Mishra United Group Incorporated 1978 Mumbai · Listed NSE/BSE
Three operating platforms — technology infrastructure, energy, and travel — held by one balance sheet and run on a thirty-year clock. We finance long, build heavy, and hold what we build.
The portfolio
Each business is capitalised to stand on its own and is measured on returns over a full cycle. What they share is the group's project delivery office, treasury, and a habit of buying assets nobody else wants to operate.
We build the unglamorous layer beneath India's software economy: land, power, cooling, fibre and silicon assembly. Contracts are long, tenants are investment grade, and every campus is sited within 40 km of a renewable injection point.
Principal assets
FY25
| Asset | Location | Capacity | Status |
|---|---|---|---|
| Ratnagiri Data Campus | Maharashtra | 180 MW | Phase II live |
| Devanahalli DC-3 | Karnataka | 96 MW | Operating |
| Noida Edge Cluster | Uttar Pradesh | 64 MW | Operating |
| Sanand OSAT Fab | Gujarat | 42 m units/yr | Ramping |
| Versova Landing Station | Mumbai | 2× 24 Tbps | Operating |
| Hyderabad DC-1 | Telangana | 40 MW | Construction |
An integrated hydrocarbon chain — two producing offshore blocks, a mid-complexity refinery, an LNG import terminal, and city gas licences in nineteen districts. Cash from this platform funds the group's transition capex.
Principal assets
FY25
| Asset | Location | Capacity | Status |
|---|---|---|---|
| Kandla Refinery | Gujarat | 240 kbpd | Operating |
| Block MU-KG-7 | Krishna–Godavari | 38 kboe/d | Producing |
| Block MU-CB-2 | Cambay | 23 kboe/d | Producing |
| Dahej LNG Terminal | Gujarat | 5.0 MTPA | Operating |
| Western CGD Network | 19 districts | 1.9 m homes | Expanding |
| Mundra H₂ Pilot | Gujarat | 40 kTPA | FID taken |
Airports first, then everything that moves through them. Four concession airports, a regional carrier built for 90-minute sectors, hotels at the gate, and a booking platform that ties the three together on one wallet.
Principal assets
FY25
| Asset | Location | Scale | Status |
|---|---|---|---|
| Nashik International | Maharashtra | 14.2 m pax | Concession to 2069 |
| Rajahmundry Airport | Andhra Pradesh | 9.8 m pax | Concession to 2066 |
| Bhuj Airport | Gujarat | 6.4 m pax | Operating |
| Siliguri Airport | West Bengal | 10.6 m pax | Terminal 2 build |
| Vayu Air fleet | Pan-India | 38 aircraft | 12 on order |
| Anandam Hotels | India, UAE | 4,100 keys | Operating |
Group at a glance
Consolidated figures for the year ended 31 March 2025, audited and reported under Ind AS. Segment detail sits in the annual report.
₹0cr
Consolidated revenue from operations
+18.4% YoY
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EBITDA across the three platforms
27.3% margin
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Net debt to EBITDA at year end
Target ceiling 3.0×
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People employed directly by the group
31% women, all levels
0GW
Renewable capacity contracted for own use
6.0 GW by 2029
0
Operating assets under group management
14 countries
Fourteen countries, but the centre of gravity stays on the western Indian coast — where the ports, the gas grid and the grid interconnects already are.
Commitments
Four commitments carry board-level accountability and sit in the remuneration policy. Progress is verified by a third party and restated each quarter, including when it slips.
BY 2045
An absolute reduction path with a 2019 baseline, no offsets counted before 2038.
BY 2029
6.0 GW contracted round-the-clock, matched hourly rather than annually.
BY 2030
Zero liquid discharge at Kandla and Dahej, with recharge audited catchment by catchment.
ONGOING
Trade skilling in the districts where we hold licences, run with state ITIs — 118,000 to date.
“We are paid for patience, not for prediction.”
My father started this house with a single fabrication shed in Bhiwandi and a rule he never wrote down: never own something you cannot operate yourself. Forty-seven years later it is still the only screen we apply to a deal.
The three platforms in this portfolio look unrelated, and on the customer side they are. What connects them is duration. A data campus, a regas terminal and an airport concession all ask the same question of an owner — can you fund it through a decade nobody enjoys? That is the question we have organised the company to answer.
Newsroom
Regulatory filings, project milestones and appointments. Media enquiries go to the group communications desk.