# Construction - Civil/Turnkey — company-by-company sector analysis

> Construction - Civil/Turnkey: Afcons Infrastructure Ltd owns the largest revenue base; SRM Contractors Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

The 52-week sector comparison is unavailable. 5 of 11 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Afcons Infrastructure Ltd leads with revenue of ₹11,948 crore, based on 9 of 13 comparable companies through Mar 2026. SRM Contractors Ltd has the fastest current revenue growth at 94.1%, across 9 of 13 comparable companies.

### Is the Construction - Civil/Turnkey sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 5 of 11 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which Construction - Civil/Turnkey company is largest by revenue?

Afcons Infrastructure Ltd leads with revenue of ₹11,948 crore, based on 9 of 13 comparable companies through Mar 2026.

### Which Construction - Civil/Turnkey company is growing fastest?

SRM Contractors Ltd has the fastest current revenue growth at 94.1%, across 9 of 13 comparable companies.

### Which Construction - Civil/Turnkey company has the strongest 4-Factor Sector Score?

Effwa Infra & Research Ltd ranks first at 66.6/100 with 55.8% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Construction - Civil/Turnkey company reports the most CAPEX?

Afcons Infrastructure Ltd reports the largest latest CAPEX at ₹96 crore, with 6 of 13 companies comparable.

### Which Construction - Civil/Turnkey company has the least gross debt?

Denta Water & Infra Solutions Ltd has the lowest comparable gross debt at ₹12 crore. Interise Trust has the highest at ₹8,789 crore.

### Which Construction - Civil/Turnkey company has the lowest comparable PEG?

Afcons Infrastructure Ltd has the lowest comparable Guarded PEG at 0.82, among 1 of 13 companies that pass the metric’s comparability rules.

### How much history does this Construction - Civil/Turnkey comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

The 52-week comparison of Construction - Civil/Turnkey against NIFTY 500 is not available from the current market series. 5 of 11 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Effwa Infra & Research Ltd is the strongest against the sector itself at +37.7%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 5/11
Stocks leading sector: 3/10

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 13
Combined market value: ₹37.2K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Effwa Infra & Research Ltd (EFFWA): 67/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 17.0/35 | Capital efficiency 19.9/25 | Valuation 10.0/20 | Relative strength 19.7/20
   - Exact sum: 17 + 19.9 + 10 + 19.7 = 66.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
2. Gayatri Projects Ltd (GAYAPROJ): 65/100 — Favorable setup; evidence 81%
   - Growth & earnings 29.5/35 | Capital efficiency 7.1/25 | Valuation 12.2/20 | Relative strength 16.4/20
   - Exact sum: 29.5 + 7.1 + 12.2 + 16.4 = 65.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. SRM Contractors Ltd (SRM): 64/100 — Mixed-positive evidence; evidence 80%
   - Growth & earnings 28.4/35 | Capital efficiency 19.2/25 | Valuation 11.0/20 | Relative strength 5.2/20
   - Exact sum: 28.4 + 19.2 + 11 + 5.2 = 63.8
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -9.6% and the one-year return is -3.3%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
4. Brahmaputra Infrastructure Ltd (535693): 64/100 — Mixed-positive evidence; evidence 68%
   - Growth & earnings 22.9/35 | Capital efficiency 15.5/25 | Valuation 13.5/20 | Relative strength 11.9/20
   - Exact sum: 22.9 + 15.5 + 13.5 + 11.9 = 63.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Ceigall India Ltd (CEIGALL): 54/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 14.7/35 | Capital efficiency 13.6/25 | Valuation 10.2/20 | Relative strength 15.7/20
   - Exact sum: 14.7 + 13.6 + 10.2 + 15.7 = 54.2
   - Decision use: Price leads the evidence: RS versus the benchmark is 17.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
6. B.L.Kashyap & Sons Ltd (BLKASHYAP): 51/100 — Mixed-positive evidence; evidence 66%
   - Growth & earnings 23.1/35 | Capital efficiency 9.8/25 | Valuation 9.0/20 | Relative strength 8.8/20
   - Exact sum: 23.1 + 9.8 + 9 + 8.8 = 50.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Denta Water & Infra Solutions Ltd (DENTA): 50/100 — Mixed-negative evidence; evidence 74%
   - Growth & earnings 14.4/35 | Capital efficiency 17.1/25 | Valuation 10.5/20 | Relative strength 7.5/20
   - Exact sum: 14.4 + 17.1 + 10.5 + 7.5 = 49.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Sathlokhar Synergys E&C Global Ltd (SSEGL): 49/100 — Thin evidence · provisional; evidence 52%
   - Growth & earnings 17.0/35 | Capital efficiency 17.6/25 | Valuation 11.3/20 | Relative strength 3.3/20
   - Exact sum: 17 + 17.6 + 11.3 + 3.3 = 49.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
9. A B Infrabuild Ltd (ABINFRA): 44/100 — Mixed-negative evidence; evidence 74%
   - Growth & earnings 14.1/35 | Capital efficiency 12.0/25 | Valuation 9.8/20 | Relative strength 8.4/20
   - Exact sum: 14.1 + 12 + 9.8 + 8.4 = 44.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Interise Trust (INTERISE): 41/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 15.5/35 | Capital efficiency 7.0/25 | Valuation 8.5/20 | Relative strength 10.0/20
   - Exact sum: 15.5 + 7 + 8.5 + 10 = 41
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11. Afcons Infrastructure Ltd (AFCONS): 31/100 — Adverse evidence; evidence 87%
   - Growth & earnings 4.5/35 | Capital efficiency 7.8/25 | Valuation 14.1/20 | Relative strength 4.6/20
   - Exact sum: 4.5 + 7.8 + 14.1 + 4.6 = 31
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
12. HRS Aluglaze Ltd (544656): 50/100 — Thin evidence · provisional; evidence 19%
   - Growth & earnings 17.9/35 | Capital efficiency 13.8/25 | Valuation 8.7/20 | Relative strength 10.0/20
   - Exact sum: 17.9 + 13.8 + 8.7 + 10 = 50.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
13. GHV Infra Projects Ltd (505504): 41/100 — Thin evidence · provisional; evidence 39%
   - Growth & earnings 17.9/35 | Capital efficiency 12.3/25 | Valuation 9.3/20 | Relative strength 1.9/20
   - Exact sum: 17.9 + 12.3 + 9.3 + 1.9 = 41.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Afcons Infrastructure Ltd is the scale leader at ₹11,948 crore, 197% ahead of Ceigall India Ltd. SRM Contractors Ltd's growth is 94.1% from a ₹1,025 crore base, with 13 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Afcons Infrastructure Ltd is the scale benchmark; SRM Contractors Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Afcons Infrastructure Ltd's growth falls below SRM Contractors Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Afcons Infrastructure Ltd · ₹11,948 crore | 197% versus #2 · Ceigall India Ltd | 3/8 recent comparable periods | 9/13 companies · 127 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Afcons Infrastructure Ltd (AFCONS): ₹11.9K Cr
2. Ceigall India Ltd (CEIGALL): ₹4.0K Cr
3. Interise Trust (INTERISE): ₹3.6K Cr
4. B.L.Kashyap & Sons Ltd (BLKASHYAP): ₹1.4K Cr
5. SRM Contractors Ltd (SRM): ₹1.0K Cr

### Revenue growth — fastest growers
1. SRM Contractors Ltd (SRM): 94%
2. Gayatri Projects Ltd (GAYAPROJ): 88%
3. Brahmaputra Infrastructure Ltd (535693): 50%
4. Denta Water & Infra Solutions Ltd (DENTA): 23%
5. A B Infrabuild Ltd (ABINFRA): 23%

### 20-quarter Revenue history
- 505504: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹18 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹184 Cr | Dec 2025 ₹138 Cr | Mar 2026 ₹214 Cr
- 535693: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹43 Cr | Jun 2023 ₹54 Cr | Sep 2023 ₹61 Cr | Dec 2023 ₹53 Cr | Mar 2024 ₹54 Cr | Jun 2024 ₹79 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹32 Cr | Mar 2025 ₹103 Cr | Jun 2025 ₹92 Cr | Sep 2025 ₹91 Cr | Dec 2025 ₹93 Cr | Mar 2026 ₹94 Cr
- 544656: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 ₹26 Cr | Dec 2025 — | Mar 2026 —
- INTERISE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹550 Cr | Dec 2022 — | Mar 2023 ₹442 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹876 Cr | Sep 2024 ₹887 Cr | Dec 2024 ₹884 Cr | Mar 2025 ₹880 Cr | Jun 2025 ₹896 Cr | Sep 2025 ₹889 Cr | Dec 2025 ₹910 Cr | Mar 2026 ₹906 Cr
- AFCONS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹3.2K Cr | Sep 2023 ₹3.3K Cr | Dec 2023 ₹3.1K Cr | Mar 2024 ₹3.6K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹3.0K Cr | Dec 2024 ₹3.2K Cr | Mar 2025 ₹3.2K Cr | Jun 2025 ₹3.4K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹2.6K Cr
- CEIGALL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹650 Cr | Sep 2023 ₹741 Cr | Dec 2023 ₹695 Cr | Mar 2024 ₹944 Cr | Jun 2024 ₹822 Cr | Sep 2024 ₹772 Cr | Dec 2024 ₹831 Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹838 Cr | Sep 2025 ₹807 Cr | Dec 2025 ₹991 Cr | Mar 2026 ₹1.4K Cr
- BLKASHYAP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹253 Cr | Mar 2023 ₹276 Cr | Jun 2023 ₹253 Cr | Sep 2023 ₹327 Cr | Dec 2023 ₹324 Cr | Mar 2024 ₹341 Cr | Jun 2024 ₹350 Cr | Sep 2024 ₹267 Cr | Dec 2024 ₹242 Cr | Mar 2025 ₹294 Cr | Jun 2025 ₹336 Cr | Sep 2025 ₹355 Cr | Dec 2025 ₹324 Cr | Mar 2026 ₹364 Cr
- SRM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹103 Cr | Jun 2023 ₹40 Cr | Sep 2023 ₹108 Cr | Dec 2023 ₹87 Cr | Mar 2024 ₹108 Cr | Jun 2024 ₹55 Cr | Sep 2024 ₹95 Cr | Dec 2024 ₹150 Cr | Mar 2025 ₹228 Cr | Jun 2025 ₹142 Cr | Sep 2025 ₹206 Cr | Dec 2025 ₹231 Cr | Mar 2026 ₹446 Cr
- GAYAPROJ: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹233 Cr | Mar 2023 ₹186 Cr | Jun 2023 ₹185 Cr | Sep 2023 ₹200 Cr | Dec 2023 ₹130 Cr | Mar 2024 ₹164 Cr | Jun 2024 ₹119 Cr | Sep 2024 ₹103 Cr | Dec 2024 ₹91 Cr | Mar 2025 ₹137 Cr | Jun 2025 ₹77 Cr | Sep 2025 ₹73 Cr | Dec 2025 ₹506 Cr | Mar 2026 ₹191 Cr
- DENTA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹46 Cr | Mar 2024 ₹104 Cr | Jun 2024 ₹49 Cr | Sep 2024 ₹48 Cr | Dec 2024 ₹51 Cr | Mar 2025 ₹54 Cr | Jun 2025 ₹67 Cr | Sep 2025 ₹74 Cr | Dec 2025 ₹54 Cr | Mar 2026 ₹55 Cr
- EFFWA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹33 Cr | Dec 2023 — | Mar 2024 ₹112 Cr | Jun 2024 — | Sep 2024 ₹61 Cr | Dec 2024 — | Mar 2025 ₹124 Cr | Jun 2025 — | Sep 2025 ₹90 Cr | Dec 2025 — | Mar 2026 ₹163 Cr
- SSEGL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹38 Cr | Mar 2025 ₹186 Cr | Jun 2025 — | Sep 2025 ₹195 Cr | Dec 2025 ₹272 Cr | Mar 2026 ₹277 Cr
- ABINFRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹43 Cr | Dec 2022 — | Mar 2023 ₹80 Cr | Jun 2023 — | Sep 2023 ₹54 Cr | Dec 2023 ₹52 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹47 Cr | Dec 2024 ₹75 Cr | Mar 2025 ₹72 Cr | Jun 2025 ₹61 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹74 Cr | Mar 2026 ₹84 Cr

### 20-quarter Revenue growth history
- 505504: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 667% | Mar 2026 —
- 535693: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 26% | Jun 2024 46% | Sep 2024 -48% | Dec 2024 -40% | Mar 2025 91% | Jun 2025 16% | Sep 2025 184% | Dec 2025 191% | Mar 2026 -8.7%
- INTERISE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 2.3% | Sep 2025 0.2% | Dec 2025 2.9% | Mar 2026 3.0%
- AFCONS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -0.5% | Sep 2024 -11% | Dec 2024 2.7% | Mar 2025 -11% | Jun 2025 6.9% | Sep 2025 1.0% | Dec 2025 -7.3% | Mar 2026 -19%
- CEIGALL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 26% | Sep 2024 4.2% | Dec 2024 20% | Mar 2025 7.2% | Jun 2025 2.0% | Sep 2025 4.5% | Dec 2025 19% | Mar 2026 37%
- BLKASHYAP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 28% | Mar 2024 24% | Jun 2024 38% | Sep 2024 -18% | Dec 2024 -25% | Mar 2025 -14% | Jun 2025 -4.0% | Sep 2025 33% | Dec 2025 34% | Mar 2026 24%
- SRM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 4.9% | Jun 2024 38% | Sep 2024 -12% | Dec 2024 72% | Mar 2025 111% | Jun 2025 158% | Sep 2025 117% | Dec 2025 54% | Mar 2026 96%
- GAYAPROJ: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -44% | Mar 2024 -12% | Jun 2024 -36% | Sep 2024 -49% | Dec 2024 -30% | Mar 2025 -16% | Jun 2025 -35% | Sep 2025 -29% | Dec 2025 456% | Mar 2026 39%
- DENTA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 13% | Mar 2025 -48% | Jun 2025 36% | Sep 2025 54% | Dec 2025 4.2% | Mar 2026 2.1%
- EFFWA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 85% | Dec 2024 — | Mar 2025 11% | Jun 2025 — | Sep 2025 48% | Dec 2025 — | Mar 2026 31%
- SSEGL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 616% | Mar 2026 49%
- ABINFRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 24% | Dec 2023 — | Mar 2024 -70% | Jun 2024 — | Sep 2024 -12% | Dec 2024 44% | Mar 2025 203% | Jun 2025 328% | Sep 2025 -21% | Dec 2025 -0.8% | Mar 2026 17%

## Operating Economics & Margin Trend

What the numbers say: Interise Trust leads opm at 62%; Gayatri Projects Ltd leads margin change at +28 percentage points.

Investor read: Interise Trust sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Interise Trust · 62% | 93.8% versus #2 · HRS Aluglaze Ltd | 5/8 recent comparable periods | 13/13 companies · 155 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Interise Trust (INTERISE): 62%
2. HRS Aluglaze Ltd (544656): 32% — older report
3. Brahmaputra Infrastructure Ltd (535693): 22%
4. Denta Water & Infra Solutions Ltd (DENTA): 19%
5. GHV Infra Projects Ltd (505504): 18%

### Margin change — fastest expanders
1. Gayatri Projects Ltd (GAYAPROJ): +28.0 pp
2. B.L.Kashyap & Sons Ltd (BLKASHYAP): +5.0 pp
3. Sathlokhar Synergys E&C Global Ltd (SSEGL): +4.0 pp
4. Ceigall India Ltd (CEIGALL): +3.0 pp
5. SRM Contractors Ltd (SRM): +2.0 pp

### 20-quarter OPM history
- 505504: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 20% | Mar 2025 — | Jun 2025 — | Sep 2025 12% | Dec 2025 20% | Mar 2026 18%
- 535693: Jun 2021 17% | Sep 2021 23% | Dec 2021 22% | Mar 2022 16% | Jun 2022 14% | Sep 2022 22% | Dec 2022 25% | Mar 2023 19% | Jun 2023 16% | Sep 2023 18% | Dec 2023 27% | Mar 2024 18% | Jun 2024 16% | Sep 2024 15% | Dec 2024 14% | Mar 2025 30% | Jun 2025 24% | Sep 2025 25% | Dec 2025 23% | Mar 2026 22%
- 544656: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 32% | Dec 2025 — | Mar 2026 —
- INTERISE: Jun 2021 — | Sep 2021 64% | Dec 2021 — | Mar 2022 40% | Jun 2022 — | Sep 2022 14% | Dec 2022 — | Mar 2023 -97% | Jun 2023 — | Sep 2023 64% | Dec 2023 — | Mar 2024 58% | Jun 2024 66% | Sep 2024 53% | Dec 2024 73% | Mar 2025 67% | Jun 2025 75% | Sep 2025 73% | Dec 2025 72% | Mar 2026 62%
- AFCONS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 10% | Sep 2023 10% | Dec 2023 12% | Mar 2024 10% | Jun 2024 11% | Sep 2024 12% | Dec 2024 11% | Mar 2025 9.0% | Jun 2025 13% | Sep 2025 11% | Dec 2025 14% | Mar 2026 2.0%
- CEIGALL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 13% | Sep 2023 17% | Dec 2023 20% | Mar 2024 17% | Jun 2024 18% | Sep 2024 16% | Dec 2024 15% | Mar 2025 13% | Jun 2025 13% | Sep 2025 14% | Dec 2025 14% | Mar 2026 16%
- BLKASHYAP: Jun 2021 10.0% | Sep 2021 11% | Dec 2021 9.5% | Mar 2022 1.5% | Jun 2022 11% | Sep 2022 7.1% | Dec 2022 9.0% | Mar 2023 8.0% | Jun 2023 10% | Sep 2023 9.0% | Dec 2023 7.0% | Mar 2024 10% | Jun 2024 9.0% | Sep 2024 8.0% | Dec 2024 3.0% | Mar 2025 2.0% | Jun 2025 8.0% | Sep 2025 6.0% | Dec 2025 9.0% | Mar 2026 7.0%
- SRM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 13% | Jun 2023 17% | Sep 2023 13% | Dec 2023 8.0% | Mar 2024 12% | Jun 2024 18% | Sep 2024 16% | Dec 2024 15% | Mar 2025 15% | Jun 2025 14% | Sep 2025 14% | Dec 2025 19% | Mar 2026 17%
- GAYAPROJ: Jun 2021 12% | Sep 2021 -11% | Dec 2021 -22% | Mar 2022 -46% | Jun 2022 -97% | Sep 2022 -45% | Dec 2022 -100% | Mar 2023 -46% | Jun 2023 8.0% | Sep 2023 4.0% | Dec 2023 14% | Mar 2024 -28% | Jun 2024 -3.0% | Sep 2024 21% | Dec 2024 9.0% | Mar 2025 -19% | Jun 2025 12% | Sep 2025 1.0% | Dec 2025 -6.0% | Mar 2026 9.0%
- DENTA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 19% | Mar 2024 34% | Jun 2024 36% | Sep 2024 31% | Dec 2024 36% | Mar 2025 30% | Jun 2025 33% | Sep 2025 32% | Dec 2025 33% | Mar 2026 19%
- EFFWA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 9.0% | Dec 2023 — | Mar 2024 16% | Jun 2024 — | Sep 2024 12% | Dec 2024 — | Mar 2025 18% | Jun 2025 — | Sep 2025 17% | Dec 2025 — | Mar 2026 16%
- SSEGL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 12% | Dec 2023 — | Mar 2024 15% | Jun 2024 — | Sep 2024 16% | Dec 2024 15% | Mar 2025 11% | Jun 2025 — | Sep 2025 15% | Dec 2025 15% | Mar 2026 15%
- ABINFRA: Jun 2021 — | Sep 2021 -0.4% | Dec 2021 — | Mar 2022 24% | Jun 2022 — | Sep 2022 4.6% | Dec 2022 — | Mar 2023 13% | Jun 2023 — | Sep 2023 13% | Dec 2023 12% | Mar 2024 20% | Jun 2024 23% | Sep 2024 16% | Dec 2024 13% | Mar 2025 17% | Jun 2025 16% | Sep 2025 15% | Dec 2025 15% | Mar 2026 14%

### 20-quarter Margin change history
- 505504: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.0 pp | Mar 2026 —
- 535693: Jun 2021 −32.5 pp | Sep 2021 −29.4 pp | Dec 2021 +14.9 pp | Mar 2022 +14.3 pp | Jun 2022 −2.7 pp | Sep 2022 −1.4 pp | Dec 2022 +2.8 pp | Mar 2023 +2.7 pp | Jun 2023 +1.6 pp | Sep 2023 −3.9 pp | Dec 2023 +2.2 pp | Mar 2024 −1.0 pp | Jun 2024 0.0 pp | Sep 2024 −3.0 pp | Dec 2024 −13.0 pp | Mar 2025 +12.0 pp | Jun 2025 +8.0 pp | Sep 2025 +10.0 pp | Dec 2025 +9.0 pp | Mar 2026 −8.0 pp
- INTERISE: Jun 2021 — | Sep 2021 −0.9 pp | Dec 2021 — | Mar 2022 −11.6 pp | Jun 2022 — | Sep 2022 −49.5 pp | Dec 2022 — | Mar 2023 −137.2 pp | Jun 2023 — | Sep 2023 +49.6 pp | Dec 2023 — | Mar 2024 +155.0 pp | Jun 2024 — | Sep 2024 −10.6 pp | Dec 2024 — | Mar 2025 +9.0 pp | Jun 2025 +9.0 pp | Sep 2025 +20.0 pp | Dec 2025 −1.0 pp | Mar 2026 −5.0 pp
- AFCONS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +1.0 pp | Sep 2024 +2.0 pp | Dec 2024 −1.0 pp | Mar 2025 −1.0 pp | Jun 2025 +2.0 pp | Sep 2025 −1.0 pp | Dec 2025 +3.0 pp | Mar 2026 −7.0 pp
- CEIGALL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +5.0 pp | Sep 2024 −1.0 pp | Dec 2024 −5.0 pp | Mar 2025 −4.0 pp | Jun 2025 −5.0 pp | Sep 2025 −2.0 pp | Dec 2025 −1.0 pp | Mar 2026 +3.0 pp
- BLKASHYAP: Jun 2021 +7.7 pp | Sep 2021 +1.9 pp | Dec 2021 −0.9 pp | Mar 2022 −5.8 pp | Jun 2022 +1.1 pp | Sep 2022 −4.1 pp | Dec 2022 −0.5 pp | Mar 2023 +6.5 pp | Jun 2023 −1.1 pp | Sep 2023 +1.9 pp | Dec 2023 −2.0 pp | Mar 2024 +2.0 pp | Jun 2024 −1.0 pp | Sep 2024 −1.0 pp | Dec 2024 −4.0 pp | Mar 2025 −8.0 pp | Jun 2025 −1.0 pp | Sep 2025 −2.0 pp | Dec 2025 +6.0 pp | Mar 2026 +5.0 pp
- SRM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −1.0 pp | Jun 2024 +1.0 pp | Sep 2024 +3.0 pp | Dec 2024 +7.0 pp | Mar 2025 +3.0 pp | Jun 2025 −4.0 pp | Sep 2025 −2.0 pp | Dec 2025 +4.0 pp | Mar 2026 +2.0 pp
- GAYAPROJ: Jun 2021 −0.5 pp | Sep 2021 −23.6 pp | Dec 2021 −35.3 pp | Mar 2022 −54.1 pp | Jun 2022 −108.9 pp | Sep 2022 −34.7 pp | Dec 2022 −78.1 pp | Mar 2023 +0.4 pp | Jun 2023 +104.8 pp | Sep 2023 +49.4 pp | Dec 2023 +114.0 pp | Mar 2024 +18.0 pp | Jun 2024 −11.0 pp | Sep 2024 +17.0 pp | Dec 2024 −5.0 pp | Mar 2025 +9.0 pp | Jun 2025 +15.0 pp | Sep 2025 −20.0 pp | Dec 2025 −15.0 pp | Mar 2026 +28.0 pp
- DENTA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 +17.2 pp | Mar 2025 −3.6 pp | Jun 2025 −2.3 pp | Sep 2025 +0.6 pp | Dec 2025 −3.2 pp | Mar 2026 −11.2 pp
- EFFWA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +3.0 pp | Dec 2024 — | Mar 2025 +2.0 pp | Jun 2025 — | Sep 2025 +5.0 pp | Dec 2025 — | Mar 2026 −2.0 pp
- SSEGL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +4.0 pp | Dec 2024 — | Mar 2025 −4.0 pp | Jun 2025 — | Sep 2025 −0.7 pp | Dec 2025 0.0 pp | Mar 2026 +4.0 pp
- ABINFRA: Jun 2021 — | Sep 2021 −6.0 pp | Dec 2021 — | Mar 2022 +17.5 pp | Jun 2022 — | Sep 2022 +5.0 pp | Dec 2022 — | Mar 2023 −10.3 pp | Jun 2023 — | Sep 2023 +8.7 pp | Dec 2023 — | Mar 2024 +6.5 pp | Jun 2024 — | Sep 2024 +2.6 pp | Dec 2024 +1.2 pp | Mar 2025 −2.4 pp | Jun 2025 −6.9 pp | Sep 2025 −1.1 pp | Dec 2025 +1.6 pp | Mar 2026 −3.1 pp

## Profit Scale & Acceleration

What the numbers say: Gayatri Projects Ltd leads with ₹2,042 crore of TTM profit, 563% above Ceigall India Ltd. Brahmaputra Infrastructure Ltd shows ≥100% on the scoring scale (106.9% uncapped) growth from a ₹60 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Gayatri Projects Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Gayatri Projects Ltd · ₹2,042 crore | 563% versus #2 · Ceigall India Ltd | 1/3 recent comparable periods | 9/13 companies · 127 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Gayatri Projects Ltd (GAYAPROJ): ₹2.0K Cr
2. Ceigall India Ltd (CEIGALL): ₹308 Cr
3. Afcons Infrastructure Ltd (AFCONS): ₹250 Cr
4. SRM Contractors Ltd (SRM): ₹111 Cr
5. Denta Water & Infra Solutions Ltd (DENTA): ₹61 Cr

### Profit growth — fastest growers
1. Brahmaputra Infrastructure Ltd (535693): 100%
2. Gayatri Projects Ltd (GAYAPROJ): 100%
3. Interise Trust (INTERISE): 100%
4. SRM Contractors Ltd (SRM): 100%
5. A B Infrabuild Ltd (ABINFRA): 20%

### 20-quarter Net profit history
- 505504: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹3 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹11 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹18 Cr
- 535693: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹2 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹15 Cr
- 544656: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 ₹5 Cr | Dec 2025 — | Mar 2026 —
- INTERISE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹-84 Cr | Dec 2022 — | Mar 2023 ₹-591 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹-8 Cr | Sep 2024 ₹-149 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹55 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹-53 Cr
- AFCONS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹91 Cr | Sep 2023 ₹104 Cr | Dec 2023 ₹110 Cr | Mar 2024 ₹145 Cr | Jun 2024 ₹92 Cr | Sep 2024 ₹135 Cr | Dec 2024 ₹149 Cr | Mar 2025 ₹111 Cr | Jun 2025 ₹137 Cr | Sep 2025 ₹105 Cr | Dec 2025 ₹97 Cr | Mar 2026 ₹-89 Cr
- CEIGALL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹44 Cr | Sep 2023 ₹74 Cr | Dec 2023 ₹78 Cr | Mar 2024 ₹108 Cr | Jun 2024 ₹78 Cr | Sep 2024 ₹66 Cr | Dec 2024 ₹71 Cr | Mar 2025 ₹72 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹56 Cr | Dec 2025 ₹72 Cr | Mar 2026 ₹129 Cr
- BLKASHYAP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹37 Cr | Mar 2023 ₹-32 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹-3 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹-9 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹-13 Cr
- SRM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹7 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹54 Cr
- GAYAPROJ: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-292 Cr | Mar 2023 ₹-552 Cr | Jun 2023 ₹-38 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹-12 Cr | Mar 2024 ₹88 Cr | Jun 2024 ₹-13 Cr | Sep 2024 ₹-20 Cr | Dec 2024 ₹-2 Cr | Mar 2025 ₹159 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹-3 Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹-111 Cr
- DENTA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹7 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹9 Cr
- EFFWA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹1 Cr | Dec 2023 — | Mar 2024 ₹13 Cr | Jun 2024 — | Sep 2024 ₹5 Cr | Dec 2024 — | Mar 2025 ₹15 Cr | Jun 2025 — | Sep 2025 ₹10 Cr | Dec 2025 — | Mar 2026 ₹18 Cr
- SSEGL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹4 Cr | Mar 2025 ₹18 Cr | Jun 2025 — | Sep 2025 ₹22 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹30 Cr
- ABINFRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹1 Cr | Dec 2022 — | Mar 2023 ₹7 Cr | Jun 2023 — | Sep 2023 ₹4 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹6 Cr

### 20-quarter Profit growth history
- 505504: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 400% | Mar 2026 —
- 535693: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 100% | Jun 2024 75% | Sep 2024 -100% | Dec 2024 -100% | Mar 2025 450% | Jun 2025 114% | Sep 2025 — | Dec 2025 — | Mar 2026 -32%
- INTERISE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.0% | Mar 2026 -196%
- AFCONS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.1% | Sep 2024 30% | Dec 2024 35% | Mar 2025 -23% | Jun 2025 49% | Sep 2025 -22% | Dec 2025 -35% | Mar 2026 -180%
- CEIGALL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 77% | Sep 2024 -11% | Dec 2024 -9.0% | Mar 2025 -33% | Jun 2025 -35% | Sep 2025 -15% | Dec 2025 1.4% | Mar 2026 79%
- BLKASHYAP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -81% | Mar 2024 — | Jun 2024 100% | Sep 2024 -25% | Dec 2024 -86% | Mar 2025 -113% | Jun 2025 -45% | Sep 2025 -200% | Dec 2025 1,100% | Mar 2026 —
- SRM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -14% | Jun 2024 67% | Sep 2024 -23% | Dec 2024 300% | Mar 2025 300% | Jun 2025 160% | Sep 2025 100% | Dec 2025 50% | Mar 2026 125%
- GAYAPROJ: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -600% | Dec 2024 — | Mar 2025 81% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -170%
- DENTA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 126% | Mar 2025 -49% | Jun 2025 41% | Sep 2025 71% | Dec 2025 -4.3% | Mar 2026 -34%
- EFFWA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 400% | Dec 2024 — | Mar 2025 15% | Jun 2025 — | Sep 2025 100% | Dec 2025 — | Mar 2026 20%
- SSEGL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 625% | Mar 2026 67%
- ABINFRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 459% | Dec 2023 — | Mar 2024 -76% | Jun 2024 — | Sep 2024 -12% | Dec 2024 91% | Mar 2025 308% | Jun 2025 848% | Sep 2025 -41% | Dec 2025 16% | Mar 2026 -11%

## Capacity Spending & Returns On It

What the numbers say: Afcons Infrastructure Ltd reports ₹96 crore of CAPEX; A B Infrabuild Ltd has the highest covered intensity at 24.1%. Coverage is only 6 of 13 companies and 25 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Afcons Infrastructure Ltd · ₹96 crore | 433.3% versus #2 · Effwa Infra & Research Ltd | 4/4 recent comparable periods | 6/13 companies · 25 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Afcons Infrastructure Ltd (AFCONS): ₹96 Cr
2. Effwa Infra & Research Ltd (EFFWA): ₹18 Cr
3. A B Infrabuild Ltd (ABINFRA): ₹13 Cr
4. SRM Contractors Ltd (SRM): ₹5 Cr
5. Denta Water & Infra Solutions Ltd (DENTA): ₹0 Cr

### CAPEX intensity — highest reinvestment intensity
1. A B Infrabuild Ltd (ABINFRA): 24%
2. Effwa Infra & Research Ltd (EFFWA): 11%
3. SRM Contractors Ltd (SRM): 4.6%
4. Afcons Infrastructure Ltd (AFCONS): 3.2%
5. Sathlokhar Synergys E&C Global Ltd (SSEGL): 0.0%

### 20-quarter CAPEX history
- AFCONS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹341 Cr | Sep 2023 ₹122 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 ₹36 Cr | Sep 2024 ₹96 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- SRM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹1 Cr | Mar 2024 ₹5 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- DENTA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹0 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- EFFWA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹0 Cr | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 ₹0 Cr | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹2 Cr | Dec 2025 — | Mar 2026 ₹18 Cr
- SSEGL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 — | Mar 2025 ₹3 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 —
- ABINFRA: Jun 2021 ₹1 Cr | Sep 2021 ₹1 Cr | Dec 2021 — | Mar 2022 — | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 — | Mar 2023 ₹2 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹13 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter CAPEX intensity history
- AFCONS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 11% | Sep 2023 3.7% | Dec 2023 — | Mar 2024 — | Jun 2024 1.1% | Sep 2024 3.2% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- SRM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.1% | Mar 2024 4.6% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- EFFWA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 — | Mar 2024 0.0% | Jun 2024 — | Sep 2024 0.0% | Dec 2024 — | Mar 2025 0.0% | Jun 2025 — | Sep 2025 2.2% | Dec 2025 — | Mar 2026 11%
- SSEGL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.6% | Jun 2025 — | Sep 2025 0.0% | Dec 2025 — | Mar 2026 —
- ABINFRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 — | Mar 2023 2.5% | Jun 2023 — | Sep 2023 24% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Denta Water & Infra Solutions Ltd has the clearest covered balance-sheet capacity with ₹79 crore net cash and gross debt of ₹12 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Denta Water & Infra Solutions Ltd · ₹12 crore | 68.4% versus #2 · Effwa Infra & Research Ltd | 8/8 recent comparable periods | 13/13 companies · 130 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Denta Water & Infra Solutions Ltd (DENTA): ₹12 Cr
2. Effwa Infra & Research Ltd (EFFWA): ₹38 Cr
3. HRS Aluglaze Ltd (544656): ₹39 Cr — older report
4. A B Infrabuild Ltd (ABINFRA): ₹88 Cr
5. Sathlokhar Synergys E&C Global Ltd (SSEGL): ₹90 Cr

### Net debt — lowest net debt
1. Denta Water & Infra Solutions Ltd (DENTA): ₹-79 Cr
2. SRM Contractors Ltd (SRM): ₹-49 Cr
3. Effwa Infra & Research Ltd (EFFWA): ₹-5 Cr
4. Sathlokhar Synergys E&C Global Ltd (SSEGL): ₹13 Cr
5. A B Infrabuild Ltd (ABINFRA): ₹84 Cr

### 20-quarter Gross debt history
- 505504: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹192 Cr
- 535693: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹252 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹245 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹231 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹186 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹127 Cr
- 544656: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹18 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹24 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹39 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- INTERISE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹4.4K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹4.4K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹8.5K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹8.4K Cr | Jun 2025 — | Sep 2025 ₹7.9K Cr | Dec 2025 — | Mar 2026 ₹8.8K Cr
- AFCONS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹2.1K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹2.1K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹2.9K Cr | Dec 2023 — | Mar 2024 ₹2.5K Cr | Jun 2024 ₹3.5K Cr | Sep 2024 ₹3.5K Cr | Dec 2024 ₹3.5K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹3.6K Cr | Dec 2025 ₹3.6K Cr | Mar 2026 ₹3.6K Cr
- CEIGALL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹316 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹703 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.1K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.4K Cr | Jun 2025 — | Sep 2025 ₹1.3K Cr | Dec 2025 — | Mar 2026 ₹1.3K Cr
- BLKASHYAP: Jun 2021 ₹422 Cr | Sep 2021 ₹411 Cr | Dec 2021 ₹411 Cr | Mar 2022 ₹380 Cr | Jun 2022 ₹367 Cr | Sep 2022 ₹353 Cr | Dec 2022 ₹353 Cr | Mar 2023 ₹320 Cr | Jun 2023 ₹320 Cr | Sep 2023 ₹309 Cr | Dec 2023 ₹309 Cr | Mar 2024 ₹310 Cr | Jun 2024 ₹310 Cr | Sep 2024 ₹282 Cr | Dec 2024 ₹282 Cr | Mar 2025 ₹316 Cr | Jun 2025 ₹316 Cr | Sep 2025 ₹309 Cr | Dec 2025 ₹309 Cr | Mar 2026 ₹299 Cr
- SRM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹32 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹47 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 ₹42 Cr | Mar 2024 ₹48 Cr | Jun 2024 ₹48 Cr | Sep 2024 ₹37 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹41 Cr | Jun 2025 ₹41 Cr | Sep 2025 ₹60 Cr | Dec 2025 ₹60 Cr | Mar 2026 ₹135 Cr
- GAYAPROJ: Jun 2021 ₹1.9K Cr | Sep 2021 ₹2.4K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹3.5K Cr | Dec 2022 ₹3.5K Cr | Mar 2023 ₹3.8K Cr | Jun 2023 — | Sep 2023 ₹3.9K Cr | Dec 2023 ₹3.9K Cr | Mar 2024 ₹3.7K Cr | Jun 2024 — | Sep 2024 ₹3.7K Cr | Dec 2024 ₹3.7K Cr | Mar 2025 ₹3.6K Cr | Jun 2025 ₹3.6K Cr | Sep 2025 ₹3.6K Cr | Dec 2025 ₹3.6K Cr | Mar 2026 ₹311 Cr
- DENTA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 — | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹12 Cr
- EFFWA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹10 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹16 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹14 Cr | Jun 2024 — | Sep 2024 ₹20 Cr | Dec 2024 — | Mar 2025 ₹30 Cr | Jun 2025 — | Sep 2025 ₹14 Cr | Dec 2025 — | Mar 2026 ₹38 Cr
- SSEGL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹7 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹6 Cr | Jun 2023 ₹6 Cr | Sep 2023 — | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹9 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹37 Cr | Mar 2026 ₹90 Cr
- ABINFRA: Jun 2021 ₹25 Cr | Sep 2021 ₹25 Cr | Dec 2021 ₹30 Cr | Mar 2022 ₹30 Cr | Jun 2022 ₹29 Cr | Sep 2022 ₹29 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹32 Cr | Sep 2023 ₹41 Cr | Dec 2023 — | Mar 2024 ₹41 Cr | Jun 2024 — | Sep 2024 ₹47 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹86 Cr | Jun 2025 ₹83 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹91 Cr | Mar 2026 ₹88 Cr

### 20-quarter Net debt history
- AFCONS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹1.3K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 — | Mar 2024 ₹1.9K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.7K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹2.8K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹2.8K Cr
- BLKASHYAP: Jun 2021 ₹396 Cr | Sep 2021 ₹376 Cr | Dec 2021 ₹376 Cr | Mar 2022 ₹347 Cr | Jun 2022 ₹334 Cr | Sep 2022 ₹330 Cr | Dec 2022 ₹330 Cr | Mar 2023 ₹268 Cr | Jun 2023 ₹260 Cr | Sep 2023 ₹258 Cr | Dec 2023 ₹258 Cr | Mar 2024 ₹292 Cr | Jun 2024 ₹277 Cr | Sep 2024 ₹223 Cr | Dec 2024 ₹223 Cr | Mar 2025 ₹294 Cr | Jun 2025 ₹281 Cr | Sep 2025 ₹284 Cr | Dec 2025 ₹284 Cr | Mar 2026 ₹256 Cr
- SRM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹20 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 ₹2 Cr | Mar 2024 ₹-19 Cr | Jun 2024 ₹-19 Cr | Sep 2024 ₹-33 Cr | Dec 2024 ₹-33 Cr | Mar 2025 ₹-71 Cr | Jun 2025 ₹-71 Cr | Sep 2025 ₹-75 Cr | Dec 2025 ₹-75 Cr | Mar 2026 ₹-49 Cr
- GAYAPROJ: Jun 2021 ₹1.6K Cr | Sep 2021 ₹2.2K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹3.5K Cr | Dec 2022 ₹3.5K Cr | Mar 2023 ₹3.8K Cr | Jun 2023 — | Sep 2023 ₹3.9K Cr | Dec 2023 ₹3.9K Cr | Mar 2024 ₹3.6K Cr | Jun 2024 — | Sep 2024 ₹3.6K Cr | Dec 2024 ₹3.6K Cr | Mar 2025 ₹3.4K Cr | Jun 2025 ₹3.4K Cr | Sep 2025 ₹3.6K Cr | Dec 2025 ₹3.6K Cr | Mar 2026 ₹288 Cr
- DENTA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹-7 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹-62 Cr | Jun 2024 ₹-62 Cr | Sep 2024 ₹-17 Cr | Dec 2024 — | Mar 2025 ₹-199 Cr | Jun 2025 ₹-199 Cr | Sep 2025 ₹-71 Cr | Dec 2025 ₹-71 Cr | Mar 2026 ₹-79 Cr
- EFFWA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹9 Cr | Jun 2024 — | Sep 2024 ₹-8 Cr | Dec 2024 — | Mar 2025 ₹4 Cr | Jun 2025 — | Sep 2025 ₹-18 Cr | Dec 2025 — | Mar 2026 ₹-5 Cr
- SSEGL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹3 Cr | Sep 2023 — | Dec 2023 ₹-9 Cr | Mar 2024 ₹-9 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹-31 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹13 Cr | Mar 2026 —
- ABINFRA: Jun 2021 ₹16 Cr | Sep 2021 ₹16 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹28 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹30 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹24 Cr | Dec 2023 — | Mar 2024 ₹31 Cr | Jun 2024 — | Sep 2024 ₹37 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹53 Cr | Jun 2025 ₹50 Cr | Sep 2025 ₹48 Cr | Dec 2025 ₹48 Cr | Mar 2026 ₹84 Cr

## Return On Capital Employed

What the numbers say: SRM Contractors Ltd leads ROCE at 37.1%, 0 percentage points above Sathlokhar Synergys E&C Global Ltd. Gayatri Projects Ltd has the strongest latest improvement at +22.2 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: SRM Contractors Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: SRM Contractors Ltd · 37.1% | 0% versus #2 · Sathlokhar Synergys E&C Global Ltd | 7/7 recent comparable periods | 12/13 companies · 90 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. SRM Contractors Ltd (SRM): 37%
2. Sathlokhar Synergys E&C Global Ltd (SSEGL): 37%
3. Effwa Infra & Research Ltd (EFFWA): 29%
4. HRS Aluglaze Ltd (544656): 20% — older report
5. Denta Water & Infra Solutions Ltd (DENTA): 19%

### ROCE change — fastest improvers
1. Gayatri Projects Ltd (GAYAPROJ): +22.2 pp
2. HRS Aluglaze Ltd (544656): +8.8 pp — older report
3. Brahmaputra Infrastructure Ltd (535693): +7.0 pp
4. B.L.Kashyap & Sons Ltd (BLKASHYAP): +5.5 pp
5. SRM Contractors Ltd (SRM): +4.4 pp

### 20-quarter ROCE history
- AFCONS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 6.5% | Dec 2023 — | Mar 2024 14% | Jun 2024 14% | Sep 2024 13% | Dec 2024 20% | Mar 2025 10% | Jun 2025 18% | Sep 2025 11% | Dec 2025 16% | Mar 2026 8.6%
- BLKASHYAP: Jun 2021 — | Sep 2021 14% | Dec 2021 — | Mar 2022 12% | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 14% | Dec 2023 10% | Mar 2024 16% | Jun 2024 20% | Sep 2024 14% | Dec 2024 18% | Mar 2025 7.8% | Jun 2025 13% | Sep 2025 6.9% | Dec 2025 13% | Mar 2026 13%
- SRM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 13% | Jun 2023 — | Sep 2023 — | Dec 2023 31% | Mar 2024 20% | Jun 2024 35% | Sep 2024 13% | Dec 2024 31% | Mar 2025 24% | Jun 2025 42% | Sep 2025 28% | Dec 2025 42% | Mar 2026 28%
- GAYAPROJ: Jun 2021 — | Sep 2021 9.5% | Dec 2021 — | Mar 2022 -56% | Jun 2022 — | Sep 2022 463% | Dec 2022 — | Mar 2023 53% | Jun 2023 — | Sep 2023 18% | Dec 2023 -71% | Mar 2024 -2.5% | Jun 2024 8.8% | Sep 2024 -2.2% | Dec 2024 8.7% | Mar 2025 -13% | Jun 2025 19% | Sep 2025 -13% | Dec 2025 283% | Mar 2026 9.1%
- DENTA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 9.4% | Sep 2023 — | Dec 2023 — | Mar 2024 34% | Jun 2024 — | Sep 2024 41% | Dec 2024 60% | Mar 2025 17% | Jun 2025 27% | Sep 2025 19% | Dec 2025 29% | Mar 2026 16%
- EFFWA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 53% | Jun 2024 — | Sep 2024 30% | Dec 2024 — | Mar 2025 30% | Jun 2025 — | Sep 2025 36% | Dec 2025 — | Mar 2026 31%
- SSEGL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 50% | Mar 2024 86% | Jun 2024 29% | Sep 2024 35% | Dec 2024 — | Mar 2025 26% | Jun 2025 26% | Sep 2025 30% | Dec 2025 — | Mar 2026 —
- ABINFRA: Jun 2021 -2.6% | Sep 2021 -5.1% | Dec 2021 5.0% | Mar 2022 14% | Jun 2022 16% | Sep 2022 19% | Dec 2022 24% | Mar 2023 33% | Jun 2023 — | Sep 2023 26% | Dec 2023 — | Mar 2024 20% | Jun 2024 24% | Sep 2024 16% | Dec 2024 22% | Mar 2025 20% | Jun 2025 29% | Sep 2025 17% | Dec 2025 25% | Mar 2026 16%

### 20-quarter ROCE change history
- AFCONS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +6.8 pp | Dec 2024 — | Mar 2025 −3.6 pp | Jun 2025 +4.5 pp | Sep 2025 −2.5 pp | Dec 2025 −4.1 pp | Mar 2026 −1.7 pp
- BLKASHYAP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.0 pp | Dec 2022 — | Mar 2023 +2.9 pp | Jun 2023 — | Sep 2023 +2.6 pp | Dec 2023 — | Mar 2024 +0.7 pp | Jun 2024 — | Sep 2024 +0.1 pp | Dec 2024 +7.5 pp | Mar 2025 −7.9 pp | Jun 2025 −7.2 pp | Sep 2025 −7.3 pp | Dec 2025 −4.3 pp | Mar 2026 +5.5 pp
- SRM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +7.0 pp | Jun 2024 — | Sep 2024 — | Dec 2024 +0.4 pp | Mar 2025 +3.4 pp | Jun 2025 +6.7 pp | Sep 2025 +15.2 pp | Dec 2025 +10.7 pp | Mar 2026 +4.4 pp
- GAYAPROJ: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +453.8 pp | Dec 2022 — | Mar 2023 +108.5 pp | Jun 2023 — | Sep 2023 −444.9 pp | Dec 2023 — | Mar 2024 −55.3 pp | Jun 2024 — | Sep 2024 −20.6 pp | Dec 2024 +79.9 pp | Mar 2025 −10.6 pp | Jun 2025 +10.5 pp | Sep 2025 −11.0 pp | Dec 2025 +274.2 pp | Mar 2026 +22.2 pp
- DENTA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 −17.2 pp | Jun 2025 — | Sep 2025 −22.4 pp | Dec 2025 −30.8 pp | Mar 2026 −0.6 pp
- EFFWA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 −22.3 pp | Jun 2025 — | Sep 2025 +6.1 pp | Dec 2025 — | Mar 2026 +0.1 pp
- SSEGL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 −59.9 pp | Jun 2025 −3.0 pp | Sep 2025 −5.1 pp | Dec 2025 — | Mar 2026 —
- ABINFRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +19.0 pp | Sep 2022 +24.5 pp | Dec 2022 +19.2 pp | Mar 2023 +18.7 pp | Jun 2023 — | Sep 2023 +6.4 pp | Dec 2023 — | Mar 2024 −13.1 pp | Jun 2024 — | Sep 2024 −9.5 pp | Dec 2024 — | Mar 2025 +0.4 pp | Jun 2025 +5.2 pp | Sep 2025 +1.1 pp | Dec 2025 +3.5 pp | Mar 2026 −3.6 pp

## Valuation Against Growth & Quality

What the numbers say: Afcons Infrastructure Ltd has the lowest comparable Guarded PEG at 0.82×. Only 1 of 13 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Afcons Infrastructure Ltd · 0.82× | Not enough peers | 0/6 recent comparable periods | 1/13 companies · 2 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Afcons Infrastructure Ltd (AFCONS): 0.8

### P/E — lowest P/E
1. Brahmaputra Infrastructure Ltd (535693): 8.0
2. Sathlokhar Synergys E&C Global Ltd (SSEGL): 9.6
3. SRM Contractors Ltd (SRM): 10.5
4. Gayatri Projects Ltd (GAYAPROJ): 10.8
5. Denta Water & Infra Solutions Ltd (DENTA): 14.8

### 20-quarter Guarded PEG history
- AFCONS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.5 | Mar 2025 — | Jun 2025 0.8 | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter P/E history
- 505504: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 117.2
- 535693: Jun 2021 — | Sep 2021 15.2 | Dec 2021 14.8 | Mar 2022 6.1 | Jun 2022 5.0 | Sep 2022 16.4 | Dec 2022 11.5 | Mar 2023 8.9 | Jun 2023 11.0 | Sep 2023 11.5 | Dec 2023 14.4 | Mar 2024 14.4 | Jun 2024 17.8 | Sep 2024 10.2 | Dec 2024 9.3 | Mar 2025 9.2 | Jun 2025 6.8 | Sep 2025 6.6 | Dec 2025 7.3 | Mar 2026 6.6
- AFCONS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 39.3 | Mar 2025 36.2 | Jun 2025 32.2 | Sep 2025 29.7 | Dec 2025 28.5 | Mar 2026 20.3
- CEIGALL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 20.1 | Dec 2024 16.7 | Mar 2025 12.7 | Jun 2025 14.5 | Sep 2025 17.1 | Dec 2025 17.5 | Mar 2026 18.0
- BLKASHYAP: Jun 2021 -11.4 | Sep 2021 -48.3 | Dec 2021 -59.4 | Mar 2022 13.6 | Jun 2022 28.3 | Sep 2022 26.4 | Dec 2022 54.8 | Mar 2023 20.0 | Jun 2023 20.3 | Sep 2023 30.3 | Dec 2023 27.6 | Mar 2024 53.2 | Jun 2024 38.7 | Sep 2024 36.2 | Dec 2024 31.2 | Mar 2025 23.1 | Jun 2025 70.7 | Sep 2025 84.4 | Dec 2025 79.5 | Mar 2026 116.3
- SRM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 16.0 | Sep 2024 16.5 | Dec 2024 31.5 | Mar 2025 18.7 | Jun 2025 19.8 | Sep 2025 19.8 | Dec 2025 17.0 | Mar 2026 11.5
- GAYAPROJ: Jun 2021 13.9 | Sep 2021 12.4 | Dec 2021 9.3 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -0.1 | Dec 2023 — | Mar 2024 3.7 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.0 | Jun 2025 — | Sep 2025 — | Dec 2025 0.1 | Mar 2026 1.3
- DENTA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 9.1 | Jun 2025 11.4 | Sep 2025 17.4 | Dec 2025 12.4 | Mar 2026 9.6
- EFFWA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 33.2 | Dec 2024 — | Mar 2025 18.3 | Jun 2025 — | Sep 2025 24.6 | Dec 2025 — | Mar 2026 16.6
- SSEGL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 3.5 | Dec 2024 3.7 | Mar 2025 3.4 | Jun 2025 22.1 | Sep 2025 26.8 | Dec 2025 20.1 | Mar 2026 13.5
- ABINFRA: Jun 2021 4.7 | Sep 2021 7.2 | Dec 2021 6.1 | Mar 2022 14.9 | Jun 2022 29.0 | Sep 2022 44.7 | Dec 2022 7.7 | Mar 2023 15.1 | Jun 2023 8.8 | Sep 2023 6.5 | Dec 2023 9.5 | Mar 2024 11.0 | Jun 2024 25.0 | Sep 2024 35.9 | Dec 2024 59.8 | Mar 2025 71.1 | Jun 2025 61.9 | Sep 2025 54.9 | Dec 2025 57.5 | Mar 2026 51.3

## Enterprise Value & Book Value

What the numbers say: Brahmaputra Infrastructure Ltd leads ev/ebitda at 6×; Gayatri Projects Ltd leads p/bv at 0.64×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Brahmaputra Infrastructure Ltd · 6× | 3.2% versus #2 · Denta Water & Infra Solutions Ltd | 0/8 recent comparable periods | 12/13 companies · 106 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Brahmaputra Infrastructure Ltd (535693): 6.0
2. Denta Water & Infra Solutions Ltd (DENTA): 6.2
3. SRM Contractors Ltd (SRM): 6.2
4. Afcons Infrastructure Ltd (AFCONS): 7.2
5. Interise Trust (INTERISE): 8.0

### P/BV — lowest P/BV
1. Gayatri Projects Ltd (GAYAPROJ): 0.6
2. Brahmaputra Infrastructure Ltd (535693): 1.4
3. Afcons Infrastructure Ltd (AFCONS): 1.9
4. Denta Water & Infra Solutions Ltd (DENTA): 2.0
5. Sathlokhar Synergys E&C Global Ltd (SSEGL): 2.2

### 20-quarter EV/EBITDA history
- 505504: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 80.7
- 535693: Jun 2021 12.4 | Sep 2021 18.9 | Dec 2021 19.3 | Mar 2022 12.2 | Jun 2022 14.7 | Sep 2022 8.7 | Dec 2022 8.6 | Mar 2023 9.0 | Jun 2023 10.0 | Sep 2023 9.7 | Dec 2023 8.4 | Mar 2024 8.9 | Jun 2024 12.4 | Sep 2024 9.3 | Dec 2024 7.8 | Mar 2025 8.8 | Jun 2025 7.8 | Sep 2025 7.4 | Dec 2025 6.5 | Mar 2026 6.0
- INTERISE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 8.3 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 8.9 | Dec 2024 — | Mar 2025 8.4 | Jun 2025 — | Sep 2025 8.0 | Dec 2025 — | Mar 2026 —
- AFCONS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 12.6 | Mar 2025 11.8 | Jun 2025 9.9 | Sep 2025 9.3 | Dec 2025 9.2 | Mar 2026 7.2
- CEIGALL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 13.5 | Dec 2024 10.6 | Mar 2025 8.2 | Jun 2025 8.8 | Sep 2025 9.8 | Dec 2025 10.3 | Mar 2026 10.3
- BLKASHYAP: Jun 2021 12.2 | Sep 2021 9.8 | Dec 2021 8.3 | Mar 2022 7.3 | Jun 2022 9.9 | Sep 2022 8.6 | Dec 2022 11.5 | Mar 2023 11.7 | Jun 2023 11.2 | Sep 2023 14.9 | Dec 2023 14.7 | Mar 2024 15.5 | Jun 2024 18.7 | Sep 2024 18.5 | Dec 2024 15.0 | Mar 2025 11.3 | Jun 2025 19.2 | Sep 2025 19.0 | Dec 2025 18.3 | Mar 2026 14.4
- SRM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 11.2 | Sep 2024 12.1 | Dec 2024 17.9 | Mar 2025 10.7 | Jun 2025 11.3 | Sep 2025 11.2 | Dec 2025 9.7 | Mar 2026 6.2
- GAYAPROJ: Jun 2021 5.2 | Sep 2021 6.0 | Dec 2021 10.3 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 14.8
- DENTA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 8.5 | Jun 2025 9.9 | Sep 2025 12.5 | Dec 2025 9.2 | Mar 2026 6.2
- EFFWA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 29.8 | Dec 2024 — | Mar 2025 15.2 | Jun 2025 — | Sep 2025 16.6 | Dec 2025 — | Mar 2026 10.6
- SSEGL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 30.0 | Dec 2024 18.9 | Mar 2025 17.5 | Jun 2025 15.8 | Sep 2025 18.6 | Dec 2025 15.8 | Mar 2026 10.7
- ABINFRA: Jun 2021 3.2 | Sep 2021 6.7 | Dec 2021 9.8 | Mar 2022 11.2 | Jun 2022 6.9 | Sep 2022 7.7 | Dec 2022 4.8 | Mar 2023 8.3 | Jun 2023 12.7 | Sep 2023 12.5 | Dec 2023 12.2 | Mar 2024 14.1 | Jun 2024 13.3 | Sep 2024 18.5 | Dec 2024 24.4 | Mar 2025 28.9 | Jun 2025 30.4 | Sep 2025 29.7 | Dec 2025 28.5 | Mar 2026 25.2

### 20-quarter P/BV history
- 505504: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 122.4 | Mar 2025 — | Jun 2025 — | Sep 2025 2,307.1 | Dec 2025 2,129.6 | Mar 2026 1,623.6
- 535693: Jun 2021 0.4 | Sep 2021 0.4 | Dec 2021 0.6 | Mar 2022 0.6 | Jun 2022 0.5 | Sep 2022 0.6 | Dec 2022 0.6 | Mar 2023 0.6 | Jun 2023 0.8 | Sep 2023 0.9 | Dec 2023 1.1 | Mar 2024 1.3 | Jun 2024 2.0 | Sep 2024 1.4 | Dec 2024 0.9 | Mar 2025 0.6 | Jun 2025 0.8 | Sep 2025 1.0 | Dec 2025 1.2 | Mar 2026 1.4
- INTERISE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.9 | Dec 2024 — | Mar 2025 2.0 | Jun 2025 — | Sep 2025 2.1 | Dec 2025 — | Mar 2026 —
- AFCONS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 5.3 | Mar 2025 4.7 | Jun 2025 3.1 | Sep 2025 3.1 | Dec 2025 2.7 | Mar 2026 1.9
- CEIGALL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 3.6 | Mar 2025 2.6 | Jun 2025 2.4 | Sep 2025 2.5 | Dec 2025 2.3 | Mar 2026 2.4
- BLKASHYAP: Jun 2021 1.2 | Sep 2021 1.2 | Dec 2021 1.6 | Mar 2022 1.4 | Jun 2022 1.1 | Sep 2022 1.2 | Dec 2022 1.6 | Mar 2023 1.6 | Jun 2023 2.3 | Sep 2023 3.2 | Dec 2023 3.1 | Mar 2024 3.3 | Jun 2024 4.6 | Sep 2024 4.3 | Dec 2024 3.3 | Mar 2025 2.2 | Jun 2025 3.0 | Sep 2025 2.6 | Dec 2025 2.1 | Mar 2026 2.0
- SRM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 4.5 | Sep 2024 2.6 | Dec 2024 3.9 | Mar 2025 3.1 | Jun 2025 4.0 | Sep 2025 4.5 | Dec 2025 4.1 | Mar 2026 3.1
- GAYAPROJ: Jun 2021 0.7 | Sep 2021 1.0 | Dec 2021 0.7 | Mar 2022 0.5 | Jun 2022 0.4 | Sep 2022 -0.2 | Dec 2022 -0.2 | Mar 2023 -20.6 | Jun 2023 -22.1 | Sep 2023 -22.7 | Dec 2023 -0.1 | Mar 2024 -0.1 | Jun 2024 -21.0 | Sep 2024 -0.1 | Dec 2024 -0.1 | Mar 2025 -0.1 | Jun 2025 -0.1 | Sep 2025 -0.1 | Dec 2025 -0.1 | Mar 2026 -0.2
- DENTA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.9 | Jun 2025 1.9 | Sep 2025 2.9 | Dec 2025 2.1 | Mar 2026 1.4
- EFFWA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 7.4 | Dec 2024 — | Mar 2025 4.8 | Jun 2025 — | Sep 2025 5.2 | Dec 2025 — | Mar 2026 4.0
- SSEGL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 7.1 | Dec 2024 7.0 | Mar 2025 6.5 | Jun 2025 5.1 | Sep 2025 6.7 | Dec 2025 5.4 | Mar 2026 3.7
- ABINFRA: Jun 2021 0.5 | Sep 2021 0.3 | Dec 2021 0.4 | Mar 2022 0.6 | Jun 2022 0.6 | Sep 2022 0.8 | Dec 2022 0.7 | Mar 2023 1.3 | Jun 2023 1.9 | Sep 2023 1.1 | Dec 2023 3.7 | Mar 2024 4.2 | Jun 2024 1.3 | Sep 2024 5.2 | Dec 2024 5.8 | Mar 2025 7.0 | Jun 2025 10.6 | Sep 2025 10.8 | Dec 2025 7.2 | Mar 2026 6.7

## Market action

Gayatri Projects Ltd has the strongest one-year price move in Construction - Civil/Turnkey at +161.5%. It also leads on Mansfield relative strength against NIFTY at +60.6%. 5 of 11 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

### Strongest one-year price performers
1. Gayatri Projects Ltd (GAYAPROJ): 162%
2. Effwa Infra & Research Ltd (EFFWA): 56%
3. Ceigall India Ltd (CEIGALL): 27%
4. SRM Contractors Ltd (SRM): -3.3%
5. Denta Water & Infra Solutions Ltd (DENTA): -4.9%

### Strongest relative strength versus NIFTY 500
1. Gayatri Projects Ltd (GAYAPROJ): 61%
2. Effwa Infra & Research Ltd (EFFWA): 49%
3. Brahmaputra Infrastructure Ltd (535693): 34%
4. Ceigall India Ltd (CEIGALL): 17%
5. B.L.Kashyap & Sons Ltd (BLKASHYAP): 2.1%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
- 7 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Valuation have fewer than three usable current readings.

## Every company
- Interise Trust (INTERISE) — market value ₹11.4K Cr; latest fundamentals Mar 2026
- Afcons Infrastructure Ltd (AFCONS) — market value ₹10.5K Cr; latest fundamentals Mar 2026
- Ceigall India Ltd (CEIGALL) — market value ₹5.9K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- GHV Infra Projects Ltd (505504) — market value ₹1.7K Cr; latest fundamentals Mar 2026
- B.L.Kashyap & Sons Ltd (BLKASHYAP) — market value ₹1.2K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- SRM Contractors Ltd (SRM) — market value ₹1.2K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Gayatri Projects Ltd (GAYAPROJ) — market value ₹962 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Denta Water & Infra Solutions Ltd (DENTA) — market value ₹899 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Effwa Infra & Research Ltd (EFFWA) — market value ₹884 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Sathlokhar Synergys E&C Global Ltd (SSEGL) — market value ₹791 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- A B Infrabuild Ltd (ABINFRA) — market value ₹659 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- HRS Aluglaze Ltd (544656) — market value ₹540 Cr; latest fundamentals Sep 2025
- Brahmaputra Infrastructure Ltd (535693) — market value ₹476 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 1. Unverified: 11. Withheld: 1. Graded companies: 13.

7 of 13 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

1 of 13 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Ceigall India Ltd (CEIGALL) — its two data sources disagree by up to 3.3% on reported income across 12 comparable periods, so its derived ratios are withheld.

- WITHHELD | CEIGALL | Ceigall India Ltd | diff_gt_2pct | disagreement up to 3.29% over 12 comparable periods

- UNVERIFIED | BLKASHYAP | B.L.Kashyap & Sons Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SRM | SRM Contractors Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | GAYAPROJ | Gayatri Projects Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | DENTA | Denta Water & Infra Solutions Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | EFFWA | Effwa Infra & Research Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SSEGL | Sathlokhar Synergys E&C Global Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ABINFRA | A B Infrabuild Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Construction - Civil/Turnkey index?

The Nifty Construction - Civil/Turnkey index tracks India's listed Construction - Civil/Turnkey companies as a single basket. This page follows the same 13 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Construction - Civil/Turnkey sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Construction - Civil/Turnkey stocks in India?

Ranked by this page's four-factor score, Effwa Infra & Research Ltd places first among 13 listed Construction - Civil/Turnkey companies, followed by Gayatri Projects Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Construction - Civil/Turnkey stocks are listed in India?

This comparison covers 13 listed Construction - Civil/Turnkey companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which Construction - Civil/Turnkey company is the biggest?

Afcons Infrastructure Ltd is the largest, with trailing-twelve-month revenue of ₹11,948 crore, ahead of Ceigall India Ltd at ₹4,023 crore. That covers 9 of 13 companies with comparable reporting through Mar 2026.

### Which Construction - Civil/Turnkey company is growing fastest?

SRM Contractors Ltd has the fastest revenue growth at 94.1% year on year, across 9 of 13 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Construction - Civil/Turnkey company has the best profit margins?

Interise Trust has the highest operating margin at 62%, from 13 of 13 comparable companies. Gayatri Projects Ltd shows the biggest recent improvement, at +28 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Construction - Civil/Turnkey company makes the most profit?

Gayatri Projects Ltd earns the most, at ₹2,042 crore of trailing-twelve-month net profit, from 9 of 13 comparable companies. Brahmaputra Infrastructure Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Construction - Civil/Turnkey company earns the highest return on capital?

SRM Contractors Ltd leads on return on capital employed at 37.1%, across 12 of 13 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Construction - Civil/Turnkey stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Afcons Infrastructure Ltd screens cheapest at 0.82×. Only 1 of 13 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Construction - Civil/Turnkey company has the strongest balance sheet?

Denta Water & Infra Solutions Ltd carries the lowest comparable gross debt at ₹12 crore, from 13 of 13 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Construction - Civil/Turnkey stock has the strongest price momentum?

Gayatri Projects Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Construction - Civil/Turnkey company scores highest for research priority?

Effwa Infra & Research Ltd scores 66.6 out of 100 with 55.8% evidence confidence, from 17 points on growth and earnings, 19.9 on capital efficiency, 10 on valuation and 19.7 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Construction - Civil/Turnkey companies does this comparison cover, and over what period?

It compares 13 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Construction - Civil/Turnkey sector?

The 13 Construction - Civil/Turnkey companies on this page carry ₹37,176 crore of combined market value. Interise Trust is the largest at ₹11,440 crore, about 31% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Construction - Civil/Turnkey sector's P/E ratio?

The median price-to-earnings ratio across the 13 Construction - Civil/Turnkey companies on this page is 30.9×, measured on the 13 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Construction - Civil/Turnkey sector performing?

5 of the 11 covered Construction - Civil/Turnkey companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/construction-civil-turnkey