Chavda Infra Limited (CHAVDA)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Chavda Infra's revenue was ₹84.0 Cr (+81.1% year on year, -49.9% on the previous quarter), and net profit ₹3.9 Cr (+113.2% year on year); the operating margin was 13.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹84.0 | +81.1% | -49.9% |
| Operating profit | ₹11.4 | +3.7% | -39.6% |
| Net profit | ₹3.9 | +113.2% | -47.1% |
| EPS (₹) | 1.19 | — | -47.1% |
| Operating margin | 13.6% | — | — |
No EPS growth against Q1 FY26: 1:1 bonus in Sep 2026.
CHAVDA delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 95.83% of the CHAVDA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 76.77%. That is close to its usual level. Turnover was only ₹96 lakh, so a handful of trades can move this figure. It traded 2.3 times its average daily volume. It closed at its upper price band (circuit) on 16 Oct, one of 6 band closes in about the last 20 sessions. 2 bulk or block deals were reported in CHAVDA in the last 60 days: ₹2 Cr bought and ₹2 Cr sold.
Delivery in the last 5 sessions: 100.0% · 100.0% · 100.0% · 100.0% · 95.8%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 24 Sep | Buy | Jagid Vanitaben Rajendraprasad | ₹1.97 Cr | ₹81.92 | 240,000 | Bulk |
| 24 Sep | Sell | Jagid Vanitaben Rajendraprasad | ₹1.55 Cr | ₹72.44 | 214,000 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
CARE Ratings has reaffirmed Chavda Infra Limited's credit ratings across ₹105.43 crore of total bank facilities. Long-term facilities of ₹59.28 crore (reduced from ₹62.86 crore) and long/short-term facilities of ₹44.28 crore (enhanced from ₹40.70 crore) were reaffirmed at CARE BBB-; Stable / CARE A3. Standalone short-term facilities of ₹1.87 crore were reaffirmed at CARE A3. The rated debt facilities represent approximately 76% of the company's total outstanding debt of ₹139 crore.
- CARE reaffirmed 'CARE BBB-; Stable' and 'CARE A3' ratings for ₹105.43 crore total bank facilities
- Long-term facilities reduced from ₹62.86 crore to ₹59.28 crore
- Long-term / Short-term facilities enhanced from ₹40.70 crore to ₹44.28 crore (includes ₹3.58 crore proposed limit)
- Short-term non-fund based facilities maintained at ₹1.87 crore
Chavda Infra Limited announced that shareholders approved all 12 resolutions at its 14th Annual General Meeting held on September 29, 2026. Key approvals included setting an aggregate limit of up to ₹700 crore under Section 186 for loans, guarantees, and investments, representing ~1.7x TTM revenue (₹413 crore). Additionally, shareholders cleared material related party transactions with Chavda RMC LLP, Chavda Developer Pvt Ltd, and Sanghavi Chavda Realty LLP, with promoter votes excluded. Promoter remuneration packages and the appointment of an Independent Director were also ratified.
- Shareholders approved Section 186 limit for loans, guarantees, or investments up to ₹700 crore
- Material related party transactions approved with 99.22% of valid non-promoter votes in favour (1,79,99,300 promoter votes excluded)
- Remuneration approved for CMD Mahesh Chavda, WTD Johil Chavda, and ED Dharmishtha Chavda
- Appointment of Siddharth Parshottam Gajra as Independent Director confirmed for a 5-year term through August 26, 2031
- Total of 12 resolutions passed with requisite majority at the AGM held on September 29, 2026
Chavda Infra Limited has approved the allotment of 3,26,56,000 bonus equity shares of Rs 10 each in a 1:1 ratio to eligible shareholders as of the record date, September 24, 2026. Following this allotment, the company's paid-up equity share capital doubles from Rs 32.66 Cr to Rs 65.31 Cr, represented by 6,53,12,000 equity shares. The corporate action expands the outstanding share base but does not impact net worth or cash flows.
- Allotment of 3,26,56,000 bonus equity shares of face value Rs 10 each
- Bonus issue executed in the ratio of 1:1 (one bonus share for every one share held)
- Paid-up equity share capital increases from Rs 32,65,60,000 to Rs 65,31,20,000
- Record date for determining eligible shareholders was September 24, 2026
Chavda Infra Limited has fixed September 24, 2026, as the record date for its 1:1 bonus share issue following shareholder approval via postal ballot on September 12, 2026. Eligible shareholders will receive one bonus equity share for every one existing equity share held. The deemed date of allotment is set for September 25, 2026, with trading in bonus shares expected to commence on September 28, 2026.
- Bonus issue ratio confirmed at 1:1 (one bonus equity share for every one existing share)
- Record date fixed as September 24, 2026
- Shareholder approval obtained via postal ballot results declared on September 12, 2026
- Deemed date of allotment is September 25, 2026, with trading scheduled for September 28, 2026
Chavda Infra Limited has secured in-principle approval from the National Stock Exchange of India (NSE) for the issuance of 3,26,56,000 bonus equity shares of face value Rs 10 each. The bonus shares will be allotted in the ratio of 1:1 (one new share for every one existing share held). This follows approval by shareholders through a postal ballot concluded on September 12, 2026. The bonus shares will be capitalized out of the company's free reserves and/or securities premium account.
- Received NSE in-principle approval via letter NSE/LIST/56804 dated September 18, 2026
- Approval granted for 3,26,56,000 equity shares of Rs 10 each
- Bonus issue ratio established at 1:1 (one new share for each existing share)
- Shareholder approval secured via postal ballot declared on September 12, 2026
Chavda Infra Limited has received shareholder approval via postal ballot to issue 3,26,56,000 bonus equity shares of Rs 10 each in a 1:1 ratio. Additionally, shareholders approved increasing the authorised share capital from Rs 35.00 crore to Rs 70.00 crore. Both ordinary resolutions passed with an overwhelming 99.6983% of valid votes cast in favour, with 71.04% of total outstanding shares participating in the e-voting process.
- Approved issuance of 3,26,56,000 bonus equity shares in a 1:1 ratio (one bonus share for every one held)
- Increased authorised share capital from Rs 35,00,00,000 to Rs 70,00,00,000
- Both resolutions secured 99.6983% approval out of 2,31,99,137 votes polled
- Promoter group polled 1,79,99,400 votes, all 100% in favour of the proposals
Chavda Infra has issued the notice for its 14th Annual General Meeting (AGM) scheduled for September 29, 2026, along with its FY2025-26 Annual Report. A key special resolution proposes authorizing loans, guarantees, or investments under Section 186 up to ₹700 crore, which exceeds 2x the company's market cap of ₹347 crore and ~3.16x net worth (₹221 crore). The company is also seeking shareholder approval for CMD Mahesh G. Chavda's remuneration of up to ₹20 lakh per month through May 2028.
- 14th AGM scheduled for Tuesday, September 29, 2026 at 1:00 PM IST via VC/OAVM
- Approval sought under Section 186 for loans, guarantees, and investments up to ₹700 crore
- Remuneration approval sought for CMD Mahesh G. Chavda up to ₹20,00,000 per month effective April 1, 2026 to May 26, 2028
- Cost auditor remuneration ratified at ₹85,000 per annum for FY26 and FY27
Chavda Infra Limited has approved the appointment of M/s B. S. Vyas & Associates as Secretarial Auditors for a term of 5 consecutive financial years (FY 2026-27 to FY 2030-31). The appointment was recommended by the Audit Committee and approved by the Board on September 5, 2026, subject to shareholder approval at the ensuing AGM. The firm previously served as Secretarial Auditors for FY 2025-26. This is a standard statutory compliance appointment with no direct financial impact.
- Appointment of M/s B. S. Vyas & Associates for a 5-year term from FY 2026-27 to FY 2030-31
- Board approved the appointment at its meeting held on September 5, 2026
- The firm served as the Secretarial Auditors for the company for FY 2025-26
- Appointment is subject to approval by shareholders at the ensuing Annual General Meeting
Chavda Infra Limited announced the resignation of Non-Executive Independent Director Mr. Arpit Tiwari, effective August 27, 2026, citing other professional commitments. Concurrently, the Board has appointed Mr. Siddharth Parshottam Gajra as an Additional Independent Director for a 5-year term ending August 26, 2031, subject to shareholder approval. Mr. Gajra brings over a decade of secretarial and legal compliance experience to the Board. This routine board transition has no operational or financial impact on the company's Rs 413 Cr revenue base.
- Resignation of Independent Director Arpit Tiwari effective close of business hours on August 27, 2026
- Appointment of Siddharth Parshottam Gajra as Additional Independent Director for a 5-year term through August 26, 2031
- Incoming director brings over 10 years of experience in corporate law and secretarial compliances
- Outgoing director confirmed no other material reasons behind the resignation
Chavda Infra Limited has announced changes to its Board of Directors effective August 27, 2026. Mr. Arpit Tiwari has resigned as Non-Executive Independent Director citing time constraints and other professional commitments. Concurrently, Mr. Siddharth Parshottam Gajra has been appointed as an Additional Independent Director for a 5-year term ending August 26, 2031, subject to shareholder approval. Mr. Gajra brings over a decade of corporate law and secretarial compliance experience.
- Resignation of Independent Director Arpit Tiwari effective close of business hours on August 27, 2026
- Appointment of Siddharth Parshottam Gajra as Additional Independent Director effective August 27, 2026
- Term of appointment set for 5 consecutive years up to August 26, 2031
- Incoming director has over 10 years of experience in legal and secretarial compliance
Chavda Infra Limited announced changes to its Board of Directors effective August 27, 2026. Mr. Arpit Tiwari has resigned as Non-Executive Independent Director citing other professional commitments, confirming no other material reasons. Simultaneously, Mr. Siddharth Parshottam Gajra, a qualified Company Secretary with over a decade of corporate law and compliance experience, has been appointed as an Additional Independent Director for a 5-year term up to August 26, 2031, subject to shareholder approval.
- Resignation of Non-Executive Independent Director Mr. Arpit Tiwari effective August 27, 2026
- Appointment of Mr. Siddharth Parshottam Gajra as Additional Independent Director for a 5-year term ending August 26, 2031
- No material reasons cited for resignation other than professional commitments and time constraints
- New appointee brings over 10 years of experience in corporate secretarial and legal compliances
Chavda Infra Limited announced the appointment of Mr. Siddharth Parshottam Gajra as an Additional Director (Non-Executive, Independent) for a 5-year term ending August 26, 2031, subject to shareholder approval. This follows the resignation of Non-Executive Independent Director Mr. Arpit Tiwari effective August 27, 2026, due to other professional commitments. The outgoing director confirmed there were no other material reasons for stepping down. The change maintains standard board composition without impacting ongoing business operations.
- Resignation of Independent Director Mr. Arpit Tiwari effective close of business on August 27, 2026
- Appointment of Mr. Siddharth Parshottam Gajra as Independent Director for a 5-year term up to August 26, 2031
- Incoming director brings over a decade of secretarial, legal, and corporate compliance experience
- No material operational or financial disruptions reported in connection with the transition
Chavda Infra Limited has received a Letter of Acceptance (LOA) worth ₹54.72 crore (excluding GST) from Weisdom Group. The contract involves the core and shell construction of a residential plus commercial building named 'Ample and Ampleton' at Kudasan, Gandhinagar. The project has a scheduled completion timeline of 24 months and represents approximately 13.2% of the company's TTM revenue of ₹413 crore. With this addition, the company's total unexecuted order book expands to ₹846.92 crore, providing over 2x TTM revenue visibility.
- Received Letter of Acceptance (LOA) valued at ₹54.72 crore (excluding GST) from Weisdom Group
- Scheduled completion timeline is 24 months for project 'Ample and Ampleton' in Gandhinagar
- Total unexecuted order book expands to approximately ₹846.92 crore
- Order size represents ~13.2% of Chavda Infra's TTM revenue of ₹413 crore
Chavda Infra Limited has secured an order worth ₹54.72 crore (excluding GST) from Weisdom Group (Weisdom Design Build LLP) for the core and shell construction of a residential-plus-commercial five-star hotel in Gandhinagar, Gujarat. The contract is scheduled to be executed over a 24-month timeframe. With this win, cumulative order inflows in the current financial year reach ₹144.17 crore, pushing the unexecuted order book to approximately ₹846.92 crore. The new order represents ~13.25% of the company's TTM revenue of ₹413 crore, enhancing multi-year revenue visibility.
- Bagged ₹54.72 crore core and shell construction order from Weisdom Design Build LLP.
- Project execution timeline slated for 24 months at Gandhinagar, Gujarat.
- FY order inflows reach ₹144.17 crore with this contract addition.
- Unexecuted order book expands to approximately ₹846.92 crore (~2.05x TTM revenue).
Chavda Infra reported a strong 81.1% YoY revenue growth to ₹84.0 Cr for Q1 FY27, with PAT rising 113.6% to ₹3.9 Cr. However, EBITDA margins contracted significantly by 1011 bps to 13.6%, which management attributed to temporary labor-related challenges. The orderbook stands at ₹812.4 Cr, representing approximately 1.97x of TTM revenue, providing decent visibility. A key concern is the working capital cycle, which stretched to 135 days from 76 days in FY25.
- Revenue from operations grew 81.1% YoY to ₹84.0 Cr in Q1 FY27
- PAT increased 113.6% YoY to ₹3.9 Cr, despite a 1011 bps drop in EBITDA margins
- Orderbook value reached ₹812.4 Cr, including a new ₹89.5 Cr order from ADI Shantigram Abode LLP
- Working capital days increased significantly to 135 days from 76 days in FY25
- Net Debt to Equity improved to 0.6x from 1.4x in FY25 following a preferential issue
Financial Performance
Revenue Growth by Segment
Total Operating Income (TOI) grew 50.59% in FY24 to INR 241.66 Cr from INR 160.48 Cr in FY23. TOI further grew 8.18% to INR 261.42 Cr in FY25. The company operates in residential, commercial, and institutional civil construction segments.
Geographic Revenue Split
100% of revenue is derived from Gujarat, specifically concentrated in the Ahmedabad and Gandhinagar regions.
Profitability Margins
PBILDT margin improved from 17.90% in FY24 to 21.86% in FY25, a 396 bps increase. H1FY25 provisional margins stood at 21.27% compared to 13.98% in H1FY24. PAT grew from INR 12.17 Cr in FY23 to INR 18.76 Cr in FY24.
EBITDA Margin
EBITDA (PBILDT) margin was 21.86% in FY25, up from 17.90% in FY24. This improvement was driven by efficient raw material usage, rate discounts from suppliers, and better absorption of fixed overheads due to economies of scale.
Capital Expenditure
The company deployed funds into asset build-up during FY24, contributing to a negative cash flow from operations of INR 23.17 Cr. Gross Cash Accruals (GCA) are projected in the range of INR 25-38 Cr for FY23-FY26.
Credit Rating & Borrowing
CARE BBB-; Stable (Reaffirmed in October 2025). The outlook was revised from Positive to Stable in late 2025. Short-term rating is CARE A3. Interest coverage stood at 5.99x in FY24.
Operational Drivers
Raw Materials
Key raw materials include RCC (Reinforced Cement Concrete), cement, and steel. These are the primary cost components for civil construction projects.
Import Sources
Raw materials are sourced domestically, primarily within the state of Gujarat to support operations in Ahmedabad and Gandhinagar.
Key Suppliers
Not specifically named in the documents; however, the company receives rate discounts from its established supplier network due to its growing scale.
Capacity Expansion
The company's 'capacity' is represented by its orderbook, which grew from INR 585.58 Cr in October 2023 to INR 954.54 Cr as of August 31, 2025, providing revenue visibility of 3.65x of FY25 TOI.
Raw Material Costs
Profitability is insulated by price variation clauses in contracts for major materials like RCC, cement, and steel, protecting against market fluctuations.
Manufacturing Efficiency
Efficiency is marked by the 396 bps improvement in PBILDT margins in FY25, attributed to better fixed overhead absorption and economies of scale.
Strategic Growth
Expected Growth Rate
24%
Growth Strategy
Growth will be achieved through a preferential allotment of up to 80,00,000 equity shares to raise capital for business expansion, increasing authorized share capital to INR 35 Cr, and executing the current INR 954.54 Cr orderbook over an 18-36 month timeline.
Products & Services
Civil construction services for residential buildings, commercial complexes, and institutional structures.
Brand Portfolio
Chavda Infra.
New Products/Services
Expansion into larger-scale civil construction projects and potential diversification within the infrastructure sector funded by the preferential issue proceeds.
Market Expansion
Deepening market penetration within the Ahmedabad and Gandhinagar regions of Gujarat.
Market Share & Ranking
Small-sized player operating in a highly fragmented and competitive civil construction industry.
Strategic Alliances
The company has proposed revising loan/guarantee limits to INR 700 Cr to support subsidiaries, joint ventures, and group companies.
External Factors
Industry Trends
The industry is seeing a CAGR of 21-24%, driven by urban development in Gujarat. There is a trend toward larger, more complex private real estate projects which Chavda is targeting with its expanded orderbook.
Competitive Landscape
Intensely competitive with numerous small and mid-sized players bidding for private real estate contracts.
Competitive Moat
Moat is based on the 30-year experience of promoter Mahesh Chavda and established relationships with reputed regional developers. This provides a competitive edge in local procurement and project bidding.
Macro Economic Sensitivity
Highly sensitive to the real estate sector's growth and GDP performance in Gujarat.
Consumer Behavior
Increasing demand for high-quality residential and commercial infrastructure in urban Gujarat centers.
Geopolitical Risks
Low, given the localized nature of the business in Gujarat, India.
Regulatory & Governance
Industry Regulations
ISO 9001:2015 certified for quality management in the construction of commercial, residential, and institutional buildings.
Taxation Policy Impact
Standard corporate tax applies; however, the company is under scrutiny following an Income Tax department search in December 2024.
Legal Contingencies
The Income Tax department conducted a search at company premises and sites in December 2024. Credit rating agencies are monitoring the findings for any material impact on the company's financial position.
Risk Analysis
Key Uncertainties
The primary uncertainty is the outcome of the December 2024 Income Tax search and its potential impact on liquidity and reputation.
Geographic Concentration Risk
100% of revenue is concentrated in Gujarat, making the company vulnerable to regional economic shifts.
Third Party Dependencies
High dependency on private real estate developers for new project awards.
Technology Obsolescence Risk
Low risk as civil construction methods are relatively stable, though the company adopts ISO-certified quality systems.
Credit & Counterparty Risk
Moderate risk associated with private real estate players whose payment capabilities depend on their own project sales cycles.
