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

Credit Rating (CRISIL)
Crisil BBB-/Stable/Crisil A3
Rates the company's debt-servicing ability — not the quality or value of its shares.
Rated: 26 May 2025
This rating is over a year old.
View Full ReportValuation
Financials (FY2024)
Source: CRISILInvestment Thesis
Segmental Infrastructure Development Limited is a niche tunnelling and underground infrastructure consultancy company that could benefit from India's infrastructure expansion. However, its very small market cap of ₹60 Cr, absence of a public website, and lack of promoter disclosures make it a high-risk investment with very limited transparency.
Pros
Cons
Business Segments
Tunnelling Consultancy
Advisory and project management services for underground tunnel construction projects
Infrastructure Development
Infrastructure project development and consultancy for civil construction projects
Revenue Model
Segmental Infrastructure Development Limited earns revenue through consultancy fees, project management fees, and advisory charges for tunnelling and underground infrastructure projects, likely on a project-by-project basis for government and private infrastructure clients.
Detailed Analysis
Growth Plans
India's metro rail network expansion to over 50 cities creating demand for tunnelling expertise
Bharatmala Pariyojana highway tunnel projects
Industry Tailwinds
India's metro rail network expansion to over 50 cities creating demand for tunnelling expertise
Bharatmala Pariyojana highway tunnel projects
Comparable Companies
RITES · ~4000 Cr
IRCON · ~7000 Cr
Frequently Asked Questions
About Segmental Infrastructure Development Limited
Segmental Infrastructure Development Limited is a BSE-listed infrastructure services company specialising in tunnelling consultancy, project management, and underground construction advisory. The company provides technical expertise for complex underground infrastructure projects including metro rail tunnels, hydroelectric tunnels, and road tunnels in India. Revenue was approximately Rs. 87.2 Cr in FY2024.
Key Milestones
Incorporated in 1979 in Karnataka
Listed on BSE; specialises in tunnelling and underground infrastructure consultancy in India
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We source & quote
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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.
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Industry Headwinds
Project-dependent revenue making earnings highly volatile
Risk of larger competitors winning major tunnel consultancy mandates
Key Strengths
Highly specialized niche with high barriers to entry
Strong demand from India's metro and infrastructure push
Limited competition in expert tunnelling consultancy
Key Weaknesses
Small scale limits ability to win large single contracts
Revenue linked to project timelines—can be lumpy
Dependent on key technical expertise
Upward Factors
17%, leading to the higher cash accruals Efficient working capital management, leading to the lower dependency on the external working capital debt and leading to healthy ROCE.
Downward Factors
10% leading to lower than expected net cash accruals Any large, debt-funded capex weakening the financial risk profile
Very small company with ₹60 Cr market cap operating in project-based consultancy, making revenue highly lumpy and unpredictable
Source: Company Financial Filings
No publicly available website or promoter disclosures, limiting transparency for minority shareholders
Source: MCA / BSE Disclosures
Competes with larger engineering and infrastructure consultancy firms including RITES, IRCON, and international tunnelling specialists for project mandates
Source: AlphaHub Research
Small scale limits ability to win large single contracts
Source: AlphaHub Research
Revenue linked to project timelines—can be lumpy
Source: Company Financial Filings
Dependent on key technical expertise
Source: AlphaHub Research
Very small company with ₹60 Cr market cap operating in project-based consultancy, making revenue highly lumpy and unpredictable
No publicly available website or promoter disclosures, limiting transparency for minority shareholders
Competes with larger engineering and infrastructure consultancy firms including RITES, IRCON, and international tunnelling specialists for project mandates