Builds the structure (and often finishes and MEP) for developers and institutions under fixed-price or item-rate contracts, billing monthly against completed work.
Why it matters
Construction is where bookings turn into cost: a contractor's order book shows how much developer and government building work is actually under way.
Where the value pool sits
A fragmented, working-capital-heavy business with ~8-12% EBITDA margins. Profitability depends on escalation clauses, timely client payments and execution speed; scale players like L&T win the most complex jobs.
Key drivers
Developer launches turning into construction
Government buildings - hospitals, institutions, housing schemes
Data centres, factories and commercial towers
Potential bottlenecks
Skilled labour shortages
Client payment delays stretch working capital
Fixed-price contracts exposed to cement, steel and labour inflation