Apco Infratech Private Limited (APCO) is a Lucknow-based infrastructure and engineering company established in 1992. The company operates primarily in roads, highways, expressways, tunnels, bridges, irrigation, urban infrastructure and other large civil construction projects.
Official Website – APCO Infratech
Company Snapshot
| Particular | Details |
|---|---|
| Company | Apco Infratech Private Limited |
| CIN | U51432UP1992PTC013969 |
| Incorporation | 23 January 1992 |
| Registered Office | B-9, Vibhuti Khand, Gomti Nagar, Lucknow, Uttar Pradesh |
| Status | Unlisted Private Company |
| Industry | Infrastructure / EPC / Civil Construction |
| Paid-up Capital | ~₹49.5 Cr |
| Promoter | Anil Kumar Singh & family |
| Key Management | Anil Kumar Singh, Vinod Kumar Singh, Rajesh Pratap Singh |
| Website | apcoinfra.com |
Company-registry data confirms APCO is an active, unlisted private company incorporated in 1992, with approximately ₹49.5 Cr of paid-up capital.
What Does APCO Infratech Do?
APCO has built its business around large-scale infrastructure EPC and development projects.
Its key segments include:
- Highways & Expressways
- Bridges & Flyovers
- Tunnels
- Metro & Urban Infrastructure
- Marine Infrastructure
- Irrigation & Water Infrastructure
- Industrial Infrastructure
- HAM projects
- EPC construction
The company has particularly strong exposure to large government infrastructure projects, with clients and authorities including NHAI, MoRTH, BMC, MSRDC, UPEIDA and other government agencies.
Major Projects
APCO’s project portfolio includes some very large and technically complex infrastructure projects.
Versova–Bandra Sea Link
APCO is associated with the Versova–Bandra Sea Link project in Mumbai, a major marine infrastructure project with a listed project value of approximately ₹7,000 Cr on the company’s project portfolio.
Mumbai Coastal Road North
APCO is executing packages of the Mumbai Coastal Road North project.
One of the packages has a project value of approximately ₹3,084.57 Cr.
Major Water Infrastructure
APCO has won several major Mumbai water-infrastructure contracts, including:
- ₹3,877.17 Cr tertiary treated water conveyance tunnel
- ₹3,577.51 Cr tunnel project
- ₹2,483.21 Cr water-main project
- ₹1,878.29 Cr water-main project
- ₹1,398.42 Cr pipeline replacement project
Noida International Airport
APCO was awarded a project for construction of access and peripheral roads around Noida International Airport, valued at approximately ₹239.84 Cr.
Order Book
One of the biggest attractions of APCO is its large order book.
According to CRISIL’s July 2026 rating rationale, the APCO Group had an order book of approximately:
₹32,946 Crore
as of March 31, 2026
This represented approximately 5.53× FY26 revenue, providing significant revenue visibility.
The order book is diversified across:
- Highways
- Bridges
- Tunnels
- Irrigation
- Power
- Urban infrastructure
- HAM
- EPC
It also spans authorities such as NHAI, BMC, MSRDC and UPEIDA.
Financial Performance
There are differences between standalone/company-level and consolidated/group-level numbers available from different databases. For evaluating APCO, the CRISIL group-level numbers are particularly useful because the infrastructure business operates through multiple subsidiaries and SPVs.
CRISIL – APCO Group
| ₹ Crore | FY25 | FY26 |
|---|---|---|
| Operating Income | 6,697.28 | 6,147.27 |
| PAT | 564.61 | 473.97 |
| Operating Margin | — | 19.03% |
CRISIL estimates FY27 revenue at approximately ₹6,500–7,000 Cr, with operating margins expected around 18–19%.
Separately, Business Standard’s FY25 unlisted-company database reported Apco Infratech at approximately ₹8,058 Cr total revenue, ₹797 Cr net profit and ₹4,870 Cr net worth for the year ended March 2025. Differences arise from the reporting perimeter and financial-statement methodology, so these figures should not be mixed directly with CRISIL’s group metrics.
FY25 Company-Level Data
MCA-based company information reports FY25 revenue of approximately ₹7,838.64 Cr, up around 8% YoY. Paid-up capital was approximately ₹49.51 Cr.
This highlights an important point:
APCO is much larger than its paid-up capital might suggest.
The business operates through a broader group structure containing subsidiaries and project SPVs.
Credit Rating
APCO has a strong external credit profile.
As of July 2026, CRISIL reaffirmed:
CRISIL AA / Stable
Long-term
CRISIL A1+
Short-term
CRISIL also rated approximately ₹11,974 Cr of bank loan facilities.
The rating reflects:
- Established infrastructure track record
- Large order book
- Strong execution capability
- Healthy operating margins
- Diversified project portfolio
- Experienced promoters
- Improving capital structure
Asset Monetisation Strategy
A significant part of APCO’s business model involves developing infrastructure assets through SPVs and subsequently monetising them.
CRISIL reported that APCO sold its entire 85% stake in Apco Shri Amarnathji Tunnelway Private Limited in May 2026 for a transaction value of approximately ₹1,106 Cr.
Gross proceeds, including related receipts, are expected to be around ₹1,100–1,200 Cr and are expected to be received by FY27.
APCO has also monetised HAM assets through infrastructure investment vehicles such as Shrem InvIT. Shrem’s annual report records acquisition of several APCO-developed HAM assets.
This asset-recycling model can help APCO:
Build → Operate/Develop → Monetise → Recycle Capital → Bid for New Projects
Recent Business Development
APCO continues to win large infrastructure contracts.
In 2026, GHV Infra Projects disclosed an EPC contract from APCO worth approximately ₹815 Cr for a Maharashtra road project.
Earlier, GHV had also disclosed a ₹1,250 Cr EPC contract from APCO for expressway connectors between Jalna and Nanded.
This illustrates APCO’s role not only as an infrastructure developer/EPC contractor but also as an entity that can award execution packages to other contractors.
Promoter & Management
APCO was promoted by Anil Kumar Singh and the company has been associated with the Singh family for decades.
Current company records identify:
- Anil Kumar Singh – Director
- Vinod Kumar Singh – Director
- Rajesh Pratap Singh – Whole-Time Director
The long operating history of the promoter group is one of the factors considered positively by CRISIL.
Why APCO Gets Attention in the Unlisted Market
1. Large order book
₹32,946 Cr group order book as of March 2026 provides substantial execution visibility.
2. Large-scale projects
The company participates in projects involving highways, tunnels, sea links, urban infrastructure and water systems.
3. Strong credit rating
CRISIL AA/Stable and A1+ provides an independently assessed view of the group’s credit quality.
4. Asset monetisation
The company has demonstrated an ability to recycle capital by monetising completed HAM/infrastructure assets.
5. Experienced execution platform
APCO has more than three decades of operating history and a workforce including thousands of engineers and infrastructure professionals.
Key Risks
Working Capital
Infrastructure EPC businesses require significant working capital. Delays in certification, billing and government payments can affect cash flows.
Large SPV Exposure
CRISIL notes that a sizeable portion of net worth remains invested in project SPVs.
Infrastructure Cyclicality
The business depends heavily on government infrastructure spending, tender awards and execution schedules.
Asset Monetisation Risk
The financial model partly relies on monetisation of HAM/SPV assets. Delays in asset sales or receipt of proceeds can affect liquidity.
Competition
APCO competes with large infrastructure players for NHAI, state-government and municipal contracts.
Unlisted Liquidity
Unlike listed infrastructure companies, APCO shares do not trade on NSE/BSE. Therefore, buying and selling can be more difficult, and quoted prices can vary significantly between transactions.
IPO Status
As of September 2026, I could not verify a current SEBI DRHP/IPO filing specifically for Apco Infratech Private Limited from reliable primary sources.
Therefore, an IPO timeline, issue size or expected listing valuation should not be assumed unless supported by a formal company/SEBI filing.
Overall Business Profile
| Factor | Observation |
|---|---|
| Business Scale | Large |
| Operating History | 30+ years |
| Order Book | ₹32,946 Cr – Mar 2026 |
| FY26 Group Revenue | ₹6,147 Cr |
| FY26 Group PAT | ₹474 Cr |
| Credit Rating | CRISIL AA/Stable; A1+ |
| Core Exposure | Roads, tunnels, bridges, water & urban infra |
| Government Exposure | Significant |
| Asset Monetisation | Yes |
| Listed | No |
| IPO | No verified current DRHP found |
| Main Risk | Working capital, execution & SPV exposure |
UnlistedCart Takeaway
Apco Infratech is a sizeable, established Indian infrastructure EPC group with a very large order book and exposure to some of India’s major road, tunnel, marine, water and urban infrastructure projects.
The most important numbers to track are the ₹32,946 Cr order book, FY26 group revenue of ₹6,147 Cr, FY26 PAT of ₹474 Cr and CRISIL AA/Stable rating.
The investment analysis, however, should not be based only on the headline order book. For an unlisted investor, the actual transaction price, shareholding structure, latest audited financials, SPV investments, debt, working-capital requirements and any future IPO/monetisation plans are equally important.
Important: APCO is an unlisted private company. Unlisted share prices are indicative and may vary based on seller availability, transaction size, liquidity and market conditions. Valuation should be assessed using the latest verified financial statements rather than a quoted unlisted price alone.
Sources & Useful Links
APCO Infratech – Official Website
APCO – Company News & Project Awards
CRISIL – APCO Infratech Rating Rationale, July 2026
CRISIL – APCO Company Factsheet
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