Among the select few C-level executives in Indian infrastructure, Kavita Shirvaikar, Managing Director of Patel Engineering Ltd., is widely admired for shattering the glass ceiling in a traditionally male-dominated field. In an exclusive conversation with INFRASTRUCTURE TODAY’s Manish Pant, she discusses her ambitious vision of steering the 76-year-old, Mumbai-headquartered infrastructure and construction company toward a Rs.100 billion turnover, leveraging both its established strengths and emerging opportunities. Edited excerpts.
Let’s start with a personal question. Infrastructure, particularly engineering, has traditionally been male-dominated. How have you navigated leadership as a woman in this sector?
When I started my career more than 25 years ago, the industry was—and largely remains—male-driven, particularly at remote project sites. In our Mumbai head office, however, there is greater diversity. Since childhood, I have been determined and resilient. After completing my CA and ICWA, I joined the construction industry in 1998 and have remained committed to hard work and excellence. My husband often jokes that I approach challenges like a scientist, and former bosses have noted my wholehearted dedication. As a leader, I believe in taking my team along on the journey. These qualities have been instrumental in my successful navigation of this sector.
Under your leadership, Patel Engineering has achieved nearly 100 per cent growth in net profits. How was this accomplished?
My leadership philosophy centres on strategic focus, operational efficiency, and innovation. These principles have guided Patel Engineering’s remarkable financial growth. As a 76-year-old firm specialising in engineering and construction, we have doubled our turnover over the past five years from `20 billion to
`50 billion. It is for the first time in the history of the company that we surpassed the 50 billion revenue mark. This growth stems from a focused approach to hydropower, civil construction, tunnelling, and irrigation—our core sectors—steadily increasing our order book from `70 billion to `160 billion. Additionally, we have invested in research and innovation to reduce costs, while divesting non-core assets. These strategies have helped us achieve 100 per cent revenue growth, doubling profits while optimising costs and promoting technological advancements.
Your strong emphasis on cost control and debt reduction is rooted in your finance background. Can you elaborate?
Absolutely! We have developed an in-house project monitoring and control system to allocate budgets efficiently across verticals. Construction encompasses various activities—excavation, concreting, backfilling, heading, and benching—each requiring meticulous budgeting. By setting specific ceilings for
every process and monitoring costs monthly, we maintain profitability while ensuring
revenue growth. As a finance professional, I balance the broader picture while keeping expenses in check.
Patel Engineering was an early adopter of project management practices. Tell us about that.
Yes, we implemented project monitoring systems long ago, ensuring close oversight on key parameters such as cash flow, progress monitoring, fund movement, receipts, and expenditures. These systems enable us to manage projects efficiently while maintaining financial discipline.
Hydropower, irrigation, and tunnelling remain the company’s focus areas. Where do you see growth emerging in these verticals?
Sector-wise, hydropower presents enormous opportunities. The government’s push towards net-zero emissions by 2070 has strengthened its commitment to hydro and PSPs (pumped storage projects). Having expertise in traditional hydro, we are actively pursuing PSPs. Between hydro and PSPs, approximately 60 GW (gigawatts) of projects will soon be open for bidding. Given our strong qualifications and limited competition in this sector, we see significant prospects here.
In irrigation, we are concentrating on states like Madhya Pradesh, Maharashtra, and Bihar, where major projects are lined up for bidding. Hydropower project sizes have increased, with single projects now exceeding Rs.30-50 billion, offering substantial opportunities for growth.
Tunnelling is another promising sector. Initiatives like Gati Shakti are driving connectivity infrastructure across the country, including challenging terrains. One such example is the Sela Tunnel in Arunachal Pradesh, which our company completed last year at an altitude of 13,000 feet under extreme conditions. It is the world’s longest bi-lane tunnel at such an elevation and stands as India’s highest tunnel project. Despite the difficulties, we delivered the project on time, earning appreciation from Prime Minister Narendra Modi. This expertise, combined with our dedicated team, positions us strongly for future tunnelling projects.
Given the Northeast’s tremendous hydropower potential, are you currently working on any major regional projects?
Yes, we are already active in the region. Across India, 18,000 MW (megawatts) of hydropower projects are under execution, and Patel Engineering is involved in 8,000 MW. Notably, we are constructing a 2,000-MW project on the Subansiri River in Arunachal Pradesh, having completed `20 billion worth of work in four years. NHPC plans to begin partial commissioning soon. Additionally, we are working on major hydropower projects like Kiru and Kwar in Jammu & Kashmir.
You aim to substantially increase revenues to become a Rs.100 billion company. Does this mean you are expanding into new verticals? When do you anticipate reaching this milestone?
Our order book currently stands at Rs.160 billion, and we remain focused on our core sectors—hydropower, irrigation, and tunnelling. Beyond these, as an infrastructure company with robust expertise in people, materials, and resources, we are exploring strategic opportunities in pump storage projects and select construction ventures. Given the evolving landscape, we may selectively engage in building construction based on market potential. For instance, in the road sector, we bid selectively, targeting projects in complex terrains. Over the past five years, our growth rate has averaged 15-20 per cent CAGR. While we aspire to reach `100 billion as soon as possible, we acknowledge the practical challenges and emerging opportunities. At the same time, we are confident that we will achieve this goal shortly.
As a leading infrastructure and construction player specialising in EPC (engineering, procurement, and construction) projects, how do you plan to support India’s transition to green energy?
The government’s commitment to net-zero emissions by 2070 aligns well with our expertise in hydropower, a key component of green energy. We see substantial opportunities in traditional hydro and pumped storage projects, and we will continue to drive growth in these sectors. Additionally, we may selectively explore solar power based on market potential, though our immediate focus remains on hydro and storage projects.
Given the complexity of tunnelling and hydropower construction, how crucial is safety to your operations?
I am glad you asked this question. Worker safety is our top priority. Every project undergoes a rigorous safety assessment from the outset, and we adhere to ISM (integrated safety management) protocols. Our dedicated safety department ensures compliance with predefined standards, conducting regular site visits to verify adherence to safety procedures. This proactive approach is fundamental to our operations.
Patel Engineering has partnered with RVNL (Rail Vikas Nigam Ltd) and Ircon International on overseas projects. Do you foresee your subsidiary, PEL Nirmana, executing large-scale international projects independently?
RVNL and Ircon are leading PSEs (public sector enterprises) with extensive expertise in tunnelling and railway infrastructure. Given the growing scale of hydropower projects, collaboration with these PSEs enhances our capability to undertake large-volume projects efficiently. Through joint ventures, we combine technical expertise and financial resources to execute mega projects successfully. Looking ahead, the individual size of hydropower projects will range from `100-150 billion, making strategic alliances critical. Beyond India, we see significant hydropower opportunities in Nepal. To facilitate expansion in this market, we have established a subsidiary, Pel Nirmana, in Nepal. We aim further to strengthen our presence in Nepal’s energy sector.
Amid ongoing disruptions in the infrastructure sector, how are you leveraging emerging technologies to enhance efficiency in construction?
The infrastructure industry has evolved significantly over the past 25 years, particularly in hydropower. Traditionally, these projects were expected to take 10-15 years to execute, but in the last five to six years, we have witnessed a considerable acceleration in completion timelines. One notable example is our ongoing work on the Kiru and Kwar dams. Previously, dam concreting relied on traditional methods using dumpers, which were time-consuming. To improve efficiency, we designed an in-house tower belt concreting system, significantly reducing construction time and fuel consumption. Innovations like this are central to our approach. Use of advanced equipment, such as boomers, has further streamlined processes. Moreover, the shift from a contractor-client model to a collaborative partnership with the government has fostered a more effective project execution environment.
How do you optimise cement usage in construction?
As a cost-conscious EPC player, we are meticulous about cement consumption. Our approach prioritises concrete mix design, determining the precise ratio of cement, aggregate, and other materials to achieve optimal efficiency. Our in-house engineering and design teams collaborate closely with clients to ensure approvals align with technical specifications. By fine-tuning the concrete mix, we optimise cement usage, maintaining structural integrity while avoiding unnecessary excess.
Since tunnelling plays a crucial role in metro rail projects, are you expanding into that railway sub-segment?
Yes, we are selectively pursuing metro and railway tunnel projects. Having completed the Sela Tunnel, we are now focusing on railway tunnels, including our recently completed Tunnel T-2 for Ircon and KRCL (Konkan Railway Corp. Ltd) on the Katra-Banihal section of the Udhampur-Srinagar-Baramulla rail link. Most recently, we have completed substantial work on tunnels T-14 and T-15, both part of the same project. Additionally, we are keen on underground metro tunnels and plan to bid for upcoming projects such as the Kolkata and Bengaluru metro expansions.
The technical challenges in infrastructure projects demand a fair amount of resilience and adaptability in one’s outlook. How has your journey been shaped by those who supported you?
My family—parents, in-laws, husband, and daughter—have been my strongest support system. Their encouragement instilled resilience in me, reinforcing the importance of hard work and commitment. Balancing work and personal life can often be challenging. I make it a point to visit remote project sites spread across Jammu & Kashmir and Arunachal Pradesh. My team is another pillar of strength—I believe in granting them autonomy, and they consistently deliver. Successful project execution depends on teamwork.
Life is shaped by many influences. What has been your biggest learning?
Everything happens for a reason. Challenges often test patience, but consistency leads to eventual success. Having seen the infrastructure sector navigate ups and downs, I have learned that perseverance is essential.
What advice would you give to young women aspiring to careers in engineering?
Commitment and hard work are the keys to success. If you truly aspire to something, you can achieve it. I believe that when one’s intentions are positive, the universe always conspires to help. As you embark on your career, focus on delivering maximum value to stakeholders and always support your team.
Finally, how do you see infrastructure and construction evolving as India strives to become a fully developed nation by 2047?
I fully support this vision. India is making significant strides, despite temporary slowdowns, such as those around the
2024 general elections. I remain optimistic
that a strong revival is imminent. Our determination as a nation will drive us toward achieving this goal.
Patel Engineering: Building Growth
• Strong Revenue Growth: Founded in 1949, Mumbai-based Patel Engineering has steadily increased its annual sales, maintaining consistent asset growth.
• Profitability Surge: The company’s net profit margin has jumped significantly in recent years, reflecting improved operational efficiency.
• Hydropower Projects: Patel Engineering has been actively involved in large-scale hydropower projects, including key developments in Jammu & Kashmir and the Northeast.
• Tunnelling Projects: The company has completed railway tunnel projects and may look to bid for underground metro expansions in Kolkata and Bengaluru.
• Innovative Construction: Patel Engineering has developed in-house technologies, such as the tower belt concreting system, to enhance efficiency and reduce costs.
• Strategic Partnerships: Collaborations with RVNL and Ircon International have strengthened its presence in international infrastructure projects.
• Sustainability Initiatives: The company is actively contributing to India’s transition to green energy through hydropower and pumped storage projects.
• Expanding Global Footprint: Patel Engineering has expanded its footprint in Nepal, executing hydropower projects and forming a dedicated subsidiary for future growth.
• Financial Stability: Patel Engineering has improved its debt-to-equity ratio, enhancing financial liquidity and stability.
• Stock Performance: The company’s stock has seen notable fluctuations, with a strong recovery in recent years.