At the break of dawn, 75-year-old P M Alavi can still be seen inspecting the consistency of fresh concrete at PMR’s plant. These are the same hands that once worked the rice fields in Kerala's Malappuram district, long before the idea of running a construction company had even occurred to him.
His early dream was modest—earning ₹10,000 from one project. Now, the group he founded is eyeing a ₹1,000 crore enterprise value, with a public listing planned between 2028 and 2030.
The proposed ₹175 crore IPO comes at a time when India’s infrastructure push is gathering serious pace. The Gati Shakti National Master Plan has earmarked ₹100 lakh crore through 2026 to develop roads, rail, airports, and industrial corridors.
If PMR times its IPO during this high-growth phase, it could align its financial story with the country’s infrastructure ambitions—though whether it can sustain growth until then remains to be seen.
Alavi stepped into the construction world in the 1970s, leaving farming as many others did. With no prior knowledge of machinery or electricity, he learnt everything on the go—starting with irrigation projects and moving on to buildings and roads. There were no mobile apps or vendor systems back then. Labour was hired based on who showed up first with their own tools, and a trip to Bangalore was needed just to find a decent mixer.
Still, amid the chaos, Alavi earned a reputation for finishing government projects without cutting corners. It was this dependability that eventually won him Class A contractor status with the PWD and turned PMR into a familiar name in Malappuram.
PMR was formally set up in 2002 as a partnership firm. Alavi’s four sons joined one by one, introducing fresh ideas and laying the groundwork for business diversification. The name PMR itself goes back to an earlier venture—PM Roadways, a lorry service run by the family. From there, it evolved into PMR Construction.
One of their breakthrough moments came with the Churam Road in Wayanad, built on challenging terrain. Another came with the NH 966 upgrade, easing traffic congestion. The Ulloorkadavu Bridge in Kozhikode, one of the district’s largest, stands as another testament to their execution capability.
As raw material prices began fluctuating, PMR decided to produce many of them in-house. This led to a vertically integrated model that is rare in Indian construction. PMR now owns operations in ready-mix concrete, M-sand, crushed aggregates, fuel distribution, and even technology and hospitality.
So instead of scrambling for suppliers when prices rise—as many in the sector do—PMR simply sources from its own companies. It’s not foolproof, but it has helped them ride out price shocks that hurt margins across the industry.
PMR’s youngest son, Mohammed Shaheed, is leading the firm’s digital turn. What started as internal tools to manage their expanding project load soon turned into standalone tech products. After acquiring three tech firms and revamping them with venture capital, PMR launched Brickly—an AI-driven construction management platform.
Unlike typical software tools, Brickly is built for construction-specific workflows. It flags delays, tracks budgets, and helps prevent overruns. There’s also DATA HQ, which provides predictive analytics and operates out of the US and Dubai, offering potential tech exports beyond India’s borders.
Research is underway on AI-powered construction devices—like sensors that monitor concrete curing and drones that track project sites. This puts PMR in a different category from conventional contractors who still rely heavily on manual processes.
PMR currently manages about 10 projects across Kerala and Karnataka. Its targeted ₹175 crore IPO would place it among the mid-sized players going public, alongside recent listings like Puranik Builders and Afcons Infrastructure. But listing isn’t just about raising funds. The group is focusing on internal systems, auditing, and bringing in experienced professionals in finance and private equity. Its board now includes individuals educated in Ivy League and premier Indian institutions.
The plan is to demonstrate growth across multiple years, show scalability in tech and construction, and prove readiness for public market scrutiny. The company’s integrated model could give it a cushion against sector volatility, but it still needs to show results on the ground.
While India’s infrastructure sector is poised for growth—estimated to touch $2.13 trillion by 2030—the path isn’t smooth. Labour shortages, regulatory shifts, and delayed payments are persistent risks. PMR’s in-house supply model offers some buffer, and its side businesses—like hospitality and fuel—add a layer of stability.
However, converting decades of regional goodwill into national presence will be no easy task. PMR has experience in Kerala and parts of Karnataka, but scaling operations across India will demand new partnerships, local insights, and execution on an entirely different scale.
Despite the modern tech and high finance being brought into the business, Alavi still visits project sites and participates in strategy meetings. For him, growth has always been about consistency, not shortcuts. The company’s next steps include expanding to other Indian states, growing its tech businesses to attract strategic investors, and adding hotels in every major Kerala city.
If PMR pulls off its IPO in the 2028–2030 window, it could become one of the few integrated players in the public markets. That’s still some distance away, and the company has much to prove before then. But with a mix of old-school grit and new-age strategy, PMR is preparing to play on a larger stage—one project, one region, and one innovation at a time.