GIRIRAJ - Giriraj Civil

📊 NSE: GIRIRAJ 🏢 Construction 📅 Last Updated: 12/13/2025 22:22

💰 Financial Performance

Revenue Growth by Segment

The Civil segment, the company's only reporting segment, grew 75.2% YoY to INR 140.77 Cr in H1 FY26 compared to INR 80.34 Cr in H1 FY25. For the full year FY25, consolidated revenue grew 80.3% to INR 314.30 Cr from INR 174.33 Cr in FY24.

Profitability Margins

Net profit margin improved to 4.7% in H1 FY26 from 3.6% in H1 FY25. Net profit for H1 FY26 increased 126.9% YoY to INR 6.61 Cr from INR 2.91 Cr.

EBITDA Margin

Not explicitly disclosed; however, standalone operating profit (revenue minus material costs and inventory changes) was approximately 30% of revenue in H1 FY26.

Credit Rating & Borrowing

Interest and finance charges were INR 2.15 Cr in H1 FY26, representing 1.5% of consolidated revenue. Borrowing costs for FY25 were INR 3.45 Cr.

⚙️ Operational Drivers

Raw Materials

Cost of materials consumed (INR 97.17 Cr in H1 FY26 standalone) represents 72.6% of standalone revenue; specific materials include cement, steel, and aggregates used in civil construction.

Raw Material Costs

Raw material costs represent 72.6% of standalone revenue in H1 FY26. Procurement strategies focus on cost optimization to maintain margins in fixed-price civil contracts.

Manufacturing Efficiency

Not applicable to civil construction services.

📈 Strategic Growth

Growth Strategy

The company aims to achieve growth by expanding its participation in large-scale infrastructure tenders, enhancing its technical manpower base, and focusing on cost optimization and operational efficiencies.

Products & Services

Civil construction services, infrastructure development projects, and related engineering services.

Brand Portfolio

Giriraj Civil Developers Limited.

Market Expansion

Expanding participation in large-scale infrastructure tenders across India.

Strategic Alliances

The company utilizes Joint Control arrangements for large projects, adopting proportionate consolidation under Ind AS 111 to share resources and risks.

🌍 External Factors

Industry Trends

The Indian construction sector is projected to reach INR 66,954.8 billion by 2027, driven by a government focus on infrastructure, which supports the company's strategy to participate in large-scale tenders.

Competitive Landscape

Operates in a competitive civil construction market dominated by tender-based project awards.

Competitive Moat

The company maintains a competitive advantage through its technical expertise in complex civil projects and multiple ISO certifications (9001, 14001, 27001, 45001), which are often prerequisites for large-scale government infrastructure tenders.