About the Company:
Goel Construction Company Ltd is a construction contractors having experience in construction of industrial plants and infrastructure projects. Company’s primary focus and strength has been deeply rooted in construction of Cement Plant, Power Plant and Dairy Plant and other industrial plants.
Company’s focus is on delivering construction services, ensuring quality, timely execution and adherence to project specifications.
In the last four years we have successfully executed and delivered 19 projects with an aggregate Contract Value of Rs.1134.9 crores across various states in India. As on June 30, 2025, Company has 14 ongoing projects across eight states in India, with an Order Book of Rs.596.60 crores.
Currently, Company is executing six projects, each with a project value exceeding Rs.100 crores.
Company has successfully expanded the geographical footprint, with a presence in the states of Rajasthan, Andhra Pradesh, Haryana, Gujarat, Chhattisgarh, Jharkhand, Madhya Pradesh, Odisha, Punjab, Maharashtra, Karnataka and Uttar Pradesh.
Company’s History:
In 1997, company initiated our business operations in the state of Rajasthan, with an initial focus on institutional and infrastructure projects.
In 2001, we broadened our scope by including construction of industrial plants. During the early stages, we primarily undertook smaller-scale projects or participated as sub-contractors in larger, more complex projects.
Over the years, Company has strengthened the execution capabilities and developed managerial expertise in handling large-scale assignments, gradually shifting our focus toward executing complete construction projects.
Company’s Customer Segment:
Cement Plant: Company’s services include civil construction of Clinekerization and Grinding unit, which includes pre-heaters, cement mill, packing plant, silos, and other allied structures for both greenfield and brownfield projects.
Power Plant: Company undertakes civil structural and architectural works of Balance of Plant (BOP) including Coal handling plant, water treatment system, ash handling plant, silos, chimney, cooling tower & water systems and other related works.
Dairy Plant: Company undertakes the construction of dairy and allied product facilities, including Cattle Feed Plants (CFP), with end-to-end procurement and construction services, ensuring compliance with food-grade standards.
Other industrial plants: It includes civil construction services offered to steel and other industrial projects.
Company’s Segment wise Revenue Breakup: (in Lakhs)
Company’s Order Book:
- Company’s Order Book, as on March 31, 2025 is Rs.438 crores.
Management Team:
- Mr. Purushottam Dass Goel (Designation: Managing Director)
- Mr. Arun Kumar Goel (Designation: Whole-Time Director)
Objectives of the Issue:
Offer for Sale: (Rs.19.03 cr)
- The Selling Shareholders will be entitled to their respective portion of the proceeds of the Offer for Sale after deducting their proportion of the Offer related expenses and relevant taxes thereon. Company will not receive any proceeds from the Offer for Sale.
Fresh Issue: (Rs.81.12 cr)
- Capital expenditure towards purchase of additional equipments and fleets.
- Repayment / prepayment of certain outstanding borrowings availed by our Company.
- General Corporate Purpose.
Fund Utilization:
| Particulars | Amount (Rs. in Crores) |
|---|---|
| Capital expenditure towards purchase of additional equipments and fleets | 41.74 cr |
| Repayment / prepayment of certain outstanding borrowings availed by our Company | 23.05 cr |
Positives for the Company:
Project management and execution capabilities.
- Company has established a track record in executing a diverse range of construction projects.in the last 4 years, Company has successfully completed over 19 projects and are currently have 14 ongoing projects. Company’s clientele includes corporate entities, cooperative societies, and other organizations.
Long standing relationships with customer.
- Company has established long term relationships with our customers and have been providing services to some of our customers for several years. We believe that our reputation for completing projects in a timely manner and our focus on quality has helped us build strong relationships with our customers.
Strengthening our Equipment and Fleet base.
- Company plans to continue on acquiring key equipment and fleet necessary for efficient project execution. Ownership of these assets enables their continuous and timely availability, contributing to operational efficiency and cost management.
- In line with this objective, Company has invested a total of Rs.43.15 crores in equipment and fleet expansion over past three financial year ended March 31, 2023, 2024 and 2025. These investments highlight our focus on strengthening our equipment and fleet base to support operational efficiency, meet project demands, and ensure the timely completion of ongoing and future projects.
Diversify and optimise our project mix and cater to larger size projects.
- Company aims to diversify and optimize its project mix to align with evolving industry demands and enhance operational efficiency. While cement plant projects remain a key area of focus, we plan to expand our presence in construction projects related to power plants, dairy plants, steel plants, and other industrial plants.
Further expanding company’s geographical footprint.
- Company is headquartered in Jaipur, and have gradually expanded our presence in 12 states of India. Currently, company is present in the states Rajasthan, Andhra Pradesh, Haryana, Gujarat, Chhattisgarh, Jharkhand, Madhya Pradesh, Odisha, Punjab, Maharashtra, Karnataka and Uttar Pradesh.
- Company recognizes the significance of geographical diversification in our operations and aim to maximize opportunities in our existing markets and concurrently expand our footprint in new markets, capitalizing on diverse growth trends in India.
Financials of the Company:
| (in Crores) | FY 23 | FY 24 | FY 24 |
|---|---|---|---|
| Revenue | 272.93 | 388.79 | 594.34 |
| Net Profit | 14.29 | 22.64 | 38.32 |
Valuation of Peer Group Companies:
| Company Name | Face Value | EPS | PE Ratio | RoNW | NAV |
|---|---|---|---|---|---|
| Goel Construction Company Ltd | 10 | 33.72 | 7.80 | 34.09% | 115.78 |
| Power Mech Projects Ltd | 10 | 95.05 | 33.03 | 14.27% | 665.90 |
| Ahluwalia Contracts (India) Ltd | 10 | 30.08 | 31.52 | 11.19% | 268.71 |
IPO Details:
| Details | Info |
|---|---|
| Issue Opens on | 2nd September 2025 |
| Issue Closes on | 4th September 2025 |
| Issue Price | Rs.250-263 |
| Face Value | Rs.10 |
| Minimum Lot | 400 Shares |
| Minimum Investment | Rs.1,05,200 |
| Issue Constitutes | 26.35 % |
| Issue Size | Rs.100 cr ($ 11 million) |
| Market Cap | Rs.380 cr ($ 43 million ) |
| Listing at | BSE SME |
| Equity Shares Offered (Fresh) | 30,84,400 (Rs.81.12 cr) |
| Equity Shares Offered (OFS) | 7,23,600 (Rs.19.03 cr) |
| Total Equity Shares Offered (Fresh + OFS) | 38,08,000 (Rs.100 cr) |
| Equity Shares Prior to the Issue | 1,13,65,200 |
| Equity Shares after the Issue | 1,44,49,600 (Rs.380 cr) |
IPO Valuation Parameters:
| Earnings Per Share (EPS) | Price To Earnings ratio (PE) | Return on Net Worth (RoNW) | Net Asset Value (NAV) | Debt Equity Ratio (D/E) |
|---|---|---|---|---|
| 33.72 | 7.80 | 34.09% | 115.78 | 0.22 |
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Important Dates:
| Finalization of Basis of Allotment | on or Before 8th September 2025 |
| Initiation of Refunds | on or Before 9th September 2025 |
| Credit of Equity Shares: | on or Before 9th September 2025 |
| Listing Date: | on or Before 10th September 2025 |
| Company Contact Info: |
|---|
| Goel Construction Company Ltd 8, Vashisth Marg, Gom Defence, Vaishali Nagar, Jaipur, Rajasthan, India 302021. Tel: 0141-4045121 Email: info@goelconstruction.co.in Website: www.goelconstruction.co.in |
| Registrar to the Issue: |
|---|
| MUFG Intime India Private Limited (Formerly Link Intime India Private Limited) Registered Address: C-101, 247 Park, L. B. S. Marg, Vikhroli, (West), Mumbai – 400 083 Telephone: +91 810 811 4949 Email: goelconstruction.smeipo@in.mpms.mufg.com Website: https://in.mpms.mufg.com/ |
