Synopsis: Dhruv Consultancy Services Limited has secured an Rs. 8.34 crore consultancy contract from Madhya Pradesh Road Development Corporation Limited (MPRDC) for serving as the Independent Engineer on the Ujjain-Jaora Access Controlled Greenfield Highway project. The assignment will span 48 months and further strengthens the company’s government infrastructure order book.
In a regulatory filing submitted to the stock exchanges on June 5, 2026, Dhruv Consultancy Services Limited announced that it has received a Letter of Acceptance (LOA) from Madhya Pradesh Road Development Corporation Limited (MPRDC) for providing Independent Engineer consultancy services for the Ujjain-Jaora Access Controlled Greenfield Highway project in Madhya Pradesh.
Shares of Dhruv Consultancy Services Limited, with a market capitalization of Rs. 54.87 crore, closed at Rs. 28.68, up 4.06% from its previous closing price of Rs. 27.56. The stock touched an intraday high of Rs. 28.93 and a low of Rs. 28.00 during the session. The company does not currently have a reported P/E ratio as its earnings over the trailing four quarters are negligible/negative.
The contract has been awarded under the Hybrid Annuity Mode (HAM) framework and carries a total value of Rs. 8,33,79,753 (approximately Rs. 8.34 crore), excluding GST. The company received the LOA on June 5, 2026, marking another addition to its growing portfolio of government-backed infrastructure assignments.
The project was secured through a joint bidding arrangement comprising Dhruv Consultancy Services Limited, Intercontinental Consultants and Technocrats Private Limited, and MVK Infrabuild Private Limited. The contract was awarded through a competitive bidding process under Tender ID 2026_MPRDC_476427_1.
According to the company’s disclosure, the transaction does not qualify as a related-party transaction, and neither the promoters nor promoter group entities have any interest in the awarding authority, MPRDC.
The consultancy assignment will extend over a period of 48 months. The first 24 months will involve active construction supervision, followed by a 24-month Defect Prevention Liability (DPL) period. During this tenure, the consortium will act as the Independent Engineer responsible for monitoring construction quality, certifying project milestones, ensuring compliance with contractual specifications, and facilitating dispute resolution between the concessionaire and the project authority.
As part of the contract conditions, the company is required to furnish a Performance Security Deposit within 15 days of the LOA issuance and subsequently execute the formal agreement in accordance with the tender documents.
Importance of the Contract
While the Rs. 8.34 crore contract is relatively small compared to major EPC orders, it carries significant strategic value for Dhruv Consultancy. Independent Engineer assignments are highly regarded in the highway infrastructure sector, as they involve overseeing project quality, monitoring progress, certifying milestones, and ensuring compliance with contractual standards.
Securing such projects strengthens the company’s credibility, showcases its technical expertise, and improves its prospects for winning future government infrastructure contracts. The order also highlights Dhruv Consultancy’s continued success in expanding its presence across state-backed road and highway projects.
Ujjain-Jaora Highway to Enhance Connectivity
The Ujjain-Jaora Access Controlled Greenfield Highway is part of Madhya Pradesh’s efforts to strengthen regional connectivity and infrastructure. The corridor will connect Ujjain, a major religious destination, with Jaora, an important commercial center in Ratlam district, helping improve travel efficiency, reduce congestion, and support economic growth.
As a greenfield project built on a new alignment with modern highway standards, it requires extensive technical supervision, highlighting the importance of the Independent Engineer’s role throughout the project lifecycle.
Strong Order Book Provides Revenue Visibility
The latest contract further strengthens Dhruv Consultancy’s order book, which stood at approximately Rs. 256 crore as of early June 2026. The company’s order pipeline has been supported by a steady flow of consultancy mandates from central and state government agencies, including NHAI and MPRDC.
The robust order book provides medium-term revenue visibility over the next two to three years and reflects the company’s strong position in India’s infrastructure consultancy sector. Recent order inflows worth around Rs. 16.24 crore across feasibility studies, supervision services, and bridge design projects have further enhanced business momentum and diversified its project portfolio.
Company Overview
Dhruv Consultancy Services Limited is a Navi Mumbai-based infrastructure consultancy company specializing in project management, independent engineering, supervision, and technical advisory services. The company works with various central and state government agencies, including highway and road development authorities, and provides services across the entire infrastructure project lifecycle, from planning and design review to construction monitoring and defect liability supervision.
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