Giriraj Civil Developers Ltd
Incorporated in 2005, Giriraj Civil Developers Ltd is in the business of civil construction[1]
- Market Cap ₹ 670 Cr.
- Current Price ₹ 280
- High / Low ₹ 415 / 179
- Stock P/E 37.5
- Book Value ₹ 54.8
- Dividend Yield 0.00 %
- ROCE 20.3 %
- ROE 14.6 %
- Face Value ₹ 10.0
Pros
- Company has delivered good profit growth of 81.8% CAGR over last 5 years
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 12.2% over last 3 years.
- Promoter holding has decreased over last 3 years: -13.1%
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Half Yearly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 58 | 50 | 49 | 45 | 56 | 44 | 24 | 64 | 83 | 95 | 135 | 295 | |
| 54 | 47 | 45 | 32 | 50 | 39 | 22 | 58 | 77 | 88 | 120 | 270 | |
| Operating Profit | 4 | 3 | 4 | 13 | 5 | 5 | 3 | 5 | 6 | 7 | 14 | 25 |
| OPM % | 6% | 7% | 8% | 28% | 9% | 12% | 11% | 8% | 7% | 8% | 11% | 8% |
| 0 | 0 | 0 | 0 | 1 | 1 | 1 | 0 | 1 | 1 | 2 | 4 | |
| Interest | 1 | 1 | 2 | 10 | 3 | 3 | 2 | 2 | 2 | 2 | 3 | 3 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Profit before tax | 3 | 3 | 3 | 3 | 3 | 3 | 1 | 4 | 5 | 6 | 13 | 24 |
| Tax % | 34% | 31% | 33% | 34% | 31% | 27% | 24% | 27% | 24% | 24% | 23% | 26% |
| 2 | 2 | 2 | 2 | 2 | 2 | 1 | 3 | 4 | 4 | 10 | 18 | |
| EPS in Rs | 2.43 | 2.25 | 2.36 | 2.42 | 1.31 | 1.42 | 0.64 | 1.65 | 2.34 | 2.23 | 4.23 | 7.47 |
| Dividend Payout % | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 19% |
| 5 Years: | 65% |
| 3 Years: | 53% |
| TTM: | 119% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 25% |
| 5 Years: | 82% |
| 3 Years: | 70% |
| TTM: | 92% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 136% |
| 3 Years: | 143% |
| 1 Year: | -20% |
| Return on Equity | |
|---|---|
| 10 Years: | 11% |
| 5 Years: | 12% |
| 3 Years: | 12% |
| Last Year: | 15% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 2 | 2 | 1 | 1 | 3 | 3 | 3 | 3 | 3 | 4 | 24 | 24 |
| Reserves | 10 | 12 | 14 | 16 | 20 | 22 | 23 | 27 | 31 | 56 | 89 | 107 |
| 7 | 7 | 12 | 14 | 20 | 18 | 18 | 15 | 18 | 20 | 10 | 17 | |
| 13 | 16 | 17 | 33 | 15 | 19 | 13 | 32 | 32 | 31 | 49 | 142 | |
| Total Liabilities | 32 | 37 | 45 | 64 | 58 | 63 | 57 | 76 | 84 | 111 | 172 | 291 |
| 1 | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 9 | 10 | 12 | |
| CWIP | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
| Investments | 0 | 1 | 1 | 2 | 2 | 2 | 1 | 26 | 23 | 2 | 12 | 9 |
| 31 | 36 | 44 | 62 | 55 | 60 | 56 | 50 | 61 | 101 | 151 | 270 | |
| Total Assets | 32 | 37 | 45 | 64 | 58 | 63 | 57 | 76 | 84 | 111 | 172 | 291 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2 | 3 | -2 | -1 | 29 | -5 | -23 | -28 | -7 | ||||
| -0 | -0 | 1 | 2 | -24 | 4 | 14 | -9 | 2 | ||||
| 0 | 3 | -4 | -2 | -4 | 2 | 22 | 30 | 4 | ||||
| Net Cash Flow | 2 | 6 | -5 | -1 | 1 | 0 | 12 | -7 | -0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 100 | 150 | 184 | 314 | 103 | 153 | 214 | 99 | 43 | 68 | 90 | 83 |
| Inventory Days | 21 | 29 | 63 | 99 | 128 | 225 | 324 | 126 | 130 | 213 | 205 | 126 |
| Days Payable | 104 | 144 | 148 | 341 | 110 | 209 | 235 | 186 | 108 | 145 | 166 | 90 |
| Cash Conversion Cycle | 16 | 35 | 99 | 72 | 121 | 168 | 302 | 39 | 65 | 136 | 128 | 118 |
| Working Capital Days | -1 | 22 | 46 | 44 | 35 | 91 | 250 | -12 | 12 | 63 | 114 | 116 |
| ROCE % | 23% | 18% | 17% | 44% | 16% | 14% | 7% | 13% | 14% | 11% | 15% | 20% |
Documents
Announcements
-
Copy of Newspaper Publication
9 September 2025 - 20th AGM notice dispatched; e-voting advertisement published 9 September 2025; available on giriraj.co
-
Shareholders meeting
8 September 2025 - 20th AGM on 30 Sep 2025; resolutions include Rs.1000 crore borrowing, sale of undertaking, managerial pay increases.
-
Updates
3 September 2025 - Board approved AGM 30 Sep 2025; borrowing limits, charge creation, MD remuneration increase; e-voting 27-29 Sep.
-
Appointment
3 September 2025 - Board approved mortgages/borrows increases, s186 limit hikes, director appointments, remuneration raises; AGM set for 30 Sep 2025.
-
Outcome of Board Meeting
3 September 2025 - Board approved AGM on 30 Sep 2025; borrowing limits, mortgage/charge, remuneration increases; director appointments; e-voting dates.
Business Overview:
GCDL provides contracting services in various disciplines of civil construction projects. It specializes in Railway civil construction work such as:
a) Railway Station Building[1]
b) Officer Residential Building[2]
c) Road over Bridge (ROB)[3]
d) Foot Over Bridge (FOB)[4]
e) Car Shed, Railway Yard[5]
f) Laying and fitting of track[6]
g) Earthworks[7]
h) Railway Bridge*[8]
Apart from this, numerous other infrastructure and construction works
awarded by local government authorities, such as construction of roads, expansion
of roads, construction of community halls, government schools, development of gardens, and repair and maintenance of such activities