MarketFriction

Gayatri Projects Ltd

NSE GAYAPROJ · BSE 532767 · Civil Construction
₹22.44 -1.06%
NSE close2026-10-01
52 week range10.99 - 27.33
Market cap₹1,040 Cr.
P/E8.33
ASM long-term Price band 5% Delivery 57.5%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales200130164119103911377773506191229
Expenses19211221012481821636773535173189
Operating Profit818-45-4218-2690-291840
OPM %4.1%14%-28%-3.5%21%9%-19%12%0.6%-6%9%18%
Other Income9-171455-1731976102,219-1094
Interest1212133265432
Depreciation1212111111111098755
Profit before tax4-1288-13-20-2159-1-32,179-9937
Tax %0%0%0%0%0%0%0%0%0%1%12%0%
Net Profit4-1288-13-20-2159-1-32,157-11137
EPS in Rs0.23-0.664.69-0.69-1.07-0.118.48-0.03-0.18115.23-5.930.80
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,7262,1152,9123,4633,4393,9013,1021,017680450847999
Expenses1,5191,8072,4712,9363,0803,4653,5121,751491447847969
Operating Profit207308441527359435-409-7341892-030
OPM %12%15%15%15%10%11%-13%-72%28%0.6%-0.0%3.0%
Other Income2015-136858-137-407-961852,1242,123
Interest1862572752843373213383062201814
Depreciation444355669184765749432925
Profit before tax-323-25185-6438-961-1,504411242,0762,114
Tax %456%101%-22%13%-9%-14%-0%0%0%0%2%
Net Profit-27-0-20160-5843-958-1,504411242,0422,080
EPS in Rs-1.53-0.02-1.048.55-3.102.30-51.19-80.352.216.62109.09109.92
Dividend Payout %-26%0%0%0%0%0%0%0%0%0%0%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth-7%-26%-6%145%
Compounded Profit Growth5%%26%-24%
Stock Price CAGR-15%-15%52%104%
Return on Equity%%%%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital303535373737373737373737
Reserves7015144769731,136873916-42-1,636-1,593-1,474569
Borrowings4,2643,8252,1992,3122,2202,0412,1232,7483,7913,6753,628311
Other Liabilities1,3541,5051,7321,9382,6932,7622,6932,2181,3861,2881,2481,197
Total Liabilities6,3505,8804,4435,2616,0875,7135,7704,9613,5783,4083,4392,115
Fixed Assets1,3401,12739441943945639234827222318077
CWIP1,4811,31030671729999126
Investments7398599781,1981,201572565546511363363230
Other Assets2,7892,5843,0413,6374,4404,6674,7834,0572,7872,8132,8841,802
Total Assets6,3505,8804,4435,2616,0875,7135,7704,9613,5783,4083,4392,115
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity-24470234213516361228-695-863-110305490
Cash from Investing Activity-900-663-34-30-1203111021146261168
Cash from Financing Activity488226-217-164-324-683-273425819-141-97-782
Net Cash Flow-43632-171971-10-35-58111209-224
Free Cash Flow-506-21669157408241201-708-843-110302602
CFO/OP-3%236%89%57%103%101%52%170%118%-58%12,302%-196,136%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days144119130142154136142137296481712208
Inventory Days18661211112128248641
Days Payable3061703873064097392,085
Cash Conversion Cycle2310-46-5315413614213715-10-732208
Working Capital Days-352154115978522-107-943-1,302-1,997361
ROCE %3%4%8%13%14%9%12%-17%-30%8%8%5%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters3.94%3.94%3.94%3.94%3.94%3.94%3.94%3.94%3.94%3.94%3.94%23.56%
FIIs3.92%3.92%3.92%3.92%3.92%3.92%1.91%1.91%1.91%1.91%1.91%17.99%
DIIs1.07%1.07%1.07%1.07%1.07%1.07%2.75%2.75%2.75%2.75%2.75%0.68%
Public91.07%91.07%91.07%91.08%91.06%91.08%91.39%91.39%91.39%91.40%91.41%57.76%
No. of Shareholders57,28755,93854,73553,39250,83149,44648,45047,48846,24645,41344,16543,853

Fundamentals

Market Cap₹ 1,040 Cr.
Current Price₹ 22.4
Stock P/E8.33
Book Value₹ 32.4
ROCE4.85 %
ROE%
Dividend Yield0.00 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)145%
Compounded Profit Growth (TTM)-24%
Consolidated figures.
Valuation
Market capRs 1,040 Cr
Enterprise valueRs 1,329 Cr
P/E (TTM)0.50x
Price to book1.71x
Price to sales1.04x
EV / EBITDA0.62x
EV / EBIT0.62x
EV / sales1.33x
Price to cash flow2.12x
Earnings yield199.98%
P/E, 3-year average1.61x
P/B, 3-year average0.09x
P/E, 5-year average1.61x
P/B, 5-year average-17.80x
Profitability
Operating margin (excl. other income)-0.03%
Operating margin (incl. other income)250.76%
EBITDA margin215.46%
Pre-tax margin211.56%
Net profit margin208.17%
Net margin, latest quarter16.23%
ROE-492.24%
ROCE134.69%
ROA73.54%
ROE, 3-year average-167.72%
ROCE, 3-year average47.80%
ROA, 3-year average26.11%
ROE, 5-year average-103.52%
ROCE, 5-year average14.69%
ROA, 5-year average5.05%
ROIC (approx.)233.72%
Tax rate1.63%
Other income / net worth349.97%
Growth
Sales growth (latest year)88.23%
Profit growth (latest year)1548.33%
Sales CAGR, 3 years-5.93%
Sales CAGR, 5 years-26.32%
Profit CAGR, 5 years116.33%
Sales growth QoQ19.56%
Sales growth YoY (latest quarter)198.73%
Per share
EPS (TTM)Rs 44.88
EPS (latest year)Rs 109.09
EPS (latest quarter)Rs 0.80
EPS, 3-year averageRs 39.31
EPS, 5-year averageRs -2.72
Book value per shareRs 13.09
Sales per shareRs 21.56
Cash flow per shareRs 10.58
Free cash flow per shareRs 12.99
Efficiency
Asset turnover0.40x
Fixed asset turnover10.96x
Inventory turnover6.04x
Inventory days60 days
Debtor days208 days
Debtors turnover1.75x
Creditor days2085 days
Cash conversion cycle208 days
Working capital days361 days
Leverage
Total debtRs 311 Cr
Cash and bankRs 23 Cr
Net debtRs 289 Cr
Debt to equity0.51x
Net debt / EBITDA0.13x
Interest coverage151.12x
Current ratio (filing 2026-03-31)1.93x
Quick ratio (filing 2026-03-31)1.79x
Trade payables (filing 2026-03-31)Rs 309 Cr
Owners' fund to total sources28.70%
Debt to assets14.72%
Cash flow
Cash from Operating Activity (latest year)Rs 490 Cr
Cash from Investing Activity (latest year)Rs 68 Cr
Cash from Financing Activity (latest year)Rs -782 Cr
Net Cash Flow (latest year)Rs -224 Cr
Free cash flow (latest year)Rs 602 Cr
FCFE (approx.: FCF + change in debt)Rs -2,715 Cr
Sales to cash flow1.73x
Statement figures
Net sales (TTM)Rs 999 Cr
Net sales (latest year)Rs 847 Cr
Sales (latest quarter)Rs 229 Cr
Operating profit excl. other income (latest year)Rs -0 Cr
Operating profit (latest quarter)Rs 40 Cr
Other income (TTM)Rs 2,123 Cr
EBITDA (TTM)Rs 2,153 Cr
PBDT (TTM)Rs 2,139 Cr
Profit before tax (TTM)Rs 2,114 Cr
Tax (latest year)Rs 34 Cr
Net profit (TTM)Rs 2,080 Cr
Net profit (latest year)Rs 2,042 Cr
Net profit (latest quarter)Rs 37 Cr
Depreciation (TTM)Rs 25 Cr
Depreciation (latest quarter)Rs 5 Cr
Interest (TTM)Rs 14 Cr
Cost of goods sold (latest year)Rs 777 Cr
Total expenditure (latest year)Rs 847 Cr
Total income (latest year)Rs 2,971 Cr
Share capitalRs 37 Cr
ReservesRs 569 Cr
Shareholders' fundsRs 607 Cr
Total assetsRs 2,115 Cr
Net blockRs 77 Cr
Capital work in progressRs 6 Cr
InvestmentsRs 230 Cr
ReceivablesRs 483 Cr
InventoryRs 129 Cr
Other liabilitiesRs 1,197 Cr
Shares outstanding (crore)46.35
Ownership
Promoter holding23.56% (+19.62 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 0.5 is at the 13th percentile of its own 4.4-year range (median 8.4, low 0.2, high 54.2).
P/B 1.71 is at the 35th percentile (median 2.44).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodGAYAPROJNifty 50Difference
1 week-2.5%-2.8% +0.3 pts
1 month+8.5%-6.8% +15.3 pts
3 months+2.5%-7.6% +10.1 pts
6 months+76.7%+0.4% +76.3 pts
1 year+242.6%-9.9% +252.5 pts
2 years+274.0%-13.6% +287.6 pts
3 years+253.4%+14.2% +239.2 pts
5 years-55.3%+27.9% -83.2 pts

Red flags

F-score 6 of 8
explainWeak cash conversion Cash from operations was 31% of net profit over the last 3 years
explainHigh accruals Profit exceeded operating cash by 73% of total assets in 2026
lookProfit leans on other income Other income was 102% of pre-tax profit in 2026
lookOn NSE surveillance On NSE surveillance: ASM long-term
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 2026
Sales ₹229 Cr +197.4% vs Jun 2025. Net profit ₹37 Cr +3800.0%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2021-09-15 Annual General Meeting
2020-09-18 Annual General Meeting
2019-09-19 Annual General Meeting
2018-09-19 Annual General Meeting
2018-01-30 Scheme Of Arrangement
2017-12-21 Annual General Meeting
2017-02-10 Face Value Split From Rs 10/- Per Share To Rs 2/- Per Share0.2000
2016-09-21 Annual General Meeting/Dividend - Rs 2/- Per Share
2015-09-21 Annual General Meeting/ Dividend - Re 1/- Per Share
2014-09-22Annual General Meeting And Dividend Rs.2/- Per Share
2013-09-20Annual General Meeting And Dividend Rs.3/- Per Share
2012-09-12Annual General Meeting And Dividend Rs.3/- Per Share
2012-02-22Rights 1:1 @ Premium Rs.110 Per Share
2011-08-30Annual General Meeting And Dividend Rs.5/- Per Share
DateTypeWhat it says
2026-09-29Shareholder meetingVoting results.
2026-09-28Shareholder meetingProceedings of Annual General Meeting held on September 28, 2026
2026-08-14Monitoring Agency ReportPursuant to Reg. 32(6) of SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015, and Reg. 162A(4) of SEBI (Issue of Capital and Disc...
2026-08-13Statement of deviation(s) orStatement of deviation(s) or variation(s) under Reg. 32
2026-08-12Board meeting outcomeGayatri Projects Limited has submitted to the Exchange, the Unaudited Standalone and Consolidated financial results for the quarter ended June 30, 202...
2026-05-14Board meeting outcomeGayatri Projects Limited has submitted to the Exchange, the audited Standalone and Consolidated financial results for the quarter and year ended March...
2026-04-22AllotmentAllotment of 168100315 securities pursuant to Preferential Issue at its meeting held on April 22, 2026
2026-04-21AllotmentAllotment of 109000000 securities pursuant to Preferential Issue at its meeting held on April 20, 2026
2026-04-17Disclosure under SEBI TakeovT.V.Sandeep Kumar Reddy has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Subst...
2026-03-06Shareholder meetingVoting results.
2026-03-05Shareholder meetingProceedings of Annual General Meeting for the financial year ended 31.03.2025, held on March 05, 2026
2026-02-28Shareholder meetingVoting results.
2026-02-27Shareholder meetingProceedings of Annual General Meeting held on February 27, 2026
2026-02-14Board meeting outcomeGayatri Projects Limited has submitted to the Exchange, the Standalone and Consolidated unaudited financial results for the quarter / period ended Dec...
2026-02-05Shareholder meetingNotice of Annual General Meeting to be held on February 27, 2026
2026-01-16Clarification - Financial ReThe Exchange has sought clarification from Gayatri Projects Limited for the quarter ended 31-Mar-2025 with respect to Regulation 33 of the SEBI (Listi...
2025-12-31Board meeting outcomeGayatri Projects Limited has submitted to the Exchange, the Unaudited Standalone & Consolidated financial results for the quarter & half-year ended Se...
2025-12-31Board meeting outcomeGayatri Projects Limited has submitted to the Exchange, the unaudited Standalone & Consolidated financial results for the quarter ended Jun 30, 2025.
2025-12-29Board meeting outcomeGayatri Projects Limited has submitted to the Exchange, the Audited Standalone & Consolidated financial results for the quarter & year ended March 31,...
2025-12-29Board meeting outcomeGayatri Projects Limited has submitted to the Exchange, the Standalone & Consolidated financial results for the quarter ended December 31, 2024.
2025-12-29Board meeting outcomeGayatri Projects Limited has submitted to the Exchange, the Standalone & Consolidated financial results for the quarter & half-year ended September 30...
2025-12-29Board meeting outcomeGayatri Projects Limited has submitted to the Exchange, the Standalone & Consolidated financial results for the quarter ended Jun 30, 2024.
2025-12-29Board meeting outcomeApproval of financial results for the quarters ended 30.06.2024, 30.09.2024, 31.12.2024 and 31.03.2025 at the Board meeting held on December 29, 2025.
2025-12-24Board meeting outcomeGayatri Projects Limited has submitted to the Exchange, the financial results for the period ended September 30, 2023.
2025-12-24Board meeting outcomeGayatri Projects Limited has submitted to the Exchange, the financial results for the period ended March 31, 2024.
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.
Order dateForumCase
2021-01-21NCLTEarthcon Systems (India) Pvt Ltd Vs Gayatri Projects Ltd Vs
2020-11-10NCLTEarthcon Systems (India) Pvt Ltd Vs Gayatri Projects Ltd Vs
2020-10-28NCLTEarthcon Systems (India) Pvt Ltd Vs Gayatri Projects Ltd Vs
2020-10-12NCLTEarthcon Systems (India) Pvt Ltd Vs Gayatri Projects Ltd Vs
2020-10-07NCLTIL & FS Financial Services Ltd Vs Gayatri Projects ltd Vs
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Long Term Additional Surveillance Measure (Long Term ASM): stage 1
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03