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1 — At a Glance
Generic Engineering closed FY26 with revenue of ₹305 crore, barely a whisker above the ₹302 crore it booked in FY25 — a 1% move that qualifies as growth only on a technicality. Net profit tells a different story: it fell to ₹8.51 crore from ₹12.13 crore, a decline of roughly 30% on flat sales. The company builds commercial, residential, industrial and institutional buildings across Maharashtra and four other states, and it does so on borrowed working capital that takes an unusually long time to come back.
The number that anchors this entry is 236. That is how many days, on average, the company waited to collect its receivables in FY26, up from the 146-day figure of the prior year. Against that, receivables on the balance sheet swelled to ₹197.85 crore. The order book, per the February rating report, stood at ₹1,351 crore as of September 2025 — about four times annual revenue — and the credit rating was upgraded a notch to IVR BBB-. So the demand side and the collections side are pulling in opposite directions.
The market currently pays about 29 times earnings for all this, against an industry multiple of 26.7. A construction company with a healthy order book, a stretched cash cycle, and a profit line that shrank while the top line held. The tension is set; the sections below lay out the record.
2 — Introduction
Incorporated in 1994, Generic Engineering Construction and Projects Ltd runs a civil-construction and infrastructure business with a presence across Maharashtra, Karnataka, Gujarat, Goa and Himachal Pradesh. It works through general contracting, Design-Build and EPC models, and per its own materials executes projects with ticket sizes between ₹25 crore and ₹100 crore. Through its contracting arm it has delivered more than 300 industrial buildings in Navi Mumbai.
The last eighteen months carry more corporate housekeeping than most construction firms generate in a decade. In March 2025, the company logged resignations of a CFO and a whole-time director. On 1 April 2026, CFO Shital Lokhande was appointed Whole-Time Director, Rajesh Yadav was appointed Independent Director, and Namita Talele resigned. On 5 May 2026, Dhairya Manish Patel resigned as Executive Non-Independent Director. In July 2024, the company incorporated two LLPs with Bootes Impex Tech Limited.
There is also a fundraise in motion. A board meeting was called in January 2026 to consider raising equity or convertible securities, and the February rating report notes the company is in the process of raising ₹100 crore through a preferential issue expected in the first quarter of FY27. For a company with ₹293 crore of net worth, ₹100 crore of fresh equity is not a rounding adjustment — it is a stated intention to change the size of the equity base.
The FY26 results were approved on 25 June 2026 with an unmodified audit opinion, consolidated revenue of ₹305.37 crore and PAT of ₹8.50 crore.
3 — Business Model: WTF Do They Even Do?
Generic builds buildings for other people. That is the model in one line, and everything interesting sits in the second line. It is a general contractor and EPC player, which means it wins work through competitive tendering, executes to a fixed scope, and gets paid — eventually — by clients who are in no particular hurry.
The service menu is comprehensive to the point of exhausting: architectural, structural, electrical, mechanical, HVAC, plumbing and sewage, fire protection, building management systems, infrastructure works and project management, all under one roof. Sectors served run from industrial and residential high-rise to commercial, health and leisure, educational institutes, government infrastructure and steel structures. The clientele named in the company’s materials includes JSW Steel, Glenmark and a school or two.
Here is the structural feature that defines the economics. Per the rating report, roughly 56% of the September 2025 order book was for private real estate developers and 44% for government entities, and government work carries payment terms of 60 to 90 days after completion. Layer competitive tendering on top of slow-paying counterparties and you get the working-capital-intensive business the rating agency flagged in plain terms.
Revenue concentration adds to it. In FY23, two customers contributed over 40% of revenue between them. Building for a handful of large clients, on tender-driven margins, funded by debt while you wait for the money — this is contracting as a business of managing the gap between doing the work and getting paid. The order book is real. So is the wait. Does a ₹1,351 crore order book matter if the collection cycle keeps stretching to fill it?
4 — Financials Overview
Figures are consolidated, in ₹
