1. At a Glance – The IPO Kid With a ₹1,000+ Cr Order Book
₹311 crore market cap. ₹52 stock price. Down 27% in 3 months. P/E at 13. ROE at 26.2%. ROCE at 23.3%. EV/EBITDA at 7.34. Debt at ₹142 crore. Order book above ₹1,000 crore as per September 2025 disclosure.
Welcome to Globe Civil Projects Ltd, the freshly listed EPC player that raised ₹119 crore in July 2025 and then politely decided to test investor patience.
Latest quarterly numbers (Dec 2025):
- Revenue: ₹101.43 crore
- PAT: ₹6.52 crore
- EPS: ₹1.09
Annualised EPS (Q3 method – average of Q1, Q2, Q3 × 4):
(0.85 + 1.00 + 1.09) / 3 × 4 = ₹3.93 approx.
At ₹52 CMP, that’s roughly 13x earnings — cheaper than most construction peers who are flexing at 25–50x.
So is this a boring contractor?
Or a small-cap infra story hiding behind cement dust?
Let’s open the blueprint.
2. Introduction – From Delhi Metro to Cricket Stadium
Globe Civil isn’t new to construction. Incorporated in 2002, this Delhi-based EPC contractor has executed projects for AIIMS, IITs, Delhi Metro, Indian Railways, NBCC, and even Commonwealth Games infrastructure.
Translation? They’ve been in rooms where government tender files are thicker than your MBA textbooks.
They operate across 11 states — from Uttar Pradesh to Karnataka — and have built:
- Academic blocks at AIIMS Raipur
- IIT Gandhinagar facilities
- Railway bridges in CRZ zones
- Parliament House Annexe extension
Recently?
They bagged:
- ₹222.20 crore contract for an International Cricket Stadium in Haryana
- ₹193.13 crore EPC order for Central University of Punjab
- LOI of ₹13.11 crore for NIT Delhi sports complex
Order book as of September 30, 2025: ₹1,001.28 crore.
That’s 3.07x FY25 revenue.
For a ₹311 crore market cap company, that’s not small talk. That’s pipeline visibility.
But EPC businesses are not about headlines.
They’re about execution, working capital, and surviving steel price drama.
Ready to dig deeper?
3. Business Model – WTF Do They Even Do?
Think of Globe Civil as a “build everything but don’t own anything” company.
They:
- Design
- Procure materials
- Build infrastructure
- Execute MEP, HVAC, firefighting
- Deliver turnkey projects
Revenue mix:
- Education institutions: 53.34%
- Railway terminal: 10.03%
- Sports infrastructure: 7.79%
- Hospitals: 7.72%
- Commercial offices: 13.07%
- Roads & bridges: 5.29%
- Housing: 2.83%
So half the business is basically building
