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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

Valuation
Investment Thesis
Mangalam Engineering Projects Limited is a very small, unlisted civil engineering and construction company in Jaipur with minimal public information available. The extremely low share price and absence of any digital presence suggest the company may be minimally operational. While India's infrastructure boom provides a favorable macro backdrop, this company's micro-scale and opacity make it a highly speculative instrument suitable only for investors with direct knowledge of the company's operations.
Pros
Cons
Business Segments
Construction / Engineering Projects
General construction and engineering project execution (NIC 45201); building and civil engineering works in Rajasthan.
Revenue Model
Mangalam Engineering Projects Limited likely generates revenue through lump-sum or item-rate contracts for civil construction works, primarily for government agencies in Rajasthan. Revenue recognition is project-based using percentage completion method. Margins depend on contract terms, execution efficiency, and working capital management.
Detailed Analysis
Growth Plans
Rajasthan's participation in India's National Infrastructure Pipeline with road, urban, and irrigation projects
Smart Cities Mission work in Jaipur potentially offering government construction contracts
India's affordable housing programs generating civil construction demand in Rajasthan
Potential restructuring or scaling up of operations by promoter group
Industry Tailwinds
Recent Developments
Rajasthan state government has been active in awarding road, urban development, and irrigation contracts under national infrastructure programs, providing contracting opportunities for local firms.
2024-01Company continues to operate as an unlisted entity with shares at minimal value in OTC markets, reflecting a small scale of operations.
2023-06Comparable Companies
ASHOKA · ~₹5,000 Cr
Frequently Asked Questions
About Mangalam Engineering Projects
Mangalam Engineering Projects Limited is a Rajasthan-based civil engineering and infrastructure company incorporated in 2010. Based in Jaipur, the company is engaged in the execution of engineering and construction projects across Rajasthan and potentially other North Indian states. The Indian infrastructure sector has been a major growth driver, with the Government of India significantly increasing capital expenditure — ₹11.11 lakh crore in Union Budget FY2025, representing 3.4% of GDP. Rajasthan, under its Smart Cities and infrastructure development programs, has been a significant state-level contributor to infrastructure spending, creating opportunities for regional engineering companies like Mangalam Engineering Projects. The company operates in civil engineering including road construction, building construction, water infrastructure, and potentially other public works projects. Engineering and construction companies in India primarily serve government clients through tender-based project execution, with revenue recognition on percentage completion basis. Jaipur, as Rajasthan's capital and largest city, is a hub for infrastructure development activity — with ongoing projects in metro rail, road widening, smart city development, and municipal infrastructure. Mangalam Engineering's Jaipur base positions it well to pursue both state government tenders and private real estate construction projects. The infrastructure sector in India is characterized by intense competition, thin margins, and project execution risk. Established players with track record and financial strength have advantages in winning larger government contracts.
Key Milestones
Incorporated 2010 in Rajasthan (CIN: U45201RJ2010PLC031697)
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We source & quote
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You accept the allocation
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Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
Rajasthan's participation in India's National Infrastructure Pipeline with road, urban, and irrigation projects
Smart Cities Mission work in Jaipur potentially offering government construction contracts
India's affordable housing programs generating civil construction demand in Rajasthan
Potential restructuring or scaling up of operations by promoter group
Industry Headwinds
Company may be dormant or operating at near-zero scale
High risk of capital loss given sub-₹11 share price and no financial visibility
Civil construction margins are thin and execution-dependent
The very low share price (₹10.1) and lack of any public information suggests the company may be operating at a very minimal scale or may be near-dormant.
Source: Company Financial Filings
Government construction contracts in India are subject to delays, payment deferrals, and dispute risks that disproportionately affect small contractors.
Source: AlphaHub Research
Civil construction is working capital intensive — delayed payments from clients (particularly government) can create severe cash flow stress.
Source: Media Reports / Public Records
The civil construction market in Rajasthan has thousands of registered contractors competing for government projects, creating intense pricing competition and thin margins.
Source: Company Financial Filings
No website, no public financial disclosures, and no analyst coverage make it impossible to assess current business health or financial position.
Source: AlphaHub Research
The very low share price (₹10.1) and lack of any public information suggests the company may be operating at a very minimal scale or may be near-dormant.
Government construction contracts in India are subject to delays, payment deferrals, and dispute risks that disproportionately affect small contractors.
Civil construction is working capital intensive — delayed payments from clients (particularly government) can create severe cash flow stress.
The civil construction market in Rajasthan has thousands of registered contractors competing for government projects, creating intense pricing competition and thin margins.
No website, no public financial disclosures, and no analyst coverage make it impossible to assess current business health or financial position.
RITES · ~₹7,000 Cr
CAPACITE · ~₹1,500 Cr
Construction and engineering projects company; unlisted; registered with RoC Jaipur
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