Gayatri Projects Ltd.
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ABOUT
AI Sector View
AI GENERATEDConstruction
Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.
PROS
- Company is almost debt free
- Operating margins have improved to 0.2% from -11.6%
- Institutional investors have been accumulating - FII+DII up 14.0pp
- Working capital cycle has improved - days down from -1281 to -1794
- Company generates healthy free cash flow
CONS
- Net worth is negative - accumulated losses have eroded equity
- A large part of profit comes from other income (174.5% of PBT)
- Company has a low return on capital employed of -12.7%
- Receivables are growing faster than sales - a possible quality concern
- Company has a low return on equity of 0.0% over last 3 years
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.52x)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LT | 3965.00 | 32.88 | 545530.90 | 0.96 | 4988.03 | 15.51 | 67941.74 | 6.69 | 15.98 | 12.00 |
| RVNL | 209.50 | 48.56 | 43681.17 | 0.34 | 159.52 | 18.73 | 4321.23 | 10.55 | 10.81 | 4.41 |
| KPIL | 1417.50 | 21.30 | 24207.01 | 0.78 | 311.53 | 45.85 | 6407.97 | 3.84 | 18.95 | 8.77 |
| IRB | 19.67 | 24.90 | 23757.43 | 1.32 | 3062.70 | 1412.58 | 21372.72 | 918.25 | 7.72 | 53.93 |
| CEMPRO | 1296.30 | 37.02 | 22268.82 | 0.23 | 140.83 | 2.64 | 2720.92 | 7.02 | 33.53 | 10.09 |
| ENGINERSIN | 281.90 | 20.21 | 15843.97 | 1.77 | 157.94 | 141.49 | 819.84 | -5.80 | 30.94 | 20.61 |
| TECHNOE | 975.45 | 26.32 | 11344.44 | 0.72 | 93.33 | -31.44 | 630.34 | 19.84 | 14.86 | 15.79 |
| IRCON | 118.65 | 21.31 | 11159.22 | 1.60 | 92.03 | -43.92 | 1955.83 | 9.49 | 10.15 | 9.81 |
| AFCONS | 295.00 | 74.98 | 10849.65 | 0.68 | 30.30 | -77.95 | 2671.00 | -20.75 | 12.88 | 9.42 |
| KEC | 406.15 | 19.53 | 10811.71 | 1.35 | 72.62 | -41.72 | 5023.54 | 0.01 | 16.35 | 5.79 |
| WELENT | 765.35 | 34.66 | 10593.50 | 0.39 | 56.36 | -44.29 | 773.72 | -8.44 | 16.44 | 19.49 |
| GAYAPROJ | 22.24 | 0.50 | 1032.60 | 0.00 | 371.17 | 63765.52 | 2287.74 | 2887.39 | 6.80 | 17.72 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 185 | 200 | 130 | 164 | 119 | 103 | 91 | 137 | 77 | 73 | 506 | 191 | 2,288 | |
| 169 | 192 | 112 | 210 | 124 | 80 | 82 | 162 | 67 | 72 | 535 | 173 | 1,954 | |
| Operating Profit | 16 | 8 | 18 | -45 | -4 | 23 | 8 | -25 | 9 | 1 | -29 | 19 | 334 |
| OPM % | 8.74% | 4.09% | 13.90% | -27.53% | -3.48% | 22.25% | 9.35% | -18.00% | 11.92% | 0.88% | -5.70% | 9.83% | 14.58% |
| -40 | 9 | -18 | 0 | 1 | -17 | 3 | 197 | 6 | 10 | 2,218 | -109 | 471 | |
| Interest | -1 | 1 | 2 | 1 | 2 | 13 | 3 | 2 | 6 | 5 | 4 | 3 | 22 |
| Depreciation | 14 | 12 | 12 | 11 | 11 | 11 | 11 | 10 | 9 | 8 | 7 | 5 | 47 |
| Profit before Tax | -36 | 4 | -14 | -57 | -16 | -18 | -2 | 160 | -1 | -3 | 2,178 | -98 | 371 |
| Tax % | -0.00% | 0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | 0.00% | -0.00% | -0.00% | 0.99% | -12.44% | 0.00% |
| Net Profit | 0 | 0 | 0 | 0 | -13 | -20 | -2 | 159 | -1 | -3 | 2,157 | -111 | 371 |
| -2.04 | 0.23 | -0.59 | 4.62 | -0.69 | -1.07 | -0.28 | 8.65 | -0.03 | -0.18 | 115.23 | -5.93 | 2.36 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,726 | 2,115 | 2,912 | 3,463 | 3,439 | 3,901 | 3,102 | 1,017 | 680 | 450 | 3,058 | |
| 1,519 | 1,792 | 2,569 | 2,919 | 3,052 | 3,463 | 3,493 | 1,750 | 682 | 449 | 2,734 | |
| Operating Profit | 207 | 323 | 343 | 544 | 386 | 438 | -391 | -733 | -3 | 1 | 324 |
| OPM % | 11.98% | 15.27% | 11.79% | 15.70% | 11.23% | 11.22% | -12.59% | -72.08% | -0.42% | 0.17% | 10.60% |
| 75 | 66 | 46 | 41 | 39 | 43 | -110 | -381 | -28 | 188 | 2,589 | |
| Interest | 241 | 308 | 315 | 316 | 371 | 352 | 365 | 327 | 22 | 23 | 34 |
| Depreciation | 44 | 43 | 55 | 66 | 91 | 85 | 76 | 57 | 49 | 43 | 67 |
| Profit before Tax | -3 | 38 | 20 | 203 | -36 | 38 | -961 | -1,504 | 41 | 124 | 2,448 |
| Tax % | -457.30% | 62.04% | -27.59% | 12.31% | 15.57% | -14.21% | 0.27% | -0.00% | 0.00% | 0.00% | 1.38% |
| Net Profit | -14 | 14 | 26 | 178 | -31 | 43 | -958 | -1,504 | 41 | 124 | 2,414 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.30 | -51.19 | -51.19 | 2.21 | 6.62 | — |
| Dividend Payout % | -26.05% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -11%
- 5 Years:
- -33%
- 3 Years:
- -47%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- -17%
- 5 Years:
- -16%
- 3 Years:
- 55%
- 1 Year:
- 153%
RETURN ON EQUITY
- 10 Years:
- -18%
- 5 Years:
- -39%
- 3 Years:
- 0%
- Last Year:
- 0%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 35 | 35 | 37 | 37 | 37 | 37 | 37 | 37 | 37 | 37 |
| Minority Interest | -18 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 514 | 476 | 973 | 1,136 | 873 | 916 | -42 | -1,636 | -1,593 | -1,474 | |
| 4,651 | 2,992 | 3,336 | 3,704 | 3,375 | 3,023 | 3,417 | 4,030 | 3,865 | 3,777 | |
| Trade Payables | 432 | 661 | 804 | 888 | 1,089 | 1,436 | 985 | 446 | 441 | 451 |
| 265 | 279 | 111 | 321 | 334 | 346 | 551 | 689 | 645 | 635 | |
| Total Liabilities | 5,880 | 4,443 | 5,261 | 6,087 | 5,708 | 5,759 | 4,948 | 3,566 | 3,397 | 3,427 |
| 1,127 | 394 | 419 | 439 | 456 | 392 | 348 | 272 | 223 | 180 | |
| Capital Work in Progress | 6 | 30 | 6 | 7 | 17 | 29 | 9 | 9 | 9 | 12 |
| 859 | 978 | 1,198 | 1,201 | 572 | 565 | 546 | 511 | 363 | 363 | |
| 155 | 360 | 293 | 357 | 624 | 815 | 634 | 140 | 148 | 139 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 896 | 878 | |
| Cash & Bank | 224 | 197 | 247 | 333 | 329 | 289 | 33 | 30 | 41 | 250 |
| 3,508 | 2,484 | 3,097 | 3,749 | 3,709 | 3,669 | 3,378 | 2,605 | 1,717 | 1,605 | |
| Total Assets | 5,880 | 4,443 | 5,261 | 6,087 | 5,708 | 5,759 | 4,948 | 3,566 | 3,397 | 3,427 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 487 | 274 | 252 | 541 | 361 | 228 | -695 | -863 | -110 | 277 | |
| Cash from Investing | -663 | -34 | -30 | -89 | 311 | 10 | 211 | 46 | 261 | 1 |
| Cash from Financing | 226 | -217 | -164 | -355 | -683 | -273 | 425 | 819 | -141 | -69 |
| 32 | -17 | 19 | 71 | -10 | -35 | -58 | 1 | 11 | 209 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | -7.68 | -0.02 | -1.04 | 8.55 | -3.10 | 2.30 | -51.19 | -80.35 | 2.21 | 6.62 |
| Book Value (₹) | 155.12 | 28.85 | 53.96 | 62.68 | 48.63 | 50.92 | -0.26 | -85.38 | -83.08 | -76.74 |
| Dividend per Share (₹) | 2.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 1.67 | 3.25 | 4.29 | 13.01 | 3.22 | 6.82 | -47.11 | -77.30 | 4.84 | 8.92 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 16.30% | 19.13% | 13.37% | 16.88% | 12.37% | 12.33% | -11.60% | -65.43% | -0.42% | 0.17% |
| Net Margin % | -0.82% | 0.68% | 0.88% | 5.13% | -0.89% | 1.11% | -30.89% | -147.87% | 6.10% | 27.54% |
| ROE % | -2.22% | 2.73% | 3.37% | 16.27% | -2.94% | 4.63% | -202.07% | 0.00% | 0.00% | 0.00% |
| ROCE % | 5.08% | 9.77% | 11.10% | 15.45% | 10.57% | 13.01% | -20.58% | -47.83% | 2.96% | 6.80% |
| -0.23% | 0.28% | 0.53% | 3.13% | -0.52% | 0.75% | -17.90% | -35.33% | 1.19% | 3.63% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 122 | 114 | 118 | 137 | 145 | 131 | 158 | 357 | 462 | 720 |
| Inventory Days | 42 | 44 | 41 | 34 | 52 | 67 | 85 | 139 | 77 | 116 |
| Payable Days | 167 | 320 | 285 | 348 | 363 | 339 | 342 | 306 | 808 | 2101 |
| -3 | -162 | -126 | -177 | -166 | -141 | -98 | 190 | -268 | -1265 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 6.96x | 4.30x | 2.29x | 1.89x | 2.23x | 2.20x | -561.50x | -2.37x | -2.36x | -2.52x |
| Interest Coverage (x) | 0.99x | 1.12x | 1.06x | 1.64x | 0.90x | 1.11x | -1.63x | -3.60x | 2.86x | 6.49x |
| 1.25x | 1.26x | 1.57x | 1.53x | 1.41x | 1.15x | 0.79x | 0.47x | 0.50x | 0.53x | |
| GROWTH | ||||||||||
| Revenue Growth % | 15.02% | 22.54% | 37.68% | 18.91% | -0.71% | 13.43% | -20.46% | -67.21% | -33.19% | -33.79% |
| Operating Profit Growth % | -29.30% | 43.83% | -3.77% | 50.10% | -27.23% | 13.07% | -174.83% | -84.92% | 108.18% | 298.53% |
| Net Profit Growth % | 70.08% | 201.74% | 77.23% | 592.81% | -117.24% | 240.74% | -2323.12% | -56.97% | 102.76% | 198.83% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 102.76% | 198.83% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 3.72x | 0.96x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | -0.10x | -0.08x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 69.52x | 16.11x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-14 - Pursuant to Reg. 32(6) of SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015, and Reg. 162A(4) of SEBI (Issue of Capital and Disclosure Requirement) Regulations,2018, please find enclosed the report issued by Crisil Ratings Limited, the Monitoring Agency for the quarter ended 30th June, 2026 in respect of utilization of proceeds of Preferential issuemade by the company.
2026-08-13 - Gayatri Projects Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
2026-08-12 - Gayatri Projects Limited has submitted to the Exchange, the Unaudited Standalone and Consolidated financial results for the quarter ended June 30, 2026, together with the Limited Review Report.
2026-07-07 - Gayatri Projects Limited has informed the Exchange about Certificate under Reg. 74(5) of the SEBI (Depositories and Participants) Regulations, 2018
2026-05-14 - Gayatri Projects Limited has submitted to the Exchange, the audited Standalone and Consolidated financial results for the quarter and year ended March 31, 2026.
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