Goel Construction Co. IPO Key Dates
| Anchor Investor Subscription | |
| IPO opens on | 2 Septmeber 2025 |
| IPO Closes on | 4 September 2025 |
| Allotment on | 8 September 2025 |
| Credit of shares on | 9 September 2025 |
| Tentative Listing on | 9 September 2025 |
Goel Construction Co. IPO Condense Verdict
Goel Construction Company has shown steady growth in scale and profits. Assets rose from Rs. 119.51 crore (FY22) to Rs. 272.79 crore (Sep’24), while Net Worth improved from Rs. 56.32 crore to Rs. 110.04 crore in the same period. Revenue, though volatile (Rs. 388.79 crore FY24 vs. Rs. 274.36 crore in H1FY25), reflects a strong execution pipeline. Profit After Tax increased from Rs. 10.72 crore (FY22) to Rs. 16.77 crore (H1FY25). Low leverage (Borrowings Rs. 37.79 crore) supports balance sheet stability.
Final Subscription Tally
| Size Rs. 95.14 Crore | ||||
| QIB | NII x | RII x | Total x | Applications |
| 124.20 | 224.80 | 88.61 | 124.34 | 1,77,704 |
| Subscription Review: Good subscription flow continued on the last day |
||||
About Goel Construction Co.
Goel Construction Company Limited (GCCL), incorporated in 1997, is engaged in the business of construction and infrastructure projects. The company has developed strong expertise in civil and structural works, executing projects across cement plants, dairies, hospitals, steel, power plants, pharmaceuticals, and institutional buildings.
In the last three years, GCCL has successfully completed 18 projects worth Rs. 1,03,320.40 lakh. As on 28 February 2025, it is executing 14 ongoing projects spread across seven states, with an order book of Rs. 48,861.97 lakh.
Over the years, GCCL has completed prestigious projects across Rajasthan, Madhya Pradesh, Maharashtra, Haryana, Punjab, Uttar Pradesh, Jharkhand, Odisha, and Karnataka. The company has a strong workforce with 1,168 permanent employees as of 28 February 2025.
Goel Construction Co. IPO Details
|
Sector: |
|
| IPO opens on | 2 Septermber 2025 |
| IPO closes on | 4 September 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 38,08,000 Shares / Rs 99.77 Crore |
| * Fresh Issue | – |
| * Offer for Sale – | – |
| Market Maker Portion | 190,400 Shares |
| Net offer to Public | 36,17,600 Shares Rs. 94.78 Crores |
| Face Value per share | Rs. 10 |
| Price Band | Rs. 250-262 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 400 Shares |
| Listing will at | BSE SME |
How shares are being offered
|
Category |
Shares Offered |
| QIB | Not more than 50% of the Net Issue |
| Retail | Not less than 35% of the Offer |
| NII | Not less than 15% of the Net Issue |
| Application | Lots | Shares | Amount Rs. |
| Retail (Min) | 2 | 800 | 2,09,600 |
| Retail (Max) | 2 | 800 | 2,09,600 |
| S-HNI (Min) | 3 | 1,200 | 3,14,400 |
| S-HNI (Max) | 9 | 3,600 | 9,43,200 |
| B-HNI (Min) | 10 | 4,000 | 10,48,000 |
Who are the Promoters of Goel Construction Co. IPO?
The promoters hold 97.70% of the pre-IPO capital
What are the Objects of Goel Construction Co. IPO?
The Company proposes to utilize the Net Proceeds from Issue towards funding the following objects
+Capital expenditure towards purchase of additional equipments and fleets Rs. 43.00 Crore
+Repayment / prepayment of certain outstanding borrowings availed by the company Rs. 24.31+General Corporate purposes
Goel Construction Co. IPO Lead Managers
Srujan Alpha Capital Advisors LLP
| Registered Office of the Company |
| Goel Construction Co.Ltd. 230, City Centre, S.C. Road Jaipur, Rajasthan, 302001 Email: info@goelconstruction.co.in |
| Who is the Registrar to the IPO? Mufg Intime India ltd |
Goel Construction Co. Financials Snapshot
| Period Ended | 30-Sep-24 | 31-Mar-24 | 31-Mar-23 | 31-Mar-22 |
| Assets | 272.79 | 219.51 | 205.04 | 119.51 |
| Total Income | 274.36 | 388.79 | 272.94 | 207.31 |
| Profit After Tax | 16.77 | 22.64 | 14.3 | 10.72 |
| Net Worth | 110.04 | 93.27 | 70.62 | 56.32 |
| Reserves and Surplus | 109 | 92.23 | 69.59 | 55.29 |
| Total Borrowing | 37.79 | 30.51 | 28.51 | 19.52 |
| Amount in ₹ Crore | ||||
Performance Indicators
| KPI | Values |
| ROCE | 26.43% |
| Debt/Equity | 0.33 |
| RoNW | 27.63% |
| PAT Margin | 5.87% |
| Price to Book Value | 3.19 |
| EPS | 33.72 |
| PE R | 7.77 |
How Goel Construction Co. IPO compares with the Peers?
| Company Name | P/E (x) | RoNW (%) |
| Goel Construction Company | 7.77 | 34.09 |
| Power Mech Projects | 33.03 | 14.27 |
| Suntech Infra Solutions | 8.77 | 24.05 |
| Ahluwalia Contracts (India) | 31.52 | 11.19 |
#
Goel Constuction Co. IPO Review
by Paresh Gordhandas, CA & Research Analyst
Goel Construction Company Limited (GCCL) has delivered a consistent financial performance over the last three years, backed by robust project execution across infrastructure and civil works.
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Revenue Trend: The company reported Rs. 207.31 crore in FY22, which jumped to Rs. 388.79 crore in FY24. For the half year ending 30 Sept 2024, revenue stood at Rs. 274.36 crore, indicating strong momentum in FY25 despite some fluctuations.
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Profitability: PAT improved steadily from Rs. 10.72 crore in FY22 to Rs. 22.64 crore in FY24, while H1FY25 recorded Rs. 16.77 crore, suggesting sustained earnings visibility.
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Net Worth & Reserves: Net worth nearly doubled from Rs. 56.32 crore (FY22) to Rs. 110.04 crore (Sep’24), supported by rising reserves (Rs. 55.29 crore → Rs. 109 crore).
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Leverage: Borrowings remain moderate at Rs. 37.79 crore vs. Net Worth of Rs. 110.04 crore, indicating a healthy debt-equity position.
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Business Strength: A diversified order book across multiple states and strong execution track record enhances long-term growth prospects. However, volatility in topline and the high minimum investment size (Rs. 2.09 lakh retail) remain key investor considerations.
Chanakya View: Goel Construction IPO comes with a robust financial foundation, steady order book, and low gearing. Investors must weigh the strong fundamentals against the SME listing risk and high ticket size before applying.
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