Integrity Infrabuild DevelopersShare price, financial results, shareholding and management
- Market cap
- ₹90 cr
- Stock P/E
- 13.0peers 6.1
- Book value
- ₹52.1
- Price to book
- 3.70
- EV / operating profit
- 6.9
- Market cap to sales
- 0.52
- ROCE · FY26
- 37.5%
- ROE · FY26
- 45.8%
- ROE, 3-year average
- 49.4%
- Operating margin · FY26
- 8.9%peers 14.8%
- Sales growth, 3 years
- 57.0%
- Profit growth, 3 years
- +149.1%
- Debt to equity
- 0.70peers 0.63
- Borrowings
- ₹17 cr
- Interest cover
- 7.8×
- Cash from business / op. profit
- -52%
- Debtor days
- 4
- Pledged
- 0.00%
- Promoter holding
- 66.52%
- Change in promoter holding
- -3.93 pts
- Shareholders
- 157
- 52-week high / low
- ₹205 / ₹100
- 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.
Integrity Infrabuild Developers share price chart
Close on 6 Nov 2026 · 0.00% on the day · Vol 1,200
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
- +0.8%
- 3 months
- +23.1%
- 6 months
- +21.4%
- 1 year
- +92.5%
- Since IPO
- +93.0%
- Traded a day, 20 days
- ₹0.12 cr
- Taken for delivery
- 92%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +60% | +149% |
| 3 years, a year | +57% | - |
| Latest half, H2 FY26 | +73% | +241% |
About Integrity Infrabuild Developers: business, products and customers
Integrity Infrabuild Developers builds and resurfaces roads, mostly village and district roads, along with some bridges, culverts and public buildings, for government departments in Gujarat. It is based in Vadodara and its shares trade on NSE Emerge.
The business began as a partnership firm in 2017 and became a public company in June 2024, run by Keyurkumar Sheth as Chairman and Managing Director. It is registered with the Government of Gujarat as a Class-A contractor and wins almost all its work through government tenders, where the lowest bid that meets the technical rules gets the job. Its customers are Roads and Buildings divisions, the Rural Development and Panchayat Raj Department, town municipalities and the state bus corporation.
The business model shapes the numbers. The company buys its own bitumen, aggregates, cement, steel and diesel and lays the road with its own pavers, rollers, tippers and asphalt mixing plants, so revenue includes the full material cost and margins stay thin; a rise in bitumen or fuel prices on a fixed-price contract comes out of profit. Revenue is booked as work progresses and is paid in instalments after the department inspects each stage, while a small share is held back as retention money and the company must repair defects for up to five years, so cash comes in later than profit. The owned fleet also means steady spending on machines and a large depreciation charge.
Read more about the business
The offer document names Udayshivakumar Infra, a much larger road builder, and V R Infraspace as its listed peers, both government civil contractors. It says the field is fragmented and highly competitive, with regional contractors in Gujarat and larger national companies bidding for the same tenders.
What is new: the company listed in May 2025 and spent the issue money on machines and working capital within the year. It then issued warrants to promoter and outside investors in February 2026, and some have already been turned into shares.
From the offer document (prospectus, 2025), the annual reports for FY25 and FY26, the audited results of May 2026 and the company's exchange announcements to August 2026.
Read the deeper study ↓In its favour
- Sales have grown very fast: 57% a year over three years.
- It earns a high return on the money it uses: ROCE 38% in FY26.
- The promoters own a large part of the company: 66.52%.
To watch
- Conversion of the remaining warrants within eighteen months of the February 2026 allotment (Annual report FY26, p.26; announcement of 17 August 2026).
- Any new order book figure; the last one published is for March 2025 (Offer document, p.103).
- Recovery or write-off of ₹0.67 cr of old demand drafts and deposits the FY25 auditor said were still being reconciled (Annual report FY25, p.57).
- Purchases from promoter-linked firms such as Diamond Metals (Annual report FY26, p.57).
- Customers take longer to pay than before: 4 days in FY26, against 3 in FY22.
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.
Integrity Infrabuild Developers revenue and profit growth
Half-yearly results · Profit and lossSales have grown very 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. Profit grew faster than sales.
Integrity Infrabuild Developers half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 46 | 62.89 | 65.36 | 108.89 |
| Expenses | 42 | 58 | 59.60 | 99.06 |
| Operating profit | 4 | 4.89 | 5.76 | 9.83 |
| OPM | 8.0% | 7.8% | 8.8% | 9.0% |
| Interest | 0 | 0.71 | 0.63 | 0.81 |
| Depreciation | 2 | 2.25 | 2.23 | 2.67 |
| Profit before tax | 2 | 2.10 | 3.21 | 6.59 |
| Net profit | 1 | 1.32 | 2.40 | 4.50 |
Integrity Infrabuild Developers profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 33 | 45 | 64 | 108.70 | 174.25 |
| Expenses | 32 | 42 | 61 | 100.18 | 158.65 |
| Operating profit | 2 | 3 | 4 | 8.53 | 15.59 |
| OPM | 5.0% | 6.0% | 6.0% | 7.8% | 8.9% |
| Other income | 0 | 0 | 0 | 0.21 | 0.55 |
| Interest | 0 | 1 | 1 | 1.16 | 1.45 |
| Depreciation | 1 | 2 | 2 | 3.79 | 4.90 |
| Exceptional and other items | -1 | · | · | · | · |
| Profit before tax | 0 | 0 | 1 | 3.79 | 9.79 |
| Tax rate | 30.0% | 33.0% | 0.0% | 26.9% | 29.5% |
| Net profit | 0 | 0 | 1 | 2.77 | 6.90 |
| EPS ₹ | · | · | · | 8.95 | 16.66 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY24 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.
Integrity Infrabuild Developers 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
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 5.0% | 6.0% | 6.0% | 7.8% | 8.9% |
| Tax rate | 30.0% | 33.0% | 0.0% | 26.9% | 29.5% |
| ROCE | · | 11.8% | 19.0% | 30.2% | 37.5% |
| ROE | · | 0.0% | 40.0% | 62.5% | 45.8% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Integrity Infrabuild Developers debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business used more cash than it brought in. 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.
Integrity Infrabuild Developers balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 3 | 2 | 3 | 3.10 | 4.30 |
| Reserves | 0 | 0 | 0 | 2.77 | 19.97 |
| Net worth | 3 | 2 | 3 | 5.87 | 24.27 |
| Borrowings | 7 | 5 | 11 | 12.90 | 16.97 |
| Other liabilities | 3 | 8 | 7 | 24.74 | 16.97 |
| Total liabilities | 13 | 15 | 21 | 43.51 | 58.21 |
| Fixed assets | 6 | 6 | 9 | 20.18 | 22.98 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0.01 | 3.60 |
| Other assets | 7 | 9 | 12 | 23.32 | 31.63 |
| Receivables | · | · | · | 2.60 | 2.02 |
| Inventory | · | · | · | 0.50 | 2.10 |
| Cash | · | · | · | 2.62 | 0 |
| Trade payables | · | · | · | 17.66 | 8.61 |
Integrity Infrabuild Developers cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | 0 | 5 | 1 | 18.42 | -8.11 |
| Cash from investing | -3 | -1 | -7 | -19.14 | -7.42 |
| Cash from financing | 4 | -3 | 6 | -0.29 | 17.28 |
| Net cash flow | 1 | 1 | 0 | -1.01 | 1.75 |
| Capital spending | · | · | · | 13.54 | 7.70 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 3 | 3 | 3 | 9 | 4 |
| Inventory days | 9 | 2 | 2 | 4 | 17 |
| Days payable | 74 | 125 | 65 | 130 | 40 |
| Cash conversion cycle | -62 | -119 | -60 | -117 | -19 |
| Working capital days | -16 | -32 | -30 | -22 | 25 |
Integrity Infrabuild Developers peers and competitors
Listed SME companies in the same industryBy sales, Integrity Infrabuild Developers is number 19 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 |
|---|---|---|---|---|---|---|
| Sonu Infratech | 52 | 4.0 | 194 | 13 | 15.2% | 0.57 |
| K2 Infragen | 51 | 3.8 | 185 | 13.3 | 12.4% | 1.16 |
| Lakshya Powertech | 98 | 9.8 | 180 | 10 | 11.1% | 0.71 |
| Suntech Infra Solutions | 74 | 5.4 | 176 | 13.8 | 20.0% | 0.82 |
| Integrity Infrabuild Developers | 90 | 13.0 | 174 | 6.9 | 8.9% | 0.70 |
| Kay Cee Energy & Infra | 93 | 5.0 | 164 | 18.8 | 19.3% | 0.73 |
| HVAX Technologies | 211 | 14.7 | 164 | 14.3 | 10.4% | 0.47 |
| Current Infraprojects | 178 | 12.7 | 160 | 14.1 | 14.5% | 0.41 |
| Leapfrog Engineering Services | 288 | 14.4 | 152 | 20 | 15.0% | 0.44 |
| Oval Projects Engineering | 94 | 6.7 | 150 | 14 | 17.0% | 0.68 |
| V.L.Infraprojects | 37 | 4.4 | 150 | 8.4 | 10.8% | 0.56 |
| Median of the 10 others | 94 | 6.1 | 164 | 13.9 | 14.8% | 0.63 |
Integrity Infrabuild Developers shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little less than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders has come down.
Integrity Infrabuild Developers 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.
| May 25 | Jun 25 | Sep 25 | Feb 26 | Mar 26 | Apr 26 | Aug 26 | |
|---|---|---|---|---|---|---|---|
| Promoters | 72.09% | 72.09% | 72.09% | 72.09% | 72.09% | 70.45% | 66.52% |
| Foreign investors (FIIs) | 0.00% | - | - | - | - | - | - |
| Indian institutions (DIIs) | 0.00% | - | - | - | - | - | - |
| HNIs (over ₹2 lakh each) | 5.75% | 8.57% | 8.09% | 8.09% | 12.73% | 12.44% | 11.74% |
| Small holders (up to ₹2 lakh) | 18.50% | 11.72% | 9.99% | 9.99% | 7.70% | 7.53% | 7.11% |
| Companies and others | 3.66% | 7.62% | 9.83% | 9.83% | 7.48% | 9.58% | 14.63% |
| Number of shareholders | 583 | 264 | 204 | 206 | 153 | 156 | 157 |
The named holders are at 17 Aug 2026, beside 29 April 2026, each under the group the pattern files them in.
Integrity Infrabuild Developers study: the business from its own documents
Read from 4 of the company's own documentsIntegrity Infrabuild Developers so far
From the company's own record
- 20 May 2025Listed on NSE Emerge at ₹100
- 31 Aug 2026Promoters at 66.52%
- 14 Oct 2026Highest close since listing, ₹195.00
Integrity Infrabuild Developers key facts from the filings
Each figure with the document it comes from
- Revenue FY26
- ₹174.2 cr
- Up from ₹108.7 cr in FY25 as more contracts were executed; profit after tax rose to ₹6.9 cr from ₹2.8 cr.Annual report FY26, p.45
- Order book
- ₹163.1 cr
- Work still to be done on 70 running contracts at March 2025, the last order book the company has published.Offer document, p.103 and p.123
- Rural roads
- 91.6%
- Share of running contract value in village roads; bridges and culverts made up most of the rest.Offer document, p.123
- Government work
- 96%
- Share of running projects held directly with Gujarat government and semi-government bodies; the rest were sub-contracts.Offer document, p.123
- Top ten customers
- 98.86%
- Share of revenue in the nine months to December 2024; the top five alone gave 95.66%.Offer document, p.27
Show 5 more facts
- Projects completed
- 111
- Projects finished since FY22, worth ₹213.4 cr in all: 103 roads and 8 buildings.Offer document, p.102
- Machines owned
- 78
- Pavers, rollers, excavators, tippers, mixers and asphalt mixing plants, which let it run several sites at once.Offer document, p.129
- Retention money
- About 3.75%
- Share of each bill that clients usually hold back until the guarantee period ends; defect repairs can run up to 60 months.Offer document, p.132
- Warrants
- 11.7 lakh at ₹108
- Issued in February 2026 for ₹12.6 cr in all; 3.6 lakh had been turned into shares by August 2026.Annual report FY26, p.26; announcements of 30 April 2026 and 17 August 2026
- Related-party purchases
- 17.01%
- Share of purchases from promoter-linked firms in the nine months to December 2024; Diamond Metals supplied ₹0.70 cr in FY26.Offer document, p.36; annual report FY26, p.57
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 has not given guidance on sales or profit and has not published an order book since the one at March 2025 in its offer document. The annual report for FY26 says the company remains confident of keeping up its growth on the back of government spending on roads, highways and bridges. Its dated plan is the conversion of the remaining warrants, which holders can turn into shares within eighteen months of the February 2026 allotment by paying the balance of the price.
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 thin margin on building and resurfacing government roads in Gujarat, using its own machines and buying its own materials.
Its weak spots are dependence on a few state departments, prices set by open tenders, and cash that arrives well after the work is done.
WatchCan it set its own prices?No. Contracts go to the lowest qualified bidder and the company bears most changes in material and fuel costs.
AverageHow strong is it against rivals?Its Class-A registration, local record and own machines help it qualify and bid, but many regional and national contractors chase the same tenders.
WatchWho are its customers?A small group of Gujarat government departments gives nearly all the revenue, so a slowdown in their spending would hit hard.
WatchDoes it need a lot of money?Yes. Machines, materials on site and money held back by clients all need funding, and the company has raised equity twice in a year.
AverageCan it keep finding new work?It has won enough tenders to grow quickly, but there is no published order book after March 2025 to show the work ahead.
AverageDo good and bad years swing a lot?Sales have risen every year so far, but they depend on state budgets, tender timing and weather on site.
Who runs Integrity Infrabuild Developers?
Promoters, directors and officers; tap a name for the background
KSKeyurkumar ShethPromoter, Chairman and Managing Director · holds 43.49%
A founding promoter with over a decade in construction; earlier a partner in the firm Shreeji Construction, which built residential and commercial buildings for private clients. Responsible for the overall working of the company and its strategy. Paid ₹0.42 cr in FY26.
Offer document, p.148 and p.150; annual report FY26, p.54RSRajendrakumar ShethPromoter and Non-Executive Director · holds 17.02%
A founding promoter with over three decades in business including construction; earlier ran Giriraj Transport Services as a sole proprietor, working as an independent contractor in construction. The offer document records Rajendrakumar Sheth as the father of Keyurkumar Sheth.
Offer document, p.148, p.150 and p.151DKDisha Keyurkumar ShethPromoter, Whole-Time Director and Chief Financial Officer · holds 6.00%
Bachelor of Commerce from Gujarat University (2011) with over five years in construction; handles banking, finance and operations. The offer document records Disha Keyurkumar Sheth as the wife of Keyurkumar Sheth.
Offer document, p.149, p.150 and p.151SDShivam Dhananjay DaveIndependent Director
Cost accountant with more than a decade in cost accounting, cost audit and costing systems; earlier with Y. S. Thakkar & Co. and now runs the practice Shivam Dave & Co. Chairs the audit committee.
Offer document, p.150; annual report FY26, p.3NMNikhil MalpaniIndependent Director
Commerce graduate from Delhi University (2013) and a chartered accountant since 2019, working in audit and tax through the practice N Malpani & Co.
Offer document, p.150 and p.151KCKirti ChauhanCompany Secretary and Compliance Officer
Appointed from 1 February 2026 after the previous company secretary resigned in January 2026.
Annual report FY26, p.3 and p.31Integrity Infrabuild Developers 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 ₹109 cr (+73%), net profit ₹4.5 cr (+241%) on H2 FY25.
- Shareholding, 31 Aug 2026: promoters 70.45% to 66.52%.
Integrity Infrabuild Developers announcements
58 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 24, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 24, 2026PDF ↗
- Copy of Newspaper PublicationFor information about 02nd AGM & E-voting to be held on 24.09.2026PDF ↗
- General UpdatesLetter to shareholders - 02nd AGM Notice and Annual Report FY 2025-26PDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 24, 2026PDF ↗
- Outcome of Board MeetingHeld on August 25, 2026PDF ↗
- Allotment of Securitiesallotment of 260000 securities pursuant to Preferential Issue at its meeting held on August 17, 2026PDF ↗
- Outcome of Board MeetingHeld on August 17, 2026PDF ↗
- Reply to Clarification- Financial resultsThe Exchange had sought clarification from Integrity Infrabuild Developers Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI (PDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
Integrity Infrabuild Developers annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Integrity Infrabuild Developers 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 Integrity Infrabuild Developers' data · 9
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 (46,60,000 shares).
- !The FY26 results imply 43,00,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓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 moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Integrity Infrabuild Developers
What does Integrity Infrabuild Developers do?
Integrity Infrabuild Developers builds and resurfaces roads, mostly village and district roads, along with some bridges, culverts and public buildings, for government departments in Gujarat. It is based in Vadodara and its shares trade on NSE Emerge.
What is the share price of Integrity Infrabuild Developers?
₹193 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Integrity Infrabuild Developers?
₹90 cr at the close on 6 Nov 2026, on 46,60,000 shares.
What is the P/E of Integrity Infrabuild Developers?
13.0 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Integrity Infrabuild Developers' revenue and profit?
Revenue ₹174 cr and profit after tax ₹7 cr in FY26.
Who are the promoters of Integrity Infrabuild Developers?
Keyurkumar Sheth, Rajendrakumar Sheth, Disha Keyurkumar Sheth; promoters held 66.52% at 31 Aug 2026.
What was the IPO price of Integrity Infrabuild Developers?
₹100 a share; it listed on 20 May 2025.
What is Integrity Infrabuild Developers' website?
www.integrityinfrabuild.com
More SME companies like Integrity Infrabuild Developers
Other listed SME companies in construction, the closest in size first, each read from its own documents.
- Oval Projects EngineeringOVAL · BSE SME · ConstructionMarket cap ₹87 cr
- Sai Urja Indo VenturesSAIURJA · BSE SME · ConstructionMarket cap ₹94 cr
- Kay Cee Energy & InfraKCEIL · NSE Emerge · Construction · listed 2024Market cap ₹99 cr
- Lakshya PowertechLAKSHYA · NSE Emerge · Construction · listed 2024Market cap ₹103 cr
- Paluck TechnologiesPALUCK · BSE SME · ConstructionMarket cap ₹78 cr
- Valplast TechnologiesVALPLAST · BSE SME · ConstructionMarket cap ₹74 cr
Every listed SME company in Construction → · SME companies listed in 2025 →
Built from 2 annual reports, 1 offer document, 1 result filing, 58 exchange announcements, 7 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.