Mayasheel VenturesShare price, financial results, shareholding and management
- Market cap
- ₹58 cr
- Stock P/E
- 5.3peers 9.9
- Book value
- ₹29
- Price to book
- 0.91
- EV / operating profit
- 3.2
- Market cap to sales
- 0.28
- ROCE · FY26
- 20.1%
- ROE · FY26
- 23.9%
- ROE, 3-year average
- 31.9%
- Operating margin · FY26
- 14.0%peers 13.4%
- Sales growth, 3 years
- 17.8%
- Profit growth, 3 years
- 30.1%
- Debt to equity
- 0.80peers 0.70
- Borrowings
- ₹51 cr
- Interest cover
- 4.8×
- Cash from business / op. profit
- -70%
- Debtor days
- 103
- Pledged
- 0.00%
- Promoter holding
- 67.78%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 287
- 52-week high / low
- ₹74 / ₹23
- 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.
Mayasheel Ventures share price chart
Close on 6 Nov 2026 · -6.36% on the day · Vol 3,000
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
- -32.9%
- 6 months
- -55.8%
- 1 year
- -62.4%
- Since IPO
- -43.6%
- Traded a day, 20 days
- ₹0.11 cr
- Taken for delivery
- 92%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +36% | +10% |
| 3 years, a year | +18% | +30% |
| Latest half, H2 FY26 | +10% | -53% |
About Mayasheel Ventures: business, products and customers
Mayasheel Ventures builds roads, highways, bridges and drains for government agencies, mostly national highway projects in Assam and Nagaland and road works in Uttar Pradesh. It is based in Ghaziabad and its shares trade on NSE Emerge.
Mayasheel began in 2008 as a partnership, Mayasheel Construction, and became a company in 2024. It wins government tenders, chiefly from NHIDCL (National Highways and Infrastructure Development Corporation) and from the Uttar Pradesh Public Works Department, where it is a Class A contractor, and builds on an EPC basis, doing design, buying materials and construction itself, or on a bill of quantities basis. It also takes sub contracts from larger road builders and has done electrical works such as substations, feeder lines and street lights around Noida.
Revenue is booked as work is done and certified, so it follows the pace of a few large highway packages; money comes in after the client's engineer approves bills, and bank guarantees and retention tie up cash along the way. Hill sites in the north east add weather risk: heavy rain in August 2025 damaged work already done at the Akegwo project in Nagaland, which the company must rebuild at its own cost while it claims on insurance.
Read more about the business
The offer document compares it with Rachana Infrastructure and AVP Infracon, listed road and civil contractors, while noting they are not strictly comparable in size or business. The company says it wants to become eligible for hybrid annuity model highway projects, and in September and October 2026 it announced new work from the Noida Authority and a sub contract from A&T Infracon.
From the prospectus (June 2025), the FY26 annual report and the company's exchange announcements of September and October 2026.
Read the deeper study ↓In its favour
- It earns a high return on the money it uses: ROCE 20% in FY26.
- The promoters own a large part of the company: 67.78%.
To watch
- Execution of the ₹586.5 cr order book the FY26 annual report records at March 2026, and the new Noida and sub contract orders announced in September and October 2026.
- The insurance claim of about ₹13.71 cr for the Nagaland flood damage and the further repair cost still to be incurred.
- Whether money owed by clients comes down from ₹58.0 cr and operating cash turns positive.
- Shareholder approval to move the unused ₹4.0 cr of IPO money from machines to working capital.
- 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.
Mayasheel Ventures revenue and profit growth
Half-yearly results · Profit and lossSales have grown steadily. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Mayasheel Ventures half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 57 | 114 | 80.13 | 125.87 |
| Expenses | 48 | 99 | 65.95 | 110.24 |
| Operating profit | 9 | 15 | 14.18 | 15.63 |
| OPM | 16.0% | 13.0% | 17.7% | 12.4% |
| Interest | 3 | 3 | 1.96 | 2.35 |
| Depreciation | 2 | 2 | 2.04 | 2.56 |
| Profit before tax | 5 | 10 | 10.68 | 4.55 |
| Net profit | 4 | 7 | 8.04 | 3.28 |
Mayasheel Ventures profit and loss
Full years to March, FY23 to FY26 · ₹ crore, consolidated where reported
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Sales | 126 | 130 | 152 | 206 |
| Expenses | 111 | 114 | 130 | 176 |
| Operating profit | 15 | 16 | 22 | 30 |
| OPM | 12.0% | 13.0% | 14.0% | 14.0% |
| Other income | 1 | 1 | 1 | -6 |
| Interest | 5 | 5 | 5 | 4 |
| Depreciation | 4 | 4 | 4 | 5 |
| Exceptional and other items | -1 | 1 | · | · |
| Profit before tax | 6 | 9 | 14 | 15 |
| Tax rate | 16.7% | 22.2% | 28.6% | 26.7% |
| Net profit | 5 | 7 | 10 | 11 |
| EPS ₹ | · | · | 6.43 | 5.14 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
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.
Mayasheel Ventures 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
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Operating margin | 12.0% | 13.0% | 14.0% | 14.0% |
| Tax rate | 16.7% | 22.2% | 28.6% | 26.7% |
| ROCE | · | 22.6% | 27.1% | 20.1% |
| ROE | · | 33.3% | 38.5% | 23.9% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
Mayasheel Ventures 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. 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.
Mayasheel Ventures balance sheet
At each 31 March · ₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Equity capital | 0 | 0 | 16 | 22 |
| Reserves | 18 | 24 | 12 | 42 |
| Net worth | 18 | 24 | 28 | 64 |
| Borrowings | 40 | 42 | 46 | 51 |
| Other liabilities | 21 | 27 | 24 | 48 |
| Total liabilities | 79 | 93 | 98 | 163 |
| Fixed assets | 19 | 20 | 24 | 21 |
| Capital work in progress | 0 | 0 | 0 | 0 |
| Investments | 11 | 8 | 9 | 8 |
| Other assets | 49 | 65 | 65 | 134 |
| Receivables | · | · | · | 57.98 |
| Inventory | · | · | · | 35.99 |
| Cash | · | · | · | 13.19 |
| Trade payables | · | · | · | 41.05 |
Mayasheel Ventures cash flow
₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Cash from operations | 13 | 10 | -7 | -21 |
| Cash from investing | 4 | -1 | -36 | 0 |
| Cash from financing | -17 | -3 | 47 | 30 |
| Net cash flow | 0 | 6 | 4 | 9 |
| Capital spending | · | · | · | 2.59 |
Working capital
Days
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Debtor days | 88 | 34 | 40 | 103 |
| Inventory days | 38 | 62 | 85 | 127 |
| Days payable | 104 | 124 | 82 | 144 |
| Cash conversion cycle | 22 | -28 | 42 | 85 |
| Working capital days | -6 | -7 | 6 | 59 |
Mayasheel Ventures peers and competitors
Listed SME companies in the same industryBy sales, Mayasheel Ventures is number 14 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 |
|---|---|---|---|---|---|---|
| Konstelec Engineers | 73 | 10.0 | 210 | 7.3 | 9.3% | 0.85 |
| Mayasheel Ventures | 58 | 5.3 | 206 | 11 | 14.0% | 0.80 |
| 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 | 91 | 13.2 | 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 |
| Median of the 10 others | 92 | 9.9 | 175 | 13.5 | 13.4% | 0.70 |
Mayasheel Ventures shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Foreign and Indian funds own a noticeable share. The number of shareholders has come down.
Mayasheel Ventures 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.
| Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 | Sep 26 | |
|---|---|---|---|---|---|---|
| Promoters | 67.76% | 67.76% | 67.76% | 67.80% | 67.78% | 67.78% |
| Foreign investors (FIIs) | 4.61% | 4.05% | 3.92% | 3.92% | 3.92% | 4.19% |
| Indian institutions (DIIs) | 9.20% | 6.08% | 5.84% | 5.80% | 5.66% | 5.67% |
| HNIs (over ₹2 lakh each) | 5.39% | 11.02% | 11.37% | 11.84% | 12.26% | 12.90% |
| Small holders (up to ₹2 lakh) | 11.33% | 4.27% | 4.35% | 4.34% | 4.60% | 4.61% |
| Companies and others | 1.71% | 6.82% | 6.76% | 6.30% | 5.78% | 4.85% |
| Number of shareholders | 979 | 304 | 288 | 272 | 285 | 287 |
The named holders are at 30 Sept 2026, beside 30 June 2026, each under the group the pattern files them in.
Mayasheel Ventures study: the business from its own documents
Read from 2 of the company's own documentsMayasheel Ventures so far
From the company's own record
- May 2008Company formed
- 27 June 2025Listed on NSE Emerge at ₹47
- 24 Sept 2026Order worth ₹17.94 cr
- 1 Oct 2026An order announced
- 1 Oct 2026An order announced
- 30 Sept 2026Promoters at 67.78%
- 21 Oct 2025Highest close since listing, ₹73.05
Mayasheel Ventures key facts from the filings
Each figure with the document it comes from
- Order book
- ₹586.5 cr
- Work in hand at March 2026, close to three years of FY26 revenue of ₹206.0 cr; it was ₹201.6 cr a year earlier.Annual report FY26, p.39; Prospectus, p.145 and p.146
- North east share
- 95.63%
- Share of FY25 revenue from Assam, Manipur and Nagaland, with Assam alone at 53.80%.Prospectus, p.30
- Main client
- NHIDCL
- National Highways and Infrastructure Development Corporation contracts give the majority of revenue, through a few large packages.Prospectus, p.27 and p.145
- Largest live project
- ₹187.9 cr
- Contract value of the NH-202K two lane package in Nagaland, about half done in March 2025.Prospectus, p.145
- Money owed by clients
- ₹58.0 cr
- Trade receivables at March 2026, up from ₹16.6 cr a year earlier.Annual report FY26, p.74
Show 5 more facts
- Cash from operations
- ₹-20.8 cr
- FY26 operating cash flow, against ₹-7.1 cr in FY25, as receivables rose.Annual report FY26, p.76
- Flood damage in Nagaland
- About ₹13.71 cr
- Estimated cost of rebuilding work damaged by rain in August 2025; ₹6.5 cr was booked as an exceptional item in FY26 and an insurance claim is pending.Annual report FY26, p.40, p.65 and p.75
- Second half FY26 profit
- ₹3.3 cr
- Profit on ₹125.9 cr of sales, against ₹8.0 cr on ₹80.1 cr in the first half.Half-year results, FY26; reported figures
- IPO money for machines
- ₹4.0 cr unspent
- None of the amount raised for capital spending was used; the board seeks to move it to working capital.Annual report FY26, p.30 and p.31
- Track record
- 65+ projects
- Completed since 2008, including a 14.4 km two lane stretch of NH 129A in Nagaland for NHIDCL in 2023.Prospectus, p.126 and p.141
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The FY26 annual report says the company had an order book of about ₹586.5 cr at March 2026, which it describes as giving revenue visibility for the coming years, and that it is working to become eligible for hybrid annuity model projects and investing in modern equipment. In September 2026 it said it was the lowest bidder for a drain and road tender in Greater Noida and had received a sub contract order from A&T Infracon, and on 1 October 2026 it announced an order from the Noida Authority. The board has also asked shareholders to move the unused ₹4.0 cr of IPO money for capital spending to working capital.
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.
Mayasheel earns a contractor's margin on government road and highway jobs, won by tender and paid as certified work is billed.
Its weak spots are one main client in one region, tenders won on price, hill sites exposed to weather, and cash locked in bills waiting to be paid.
WatchCan it set its own prices?No. Work is won in open tenders where price competitiveness is a crucial test, and cost overruns may not be recovered.
AverageHow strong is it against rivals?Its Class A status and record on north east highway packages qualify it for larger tenders, but many contractors bid for the same work.
WatchWho are its customers?Government bodies that do pay, but one agency and three north eastern states carry almost all the revenue.
WatchDoes it need a lot of money?Yes. Bills wait for certification and payment, guarantees need margin money, and growth in the latest year used cash.
StrongCan it keep finding new work?Yes so far. Work in hand nearly tripled during the year, and new orders kept coming after it.
WatchDo good and bad years swing a lot?Results depend on a few big projects and on the weather at hill sites, and one flood cut the latest year's profit.
Who runs Mayasheel Ventures?
Promoters, directors and officers; tap a name for the background
AGAmit GargPromoter, Chairman and Managing Director · holds 40.82%
Bachelor of Commerce from the University of Meerut, with over 15 years in road construction; a partner in Mayasheel Construction from 2008 until it became the company in May 2024, and Managing Director since then, running day to day operations. The prospectus states that Amit Garg and Meenu Garg are spouses.
Prospectus, p.178 and p.180MGMeenu GargPromoter and Executive Director · holds 19.73%
Bachelor of Arts from the University of Delhi, with over 15 years in business administration; a partner in Mayasheel Construction from 2008 until the conversion in 2024 and an executive director since incorporation.
Prospectus, p.178 and p.179PRPrabhat RajpootPromoter and Non-Executive Director · holds 6.80%
A partner in Mayasheel Construction from September 2017 and a director since incorporation; leads the project management team.
Prospectus, p.179; Annual report FY26, p.25AKAnil Kumar GargWhole Time Director
BE (Civil) from the University of Allahabad (1977) and Fellow of the Institution of Engineers (India), with more than 35 years in government departments including UP Jal Nigam and the Public Works Department, then as a consultant; joined in 2020 and Whole Time Director from July 2024.
Prospectus, p.179; Annual report FY26, p.25MKMahendra Kumar SharmaChief Financial Officer
Commerce graduate from the University of Meerut with more than 12 years in civil engineering software and finance, with the business for about a decade.
Annual report FY26, p.26RSRajpal SinghIndependent Director
Master of Engineering (Civil), with more than 30 years in the Uttar Pradesh Public Works Department, rising from assistant engineer in 1983 to Engineer in Chief and retiring as head of department in 2021; on the board from July 2024.
Prospectus, p.179; Annual report FY26, p.25UBUmesh BansalIndependent Director
Chartered Accountant since 2018 and a partner in Shyam Goel and Associates since December 2018, with about 6 years in finance, audit and tax; on the board from July 2024.
Prospectus, p.179Mayasheel Ventures 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 ₹126 cr (+10%), net profit ₹3.3 cr (-53%) on H2 FY25.
- Shareholding, 30 Sept 2026: promoters unchanged at 67.78%.
- 1 Oct 2026: an order announced.
- 1 Oct 2026: an order announced.
Mayasheel Ventures announcements
33 on record, latest first; each opens the filing on the exchange
- Integrated Filing- GovernanceMayasheel Ventures Limited submitted Shareholding Pattern for the quarter ended 30 September, 2026PDF ↗
- Integrated Filing- GovernanceMAYASHEEL VENTURES LIMITED FILLED SHAREHOLDING PATTERN FOR THE QUARTER ENDED SEPTEMBER 30, 2026PDF ↗
- Structural Digital DatabaseMayasheel Ventures Limited submits SDD certificate for half year ended 30 September, 2026PDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under Regulation 76 of SEBI (Depositories and Participants) Regulations, 2018 for the half year ended 30 September, 2026PDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the half year ended 30th September, 2026PDF ↗
- Quarterly Compliance Report on Corporate governance - within 21 days from the enMayasheel Ventures Limited has informed regarding Non-applicability of Corporate Governance under Regulation 27(2) of SEBI (Listing Obligations and Disclosure RPDF ↗
- Integrated Filing- GovernanceMayasheel Ventures Limited hereby submits its Integrated Filing Governance for the quarter ended September 30, 2026, pursuant to the applicable provisions of PDF ↗
- Bagging/Receiving of orders/contractsBagging/Receiving of orders/contractsPDF ↗
- Bagging/Receiving of orders/contractsFrom NOIDA AuthorityPDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- General Updatesthat the Company has received a work order from A&T Infracon Private Limited on a subcontract basisPDF ↗
- General UpdatesCompany declared L1 bidder for the tender for Construction of Main RCC Drain with Cover of 60Mtr. and 45Mtr. Wide Road Sector Kappa 2 (Multi Modal Logistics PPDF ↗
Mayasheel Ventures annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- FY26 ↗read
Mayasheel Ventures 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 Mayasheel Ventures' data · 11
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- !For FY26 the exchange filing's profit lines do not add up as read, so the figures shown are from the results page instead.
- !The two halves of FY25 as reported add up to sales of ₹171.00 cr, the full year to ₹152.00 cr; one of the filings may have been restated.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,20,50,000 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓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, FY23 to FY26.
- iPrices run to the close on 13 Oct 2026, from the exchange's daily figures.
Questions people ask about Mayasheel Ventures
What does Mayasheel Ventures do?
Mayasheel Ventures builds roads, highways, bridges and drains for government agencies, mostly national highway projects in Assam and Nagaland and road works in Uttar Pradesh. It is based in Ghaziabad and its shares trade on NSE Emerge.
What is the share price of Mayasheel Ventures?
₹26.5 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Mayasheel Ventures?
₹58 cr at the close on 6 Nov 2026, on 2,20,50,000 shares.
What is the P/E of Mayasheel Ventures?
5.3 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Mayasheel Ventures' revenue and profit?
Revenue ₹206 cr and profit after tax ₹11 cr in FY26.
Who are the promoters of Mayasheel Ventures?
Amit Garg, Meenu Garg, Prabhat Rajpoot; promoters held 67.78% at 30 Sept 2026.
What was the IPO price of Mayasheel Ventures?
₹47 a share; it listed on 27 June 2025.
What is Mayasheel Ventures' website?
www.mayasheelventures.com
More SME companies like Mayasheel Ventures
Other listed SME companies in construction, the closest in size first, each read from its own documents.
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Every listed SME company in Construction → · SME companies listed in 2025 →
Built from 1 offer document, 1 annual report, 33 exchange announcements, 6 shareholding patterns and 4 years of reported results. Every figure carries its source; where the documents are silent, the page says so.