr) | 85.45 | 83.34 | 62.36 |
| PAT (₹ Cr) | 5.79 | 6.83 | 5.72 |
| PAT Margin (%) | 6.78 | 8.20 | 9.17 |
| RoNW (%) | 10.15 | 15.33 | 15.39 |
| EPS (₹) | 4.63 | 6.63 | 5.43 |
| Book Value (₹) | 46.37 | 40.21 | 34.41 |
| Debt / Equity | 0.41 | 0.33 | 0.15 |
| Total Assets (₹ Cr) | 92.57 | 74.05 | 58.90 |
| Net Worth (₹ Cr) | 57.05 | 44.55 | 37.17 |
Swipe the table sideways for earlier years →
Leadership
Management team
Mr. Ajay Kumar Mishra
Managing Director
Promoter and Managing Director since incorporation, holds an MBA and a law degree.
Ms. Rajika Mishra
Whole-Time Director
Promoter and director since June 2017, holds an M.Tech in Environmental Engineering.
Mr. Ashish Paul
Executive Director
Promoter and executive director since March 2022, with a Bachelor of Engineering degree.
Mr. Parveen Kumar Sharma
Chief Financial Officer
Chief Financial Officer of the company.
Ms. Richa Sharma
Company Secretary and Compliance Officer
Company Secretary and Compliance Officer of the company.
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Important disclaimer
Unlisted shares are not traded on stock exchanges. Prices shown are indicative and based on off-market transactions; they may differ from eventual listing or future market prices. Exit liquidity depends on counter-party availability. SEBI mandates a 6-month lock-in on pre-IPO shares post-listing. Gains held beyond 24 months are taxed at 12.5% LTCG (no indexation). IPO Guru is not a SEBI Registered Investment Advisor. Information here is for general awareness, not personalised investment advice. Please consult your tax advisor before investing.
