SRM Contractors wins ₹483cr EPC order in FY26

Key development: back-to-back EPC wins

SRM Contractors Limited disclosed multiple contract wins across road and slope-stabilisation works, adding to its visible pipeline. The headline order is a ₹483 crore Engineering, Procurement and Construction (EPC) contract from Maharashtra State Infrastructure Development Corporation Limited (MSIDC) for the southern section of the Nashik Ring Road. Separately, the company also reported a ₹168 crore contract linked to long-term remedial measures at an identified landslide location in Himachal Pradesh. Another EPC road upgradation contract of ₹155.02 crore from MSIDC was also mentioned in the supplied material. Together, the updates placed SRM Contractors back on investor watchlists amid a busy order inflow period. The company has also shared order book and performance metrics up to December 2025 and March 2025.

The ₹483 crore Nashik Ring Road order: what the company said

The ₹483 crore order relates to Package 6 of the Nashik Ring Road (Southern Side). As per the project description, the scope includes construction from design chainage 14.950 to 28.970, with a total length of 14.020 km. The execution mode is EPC, which typically places responsibility for design, procurement, and construction on the contractor, as reflected in the company’s description. The completion period for the package is 12 months from the appointed date. The order has been described as supporting better connectivity and urban mobility in Nashik.

The ₹168 crore NH-03 slope and landslide remedial work in Himachal Pradesh

SRM Contractors also disclosed a contract valued at ₹168 crore for construction of long-term remedial measures at an identified landslide location. The site mentioned is Thalout, between chainage 229+600 and 230+100 on the Pandoh to Kullu section of NH-03 (Old NH-21) in Himachal Pradesh. The work is under NH(O) and is to be executed on EPC mode. The disclosure indicates the contract is focused on slope safety and stabilisation, an area the company also categorises within its order book mix.

Another MSIDC road upgradation EPC order: ₹155.02 crore

A separate contract referenced in the material is a ₹155.02 crore award from MSIDC for upgradation of the Borande-Uprale-Kasa-Saiwan-Udhava-Talasari-Sanjan Road (SH73). The stated stretch spans Km 45/800 to 99/600 in Dahanu taluka, Palghar district, Maharashtra. The contract is under EPC mode and has an 18-month completion timeline from the appointed date. With this, MSIDC features repeatedly as a client across SRM Contractors’ disclosed road projects.

Stock market snapshots: price moves and turnover

The supplied text includes multiple trading snapshots across different dates and contexts. In one market update, SRM Contractors shares were last trading on BSE at ₹518.65 versus a previous close of ₹501.10. In that session, the stock hit an intraday high of ₹566.50 and an intraday low of ₹503.05. Net turnover for the day was reported at ₹2.73 crore (₹27,256,710).

A separate snapshot stated the shares rose 7.77% to an intraday high of ₹450 from a previous close of ₹417, linked to the Nashik order headline. Another line said the stock closed around ₹417.80 with more than 3% gains in the prior session, and that the stock was up 23.63% over one year. The company’s market capitalisation was cited as ₹958 crore in the same section.

Order book position: December 2025 and March 2025 figures

The company’s order book was cited in multiple places with different cut-off dates. One section stated that the order book stood at ₹1,423 crore as of December 2025. Another section cited an order book of ₹1,461 crore as of March 2025. In a more detailed disclosure, the order book was stated as ₹1,423.79 crore as of 31 December 2025, along with a segment mix.

The December 2025 order book mix was described as approximately ₹940 crore from roads and bridges, ₹139 crore from tunnel projects, and around ₹344 crore from slope works. This distribution was also expressed in percentage terms elsewhere: 66% roads and bridges, 24% slope stabilisation, and 10% tunnels. The company also reported order inflows of ₹329 crore during the first nine months of FY26 and mentioned a bid pipeline of more than ₹4,000 crore for FY26.

Financial performance metrics cited in the material

For the fiscal year ending March 2025, SRM Contractors reported standalone revenue of ₹528.13 crore and Profit After Tax (PAT) of ₹55.03 crore. For Q3 FY26, the material cited revenue of ₹231.21 crore, EBITDA of ₹45 crore, and PAT of ₹24 crore, along with an EBITDA margin of 19.28%. It also cited 9M FY26 revenue of ₹580 crore and PAT of ₹57 crore.

The company also shared FY26 guidance in the provided text, indicating a revenue range of ₹800 to ₹900 crore and an EBITDA margin expectation of 16% to 17%. Separately, it stated capex of ₹78 crore incurred during the first nine months of FY26, and a plan to further incur capex of ₹1,920 crore in FY26, as per the supplied transcript-style section.

Summary table: contracts, scope, and timelines

Key operating metrics: order book and reported financials

Why these updates matter for investors tracking execution

The cluster of order announcements highlights SRM Contractors’ positioning across roads and slope stabilisation, with EPC as a recurring contract structure. The Nashik package is a time-bound, 12-month execution project with a clearly defined length of 14.020 km, while the Himachal slope remedial work adds a different work category within the company’s portfolio. The order book disclosures provide context on revenue visibility, especially when read alongside the company’s stated revenue and margin guidance for FY26.

At the same time, the multiple order book figures cited across December 2025 and March 2025 underline the importance of tracking the company’s filings by cut-off date when comparing pipeline strength. The market updates also show that the stock has reacted to order headlines in different sessions, with reported intraday moves and turnover figures providing a snapshot of investor interest around these announcements.

Conclusion

SRM Contractors’ recent disclosures point to incremental EPC wins across Maharashtra and Himachal Pradesh, led by a ₹483 crore Nashik Ring Road package and a ₹168 crore NH-03 slope remedial project. The company has also reported order book levels around ₹1,423 crore to ₹1,461 crore across different dates, alongside FY25 financials and Q3 FY26 operating metrics cited in the material. Going ahead, investors are likely to track project execution against the stated 12-month and 18-month timelines, and watch for further order inflows given the company’s mentioned FY26 bid pipeline of more than ₹4,000 crore.