BUSINESS OVERVIEW

Monarch Surveyors and Engineering Consultants provides comprehensive consultancy services spanning the entire lifecycle of infrastructure projects—from concept to commissioning. Services include surveying, design, and technical supervision across sectors such as roads, railways, metros, town planning, geospatial mapping, land acquisition, water systems, transmission lines, pipelines, and other civil engineering domains.

The company specializes in:

• Surveying: Gathering critical and accurate data to support precise project planning.

• Design Services: Delivering tailored, regulatory-compliant infrastructure solutions.

• Technical Supervision: Ensuring on-ground execution aligns with approved designs and quality standards.

Core Focus Areas:

• Roads & Highways: Designing and supervising connectivity-enhancing, safe travel routes.

• Railways & Metros: Managing urban and regional transportation infrastructure.

• Geospatial & Mapping: Leveraging advanced technologies for spatial analysis and decision-making.

• Land Acquisition: Navigating legal and procedural frameworks efficiently.

• Water Infrastructure: Designing sustainable water management systems.

• Transmission Lines & Pipelines: Planning critical utility infrastructure to meet modern demands.

Operational excellence is driven by clearly defined organizational roles, quality-focused deliverables (reports, maps, drawings), and a diverse, specialized workforce in areas such as detailed engineering, project management, construction supervision, land surveying, geotechnical investigation, and special inspections. A strong emphasis on employee engagement continues to power the company's sustained growth and service excellence. As on March 31, 2025 the company have the total 507 Employees. The Banker to the company is HDFC Bank Limited, The Hongkong and Shanghai Banking Corporation Limited, Union Bank of India, Bank of Baroda and Janata Sahakari Bank Limited.

INDUSTRY ANALYSIS

Industry Analysis: India’s Infrastructure Sector

A Strategic Pillar for India’s Economic Growth

Infrastructure continues to play a foundational role in shaping India’s journey toward becoming a US$ 26 trillion economy. Recognizing its significance, the Indian government has placed infrastructure development at the forefront of its policy agenda, considering it a key catalyst for enhancing economic productivity, improving ease of doing business, and ensuring inclusive growth.

In recent statements, Prime Minister Narendra Modi reaffirmed the government's commitment to infrastructure as a vital component of good governance. This commitment is evident in landmark initiatives like the Gati Shakti Master Plan, a US$ 1.3 trillion effort aimed at streamlining planning and execution across infrastructure projects.

Government Initiatives Driving Transformation

India’s infrastructure ambitions are reflected in several high-impact government programs:

• Smart Cities Mission and Housing for All have progressed under strong policy support.

• National Infrastructure Pipeline (NIP) has expanded from 6,835 to over 9,142 projects, spanning 34 sub-sectors, with nearly US$ 1.9 trillion in investments.

• National Monetisation Pipeline (NMP) targets private investment in brownfield assets, with a monetisation goal of ₹6 lakh crore from FY22 to FY25.

• Complementary schemes like Make in India and PLI (Production-Linked Incentive) are aligned with infrastructure expansion to boost industrial capacity and exports.

Capital Expenditure Trends and Sectoral Focus

Infrastructure capital expenditure (capex) has seen a significant increase. For FY 2024-25, the government allocated ₹11.11 lakh crore (US$ 133.86 billion)—11.1% higher than the previous year, representing 3.4% of GDP.

• The Railway sector received ₹2.55 lakh crore (US$ 30.72 billion), a 5.8% increase YoY. Indian Railways also transported 1,038 million tonnes of freight as of November 2024—a 2.1% rise YoY.

• The road transport network spans 63.4 lakh km, with National Highways accounting for 2% of this but handling 40% of freight traffic.

• The civil aviation sector witnessed ₹91,000 crore investment (FY20–FY25), with 91% of the targeted capex achieved by November 2024.

• The airport infrastructure is expanding with 190–200 airports planned under Vision 2040 and 220 destinations under the UDAN scheme by 2026.

India also boasts the world’s fifth-largest metro rail network, which is rapidly expanding. Currently, 945 km of metro rail is operational across 21 cities, and 919 km is under construction in 26 more.

Growth in Related Sectors and Investments

• India’s logistics market is projected to grow from US$ 317.26 billion (2024) to US$ 484.43 billion by 2029, growing at a CAGR of 8.8%.

• Real estate investments surged in Q2 2024, touching US$ 2.77 billion.

• The National Industrial Corridor Development Programme is positioning India as a manufacturing powerhouse, with new industrial cities coming up in Gujarat, Maharashtra, Uttar Pradesh, and Madhya Pradesh.

• The commercial and residential real estate sectors are witnessing renewed demand, particularly in Tier II and III cities, driven by decentralisation of IT, BFSI, and allied industries.

Challenges and Future Outlook

While infrastructure capex picked up post-general elections in FY25, monsoon disruptions and election-related delays initially slowed down execution. Despite this, project implementation is now back on track, with ministries having utilised around 60% of their capex allocations as of November 2024.

The sector is also shifting focus to sustainability and resilience. Emphasis is being placed on:

• Green construction technologies

• Renewable energy capacities to meet Net Zero commitments

• Modernising transportation, ports, and logistics systems

• Promoting disaster-resilient urbanisation

The Road Ahead

To meet its long-term growth aspirations, India needs to invest an estimated US$ 840 billion over the next 15 years in urban infrastructure alone. However, the massive investment requirement cannot be met by public funds alone. While the government continues to drive spending, the role of Private Sector Participation (PPP) becomes increasingly vital.

India’s PPP models, such as Build-Operate-Transfer (BOT), Design-Build-Finance-Operate-Transfer (DBFOT), and Hybrid Annuity Model (HAM), are key enablers for private engagement. Yet, greater adoption is needed in core sectors. To address this, stakeholders must enhance project planning, risk-sharing mechanisms, conflict resolution frameworks, and contract management capacities.

International collaborations, like the India-Japan Coordination Forum for Northeast Infrastructure Development, are further testament to India's ambition of building future-ready, resilient infrastructure.

Conclusion

India’s infrastructure sector stands at a pivotal juncture. With robust policy frameworks, rising capital investments, and expanding private participation, the nation is poised to create a world-class infrastructure ecosystem. Strategic planning, sustainable practices, and inclusive execution will be key to ensuring that infrastructure becomes a cornerstone of India’s vision for Viksit Bharat (Developed India).

BUSINESS STRENGTHS

1. Experienced Promoter and Professional Management
Promoted by individuals with over 25 years of experience in the infrastructure consultancy sector, the company is driven by a strong leadership team with a clear vision for ethical and consistent service delivery. The management team comprises seasoned professionals across key business functions. A dedicated focus on employee development and leadership programs ensures sustained performance and a motivated workforce, resulting in high client satisfaction and operational efficiency.

2. Comprehensive Service Portfolio
The company offers end-to-end civil engineering consultancy services, covering the entire project lifecycle—from concept, survey, planning, and design to supervision and commissioning. Emphasis on technological innovation and the integration of engineering, social, and economic analysis strengthens its service offerings across both existing and emerging sectors.

3. Diverse Client Base and Expanding Reach
The clientele spans central and state governments, municipal bodies, public sector undertakings, corporates, and select international projects. Continued focus on technological advancements and client retention supports long-term relationships and facilitates entry into new geographies and markets.

4. Efficient Resource Utilization
The company emphasizes process optimization, equipment modernization, and skill enhancement to ensure effective resource utilization. Continuous performance review and refinement of execution strategies contribute to cost-efficiency and project quality.

BUSINESS STRATEGIES

1. Enhancing Project Execution Capabilities
Continued emphasis on strengthening project execution efficiency aims to drive both client satisfaction and operating margin improvements. Leveraging advanced project management tools and equipment, the company seeks to enhance productivity, asset utilization, and internal systems to support cost-effective and timely decision-making.

2. Leveraging Market Insights and Client Relationships
Maintains a client-centric approach by fostering strong relationships with external stakeholders, including competitors. Market understanding and active client engagement help address project-specific challenges through customized and innovative solutions.

3. Sustaining Competitive Advantage
Focus remains on scaling execution capabilities, integrating advanced technology, skilled human resources, and efficient processes to retain a competitive edge. A vertically integrated, multidisciplinary model with in-house resources enables a low-cost structure and strengthens the company's role as a strategic advisor to clients. Deployment of localized teams ensures alignment with regional socio-environmental requirements.

4. Driving Cost Efficiency and Operational Effectiveness
Efforts are directed towards improving operational practices and project tracking systems to enhance performance while maintaining workforce satisfaction. Optimizing fixed costs through higher efficiency and economies of scale enables increased profitability and procurement leverage, ultimately benefiting shareholders.

BUSINESS RISK FACTORS & CONCERNS

1. Dependency on Government Tenders
A significant portion of revenue is derived from infrastructure consultancy projects awarded through competitive bidding by government bodies, including central, state, and municipal entities. Performance may be impacted if competitors submit lower bids or if key contracts are not awarded.

2. Geographical Revenue Concentration
A majority of revenue is generated from operations within Maharashtra. While this enables strong regional market familiarity, it also exposes the business to risks stemming from economic, political, or regulatory disruptions specific to the region.

3. Project Completion Risks
The company is responsible for the timely execution and performance compliance of consultancy projects. Delays or failure to meet required standards may lead to loss of clients, reputational damage, additional costs, or revenue loss.

Monarch Surveyors and Engineering Consultants faces key business risks related to its dependency on government tenders, geographical concentration in Maharashtra, and the critical requirement to meet project timelines and performance standards. These factors collectively influence revenue stability, client retention, and overall operational performance.