Price
Financials
Consolidated, Rs crore| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 0.18 | 0.18 | 1.18 | 1.68 | 0.65 | 2.18 | 1.18 | 0.00 | 0.00 | 0.00 | 14.55 | 7.09 |
| Expenses | 0.23 | 1.39 | 7.21 | 0.59 | 1.23 | 5.34 | 3.26 | 0.21 | 1.88 | 0.28 | 13.71 | 6.59 |
| Operating Profit | -0.05 | -1.21 | -6.03 | 1.09 | -0.58 | -3.16 | -2.08 | -0.21 | -1.88 | -0.28 | 0.84 | 0.50 |
| OPM % | -27.78% | -672.22% | -511.02% | 64.88% | -89.23% | -144.95% | -176.27% | 5.77% | 7.05% | |||
| Other Income | -88.30 | -69.35 | -156.78 | -68.32 | -56.60 | -68.22 | 1,338.74 | 35.57 | 0.82 | 0.55 | 0.57 | 0.53 |
| Interest | 5.22 | 5.22 | -0.55 | 3.77 | 3.77 | 3.77 | 3.77 | 3.77 | 3.77 | 3.77 | 3.77 | 3.77 |
| Depreciation | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 |
| Profit before tax | -93.59 | -75.80 | -162.28 | -71.02 | -60.97 | -75.17 | 1,332.88 | 31.58 | -4.84 | -3.51 | -2.37 | -2.74 |
| Tax % | 0.04% | 0.01% | 0.00% | 0.04% | 0.02% | -0.05% | 0.00% | 0.19% | 5.17% | 0.00% | 0.84% | 0.36% |
| Net Profit | -98.96 | -76.22 | -168.26 | -74.93 | -45.24 | -98.17 | 1,347.30 | -2.12 | -3.24 | -2.76 | 6.90 | -2.83 |
| EPS in Rs | -4.13 | -3.18 | -7.02 | -3.13 | -1.89 | -4.10 | 56.22 | -0.09 | -0.14 | -0.12 | 0.29 | -0.12 |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 0.00 | 0.00 | 86.11 | 74.71 | 69.51 | 81.40 | 6.30 | 7.63 | 1.72 | 5.69 | 14.55 | 21.64 |
| Expenses | 0.00 | 676.27 | 214.57 | 204.93 | 187.39 | 16.72 | 3.56 | 8.17 | 9.09 | 10.40 | 16.07 | 22.46 |
| Operating Profit | 0.00 | -676.27 | -128.46 | -130.22 | -117.88 | 64.68 | 2.74 | -0.54 | -7.37 | -4.71 | -1.52 | -0.82 |
| OPM % | -149.18% | -174.30% | -169.59% | 79.46% | 43.49% | -7.08% | -428.49% | -82.78% | -10.45% | -3.79% | ||
| Other Income | 0.00 | 676.23 | 202.94 | 9.02 | 7.58 | -238.10 | -278.81 | -96.54 | -398.86 | 1,145.60 | 37.51 | 2.47 |
| Interest | 0.00 | 0.00 | 246.70 | 129.04 | 131.23 | 135.14 | 21.35 | 20.84 | 15.09 | 15.11 | 15.09 | 15.08 |
| Depreciation | 0.00 | 0.00 | 12.35 | 9.59 | 17.59 | 20.64 | 0.03 | 0.04 | 0.08 | 0.07 | 0.05 | 0.03 |
| Profit before tax | 0.00 | -0.04 | -184.57 | -259.83 | -259.12 | -329.20 | -297.45 | -117.96 | -421.40 | 1,125.71 | 20.85 | -13.46 |
| Tax % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.01% | 0.00% | 1.53% | ||
| Net Profit | 0.00 | -0.04 | -184.57 | -259.83 | -259.12 | -329.20 | -297.45 | -117.96 | -441.12 | 1,128.96 | -1.22 | -1.93 |
| EPS in Rs | -7.70 | -10.84 | -10.81 | -13.74 | -12.41 | -4.92 | -18.41 | 47.11 | -0.05 | -0.09 | ||
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | % | -29% | 24% | 440% | ||
| Compounded Profit Growth | % | 15% | 26% | -126% | ||
| Stock Price CAGR | % | 25% | 32% | -51% | ||
| Return on Equity | % | % | % | % |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.02 | 47.93 | 47.93 | 47.93 | 47.93 | 47.93 | 47.93 | 47.93 | 47.93 | 47.93 | 47.93 |
| Reserves | -0.01 | -32.59 | -31.80 | -275.14 | -556.39 | -901.82 | -1,043.31 | -1,361.62 | -1,802.70 | -673.87 | -675.05 |
| Borrowings | 0.01 | 2,396.50 | 2,417.69 | 2,455.81 | 2,506.26 | 2,516.55 | 2,408.73 | 2,410.97 | 2,411.66 | 956.21 | 939.11 |
| Other Liabilities | 0.00 | 415.70 | 535.76 | 695.43 | 862.73 | 805.87 | 1,072.05 | 1,340.19 | 1,317.57 | 669.89 | 678.45 |
| Total Liabilities | 0.02 | 2,827.54 | 2,969.58 | 2,924.03 | 2,860.53 | 2,468.53 | 2,485.40 | 2,437.47 | 1,974.46 | 1,000.16 | 990.44 |
| Fixed Assets | 0.00 | 860.86 | 2,697.21 | 2,716.78 | 911.95 | 891.36 | 867.79 | 115.55 | 0.18 | 0.12 | 0.07 |
| CWIP | 0.00 | 1,731.46 | 51.81 | 3.12 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 0.00 | 48.97 | 120.64 | 123.21 | 102.07 | 86.43 | 250.88 | 228.64 | 208.97 | 91.43 | 69.69 |
| Other Assets | 0.02 | 186.25 | 99.92 | 80.92 | 1,846.51 | 1,490.74 | 1,366.73 | 2,093.28 | 1,765.31 | 908.61 | 920.68 |
| Total Assets | 0.02 | 2,827.54 | 2,969.58 | 2,924.03 | 2,860.53 | 2,468.53 | 2,485.40 | 2,437.47 | 1,974.46 | 1,000.16 | 990.44 |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 0.00 | 225.45 | 249.50 | 132.25 | 1,712.04 | 466.90 | 813.22 | 93.46 | 311.76 | 174.98 | -27.09 |
| Cash from Investing Activity | 0.00 | -2,616.94 | -75.81 | -126.40 | 7.00 | 15.48 | -164.47 | 22.07 | 19.66 | -3.24 | 56.34 |
| Cash from Financing Activity | 0.00 | 2,434.21 | -195.23 | -21.06 | -1,723.12 | -480.90 | -647.08 | -113.93 | -328.00 | -161.43 | -32.18 |
| Net Cash Flow | 0.00 | 42.72 | -21.54 | -15.21 | -4.08 | 1.47 | 1.67 | 1.60 | 3.42 | 10.31 | -2.94 |
| Free Cash Flow | 0.00 | -2,366.12 | 80.45 | 143.28 | 1,697.90 | 466.75 | 813.19 | 93.30 | 311.75 | 174.98 | -27.09 |
| CFO/OP | -35% | -196% | -102% | -1,443% | 739% | 29,831% | -14,470% | -4,213% | -3,720% | 1,594% |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 30.18 | 29.31 | 0.58 | 0.58 | 97.33 | 33.49 | 133.69 | 148.18 | 179.62 | ||
| Inventory Days | |||||||||||
| Days Payable | |||||||||||
| Cash Conversion Cycle | 30.18 | 29.31 | 0.58 | 0.58 | 97.33 | 33.49 | 133.69 | 148.18 | 179.62 | ||
| Working Capital Days | -829.53 | -2,282.53 | -1,869.11 | -2,820.86 | -77,397.96 | -39,431.00 | -237,381.57 | 774.26 | 1,273.36 | ||
| ROCE % | -0.00% | 2.56% | -5.61% | -6.05% | 2.93% | 0.34% | 1.04% | 1.46% | 2.97% | 10.96% |
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters | 61.16% | 61.16% | 61.16% | 61.16% | 61.16% | 61.16% | 61.16% | 61.16% | 61.16% | 61.16% | 61.16% | 61.16% |
| FIIs | 4.08% | 4.08% | 4.08% | 4.08% | 4.08% | 4.08% | 4.08% | 3.32% | 3.32% | 2.58% | 1.91% | 1.50% |
| Public | 34.76% | 34.77% | 34.78% | 34.77% | 34.78% | 34.77% | 34.78% | 35.53% | 35.53% | 36.26% | 36.94% | 37.35% |
| No. of Shareholders | 37,099 | 43,360 | 42,925 | 42,206 | 41,502 | 41,032 | 40,812 | 42,602 | 46,073 | 53,432 | 53,415 | 53,261 |
Fundamentals
Market Cap₹ 43.9 Cr.
Current Price₹ 1.83
Book Value₹ -26.2
ROCE11.0 %
ROE%
Dividend Yield0.00 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)440%
Compounded Profit Growth (TTM)-126%
Consolidated figures.
Valuation
Market capRs 41 Cr
Enterprise valueRs 963 Cr
Price to book-0.07x
Price to sales2.83x
EV / EBITDA576.58x
EV / EBIT594.38x
EV / sales66.18x
Earnings yield-4.68%
P/E, 3-year average0.03x
P/B, 3-year average-0.05x
P/E, 5-year average0.03x
P/B, 5-year average-0.04x
Profitability
Operating margin (excl. other income)-10.45%
Operating margin (incl. other income)247.35%
EBITDA margin11.48%
Pre-tax margin-92.51%
Net profit margin-13.26%
Net margin, latest quarter-39.92%
ROE0.19%
ROCE11.19%
ROA-0.12%
ROE, 3-year average-21.97%
ROCE, 3-year average65.33%
ROA, 3-year average18.60%
ROE, 5-year average-4.70%
ROCE, 5-year average34.06%
ROA, 5-year average7.80%
ROIC (approx.)0.54%
Tax rate1.53%
Other income / net worth-5.98%
Growth
Sales growth (latest year)155.71%
Profit growth (latest year)-100.11%
Sales CAGR, 3 years24.01%
Sales CAGR, 5 years-29.13%
Sales growth QoQ-51.27%
Profit growth QoQ-141.01%
Per share
EPS (TTM)Rs -0.08
EPS (latest year)Rs -0.05
EPS (latest quarter)Rs -0.12
EPS, 3-year averageRs 9.55
EPS, 5-year averageRs 2.26
Book value per shareRs -26.17
Sales per shareRs 0.61
Cash flow per shareRs -1.13
Free cash flow per shareRs -1.13
Efficiency
Asset turnover0.01x
Fixed asset turnover207.86x
Debtor days180 days
Debtors turnover2.03x
Cash conversion cycle180 days
Working capital days1273 days
Leverage
Total debtRs 939 Cr
Cash and bankRs 17 Cr
Net debtRs 922 Cr
Debt to equity-1.50x
Net debt / EBITDA551.90x
Interest coverage0.11x
Owners' fund to total sources-63.32%
Debt to assets94.82%
Cash flow
Cash from Operating Activity (latest year)Rs -27 Cr
Cash from Investing Activity (latest year)Rs 56 Cr
Cash from Financing Activity (latest year)Rs -32 Cr
Net Cash Flow (latest year)Rs -3 Cr
Free cash flow (latest year)Rs -27 Cr
FCFE (approx.: FCF + change in debt)Rs -44 Cr
Cash from ops / profit, 5 years5.04x
Statement figures
Net sales (TTM)Rs 15 Cr
Net sales (latest year)Rs 15 Cr
Sales (latest quarter)Rs 7 Cr
Operating profit excl. other income (latest year)Rs -2 Cr
Operating profit (latest quarter)Rs 0 Cr
Other income (TTM)Rs 2 Cr
EBITDA (TTM)Rs 2 Cr
PBDT (TTM)Rs -13 Cr
Profit before tax (TTM)Rs -13 Cr
Tax (latest year)Rs 0 Cr
Net profit (TTM)Rs -2 Cr
Net profit (latest year)Rs -1 Cr
Net profit (latest quarter)Rs -3 Cr
Depreciation (TTM)Rs 0 Cr
Interest (TTM)Rs 15 Cr
Cost of goods sold (latest year)Rs 15 Cr
Total expenditure (latest year)Rs 16 Cr
Total income (latest year)Rs 52 Cr
Share capitalRs 48 Cr
ReservesRs -675 Cr
Shareholders' fundsRs -627 Cr
Total assetsRs 990 Cr
Net blockRs 0 Cr
InvestmentsRs 70 Cr
ReceivablesRs 7 Cr
Other liabilitiesRs 678 Cr
Shares outstanding (crore)23.97
Ownership
Promoter holding61.16% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
Not enough history to build valuation bands (needs two years of profits and prices).
| Period | GAYAHWS | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | -7.0% | -2.8% | -4.2 pts |
| 1 month | -14.9% | -6.8% | -8.1 pts |
| 3 months | -15.3% | -7.6% | -7.7 pts |
| 6 months | -14.0% | +0.4% | -14.4 pts |
| 1 year | -49.7% | -9.9% | -39.8 pts |
| 2 years | +27.4% | -13.6% | +41.0 pts |
| 3 years | +115.0% | +14.2% | +100.8 pts |
| 5 years | +186.7% | +27.9% | +158.8 pts |
Red flags
F-score 4 of 8| serious | Negative equity Shareholders' equity is negative |
| explain | Receivables outrunning sales Receivables grew 210% vs sales +156% in 2026 |
| look | Profit leans on other income Other income was 180% of pre-tax profit in 2026 |
| look | On NSE surveillance On NSE surveillance: GSM |
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.
Latest quarter
Jun 2026Sales ₹7 Cr.
Net loss ₹3 Cr.
Activity
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|---|---|---|---|
| National Highways Infra Trust | 32,684 | 40.9 | 4.42 % |
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| Indus Infra Trust | 8,004 | 20.4 | 6.77 % |
| RaajMarg Infra Investment Trust | 7,223 | % | |
| Citius Transnet Investment Trust | 7,189 | % | |
| IRB InvIT Fund | 5,079 | 15.9 | 6.96 % |
| Roadstar Infra Investment Trust | 2,824 | 2.18 % | |
| Anantam Highways Trust | 2,268 | 8.84 | 13.7 % |
| BF Utilities Ltd | 1,917 | 3.88 % | |
| Innovision Ltd | 603 | 35.0 | 20.3 % |
| Highway Infrastructure Ltd | 312 | 12.0 | 18.8 % |
| Noida Toll Bridge Company Ltd | 69 | 2.43 | 162 % |
| MEP Infrastructure Developers Ltd | 13 | -401 % |
No bulk or block deals on record.
| Ex-date | Action | Factor |
|---|---|---|
| 2024-09-17 | Annual General Meeting | |
| 2023-09-22 | Annual General Meeting | |
| 2022-09-21 | Annual General Meeting | |
| 2021-09-20 | Annual General Meeting | |
| 2020-09-21 | Annual General Meeting | |
| 2019-09-19 | Annual General Meeting | |
| 2018-09-19 | Annual General Meeting |
| Date | Type | What it says |
|---|---|---|
| 2026-10-01 | Defaults on Payment of Inter | Disclosure of defaults on payment of interest/ repayment of principal amount on loans from financial institutions for Quarter ended 30th September, 20... |
| 2026-09-30 | Appointment | Appointment of Ms PPKG & CO as Statutory Auditors of the company w.e.f. September 29, 2026. |
| 2026-09-30 | Shareholder meeting | Voting results. |
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
GSM