Goel Construction CompanyShare price, financial results, shareholding and management
- Market cap
- ₹754 cr
- Stock P/E
- 16.3peers 11.3
- Book value
- ₹176
- Price to book
- 2.97
- EV / operating profit
- -
- Market cap to sales
- 1.15
- ROCE · FY26
- 34.3%
- ROE · FY26
- 24.0%
- ROE, 3-year average
- 28.6%
- Operating margin · FY26
- 11.2%peers 10.5%
- Sales growth, 3 years
- 34.4%
- Profit growth, 3 years
- 48.9%
- Debt to equity
- 0.03peers 0.55
- Borrowings
- ₹8 cr
- Interest cover
- 7.1×
- Cash from business / op. profit
- 86%
- Debtor days
- 39
- Pledged
- 0.00%
- Promoter holding
- 71.83%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 1,095
- 52-week high / low
- ₹537 / ₹249
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Goel Construction Company share price chart
Close on 6 Nov 2026 · -1.34% on the day · Vol 1.59 L
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +19.7%
- 3 months
- +8.1%
- 6 months
- +58.2%
- 1 year
- +57.7%
- Traded a day, 20 days
- ₹1.58 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +11% | +22% |
| 3 years, a year | +34% | +49% |
| Latest half, H2 FY26 | +30% | +34% |
About Goel Construction Company: business, products and customers
Goel Construction Company builds the concrete and steel structures of new cement plants, power stations and dairy plants for large industrial groups across India. Its shares trade on BSE SME.
The company was founded in Jaipur in 1997 and does the civil and structural work inside industrial plants: clinker and grinding units, pre-heaters, silos and packing plants for cement makers; coal handling, ash handling, cooling towers and chimneys at thermal power plants; and food-grade buildings for dairy and cattle feed plants. The annual report names UltraTech, Adani Power, JSW and JK Lakshmi Cement among its clients, and the March 2026 rating note adds Shree Cement, Ambuja, Marwar Cement and the National Dairy Development Board. At March 2026 it had seventeen projects running in thirteen states.
The business model shapes the numbers. Each job is won by bidding and billed monthly as work progresses, so revenue follows site progress and slowed in a heavy monsoon in the first half of FY26 before picking up in the second. Customers pay mobilisation advances, which keeps the company's own money in the work low, but every contract needs bank guarantees backed by fixed deposits, so a bigger order book ties up more cash in deposits. Steel and cement price swings are passed on only where the contract has an escalation clause, and the company uses its own fleet of cranes, pumps and batching plants with labour from site contractors, so margins depend on how well each site is run.
Read more about the business
The annual report names no listed rivals; it says orders are won in a competitive bidding environment, and the rating agency points to intense competition and the ups and downs of construction as the main weaknesses.
What is new: the company listed in September 2025, more than doubled its order book in the year, added Dalmia Cement and the Adani group as clients, and plans to add structural and mechanical work so that it can take on larger orders and move into steel plants, logistics parks and other process industries.
From the FY26 annual report and the Crisil rating note of March 2026.
Read the deeper study ↓In its favour
- Sales have grown fast: 34% a year over three years.
- It earns a high return on the money it uses: ROCE 34% in FY26.
- It brings in more cash than it shows as profit: ₹63 cr against ₹46.3 cr in FY26.
- It has little debt for its size: debt to equity 0.03.
- The promoters own a large part of the company: 71.83%.
To watch
- Execution of the ₹1,291.2 cr order book across seventeen projects (Annual report FY26, p.10).
- Spending of the ₹14.0 cr of IPO money still set aside for equipment (Annual report FY26, p.17).
- First orders in steel plants, logistics parks or other new industries, and the move to structural and mechanical work (Annual report FY26, p.10).
- Receivables and bank guarantees as the order book grows (Annual report FY26, p.39 and p.71).
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Goel Construction Company revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before.
Goel Construction Company half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 272 | 318 | 245.38 | 411.92 |
| Expenses | 247 | 285 | 217.56 | 366.46 |
| Operating profit | 25 | 32 | 27.81 | 45.46 |
| OPM | 9.0% | 10.0% | 11.3% | 11.0% |
| Interest | 1 | 2 | 4.80 | 5.40 |
| Depreciation | 4 | 4 | 4.05 | 4.93 |
| Profit before tax | 22 | 29 | 22.31 | 39.76 |
| Net profit | 17 | 22 | 16.76 | 29.50 |
Goel Construction Company profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 159 | 206 | 271 | 386 | 590 | 657.30 |
| Expenses | 145 | 187 | 247 | 350 | 532 | 584.02 |
| Operating profit | 15 | 19 | 24 | 36 | 58 | 73.27 |
| OPM | 9.0% | 9.0% | 9.0% | 9.0% | 10.0% | 11.2% |
| Other income | 1 | 2 | 2 | 3 | 4 | 7.98 |
| Interest | 2 | 2 | 2 | 3 | 3 | 10.20 |
| Depreciation | 3 | 4 | 4 | 6 | 8 | 8.98 |
| Exceptional and other items | -1 | -1 | -1 | · | · | · |
| Profit before tax | 10 | 14 | 19 | 30 | 51 | 62.08 |
| Tax rate | 30.0% | 21.4% | 26.3% | 23.3% | 25.5% | 25.5% |
| Net profit | 7 | 11 | 14 | 23 | 38 | 46.26 |
| EPS ₹ | 70.56 | 105.40 | 138.40 | 219.13 | 33.72 | 35.25 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Goel Construction Company profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 9.0% | 9.0% | 9.0% | 9.0% | 10.0% | 11.2% |
| Tax rate | 30.0% | 21.4% | 26.3% | 23.3% | 25.5% | 25.5% |
| ROCE | · | 18.4% | 21.9% | 29.5% | 38.0% | 34.3% |
| ROE | · | 21.4% | 21.9% | 28.0% | 33.9% | 24.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Goel Construction Company debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It cut its borrowings last year. Its loans are smaller than its own money. Last year the business brought in more cash than it showed as profit. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Goel Construction Company balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 1 | 11 | 14 |
| Reserves | 45 | 56 | 70 | 92 | 120 | 240 |
| Net worth | 46 | 57 | 71 | 93 | 131 | 254 |
| Borrowings | 36 | 35 | 29 | 31 | 29 | 8 |
| Other liabilities | 31 | 31 | 105 | 96 | 105 | 193 |
| Total liabilities | 113 | 123 | 205 | 220 | 265 | 455 |
| Fixed assets | 35 | 37 | 55 | 65 | 77 | 100 |
| Capital work in progress | 0 | 0 | 0 | 1 | 4 | 3 |
| Investments | 0 | 2 | 9 | 7 | 23 | 64 |
| Other assets | 78 | 84 | 141 | 147 | 161 | 288 |
Goel Construction Company cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | 13 | 21 | 24 | 48 | 38 | 63 |
| Cash from investing | -7 | -13 | -37 | -36 | -33 | -101 |
| Cash from financing | -4 | -3 | 7 | -1 | -5 | 45 |
| Net cash flow | 2 | 5 | -6 | 11 | 0 | 7 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 36 | 28 | 31 | 22 | 17 | 39 |
| Inventory days | 1,180 | · | · | 69 | 24 | 94 |
| Days payable | 726 | · | · | 267 | 74 | 94 |
| Cash conversion cycle | 491 | 28 | 31 | -175 | -33 | 39 |
| Working capital days | 1 | -13 | -7 | -11 | -10 | 1 |
Goel Construction Company peers and competitors
Listed SME companies in the same industryBy sales, Goel Construction Company is number 4 of the 58 listed SME companies in construction.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Ganesh Infraworld | 374 | 4.9 | 836 | 76.2 | 12.6% | 1.94 |
| Sathlokhar Synergys E&C Global | 979 | 11.9 | 820 | 82 | 14.0% | 0.25 |
| B.R.Goyal Infrastructure | 476 | 10.6 | 820 | 45 | 9.0% | 0.28 |
| Goel Construction Company | 754 | 16.3 | 657 | 46.3 | 11.2% | 0.03 |
| Savy Infra and Logistics | 281 | 6.7 | 638 | 42 | 9.3% | 0.33 |
| AVP Infracon | 195 | 4.6 | 441 | 42.1 | 19.4% | 1.39 |
| E To E Transportation Infrastructure | 524 | 30.8 | 380 | 17 | 10.0% | 0.80 |
| Solarium Green Energy | 247 | 12.4 | 368 | 20 | 8.0% | 0.96 |
| Chavda Infra | 330 | 19.4 | 321 | 17 | 18.0% | 0.63 |
| Giriraj Civil Developers | 115 | 7.6 | 309 | 15.1 | 7.7% | 0.15 |
| Karbonsteel Engineering | 164 | 14.9 | 301 | 11 | 11.0% | 0.48 |
| Median of the 10 others | 306 | 11.3 | 411 | 31 | 10.5% | 0.55 |
Goel Construction Company shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Goel Construction Company shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Sep 25 | Mar 26 | |
|---|---|---|
| Promoters | 71.83% | 71.83% |
| Foreign investors (FIIs) | 2.91% | - |
| Indian institutions (DIIs) | 6.09% | - |
| Number of shareholders | 1,216 | 1,095 |
Goel Construction Company study: the business from its own documents
Read from 3 of the company's own documentsGoel Construction Company key facts from the filings
Each figure with the document it comes from
- Order book
- ₹1,291.2 cr
- Work in hand at March 2026, up from ₹438.5 cr a year earlier and about twice FY26 revenue.Annual report FY26, p.5 and p.38
- Orders won in FY26
- ₹1,500 cr+
- New orders during the year, the most the company has won.Annual report FY26, p.9
- Revenue FY26
- ₹657.3 cr
- Up 11.4% on FY25, after a monsoon-hit first half.Annual report FY26, p.9 and p.38
- Cement share of orders
- 76.06%
- Down from 96% as power plant work grew to 20.58% of the order book and dairy to 3.36%.Annual report FY26, p.6
- Adani power orders
- ₹260 cr
- New balance-of-plant order from the Adani group in FY26, on top of a ₹172 cr package for a plant of two 800 MW units in Madhya Pradesh.Annual report FY26, p.6
Show 5 more facts
- Owned equipment
- 270+
- Cranes, concrete pumps, batching plants and excavators of its own, so sites can be started without hiring machines.Annual report FY26, p.4 and p.7
- Bank guarantees
- ₹128.1 cr
- Guarantees outstanding at March 2026, backed by pledged fixed deposits, up from ₹52.9 cr.Annual report FY26, p.71
- Money owed by customers
- ₹70.3 cr
- Trade receivables at March 2026, up from ₹27.8 cr.Annual report FY26, p.39
- IPO money for equipment
- ₹14.0 cr unspent
- Of ₹41.7 cr set aside for new equipment, ₹27.7 cr was spent by March 2026; loan prepayment and general purposes were fully used.Annual report FY26, p.17
- Debt to equity
- 0.03
- Borrowings were nearly all repaid from the IPO money, down from 0.22 times a year earlier.Annual report FY26, p.38
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company gives no sales or profit guidance. It says its order book of ₹1,291.2 cr gives revenue visibility over about the next eighteen months, and its plan is to execute the seventeen running projects, add structural and mechanical work so that its typical order grows from ₹100 to 150 cr to ₹250 to 400 cr over time, enter steel plants, logistics parks and process industries, expand into Bihar, Odisha and other states, and win more power plant work. Of the IPO money, ₹14.0 cr for equipment remained to be spent at March 2026. The rating agency notes execution periods of about nine to eleven months for cement plants and eighteen to twenty-four months for power and dairy plants.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
The company earns a contractor's margin building the structures of industrial plants for big cement, power and dairy groups, and it has grown fast with almost no debt.
Its weak spots are that work must be won again bid by bid, a few large clients and one industry still dominate, and bigger orders need ever more bank guarantees.
AverageCan it set its own prices?Orders are won in competitive bidding, though escalation clauses in many contracts pass on some swings in steel and cement prices.
AverageHow strong is it against rivals?A long record in cement plants, tall silo and heavy foundation work and its own equipment help it win repeat work, but competition is intense.
WatchWho are its customers?Large, well-known industrial groups that come back with repeat orders, but a few of them account for much of the work.
AverageDoes it need a lot of money?Customer advances and monthly billing keep working capital modest, but each new contract needs bank guarantees backed by fixed deposits.
StrongCan it keep finding new work?Cement makers and power companies are adding plants, and the company won a record amount of work in the latest year while widening into power and other industries.
AverageDo good and bad years swing a lot?Sales have grown every year, but they depend on private industrial spending and on weather at sites.
Who runs Goel Construction Company?
Promoters, directors and officers; tap a name for the background
PDPurushottam Dass GoelPromoter, Chairman and Managing Director · holds 27.30%
Founder of the company, with over 29 years in construction; science graduate from Punjab University. Also a director of Forti International Foundation, City Buildtech and Satya Prakash Builders.
Annual report FY26, p.11 and p.57AKArun Kumar GoelPromoter and Whole-time Director · holds 9.46%
One of the founding members, with over 29 years in construction; electrical engineering graduate from Gulbarga University. Oversees commercial operations, tendering and business development.
Annual report FY26, p.11 and p.57SGSoni GoelPromoter and Executive Director · holds 1.10%
Over 15 years in procurement and business administration; arts graduate from Kurukshetra University.
Annual report FY26, p.11 and p.57NLNatwar Lal LadhaChief Financial Officer
Chief Financial Officer and key managerial person.
Annual report FY26, p.12SKSushil Kumar WaliAdditional Independent Director
Chemical engineer and cement technologist with over 45 years in cement and manufacturing; formerly whole-time director of JK Lakshmi Cement.
Annual report FY26, p.11 and p.12MCMahesh Chandra AgrawalIndependent Director
Over 50 years in the dairy and food industries; chemical engineering graduate with a master's degree from the University of Roorkee; earlier held leadership roles at NDDB and IDMC Limited.
Annual report FY26, p.11SASakshi AgarwalIndependent Director
Bachelor's degree in business from the Kelley School of Business, Indiana University; founder of The Headmaster Consulting, working in education consulting and brand strategy.
Annual report FY26, p.11Goel Construction Company latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹412 cr (+30%), net profit ₹29.5 cr (+34%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 71.83%.
Goel Construction Company announcements
3 on record, latest first; each opens the filing on the exchange
Goel Construction Company annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Goel Construction Company share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Goel Construction Company's data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,44,49,600 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY24 (₹219.13) and FY25 (₹33.72) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Goel Construction Company
What does Goel Construction Company do?
Goel Construction Company builds the concrete and steel structures of new cement plants, power stations and dairy plants for large industrial groups across India. Its shares trade on BSE SME.
What is the share price of Goel Construction Company?
₹522 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Goel Construction Company?
₹754 cr at the close on 6 Nov 2026, on 1,44,49,600 shares.
What is the P/E of Goel Construction Company?
16.3 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Goel Construction Company's revenue and profit?
Revenue ₹657 cr and profit after tax ₹46 cr in FY26.
Who are the promoters of Goel Construction Company?
Purushottam Dass Goel, Arun Kumar Goel, Soni Goel; promoters held 71.83% at 31 March 2026.
What is Goel Construction Company's website?
www.goelconstruction.co.in
More SME companies like Goel Construction Company
Other listed SME companies in construction, the closest in size first, each read from its own documents.
- Sathlokhar Synergys E&C GlobalSSEGL · NSE Emerge · Construction · listed 2024Market cap ₹925 cr
- B.R.Goyal InfrastructureBRGIL · BSE SME · ConstructionMarket cap ₹461 cr
- E To E Transportation InfrastructureE2ERAIL · NSE Emerge · Construction · listed 2026Market cap ₹458 cr
- Ganesh InfraworldGANESHIN · NSE Emerge · Construction · listed 2024Market cap ₹355 cr
- GRE Renew EnertechGRERENEW · BSE SME · ConstructionMarket cap ₹338 cr
- Chavda InfraCHAVDA · NSE Emerge · Construction · listed 2023Market cap ₹304 cr
Built from 1 investor presentation, 1 annual report, 1 credit rating note, 3 exchange announcements, 2 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.