Project Keystone
Confidential Information Summary: engineering, procurement and construction contractor, western India.
Executive summary
Keystone is a privately held contractor that builds industrial plants for sugar, power, refinery and cement customers in India and overseas. Its two promoter-directors seek a full exit because the next generation will not take the business forward.
The buyer's case rests on the order book, not on current profit. At ₹2,000 Cr, it covers 4.4 years of revenue at the stated run-rate.
Earnings are thin for the scale: EBITDA margin 5.6%, PAT margin 2.9%. The business is four decades old, with a workforce above 7,000 and operations in more than 40 countries.
At a glance
Basis of preparation. Figures are management's, for one year. The source states neither the financial year nor whether they are standalone or consolidated, and the adviser has not audited them. A prior-year comparison is not available and will be provided in the data room.
Investment highlights
Order book above four years of revenue
Forward work already contracted gives a new owner visibility without a sales ramp.
₹2,000 Cr · 4.4× revenueBroad plant-building scope
Silo, sugar, boiler, power and balance-of-plant work for mega power projects.
5 plant typesEstablished international footprint
Delivery across India, the Middle East, Africa and neighbouring regions.
40+ countriesProfitable at scale
PAT is positive on ₹450 Cr of revenue, and EBITDA converts to PAT at over half.
PAT ₹13 Cr · 52% of EBITDAClean exit driver
The sale follows promoter succession, not distress: both directors are in senior years and no family successor is available.
100% control availableBusiness overview
Keystone is an erection and construction contractor, with mechanical fabrication in the mix. It has built its book over nearly four decades, principally for process and energy customers.
Silo and sugar plants
RCC silo plants and sugar plants built to completion.
Boiler and power plants
Boiler plants and power plants, including refinery and cement installations.
Balance of plant
BOP packages for power plants, including mega-capacity projects.
Reach
Operations extend across India, the Middle East, Africa, South Asia and South-East Asia. A prior acquisition of a similar firm added capability.
Order book & financial snapshot
The order book dwarfs every earnings line, which is the metric a contractor is valued against. The chart compares the four figures on one axis.
| Measure | ₹ Cr | % of revenue |
|---|---|---|
| Revenue | 450 | 100.0% |
| EBITDA | 25 | 5.6% |
| PAT | 13 | 2.9% |
| Order book, March 2026 | 2,000 | 444.4% |
Weakest metric: EBITDA margin of 5.6% leaves little cushion against cost overruns on fixed-price work. The order book is only as good as its margin, which the data room must show by contract.
Customer mix & concentration
Customers are plant owners in sugar, power, refining and cement who place repeat construction and balance-of-plant packages. Repeat orders follow plant expansions and new-capacity cycles.
Customer-level billings, concentration tiers and the masked top-twenty table are not in the source documents. They will be provided in the data room; no estimate is shown here.
Quality of earnings
Only revenue, EBITDA and PAT are available, so no earnings adjustment can be assessed.
Not yet available
Margin bridge, add-backs, operating cash flow, net debt, capex, related-party transactions and a multi-year trend.
Recency
Order book is dated March 2026; the earnings year is not stated and must be tied to it.
Management & succession
Two promoter-directors run the business and both are seeking an exit.
Both in senior years; their children have chosen other careers.
Professionals across fabrication, erection and construction. Second-line management is not described.
Key-man exposure. Customer and overseas partner relationships likely sit with the promoters. A transition period and a retained second line are the main protections a buyer should seek.
M&A proposition
The offer is a full acquisition of an operating contractor with a multi-year order book. Complete control passes to the buyer.
Entire equity of a private limited company.
0.76× revenue, 13.6× EBITDA, 26.2× PAT.
Promoters want an exit while the order book is full.
Transaction parameters
Risks & mitigants
Process & next steps
Adviser
Disclaimer. This summary is confidential, is based on information supplied by the seller, and has not been independently verified. No warranty is given as to accuracy or completeness. Recipients must conduct their own due diligence. This is not an offer or a solicitation.