Capacit'e Infraprojects Secures ₹537 Cr Thane Project LOI from Raymond Realty

Capacit'e Infraprojects Limited has announced a significant Letter of Intent (LOI) valued at ₹537 Crore (excluding GST) from TenX Realty Limited, a subsidiary of Raymond Limited. This major contract for constructing towers and a retail building in Thane underscores its strong footing in the building construction segment.

What just happened (today’s filing)

Capacit'e Infraprojects Limited has received a Letter of Intent (LOI) from TenX Realty Limited, acting on behalf of Raymond Limited. The total contract value for this LOI is approximately ₹537 Crore, excluding Goods and Services Tax (GST).

The project involves the construction of 'Towers F,G, NTA' and a 'Retail Building' located in Thane. This is identified as a repeat order, suggesting a positive and established relationship with the client.

Why this matters

This LOI represents a substantial new project for Capacit'e Infraprojects, significantly contributing to its order book and future revenue visibility. The repeat order nature indicates client satisfaction and strengthens its position in the competitive building construction market.

The backstory (grounded)

Capacit'e Infraprojects is a well-established player in India's construction sector, specializing in high-rise and super high-rise buildings, commercial, and institutional projects. Its order book, as of December 31, 2025, stood at an impressive ₹13,188 Crore..

Raymond Limited, a diversified conglomerate, operates its real estate business through its subsidiary TenX Realty. TenX Realty has been active in developing projects in the Mumbai Metropolitan Region, including Thane.. Capacit'e had previously secured a ₹220 crore contract from TenX Realty in April 2025 for a high-rise project, underlining the 'repeat order' status.

What changes now

• Capacit'e Infraprojects' order book will expand by ₹537 Crore, enhancing its revenue visibility.
• The company solidifies its relationship with a prominent developer like Raymond Group.
• It reinforces the company's specialized capabilities in constructing large-scale residential and commercial complexes.
• Potential for securing future projects from the same client.

Risks to watch

While the LOI is a positive development, it's important to note potential headwinds. Auditors have previously flagged concerns regarding the recoverability of trade receivables and long-standing dues, amounting to approximately ₹1,156 lakh and ₹5,493 lakh respectively, which could impact cash flows if not resolved..

Additionally, Capacit'e Infraprojects faced fines from BSE and NSE in May 2024 for a regulatory non-compliance issue related to director appointments.. Project execution risks, market competition, and material cost fluctuations are inherent in the construction sector.

Peer comparison

Capacit'e Infraprojects competes in a sector with established players like Ahluwalia Contracts (India) Ltd. and PSP Projects Ltd. Both peers are actively involved in building construction and infrastructure, with order book growth being a key performance indicator for all three companies..

Context metrics (time-bound)

• As of December 31, 2025, Capacit'e Infraprojects' standalone order book stood at ₹13,188 Crore.
• In Q3 FY26, total income was ₹681 crore, with a PAT of ₹50 crore.

What to track next

• Conversion of the LOI into a definitive work order.
• Project commencement timelines and execution progress.
• Management's commentary on margin realization for this project.
• Further order wins to maintain growth momentum.