Alpa Infrastructure Limited

The key promoter, Rasik Gondaliya, has over two decades of experience in the construction industry and oversees the overall affairs of the company. He is supported by his son, Nikunj Gondaliya, the Managing Director, who manages the company’s overall operations. Under their leadership, AIL has built a strong operational track record spanning over two decades and has completed over 40 major maintenance (MM) work, road construction, and building construction contracts on engineering, procurement ,

In FY25, AIL's total operating income (TOI) declined by ~50% y-o-y to ₹121.22 crore (FY24: ₹242.87 crore), due to delay in the receipt of the new order. For 7MFY26, it reported TOI of ~₹65 crore. AIL has maintained a healthy profit before interest, lease rentals, depreciation, and taxation (PBILDT) margin in the range of 11-13.40% in the last three years, with an improvement of 84 basis points (bps) year-on-year (y-o-y) to 14.37% in FY25. With the moderate depreciation and interest cost, the pro

AIL maintains comfortable financial risk profile with low total debt of ₹9.28 crore on a tangible net worth (TNW) base of ₹74.13 crore, resulting in low overall gearing of 0.13x as of March 31, 2025(PY: 0.22x). AIL’s debt coverage metrics remained healthy marked by PBILDT/ interest coverage and total outside liabilities (TOL)/TNW stood comfortable at 12.70x (FY24: 14.95x) and 0.38x (FY24: 0.91x), respectively, as of FY25 end.

Orderbook of the company grew significantly from ~₹105 crore (0.43x TOI of FY24) as on September 30, 2024, to ~₹401 crore (3.31x TOI of FY25) as on November 30, 2025, providing revenue visibility. The order book is primarily concentrated in the roads and buildings segment, exposing the company to segment concentration risks. Moreover, ~92% of AIL’s order book, is concentrated to Saurashtra region, Gujarat, making AIL vulnerable to changes in government policies within the state.

AIL operates in a highly competitive construction industry, where projects are awarded based on the bidder's relevant experience, its financial strength, and the most competitive bid price. The industry is characterised by intense competition, driven by several small and medium-sized players, which leads to aggressive bidding and may exert pressure on its profitability. Additionally, due to the inherent cyclicality of the construction sector, maintaining profitability through operational efficie

AIL's profitability is susceptible to fluctuations in input costs as some contracts span over 12 months. However, majority ongoing orders have an inbuilt price escalation clause, which helps AIL to mitigate the risks associated with unfavourable movements in input prices.