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

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

Sector Alpha — machine-written from the numbers. Data as of 2026-08-18. Not investment advice.

## Bottom line

Construction - Civil/Turnkey has outperformed NIFTY 500 by 7.7% over 52 weeks and 0.9% over 13 weeks. 4 of 11 covered companies beat NIFTY on Mansfield relative strength, while 3 of 10 beat the sector itself. Afcons Infrastructure Ltd leads with revenue of ₹11,249 crore, based on 11 of 13 comparable companies through Jun 2026.

## Sector relative strength

Construction - Civil/Turnkey has outperformed NIFTY 500 by 7.7% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 0.9%. 4 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 +38.2%.

13-week sector return versus NIFTY 500: -0.9%
52-week sector return versus NIFTY 500: 7.7%
Stocks leading NIFTY: 4/11
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: ₹36.2K 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. SRM Contractors Ltd (SRM): 68/100 — Favorable setup; evidence 80%
   - Growth & earnings 29.1/35 | Capital efficiency 19.8/25 | Valuation 10.8/20 | Relative strength 7.9/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of the last 12 weeks
   - Exact sum: 29.1 + 19.8 + 10.8 + 7.9 = 67.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Effwa Infra & Research Ltd (EFFWA): 66/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 16.8/35 | Capital efficiency 19.9/25 | Valuation 10.0/20 | Relative strength 19.7/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 16.8 + 19.9 + 10 + 19.7 = 66.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
3. Brahmaputra Infrastructure Ltd (535693): 63/100 — Mixed-positive evidence; evidence 63%
   - Growth & earnings 22.9/35 | Capital efficiency 14.8/25 | Valuation 13.0/20 | Relative strength 11.9/20
   - Exact sum: 22.9 + 14.8 + 13 + 11.9 = 62.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Gayatri Projects Ltd (GAYAPROJ): 62/100 — Mixed-positive evidence; evidence 73%
   - Growth & earnings 27.0/35 | Capital efficiency 6.1/25 | Valuation 12.7/20 | Relative strength 16.4/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of the last 12 weeks
   - Exact sum: 27 + 6.1 + 12.7 + 16.4 = 62.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Ceigall India Ltd (CEIGALL): 55/100 — Mixed-positive evidence; evidence 75%
   - Growth & earnings 19.6/35 | Capital efficiency 13.9/25 | Valuation 10.2/20 | Relative strength 11.7/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of the last 12 weeks
   - Exact sum: 19.6 + 13.9 + 10.2 + 11.7 = 55.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Sathlokhar Synergys E&C Global Ltd (SSEGL): 49/100 — Thin evidence · provisional; evidence 57%
   - Growth & earnings 16.8/35 | Capital efficiency 16.8/25 | Valuation 11.5/20 | Relative strength 4.0/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 16.8 + 16.8 + 11.5 + 4 = 49.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. Interise Trust (INTERISE): 43/100 — Thin evidence · provisional; evidence 55%
   - Growth & earnings 16.2/35 | Capital efficiency 8.6/25 | Valuation 8.5/20 | Relative strength 10.0/20
   - Exact sum: 16.2 + 8.6 + 8.5 + 10 = 43.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
8. B.L.Kashyap & Sons Ltd (BLKASHYAP): 43/100 — Mixed-negative evidence; evidence 74%
   - Growth & earnings 17.4/35 | Capital efficiency 8.6/25 | Valuation 9.8/20 | Relative strength 6.9/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of 10 weeks with a reading, within the last 12
   - Exact sum: 17.4 + 8.6 + 9.8 + 6.9 = 42.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Denta Water & Infra Solutions Ltd (DENTA): 43/100 — Mixed-negative evidence; evidence 74%
   - Growth & earnings 10.6/35 | Capital efficiency 15.7/25 | Valuation 10.5/20 | Relative strength 5.9/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of 10 weeks with a reading, within the last 12
   - Exact sum: 10.6 + 15.7 + 10.5 + 5.9 = 42.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. A B Infrabuild Ltd (ABINFRA): 32/100 — Adverse evidence; evidence 80%
   - Growth & earnings 9.9/35 | Capital efficiency 11.4/25 | Valuation 9.5/20 | Relative strength 1.0/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 9.9 + 11.4 + 9.5 + 1 = 31.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. Afcons Infrastructure Ltd (AFCONS): 31/100 — Adverse evidence; evidence 87%
   - Growth & earnings 5.4/35 | Capital efficiency 6.8/25 | Valuation 13.6/20 | Relative strength 4.9/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of 10 weeks with a reading, within the last 12
   - Exact sum: 5.4 + 6.8 + 13.6 + 4.9 = 30.7
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
12. HRS Aluglaze Ltd (544656): 54/100 — Thin evidence · provisional; evidence 18%
   - Growth & earnings 17.9/35 | Capital efficiency 17.0/25 | Valuation 8.7/20 | Relative strength 10.0/20
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of 2 weeks with a reading, within the last 12, ending 2026-03-29 (no longer priced)
   - Exact sum: 17.9 + 17 + 8.7 + 10 = 53.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
13. GHV Infra Projects Ltd (505504): 51/100 — Thin evidence · provisional; evidence 37%
   - Growth & earnings 18.0/35 | Capital efficiency 12.7/25 | Valuation 9.3/20 | Relative strength 11.0/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks
   - Exact sum: 18 + 12.7 + 9.3 + 11 = 51
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Market action

Gayatri Projects Ltd has the strongest one-year price move in Construction - Civil/Turnkey at +151.6%. It also leads on Mansfield relative strength against NIFTY at +42.4%. 4 of 11 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-08-14.

### Strongest one-year price performers
1. Gayatri Projects Ltd (GAYAPROJ): 152%
2. Effwa Infra & Research Ltd (EFFWA): 58%
3. Ceigall India Ltd (CEIGALL): 24%
4. SRM Contractors Ltd (SRM): 2.9%
5. Denta Water & Infra Solutions Ltd (DENTA): -4.3%

### Strongest relative strength versus NIFTY 500
1. Gayatri Projects Ltd (GAYAPROJ): 42%
2. Effwa Infra & Research Ltd (EFFWA): 40%
3. Brahmaputra Infrastructure Ltd (535693): 20%
4. Ceigall India Ltd (CEIGALL): 6.1%
5. GHV Infra Projects Ltd (505504): -4.4%

## Construction - Civil/Turnkey — the story behind the numbers

This is the written read behind the Construction - Civil/Turnkey figures above — what is actually happening in the sector, in words, with the evidence each claim rests on. It is dated 28 Jul 2026. 3 themes are live here, 2 of them rated high severity.

The sector shows mixed signals with one constituent emerging from CIRP. GAYAPROJ has repaired its balance sheet via OTS debt settlement but faces ongoing litigation and regulatory hurdles. Revenue growth of 39.52% YoY in Q4 FY26 is offset by net loss of ₹110.27 crore. Investors should monitor resolution of disputed tax liabilities and NHAI project terminations.

The Construction - Civil/Turnkey sector analysis for the week ending 2026-07-19 covers one constituent, Gayatri Projects Ltd (GAYAPROJ). The company reported Q4 FY26 standalone revenue of ₹191.34 crore, up 39.52% YoY from ₹137.14 crore in Q4 FY25.

How old this read is: This read comes from our Construction - Civil/Turnkey sector brief dated 28 Jul 2026, so the words here and the numbers above them cover the same few weeks.

### Live themes, worst first
- HIGH | Auditor expressed doubt on going concern. RP admitted violation of section 14 of IBC. Disputed tax liabilities stand at ₹748.74 crore. | Auditor gave unqualified opinion with emphasis of matter; company filed Annual on Feb 11, 2026. | quoted: "Auditor expressed doubt on going concern. RP admitted violation of section 14 of IBC. Disputed tax liabilities stand at ₹748.74 crore." | named for GAYAPROJ
- HIGH | Creditors voted to initiate liquidation proceedings after rejecting sole bid. NHAI terminated projects and bank guarantees invoked worth Rs. 225 Crores. | Exited CIRP after ₹750 crore OTS; received INR 1.09 billion funding in Apr 2026. | quoted: "Creditors voted to initiate liquidation proceedings after rejecting sole bid. NHAI terminated projects and bank guarantees invoked worth Rs. 225 Crores." | named for GAYAPROJ
- MEDIUM | Salary payment backlogs ranging from three to five months occurred at CIRP commencement, indicating operational disruption risk. | RP streamlined salary payments, prioritizing employees based on a bottom-up principle. | quoted: "Salary payment backlogs ranging from three to five months occurred at CIRP commencement, indicating operational disruption risk." | named for GAYAPROJ

Sources: our Construction - Civil/Turnkey sector brief, 28 Jul 2026 · company earnings-call transcripts.

## Revenue Scale & Growth Durability

What the numbers say: Afcons Infrastructure Ltd is the scale leader at ₹11,249 crore, 170.7% ahead of Ceigall India Ltd. Gayatri Projects Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 144.8% from a ₹999 crore base, with 15 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; Gayatri Projects 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 Gayatri Projects Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Afcons Infrastructure Ltd · ₹11,249 crore | 170.7% versus #2 · Ceigall India Ltd | 3/8 recent comparable periods | 11/13 companies · 138 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): ₹11.2K Cr
2. Ceigall India Ltd (CEIGALL): ₹4.2K Cr
3. Interise Trust (INTERISE): ₹3.6K Cr
4. B.L.Kashyap & Sons Ltd (BLKASHYAP): ₹1.4K Cr
5. SRM Contractors Ltd (SRM): ₹1.1K Cr

### Revenue growth — fastest growers
1. Gayatri Projects Ltd (GAYAPROJ): 100%
2. SRM Contractors Ltd (SRM): 76%
3. Brahmaputra Infrastructure Ltd (535693): 50%
4. B.L.Kashyap & Sons Ltd (BLKASHYAP): 22%
5. Ceigall India Ltd (CEIGALL): 20%

### 20-quarter Revenue history
- 505504: 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 | Jun 2026 ₹219 Cr
- 535693: 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 | Jun 2026 —
- 544656: 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 — | Jun 2026 —
- INTERISE: 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 | Jun 2026 ₹870 Cr
- AFCONS: 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 | Jun 2026 ₹2.7K Cr
- CEIGALL: 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 | Jun 2026 ₹970 Cr
- BLKASHYAP: 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 | Jun 2026 ₹345 Cr
- SRM: 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 | Jun 2026 ₹196 Cr
- GAYAPROJ: 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 | Jun 2026 ₹229 Cr
- EFFWA: 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 | Jun 2026 —
- SSEGL: 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 ₹123 Cr | Sep 2025 ₹195 Cr | Dec 2025 ₹272 Cr | Mar 2026 ₹277 Cr | Jun 2026 ₹205 Cr
- DENTA: 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 | Jun 2026 ₹59 Cr
- ABINFRA: 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 | Jun 2026 ₹76 Cr

### 20-quarter Revenue growth history
- 505504: 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 646% | Mar 2026 — | Jun 2026 —
- 535693: 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% | Jun 2026 —
- INTERISE: 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% | Jun 2026 -2.9%
- AFCONS: 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% | Jun 2026 -21%
- CEIGALL: 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% | Jun 2026 16%
- BLKASHYAP: 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% | Jun 2026 2.7%
- SRM: 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% | Jun 2026 38%
- GAYAPROJ: 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% | Jun 2026 197%
- EFFWA: 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% | Jun 2026 —
- SSEGL: 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% | Jun 2026 67%
- DENTA: 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 11% | Mar 2025 -48% | Jun 2025 37% | Sep 2025 54% | Dec 2025 5.9% | Mar 2026 1.9% | Jun 2026 -12%
- ABINFRA: 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% | Jun 2026 26%

## Operating Economics & Margin Trend

What the numbers say: Interise Trust leads opm at 72%; Gayatri Projects Ltd leads margin change at +6 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 · 72% | 125% versus #2 · HRS Aluglaze Ltd | 4/8 recent comparable periods | 13/13 companies · 163 observations

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

### OPM — highest
1. Interise Trust (INTERISE): 72%
2. HRS Aluglaze Ltd (544656): 32% — older report
3. Brahmaputra Infrastructure Ltd (535693): 22%
4. Denta Water & Infra Solutions Ltd (DENTA): 22%
5. SRM Contractors Ltd (SRM): 19%

### Margin change — fastest expanders
1. Gayatri Projects Ltd (GAYAPROJ): +6.0 pp
2. SRM Contractors Ltd (SRM): +5.0 pp
3. Sathlokhar Synergys E&C Global Ltd (SSEGL): +4.0 pp
4. Ceigall India Ltd (CEIGALL): +2.0 pp
5. B.L.Kashyap & Sons Ltd (BLKASHYAP): 0.0 pp

### 20-quarter OPM history
- 505504: 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% | Jun 2026 11%
- 535693: 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% | Jun 2026 —
- 544656: 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 — | Jun 2026 —
- INTERISE: 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% | Jun 2026 72%
- AFCONS: 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 1.6% | Jun 2026 9.0%
- CEIGALL: 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% | Jun 2026 15%
- BLKASHYAP: 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 2.6% | Mar 2025 2.5% | Jun 2025 8.0% | Sep 2025 6.0% | Dec 2025 9.0% | Mar 2026 7.0% | Jun 2026 8.0%
- SRM: 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% | Jun 2026 19%
- GAYAPROJ: 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 4.1% | Dec 2023 14% | Mar 2024 -28% | Jun 2024 -3.5% | Sep 2024 21% | Dec 2024 9.0% | Mar 2025 -19% | Jun 2025 12% | Sep 2025 0.6% | Dec 2025 -6.0% | Mar 2026 9.0% | Jun 2026 18%
- EFFWA: 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% | Jun 2026 —
- SSEGL: 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 11% | Sep 2025 15% | Dec 2025 15% | Mar 2026 15% | Jun 2026 15%
- DENTA: 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% | Jun 2026 22%
- ABINFRA: 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% | Jun 2026 14%

### 20-quarter Margin change history
- 505504: 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 — | Jun 2026 —
- 535693: 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 | Jun 2026 —
- INTERISE: 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 | Jun 2026 −3.0 pp
- AFCONS: 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 −7.4 pp | Jun 2026 −4.0 pp
- CEIGALL: 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 | Jun 2026 +2.0 pp
- BLKASHYAP: 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 −4.4 pp | Mar 2025 −7.5 pp | Jun 2025 −1.0 pp | Sep 2025 −2.0 pp | Dec 2025 +6.4 pp | Mar 2026 +4.5 pp | Jun 2026 0.0 pp
- SRM: 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 | Jun 2026 +5.0 pp
- GAYAPROJ: 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 +49.5 pp | Dec 2023 +114.0 pp | Mar 2024 +18.0 pp | Jun 2024 −11.5 pp | Sep 2024 +16.9 pp | Dec 2024 −5.0 pp | Mar 2025 +9.0 pp | Jun 2025 +15.5 pp | Sep 2025 −20.4 pp | Dec 2025 −15.0 pp | Mar 2026 +28.0 pp | Jun 2026 +6.0 pp
- EFFWA: 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 | Jun 2026 —
- SSEGL: 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 | Jun 2026 +4.0 pp
- DENTA: 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 +17.0 pp | Mar 2025 −4.0 pp | Jun 2025 −3.0 pp | Sep 2025 +1.0 pp | Dec 2025 −3.0 pp | Mar 2026 −11.0 pp | Jun 2026 −11.0 pp
- ABINFRA: 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 | Jun 2026 −2.0 pp

## Profit Scale & Acceleration

What the numbers say: Gayatri Projects Ltd leads with ₹2,080 crore of TTM profit, 548% 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 · ₹2,080 crore | 548% versus #2 · Ceigall India Ltd | 1/3 recent comparable periods | 11/13 companies · 138 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): ₹2.1K Cr
2. Ceigall India Ltd (CEIGALL): ₹321 Cr
3. Afcons Infrastructure Ltd (AFCONS): ₹143 Cr
4. SRM Contractors Ltd (SRM): ₹118 Cr
5. Sathlokhar Synergys E&C Global Ltd (SSEGL): ₹102 Cr

### Profit growth — fastest growers
1. Brahmaputra Infrastructure Ltd (535693): 100%
2. Interise Trust (INTERISE): 100%
3. SRM Contractors Ltd (SRM): 87%
4. Ceigall India Ltd (CEIGALL): 24%
5. A B Infrabuild Ltd (ABINFRA): -5.5%

### 20-quarter Net profit history
- 505504: 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 | Jun 2026 ₹7 Cr
- 535693: 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 | Jun 2026 —
- 544656: 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 — | Jun 2026 —
- INTERISE: 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 | Jun 2026 ₹32 Cr
- AFCONS: 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 | Jun 2026 ₹30 Cr
- CEIGALL: 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 | Jun 2026 ₹64 Cr
- BLKASHYAP: 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 | Jun 2026 ₹10 Cr
- SRM: 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 | Jun 2026 ₹20 Cr
- GAYAPROJ: 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 | Jun 2026 ₹37 Cr
- EFFWA: 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 | Jun 2026 —
- SSEGL: 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 ₹9 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹30 Cr | Jun 2026 ₹21 Cr
- DENTA: 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 | Jun 2026 ₹11 Cr
- ABINFRA: 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 | Jun 2026 ₹5 Cr

### 20-quarter Profit growth history
- 505504: 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 392% | Mar 2026 — | Jun 2026 —
- 535693: 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% | Jun 2026 —
- INTERISE: 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% | Jun 2026 14%
- AFCONS: 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% | Jun 2026 -78%
- CEIGALL: 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% | Jun 2026 25%
- BLKASHYAP: 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 — | Jun 2026 -9.1%
- SRM: 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% | Jun 2026 54%
- GAYAPROJ: 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% | Jun 2026 —
- EFFWA: 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% | Jun 2026 —
- SSEGL: 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% | Jun 2026 133%
- DENTA: 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 114% | Mar 2025 -48% | Jun 2025 46% | Sep 2025 73% | Dec 2025 -6.7% | Mar 2026 -36% | Jun 2026 -42%
- ABINFRA: 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% | Jun 2026 4.3%

## 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: 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% | Jun 2026 —
- BLKASHYAP: 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% | Jun 2026 —
- SRM: 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% | Jun 2026 —
- GAYAPROJ: 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% | Jun 2026 —
- EFFWA: 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% | Jun 2026 —
- SSEGL: 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 60% | Mar 2026 — | Jun 2026 —
- DENTA: 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 59% | Mar 2025 17% | Jun 2025 27% | Sep 2025 19% | Dec 2025 28% | Mar 2026 16% | Jun 2026 —
- ABINFRA: 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% | Jun 2026 —

### 20-quarter ROCE change history
- AFCONS: 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 | Jun 2026 —
- BLKASHYAP: 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 | Jun 2026 —
- SRM: 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 | Jun 2026 —
- GAYAPROJ: 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 | Jun 2026 —
- EFFWA: 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 | Jun 2026 —
- SSEGL: 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 — | Jun 2026 —
- DENTA: 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 −30.3 pp | Mar 2026 −0.6 pp | Jun 2026 —
- ABINFRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | 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 | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Afcons Infrastructure Ltd has the lowest comparable PEG at 0.82×. Only 1 of 13 companies have earnings and growth steady enough for the ratio to mean anything, 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 | 0/7 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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

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

### P/E — lowest P/E
1. Sathlokhar Synergys E&C Global Ltd (SSEGL): 7.7
2. Gayatri Projects Ltd (GAYAPROJ): 7.9
3. Brahmaputra Infrastructure Ltd (535693): 8.0
4. SRM Contractors Ltd (SRM): 9.4
5. Denta Water & Infra Solutions Ltd (DENTA): 14.8

### 20-quarter PEG history
- AFCONS: 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 — | Jun 2026 —

### 20-quarter P/E history
- 505504: 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 | Jun 2026 31.0
- 535693: 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 | Jun 2026 —
- AFCONS: 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 | Jun 2026 37.7
- CEIGALL: 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 | Jun 2026 21.4
- BLKASHYAP: 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 | Jun 2026 91.0
- SRM: 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 | Jun 2026 10.5
- GAYAPROJ: 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 | Jun 2026 4.6
- EFFWA: 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 | Jun 2026 —
- SSEGL: 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 | Jun 2026 10.2
- DENTA: 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 | Jun 2026 14.2
- ABINFRA: 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 71.8 | Dec 2025 57.5 | Mar 2026 51.3 | Jun 2026 39.1


## 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 Jun 2026
- Afcons Infrastructure Ltd (AFCONS) — market value ₹9.9K Cr; latest fundamentals Jun 2026
- Ceigall India Ltd (CEIGALL) — market value ₹5.5K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- GHV Infra Projects Ltd (505504) — market value ₹2.0K Cr; latest fundamentals Jun 2026
- B.L.Kashyap & Sons Ltd (BLKASHYAP) — market value ₹1.2K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- SRM Contractors Ltd (SRM) — market value ₹1.1K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Gayatri Projects Ltd (GAYAPROJ) — market value ₹982 Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Effwa Infra & Research Ltd (EFFWA) — market value ₹836 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Sathlokhar Synergys E&C Global Ltd (SSEGL) — market value ₹791 Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Denta Water & Infra Solutions Ltd (DENTA) — market value ₹790 Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- A B Infrabuild Ltd (ABINFRA) — market value ₹691 Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- HRS Aluglaze Ltd (544656) — market value ₹540 Cr; latest fundamentals Sep 2025
- Brahmaputra Infrastructure Ltd (535693) — market value ₹479 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 | 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 | DENTA | Denta Water & Infra Solutions 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 Jun 2026; prices through 2026-08-14.
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

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

Construction - Civil/Turnkey has outperformed NIFTY 500 by 7.7% over 52 weeks and 0.9% over 13 weeks. 4 of 11 covered companies beat NIFTY on Mansfield relative strength, while 3 of 10 beat the sector itself.

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

Afcons Infrastructure Ltd leads with revenue of ₹11,249 crore, based on 11 of 13 comparable companies through Jun 2026.

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

Gayatri Projects Ltd has the fastest current revenue growth at 100%, across 9 of 13 comparable companies.

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

SRM Contractors Ltd ranks first at 67.6/100 with 80% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

Afcons Infrastructure Ltd has the lowest comparable PEG at 0.82, among 1 of 13 companies whose earnings and growth are steady enough for the ratio to mean anything.

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

The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Jun 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.

### Is there a Nifty Construction - Civil/Turnkey index?

NSE India maintains Nifty indices for several broad sector categories — Nifty Bank, Nifty IT, Nifty Pharma and others — but not for every sub-sector grouping on this site. Whether or not an official Nifty index covers Construction - Civil/Turnkey, this page builds its own equal-weight basket of 13 listed Construction - Civil/Turnkey companies — one company, one vote, regardless of market value — so no single large company dominates the reading. Figures are as of Jun 2026.

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

Ranked by this page's four-factor score, SRM Contractors Ltd places first among 13 listed Construction - Civil/Turnkey companies, followed by Effwa Infra & Research Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 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 Jun 2026.

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

Afcons Infrastructure Ltd is the largest, with trailing-twelve-month revenue of ₹11,249 crore, ahead of Ceigall India Ltd at ₹4,155 crore. That covers 11 of 13 companies with comparable reporting through Jun 2026.

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

Interise Trust has the highest operating margin at 72%, from 13 of 13 comparable companies. Gayatri Projects Ltd shows the biggest recent improvement, at +6 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 ₹2,080 crore of trailing-twelve-month net profit, from 11 of 13 comparable companies. Brahmaputra Infrastructure Ltd has the fastest profit growth at the ≥100% scoring cap, 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 PEG — where a LOWER number is cheaper — Afcons Infrastructure Ltd screens cheapest at 0.82×. Only 1 of 13 companies have earnings and growth steady enough for the ratio to mean anything, 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.

### Is the Construction - Civil/Turnkey sector beating the market?

Construction - Civil/Turnkey has outperformed NIFTY 500 by 7.7% over the last 52 weeks and 0.9% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 4 of 11 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### 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?

SRM Contractors Ltd scores 67.6 out of 100 with 80% evidence confidence, from 29.1 points on growth and earnings, 19.8 on capital efficiency, 10.8 on valuation and 7.9 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, ending Jun 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 ₹36,225 crore of combined market value. Interise Trust is the largest at ₹11,440 crore, about 32% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-18.

### 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 29.2×, 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 2026-08-18.

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

4 of the 11 covered Construction - Civil/Turnkey companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 7.7% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-18.

### 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.