Garuda Construction and Engineering Ltd: High-Rise ROCE, Basement-Level Working Capital?
1. At a Glance
A newly-listed construction juggernaut with a 30% ROCE and a 405-day working capital cycle, Garuda Construction is playing two games at once: record profit growth… and Olympic-level receivables delay.
2. Introduction with Hook
If Garuda Construction were a Bollywood hero, it would be Hrithik Roshan in “Krrish”—fast, debt-free, and flying high… but with creditors chasing him across rooftops.
Stock up 2.3x since IPO
ROCE: 30%
Net Profit CAGR (5 Years): 102%
Working Capital Days: 405
Revenue TTM: ₹225 Cr
This isn’t your average contractor—this is the kind that builds a mall before its clients finish paying for the parking lot.
3. Business Model (WTF Do They Even Do?)
Core Service: Civil construction and EPC Sectors:
Residential
Commercial
Infrastructure
Industrial
Add-ons:
Project Planning & Engineering
MEP services (Mechanical, Electrical, Plumbing)
O&M (Operations & Maintenance)
Finishing & Interior Works
Garuda is a full-stack builder with one leg in traditional construction and the other in high-margin private contracts.
4. Financials Overview
Metric
FY23
FY24
FY25
Revenue (₹ Cr)
161
154
225
EBITDA (₹ Cr)
56
50
66
Net Profit (₹ Cr)
41
36
50
EPS (₹)
32.75
4.88*
5.35
ROE (%)
81%
49%
22%
ROCE (%)
81%
49%
30%
*Note: FY24 EPS drop due to equity dilution post-IPO.
