Sector Alpha Week of 2026-08-14
Sector Alpha — machine-written from the numbers · Data as of 2026-08-14

Giriraj Civil Developers Ltd

GIRIRAJ
Infra - Construction & Contracting

Giriraj Civil Developers Ltd's earnings have outrun its stock. EPS grew +76.6% in a year against a −28.4% price move.

The sharpest disagreement: profits are rising, but only −134% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch.

The price is in a downtrend (20 weeks in) while the P/E sits at the 12th percentile of its own 3-year range. Underneath, the last four quarters read improving — profit +133.3% year on year, and −134% of the last 3 years' profit arrived as cash. What settles it: whether the cash starts following the profit.

Stage
Turning around
partial read
Price
₹190
−28.4% 1Y
P/E
21.1×
12th pctile
of its own 3-year range
Revenue (Sep 25)
₹141 Cr
+76.3% YoY
Profit (Sep 25)
₹7.0 Cr
+133.3% YoY
Operating margin
8.0%
+2.0 pp YoY
ROCE
20%
FY25
ROIC
10.0%
vs WACC 12.0% → −2.0 pp
Cash conversion
−134%
of profit, last 3 FY
Unverified figures: Some figures on this page come from a second financial-data feed that could not be cross-checked against the primary source — the two do not share enough overlapping reported history to compare. They are drawn, because they are the only evidence there is, and every section carrying one is marked unverified.
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Giriraj Civil Developers Ltd trades at ₹190, in a downtrend and 20 weeks into that stage. That is −16.3% against its own 200-day average. It sits at 31% of a 52-week range of ₹107 to ₹375. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 6 straight weeks.

Today the stock is in a downtrend — week 20 of stage 4, confirmed. At ₹190 it trades −16.3% versus its 200-day average and sits at 31% of its 52-week range (₹107–₹375).

Mar 26: ₹190 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
−16.3% versus the 200-day line, week 20 of stage 4
Price50-day avg200-day avg
S2S4S4₹1,028₹760₹491₹223₹−45.9₹190₹227May 23Feb 24Oct 24Jul 25Mar 26
S2S4S4₹1,028₹760₹491₹223₹−45.9₹190₹227May 23Oct 24Mar 26
Beating or trailing, week by week since 2018 Each cell is one week from 2018 to now (299 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Apr 18Mar 26

Against the market, two honest reads. Cumulative: over the last 8.0 years the stock moved +831% while the NIFTY 500 moved +127% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 6 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Giriraj Civil Developers Ltd trades at 21.1× P/E, near the bottom of its own range — cheaper only 12% of the time. Its long-run median P/E is 88.5×, measured across 2.6 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 21.1× is near the bottom of its own range — cheaper only 12% of the time, against a long-run median of 88.5× measured over 2.6 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 21.1× vs a 88.5× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 2.6-year window; loss-period spikes above 266× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
near the bottom of its own range — cheaper only 12% of the time
P/EMedianEPS (TTM) (quarterly)
285.9×₹9.8214.4×₹7.3142.9×₹4.971.5×₹2.40.0×₹0.0×21.10×₹9Sep 23Apr 24Dec 24Aug 25Mar 26
285.9×₹9.8214.4×₹7.3142.9×₹4.971.5×₹2.40.0×₹0.0×21.10×₹9Sep 23Dec 24Mar 26
P/E
21.1×
12th percentile of 3y

Why the multiple sits where it does: over the past year annual EPS moved +76.6% against a −28.4% price move — earnings outran the price, pushing the multiple DOWN its own range.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

03 · What the price assumes

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

At its price on 13 June 2026, Giriraj Civil Developers Ltd was priced for profit growth of about 4.7% a year. Profit itself has compounded 24.6% a year over the past 10 years. The market pays that at 21.1× P/E, the 12th percentile of its own 3-year range.

What the two numbers say together. The multiple is low against its own past, and the growth the price is paying for is below what this company has actually delivered. Both readings sit on the same earnings, so they are one reading rather than two.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements. Every other number on this page is read off the live quote.

04 · Stage: Turning around

Stage: Turning around Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Giriraj Civil Developers Ltd reads as turning around on its fundamental arc. Turning around — profit growth swung from +0.0% at the trough to +133.3% off a 5-quarter-old trough (single-quarter readings), ROCE lifting at 20.0%. The read is built from 11 quarters across 3 curves, on partial evidence.

Growth, year by year: revenue +80.5% in FY25, profit +80.0% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn.
Revenue YoYProfit YoYEPS YoY
184%220%122%146%61%73%0.0%0.0%−62%−75%%%80.5%80%FY15FY20FY25
184%220%122%146%61%73%0.0%0.0%−62%−75%%%80.5%80%FY15FY20FY25
Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. Where the trailing-twelve-month history is short, the curve falls back to single-quarter year-on-year growth — noisier, and the classifier smooths and caps base-effect spikes before reading. A missing point means that reading is not held for the quarter.
the trajectory the stage is read from · revenue accelerating, profit accelerating
RevenueProfitEPS
272%225%193%164%114%104%36%44%−43%−17%%%76.3%133.3%208%Mar 20Sep 22Sep 25
272%225%193%164%114%104%36%44%−43%−17%%%76.3%133.3%208%Mar 20Sep 22Sep 25
ROCE Annual readings — the quarterly balance-sheet pieces this curve needs are not held for this stock, so the returns read moves once a year and carries less weight in the call.
the return curve, annual readings
ROCE
21%18%16%13%10%%20%FY22FY23FY25
21%18%16%13%10%%20%FY22FY23FY25
Revenue growth
Rising
latest +76.3% · span −21.4% to +100.0%
Profit growth
Rising
latest +133.3% · span +0.0% to +100.0%
ROCE
Rising
latest 20.0% · span 11.0%–20.0%

Why it matters: growth inflections are where re-ratings start — the curves say a turn is forming, so the question becomes whether the next quarters confirm it.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+80.5%+55.8%+67.2%+20.2%
Profit+80.0%+65.1%+78.3%+24.6%
EPS+76.6%+47.2%+63.5%+12.7%
Share price−28.4%+75.4%+63.2%
Revenue YoY (Sep 25)
+76.3%
latest quarter vs a year ago
Profit YoY (Sep 25)
+133.3%
latest quarter vs a year ago
Revenue 10y
20.2%
long-run compound pace
05 · 4-Factor Sector Score

4-Factor Sector Score

51.2/100 — rank 17 of 17 in Infra - Construction & Contracting · 44% evidence confidence · provisional, ranked below fully-evidenced peers

Giriraj Civil Developers Ltd scores 51.2 out of 100 against the 17 companies it is compared with in Infra - Construction & Contracting, ranking 17. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 21.3 + 14.9 + 10.2 + 4.8 = 51.2. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

06 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Giriraj Civil Developers Ltd reported ₹141 Cr of revenue in the Sep 25 quarter, +76.3% year on year. That is the 6th straight quarter of year-on-year growth. Over 10 years it has compounded at 20.2% a year. The last full year, FY25, came in at ₹314 Cr. The last four reported quarters add to ₹548 Cr.

FY25 revenue came in at ₹314 Cr (+80.5% on the year), capping 10 years at 20.2% compound. The latest quarter (Sep 25) printed ₹141 Cr, +76.3% year on year — the 6th consecutive quarter of year-over-year growth.

FY25 revenue ₹314 Cr (+80.5% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
20.2% a year over 10 years
RevenueYoY growth
339184%254122%17061%850.0%0−62%₹ Cr%₹31480.5%FY15FY20FY25
339184%254122%17061%850.0%0−62%₹ Cr%₹31480.5%FY15FY20FY25
Sep 25: ₹141 Cr (+76.3% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
6th straight quarter of growth
Revenue (quarterly)YoY growth
253272%190193%126114%6336%0−43%₹ Cr%₹14176.3%Mar 20Sep 22Sep 25
253272%190193%126114%6336%0−43%₹ Cr%₹14176.3%Mar 20Sep 22Sep 25

Pace check: the last four quarters averaged +82.3% growth against the decade's 20.2% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +174.0% over the last 4 quarters against +113.7%/yr over the last 8 — accelerating; TTM profit +277.8% vs +138.0%/yr — accelerating.

07 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Giriraj Civil Developers Ltd's operating margin is 8.0% in the Sep 25 quarter, +2.0 percentage points against the same quarter a year ago. Across the last four quarters the operating margin has moved +0.0 percentage points. Across 12 fiscal years the operating margin has ranged 6.0% to 28.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 8.0%, +2.0 pp against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged 6.0%–28.0%.

Why the margin moved: operating margin went +1.8 pp year on year while gross margin went +3.8 pp — the gain came mostly from the gross line: input costs and pricing.

FY25: 8.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 12-year window.
within a 6.0–28.0% band over 12 years
operating marginYoY change (pp)
30%23%23%12%17%0.5%11%−11%4.2%−22%%%8%−1%FY14FY19FY25
30%23%23%12%17%0.5%11%−11%4.2%−22%%%8%−1%FY14FY19FY25
Sep 25: 8.0% operating margin (+2.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
12%6.9%11%3.7%9.0%0.5%7.3%−2.7%5.5%−5.9%%%8%2%Mar 20Sep 22Sep 25
12%6.9%11%3.7%9.0%0.5%7.3%−2.7%5.5%−5.9%%%8%2%Mar 20Sep 22Sep 25
08 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Giriraj Civil Developers Ltd earned ₹7.0 Cr of net profit in the Sep 25 quarter, +133.3% year on year. It is the 4th consecutive quarter of growth. Full-year FY25 profit was ₹18.0 Cr. The 10-year compound rate is 24.6%. That is 5.0% of the quarter's revenue. The same quarter a year earlier earned ₹2.0 Cr.

Sep 25 profit was ₹7.0 Cr, +133.3% year on year — the 4th consecutive quarter of growth. On the full year, FY25 printed ₹18.0 Cr (+80.0%), and the 10-year compound rate is 24.6%.

FY25 profit ₹18.0 Cr (+80.0% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
24.6% a year over 10 years
Net profitYoY growth
19220%15148%1075%50.0%0−70%₹ Cr%₹1880%FY15FY20FY25
19220%15148%1075%50.0%0−70%₹ Cr%₹1880%FY15FY20FY25
Sep 25: ₹7.0 Cr (+133.3% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
4th straight quarter of growth
Net profit (quarterly)YoY growth
16216%12158%8100%442%0−16%₹ Cr%₹7133.3%Mar 20Sep 22Sep 25
16216%12158%8100%442%0−16%₹ Cr%₹7133.3%Mar 20Sep 22Sep 25

Why profit moved: revenue contributed +76.3% and the margin +2.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +112.5% vs revenue +82.3%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

09 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years −134% of Giriraj Civil Developers Ltd's reported profit arrived as operating cash — a gap worth watching. In FY25 that was ₹−5.0 Cr of operating cash against ₹18.0 Cr of profit. After ₹3.0 Cr of capital spending, ₹−8.0 Cr was left as free cash.

FY25: operating cash of ₹−5.0 Cr against reported profit of ₹18.0 Cr, leaving free cash of ₹−8.0 Cr after ₹3.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −134% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY25: CFO ₹−5.0 Cr vs profit ₹18.0 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 9-year window, annual resolution.
−134% of 3-year profit arrived as cash
Operating cashNet profitFree cash
3514−6−26−47₹ Cr₹−5₹18₹−8FY17FY21FY25
3514−6−26−47₹ Cr₹−5₹18₹−8FY17FY21FY25
FY25: CFO = −28% of profit (three-year rate −134%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash; outlier years shown pinned.
Conversion100%
355%155%−45%−245%−445%%−28%FY17FY21FY25
355%155%−45%−245%−445%%−28%FY17FY21FY25

🚨 Why conversion sits at −134%: the cash cycle tightened 195 days between FY20 and FY25 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: the bigger cash user is investment — capital spending ran 6.5× depreciation over three years, so the next section's job is to check what that build-out is buying.

10 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Giriraj Civil Developers Ltd's cash conversion cycle runs 107 days in FY25, down from 302 days in FY20. Capital spending ran ₹13.0 Cr over the last 3 years. At FY25 sales of ₹314 Cr each day of that cycle holds about ₹0.9 Cr, so roughly ₹92.0 Cr sits inside the business at any moment.

FY25: debtors at 77 days, inventory at 115 days — roughly 3.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 107 days, tighter than FY20's 302.

The full loop: cash goes out to suppliers and production on day 0; stock waits 115 days to sell; customers pay about 77 days after that; and suppliers themselves are paid at 85 days — netting out to the 107-day cycle.

In money terms: at FY25 sales of ₹314 Cr, each day of the cycle holds about ₹0.9 Cr — so the 107-day loop keeps roughly ₹92.0 Cr sitting inside the business at any moment.

FY25: a 107-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 12-year window.
−195 days vs FY20
Cash cycleInventory daysDebtor daysPayable days
36727317984−10days107d115d77d85dFY14FY16FY19FY22FY25
36727317984−10days107d115d77d85dFY14FY19FY25

On the investment side: capital spending of ₹13.0 Cr over the last 3 fiscal years against ₹2.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹0.0 Cr (FY25) — capacity paid for but not yet earning.

FY25: capex ₹3.0 Cr, work-in-progress ₹0.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
9641−2₹ Cr₹3₹0FY15FY17FY20FY22FY25
9641−2₹ Cr₹3₹0FY15FY20FY25

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

11 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Giriraj Civil Developers Ltd earns a ROCE of 20% in FY25. That is up from a trough of 7% in FY20. Return on invested capital clears the cost of that capital by −2.0 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 5.7% net margin on 1.03× asset turns.

FY25 ROCE is 20%, recovered from a FY20 trough of 7% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY25): 5.7% net margin × 1.03× asset turns × 2.32× balance-sheet leverage ≈ 13.6% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 10.0% − 12.0% = a −2.0 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

FY25: ROCE 20% Return on capital employed by fiscal year, % (line). 12-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY20's 7%
ROCEWACC
47%36%26%15%4.0%%20%FY14FY16FY19FY22FY25
47%36%26%15%4.0%%20%FY14FY19FY25
12 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Giriraj Civil Developers Ltd carries ₹25.0 Cr of borrowings against ₹131 Cr of equity in FY25, a debt-to-equity of 0.19. Operating profit covers the interest bill 8×. Over 5 years borrowings went from ₹18.0 Cr to ₹25.0 Cr. Capital spending ran ₹13.0 Cr across the last 3 of those years.

FY25: borrowings of ₹25.0 Cr against equity of ₹131 Cr — a debt-to-equity of 0.19. Operating profit covers the interest bill 8×. Over 5 years borrowings went from ₹18.0 Cr to ₹25.0 Cr while capital spending ran ₹13.0 Cr in just the last 3 — part of the build-out is riding on borrowed money.

FY25: borrowings ₹25.0 Cr at 0.19× equity Borrowings by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 12-year window. Quarterly balance-sheet history is not held for India — annual is the honest resolution.
the debt trajectory
BorrowingsDebt-to-equity
270.9×200.7×140.5×70.3×00.0×₹ Cr×₹250.19×FY14FY16FY19FY22FY25
270.9×200.7×140.5×70.3×00.0×₹ Cr×₹250.19×FY14FY19FY25
13 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 13.1 points of Giriraj Civil Developers Ltd over 8 quarters, the biggest move on the register. That takes promoters to 51.1% of the company. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −13.1 points over 8 quarters to 51.1%.

🚨 Why the register moved: promoters drove it (−13.1 points) — distribution into the market’s bid.

Fiscal-year ends: promoters −8.5 pts from Mar 21 to Mar 25 Shareholding at each fiscal-year end (March quarter), % of the company. 5 year-ends held.
PromotersPublic
66%58%50%42%34%%51.1%48.9%Mar 21Mar 23Mar 25
66%58%50%42%34%%51.1%48.9%Mar 21Mar 23Mar 25
Promoters cut 13.1 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 12 quarters.
PromotersPublic
72%61%50%39%28%%51.1%48.9%Sep 20Mar 23Sep 25
72%61%50%39%28%%51.1%48.9%Sep 20Mar 23Sep 25
14 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Giriraj Civil Developers Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

15 · Related companies · Infra - Construction & Contracting
CompanyScorePrice stageGrowth & earnings/35Capital efficiency/25Valuation/20Relative strength/20
1Cemindia Projects LtdCEMPRO 64.1/100Mixed-positive evidence100% evidence LEADER 24.6/35 Revenue 8.9% · PAT 47.2% · OPM change 1 pp 100% evidence 17.4/25 ROCE 32.8% · OPM 10% 100% evidence 2.1/20 P/E 37.1× · PEG 5.81 100% evidence 20.0/20 RS sector 57.1% · RS bench 47.8% · 1Y 79%12 of 12 weeks ahead 100% evidence
Exact sum: 24.6 + 17.4 + 2.1 + 20 = 64.1 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2Patel Engineering LtdPATELENG 59.6/100Mixed-positive evidence100% evidence TURNING 15.3/35 Revenue -1.4% · PAT 4.7% · OPM change 1 pp 100% evidence 15.2/25 ROCE 13.5% · OPM 14% 100% evidence 17.8/20 P/E 7.2× · PEG 0.65 100% evidence 11.3/20 RS sector -2.5% · RS bench -8.6% · 1Y -19.3%4 of 12 weeks ahead 100% evidence
Exact sum: 15.3 + 15.2 + 17.8 + 11.3 = 59.6 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
3Larsen & Toubro LtdLT 56.2/100Mixed-positive evidence82% evidence ASLEEP 19.1/35 Revenue 9.8% · PAT 5.8% · OPM change -1 pp 95% evidence 15.6/25 ROCE 14.6% · OPM 12% 76% evidence 8.2/20 P/E 31.7× · PEG — 50% evidence 13.3/20 RS sector 6.9% · RS bench 1.5% · 1Y 12.5%4 of 12 weeks ahead 100% evidence
Exact sum: 19.1 + 15.6 + 8.2 + 13.3 = 56.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4SPML Infra LtdSPMLINFRA 54.2/100Mixed-positive evidence74% evidence ASLEEP 28.0/35 Revenue 37.8% · PAT 80.8% · OPM change 4.4 pp 95% evidence 3.6/25 ROCE 6.8% · OPM 9% 95% evidence 10.6/20 P/E 19× · PEG — 15% evidence 12.0/20 RS sector 3.7% · RS bench -8.1% · 1Y -30.6%5 of 10 weeks ahead 70% evidence
Exact sum: 28 + 3.6 + 10.6 + 12 = 54.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5NBCC (India) LtdNBCC 51.6/100Mixed-positive evidence82% evidence ASLEEP 20.8/35 Revenue 3.8% · PAT 30.9% · OPM change 2.4 pp 95% evidence 17.8/25 ROCE 31% · OPM 7% 76% evidence 9.5/20 P/E 35.2× · PEG — 50% evidence 3.5/20 RS sector -8.8% · RS bench -14.1% · 1Y -15.7%7 of 12 weeks ahead 100% evidence
Exact sum: 20.8 + 17.8 + 9.5 + 3.5 = 51.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6Ramky Infrastructure LtdRAMKY 51.3/100Mixed-positive evidence76% evidence BASING 13.3/35 Revenue 4.6% · PAT 17.8% · OPM change -14 pp 95% evidence 11.8/25 ROCE 13.7% · OPM 6% 76% evidence 14.0/20 P/E 14.4× · PEG — 50% evidence 12.2/20 RS sector 13.8% · RS bench -24.2% · 1Y -27.7%0 of 10 weeks ahead 70% evidence
Exact sum: 13.3 + 11.8 + 14 + 12.2 = 51.3 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
7PNC Infratech LtdPNCINFRA 50.5/100Mixed-positive evidence100% evidence ASLEEP 16.1/35 Revenue -6.5% · PAT 9.4% · OPM change 5 pp 100% evidence 10.2/25 ROCE 8.5% · OPM 31% 100% evidence 17.0/20 P/E 9.2× · PEG 0.17 100% evidence 7.2/20 RS sector -5% · RS bench -11.1% · 1Y -29%7 of 12 weeks ahead 100% evidence
Exact sum: 16.1 + 10.2 + 17 + 7.2 = 50.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8Hazoor Multi Projects LtdHAZOOR 47.0/100Mixed-negative evidence69% evidence 13.8/35 Revenue -30.5% · PAT -34.1% · OPM change 70.1 pp 95% evidence 13.2/25 ROCE 12% · OPM 84.5% 76% evidence 10.4/20 P/E 19.9× · PEG — 15% evidence 9.6/20 RS sector 1.7% · RS bench -22.1% · 1Y -31.1%4 of 12 weeks ahead to 2026-03-08 70% evidence
Exact sum: 13.8 + 13.2 + 10.4 + 9.6 = 47 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9Likhitha Infrastructure LtdLIKHITHA 45.5/100Mixed-negative evidence87% evidence TURNING 7.5/35 Revenue -18.8% · PAT -51.4% · OPM change -2.7 pp 95% evidence 14.0/25 ROCE 13.7% · OPM 12.9% 95% evidence 7.0/20 P/E 26.2× · PEG — 50% evidence 17.0/20 RS sector 9.4% · RS bench 2.5% · 1Y -20.5%7 of 12 weeks ahead 100% evidence
Exact sum: 7.5 + 14 + 7 + 17 = 45.5 · Decision use: Price leads the evidence: RS versus the benchmark is 2.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
10Simplex Infrastructures LtdSIMPLEXINF 42.8/100Mixed-negative evidence81% evidence TURNING 25.1/35 Revenue 4.6% · PAT 80.8% · OPM change 3.9 pp 95% evidence 4.5/25 ROCE 2.4% · OPM 7% 95% evidence 5.6/20 P/E 43.8× · PEG — 50% evidence 7.6/20 RS sector -19.8% · RS bench -0.4% · 1Y -11.6%8 of 10 weeks ahead 70% evidence
Exact sum: 25.1 + 4.5 + 5.6 + 7.6 = 42.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11H.G. Infra Engineering LtdHGINFRA 41.4/100Mixed-negative evidence94% evidence ASLEEP 15.7/35 Revenue -3.1% · PAT -57.9% · OPM change 10 pp 100% evidence 12.9/25 ROCE 11.3% · OPM 28% 100% evidence 8.9/20 P/E 13.1× · PEG 3.17 100% evidence 3.9/20 RS sector -27.7% · RS bench -26.2% · 1Y -47.2%4 of 10 weeks ahead 70% evidence
Exact sum: 15.7 + 12.9 + 8.9 + 3.9 = 41.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12IRB Infrastructure Developers LtdIRB 40.7/100Mixed-negative evidence82% evidence BASING 16.1/35 Revenue -2.2% · PAT -80% · OPM change 9 pp 95% evidence 10.7/25 ROCE 7.5% · OPM 54% 76% evidence 9.4/20 P/E 23.6× · PEG — 50% evidence 4.5/20 RS sector -5.5% · RS bench -10.5% · 1Y -11.5%0 of 12 weeks ahead 100% evidence
Exact sum: 16.1 + 10.7 + 9.4 + 4.5 = 40.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13Hindustan Construction Company LtdHCC 39.3/100Mixed-negative evidence93% evidence ASLEEP 6.1/35 Revenue -20.7% · PAT 0% · OPM change -5 pp 100% evidence 15.5/25 ROCE 24.8% · OPM 11% 100% evidence 10.7/20 P/E 38.4× · PEG 1.3 65% evidence 7.0/20 RS sector -1% · RS bench -7.1% · 1Y -13.7%8 of 12 weeks ahead 100% evidence
Exact sum: 6.1 + 15.5 + 10.7 + 7 = 39.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14Rail Vikas Nigam LtdRVNL 38.4/100Mixed-negative evidence87% evidence BASING 16.3/35 Revenue 5.4% · PAT -24.5% · OPM change 2.9 pp 100% evidence 6.7/25 ROCE 10.8% · OPM 4.3% 100% evidence 4.5/20 P/E 52.7× · PEG 5.08 65% evidence 10.9/20 RS sector 6% · RS bench -24.8% · 1Y -32.5%0 of 10 weeks ahead 70% evidence
Exact sum: 16.3 + 6.7 + 4.5 + 10.9 = 38.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15KNR Constructions LtdKNRCON 37.7/100Mixed-negative evidence82% evidence BASING 4.3/35 Revenue -39% · PAT -58.8% · OPM change -14 pp 95% evidence 11.5/25 ROCE 10.4% · OPM 16% 76% evidence 13.8/20 P/E 10.9× · PEG — 50% evidence 8.1/20 RS sector -6.7% · RS bench -12.8% · 1Y -36.5%3 of 12 weeks ahead 100% evidence
Exact sum: 4.3 + 11.5 + 13.8 + 8.1 = 37.7 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
16Vishnu Prakash R Punglia LtdVPRPL 30.2/100Thin evidence · provisional54% evidence 9.5/35 Revenue -22.6% · PAT -80% · OPM change -18 pp 53% evidence 9.2/25 ROCE 11.4% · OPM -7% 71% evidence 8.5/20 P/E 59.9× · PEG — 15% evidence 3.0/20 RS sector -56.9% · RS bench -67.1% · 1Y -78.5%0 of 12 weeks ahead to 2026-03-29 70% evidence
Exact sum: 9.5 + 9.2 + 8.5 + 3 = 30.2 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
17Giriraj Civil Developers Ltdthis pageGIRIRAJ 51.2/100Thin evidence · provisional44% evidence 21.3/35 Revenue 100% · PAT 100% · OPM change 2 pp 27% evidence 14.9/25 ROCE 20.1% · OPM 8% 71% evidence 10.2/20 P/E 21.1× · PEG — 15% evidence 4.8/20 RS sector -32.2% · RS bench -12.3% · 1Y -44%4 of 11 weeks ahead to 2026-03-29 70% evidence
Exact sum: 21.3 + 14.9 + 10.2 + 4.8 = 51.2 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

16 · Frequently asked questions

Frequently asked questions

What is Giriraj Civil Developers Ltd's share price today?

Giriraj Civil Developers Ltd trades at ₹190, −28.4% over the past year. The company is valued at ₹454 Cr. The stock sits at 31% of its 52-week range of ₹107–₹375, −16.3% versus its 200-day average. On the tape, the price is in a downtrend, 20 weeks in. — as of 14 August 2026.

What were Giriraj Civil Developers Ltd's latest quarterly results?

Giriraj Civil Developers Ltd reported revenue of ₹141 Cr and net profit of ₹7.0 Cr for the Sep 25 quarter. Revenue rose 76.3% and profit rose 133.3% year on year. Earnings per share were ₹2.76. The operating margin was 8.0%, 2.0 pp higher than a year earlier. — as of 14 August 2026.

What is Giriraj Civil Developers Ltd's revenue?

Giriraj Civil Developers Ltd reported revenue of ₹141 Cr in the Sep 25 quarter, +76.3% year on year. For the full FY25 fiscal year, revenue was ₹314 Cr (+80.5%). Over the last 10 years revenue compounded at 20.2% a year. — as of 14 August 2026.

What is Giriraj Civil Developers Ltd's profit?

Giriraj Civil Developers Ltd earned ₹7.0 Cr of net profit in the Sep 25 quarter, +133.3% year on year — the 4th straight quarter of growth. Full-year FY25 profit was ₹18.0 Cr. The operating margin ran 8.0% in the latest quarter. — as of 14 August 2026.

What is Giriraj Civil Developers Ltd's market cap?

Giriraj Civil Developers Ltd's market capitalisation is ₹454 Cr at a share price of ₹190. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 14 August 2026.

What is Giriraj Civil Developers Ltd's P/E ratio?

Giriraj Civil Developers Ltd trades at a P/E of 21.1×, at the 12th percentile of its own 3-year range, against a long-run median of 88.5×. This is a comparison with the stock's own history, not a value call — as of 14 August 2026.

Does Giriraj Civil Developers Ltd pay a dividend?

No — Giriraj Civil Developers Ltd has recorded a dividend payout of 0% of profit in each of its last 12 reported fiscal years, so there is no payout history to quote. That is a reading of the filed annual statements, not an estimate. — as of 14 August 2026.

Is Giriraj Civil Developers Ltd overvalued?

On its own history, Giriraj Civil Developers Ltd looks cheap: its P/E of 21.1× has been cheaper only 12% of the time in 3 years (long-run median 88.5×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 14 August 2026.

Is Giriraj Civil Developers Ltd growing?

Yes — Giriraj Civil Developers Ltd is growing: latest-quarter revenue +76.3% year on year, profit +133.3%, and the margin +2.0 pp at 8.0%. The 10-year compound rates are 20.2% (revenue) and 24.6% (profit). The earnings engine currently reads: improving — as of 14 August 2026.

How is Giriraj Civil Developers Ltd performing?

Giriraj Civil Developers Ltd is in a downtrend, 20 weeks in. Its latest quarter's revenue rose 76.3% and profit rose 133.3% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 6 weeks. This describes what the data did, not a rating. — as of 14 August 2026.

What stage is Giriraj Civil Developers Ltd in?

Turning around — profit growth swung from +0.0% at the trough to +133.3% off a 5-quarter-old trough (single-quarter readings), ROCE lifting at 20.0%. The read comes from the last 12 quarters of growth (revenue growth +76.3% latest, profit growth +133.3% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 14 August 2026.

Is Giriraj Civil Developers Ltd in an uptrend?

No — the price is in a downtrend (week 20 of stage 4), trading −16.3% versus its 200-day average and at 31% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 14 August 2026.

Is Giriraj Civil Developers Ltd beating the market?

On recent form, yes — Giriraj Civil Developers Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 6 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 8.0 years the stock moved +831% against the NIFTY 500's +127% — ahead of the index over the full window. — as of 14 August 2026.

Will Giriraj Civil Developers Ltd's share price go up?

This page publishes no price forecast for Giriraj Civil Developers Ltd. What it measures instead: the share price is ₹190, the price is in a downtrend 20 weeks in. Its P/E of 21.1× sits at the 12th percentile of its own 3-year range. — as of 14 August 2026.

Who owns Giriraj Civil Developers Ltd?

Promoters hold 51.1% of Giriraj Civil Developers Ltd, foreign institutions null%, domestic institutions null% and the public 48.9% (latest quarter). The biggest move on the register over the last two years: Promoters cut 13.1 points over 8 quarters. — as of 14 August 2026.

Does Giriraj Civil Developers Ltd have too much debt?

No — Giriraj Civil Developers Ltd's debt-to-equity is 0.19, and operating profit covers the interest bill 8×. FY25 borrowings were ₹25.0 Cr against equity of ₹131 Cr. The returns on this page are earned, not borrowed — as of 14 August 2026.

What is Giriraj Civil Developers Ltd's capex?

Giriraj Civil Developers Ltd spent ₹13.0 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY25 alone that was ₹3.0 Cr, with ₹0.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 14 August 2026.

What is Giriraj Civil Developers Ltd's cash flow?

Giriraj Civil Developers Ltd consumed ₹5.0 Cr of operating cash in FY25 — cash flowed out rather than in (free cash flow: ₹−8.0 Cr). Operating cash was negative while the company reported a profit of ₹18.0 Cr. Cash-flow resolution for India is annual. — as of 14 August 2026.

Is Giriraj Civil Developers Ltd's profit real cash?

No — operating cash was negative over the last 3 fiscal years: Giriraj Civil Developers Ltd consumed cash while reporting profit. In FY25, operating cash was ₹−5.0 Cr against reported profit of ₹18.0 Cr. Cash-flow resolution is annual — as of 14 August 2026.

Where is Giriraj Civil Developers Ltd in its business cycle?

Giriraj Civil Developers Ltd's FY25 operating margin was 8.0%, against a 12-year band of 6.0%–28.0%: the low end of its own band, which is where recoveries start when they come. The latest quarter ran 8.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 14 August 2026.

What growth does Giriraj Civil Developers Ltd's price assume?

At its price on 13 June 2026, Giriraj Civil Developers Ltd was priced for profit growth of about 4.7% a year. Profit itself has compounded 24.6% a year over the past 10 years. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 14 August 2026.

What could break the Giriraj Civil Developers Ltd story?

The sharpest disagreement: profits are rising, but only −134% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 14 August 2026.

Is Giriraj Civil Developers Ltd a stock worth studying right now?

This is not investment advice. The machine read: Giriraj Civil Developers Ltd's earnings have outrun its stock. EPS grew +76.6% in a year against a −28.4% price move. The sharpest open question: whether the cash starts following the profit. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 14 August 2026.

Chat with this pageChat with pageChatChatGPTClaudePerplexityGoogle AI