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Garuda Construction and Engineering Limited (GARUDA)

₹165.74 +0.57% last close, 16 Oct

📊 NSE: GARUDA 🏢 Construction 📢 Latest filing: 15 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Garuda Construction's revenue was ₹175 Cr (+40.1% year on year, +17.7% on the previous quarter), and net profit ₹41.5 Cr (+48.4% year on year); the operating margin was 32.0%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹175	+40.1%	+17.7%
Operating profit	₹56.1	+54.1%	+17.0%
Net profit	₹41.5	+48.4%	+20.8%
EPS (₹)	4.47	+48.5%	+20.8%
Operating margin	32.0%	—	—

Full quarterly financials → Results calendar →

GARUDA delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 38.15% of the GARUDA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 41.96%. That is close to its usual level. Volume was 0.1 times its average, well below normal.

38.15%Delivery, 16 Oct

41.96%Own 20-session average

0.1×Volume vs its average

₹165.74NSE close · +0.57%

Delivery in the last 5 sessions: 37.2% · 34.5% · 47.6% · 53.3% · 38.1%

Delivery across the market →

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

Garuda Declares Interim Dividend of ₹0.03 Per Share; Record Date October 23, 2026

🟡 NEUTRAL ⭐ 5/10

DIVIDEND 📅 15 Oct 2026, 06:03 PM

Garuda Construction and Engineering declared an interim dividend of ₹0.03 per equity share (face value ₹5 each) for FY26. Relative to the current share price of ₹164.8, this represents a negligible dividend yield of under 0.02%. The record date for determining eligible shareholders is set for October 23, 2026, with payment scheduled on or before November 14, 2026. Given the company's TTM EPS of ₹14.63, the total outflow represents an extremely small fraction of earnings.

Interim dividend declared at ₹0.03 per equity share of par value ₹5
Record date fixed as October 23, 2026
Payment to be completed on or before November 14, 2026
Dividend yield is under 0.02% based on the current market price of ₹164.8

💡 Investors tracking the dividend should monitor the ex-dividend date prior to the October 23, 2026 record date and evaluate upcoming Q2 FY27 earnings for operating cash flows.

Garuda Declares Interim Dividend of ₹0.03 Per Share; Record Date October 23, 2026

🟡 NEUTRAL ⭐ 5/10

DIVIDEND 📅 15 Oct 2026, 05:34 PM

Interim dividend declared at ₹0.03 per equity share of par value ₹5
Record date fixed as October 23, 2026
Payment to be completed on or before November 14, 2026
Dividend yield is under 0.02% based on the current market price of ₹164.8

💡 Investors tracking the dividend should monitor the ex-dividend date prior to the October 23, 2026 record date and evaluate upcoming Q2 FY27 earnings for operating cash flows.

Garuda Construction 16th AGM: All 4 Resolutions Approved, Related-Party Votes Clear with 99.61%

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Oct 2026, 04:02 PM

Garuda Construction and Engineering Limited concluded its 16th Annual General Meeting on September 30, 2026, passing all four agenda resolutions with requisite majority. The Scrutinizer's report confirms the adoption of FY26 financial statements and the reappointment of retiring director Mr. Rohit Ramanand Pareek with ~100% approval. The approval of Related Party Transactions received 99.61% favorable votes from valid non-promoter ballots, while 6,28,60,730 promoter votes were treated as invalid/abstained per statutory requirements. This filing represents standard post-AGM regulatory compliance.

Adoption of FY26 Standalone and Consolidated Financial Statements approved with 100.00% votes in favor (6,70,30,591 votes).
Re-appointment of Director Rohit Ramanand Pareek passed with 100.00% favorable votes (6,70,30,433 votes).
Appointment of Secretarial Auditors approved with 100.00% approval (6,70,30,641 votes).
Approval for Related Party Transactions passed with 99.610% votes in favor (41,53,659 votes) while 6,28,60,730 promoter shares were excluded/invalidated.

💡 Track subsequent quarterly filings (Q2 FY27) and monitor ongoing order book execution, particularly following monsoon-related construction updates.

Garuda Submits Rectified Auditor Review Report for Q1 FY27; Confirms No Financial Changes

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Sep 2026, 02:17 PM

Garuda Construction and Engineering submitted a rectified Consolidated Limited Review Report for the quarter ended June 30, 2026, following a query from the Exchange. The statutory auditor corrected a typographical error referencing the period as June 30, 2025, to the accurate June 30, 2026. The company confirmed that there are zero changes to the unaudited standalone or consolidated financial results previously declared on August 10, 2026 (Q1 FY27 revenue of Rs 175.38 Cr and PAT of Rs 41.54 Cr).

Rectified typographical error in Auditor Report to state 'Quarter ended 30 June, 2026' instead of '30 June, 2025'
Zero financial changes to standalone or consolidated results submitted on August 10, 2026
Consolidated results include 3 subsidiaries with Nil revenue and an aggregate net loss of Rs 2.16 lakhs for the quarter

💡 Track progress on ongoing order book execution (Rs 4,876.78 Cr) and the upcoming Q2 FY27 results to monitor weather-related project delays.

Garuda signs MoU for ₹1,800 Cr 93-storey tower EPC project in Saudi Arabia

🔵 WATCH ⭐ 9/10

EXPANSION 📅 07 Sep 2026, 03:52 PM

Garuda Construction's wholly owned subsidiary, Dream City Builders, has signed a Memorandum of Understanding (MoU) with Almasarat Company Limited for the EPC construction of a 93-storey landmark tower in Jeddah, Saudi Arabia. The proposed project covers approximately 1,53,451 sq. metres with an estimated revenue potential of ₹1,800 crore over a 5-year duration. The contract value represents roughly 310% of Garuda's TTM revenue (₹581 crore), signaling massive international expansion if converted to a definitive agreement. The execution remains subject to requisite statutory and commercial approvals before project commencement.

Signed MoU for EPC construction of a 93-storey twisting tower in Jeddah, Saudi Arabia
Estimated revenue potential of approximately ₹1,800 crore over 5 years
Total project area covers approximately 1,53,451 sq. metres with a 350-room hotel and rooftop restaurant
Estimated revenue potential equals ~3.1x the company's TTM revenue of ₹581 crore

💡 Track the conversion of this preliminary MoU into a binding, definitive EPC contract and monitor the timeline for securing regulatory approvals in Saudi Arabia.

Garuda Construction Sets AGM for Sep 30, 2026; Seeks Approval for ₹530 Cr Related-Party Deals

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 05 Sep 2026, 02:59 PM

Garuda Construction and Engineering Limited has issued the notice for its 16th Annual General Meeting (AGM) to be held on September 30, 2026. Key special resolutions include seeking shareholder approval for related-party transactions (RPTs) totaling up to ₹530 crore for FY 2027-28 across three promoter/KMP-influenced entities. The proposed transactions represent approximately 91.2% of the company's TTM revenue of ₹581 crore. The company is also seeking approval to appoint M/s. Ketan Vyas & Company as Secretarial Auditors for a 5-year term.

16th AGM scheduled on September 30, 2026, at 11:00 AM IST via Video Conferencing.
Proposed RPT approval of up to ₹250 crore with UP World Trade Centre Pvt Ltd for FY28 sales/purchases.
Proposed RPT approval of up to ₹180 crore with Shree Umiya Builder & Developers for FY28 sales/purchases.
Proposed RPT approval of up to ₹100 crore for working capital investment in Dream City Builders (formerly Garuda Arabia).
Appointment of M/s. Ketan Vyas & Company as Secretarial Auditors for 5 years (FY27 to FY31) at ₹60,000 plus taxes for FY26.

💡 Track the AGM voting outcomes on September 30, 2026, and subsequent disclosure of actual executed related-party transaction volumes in quarterly financial results.

Garuda Appoints Ketan Vyas & Co as Secretarial Auditor for 5-Yr Term; AGM on Sep 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 04 Sep 2026, 07:57 PM

Garuda Construction and Engineering Limited has approved the appointment of M/s. Ketan Vyas & Company, Practicing Company Secretaries, as the Secretarial Auditors of the company. The appointment is for a 5-year term spanning from FY 2026-27 to FY 2030-31, subject to shareholder approval. In addition, the Board scheduled the upcoming Annual General Meeting (AGM) for September 30, 2026. This filing represents a routine statutory compliance requirement with no operational or financial impact.

Appointed M/s. Ketan Vyas & Company as Secretarial Auditors for 5 consecutive years
Auditor tenure covers financial years FY 2026-27 through FY 2030-31
Annual General Meeting (AGM) scheduled for September 30, 2026, at 11:00 AM IST
Appointment remains subject to shareholder approval at the upcoming AGM

💡 Monitor the release of the detailed FY26 Annual Report and shareholder voting outcomes at the AGM on September 30, 2026.

Garuda Construction Appoints Ketan Vyas & Co as Secretarial Auditor; AGM on Sep 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 04 Sep 2026, 07:31 PM

Garuda Construction and Engineering Limited held a board meeting on September 04, 2026, approving key administrative items. The board approved the appointment of M/s. Ketan Vyas & Company as Secretarial Auditors for a 5-year tenure covering FY 2026-27 to FY 2030-31, subject to shareholder approval. Additionally, the company scheduled its Annual General Meeting (AGM) for Wednesday, September 30, 2026, via video conferencing.

Appointed M/s. Ketan Vyas & Company as Secretarial Auditors for 5 consecutive years (FY27 to FY31)
Annual General Meeting (AGM) scheduled for September 30, 2026, at 11:00 AM IST
Appointment of auditor remains subject to shareholder approval at the ensuing AGM

💡 Track the upcoming release of the Annual Report and AGM notice for detailed governance disclosures and strategic business updates.

48% PAT Growth: Garuda Construction Reports Strong Q1 FY27 Results

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 10 Aug 2026, 10:40 AM

Garuda Construction reported a robust start to FY27, with consolidated revenue reaching ₹175.38 cr, a 40.1% increase from ₹125.16 cr in Q1 FY26. Net profit (PAT) surged 48.4% YoY to ₹41.54 cr, compared to ₹28.00 cr in the same period last year. The company maintained strong operational momentum with an EPS of ₹4.47 for the quarter. This quarterly revenue represents approximately 33% of the company's TTM revenue, indicating accelerated project execution.

Consolidated Revenue from operations grew 40.1% YoY to ₹175.38 cr from ₹125.16 cr.
Net Profit (PAT) increased by 48.4% YoY to ₹41.54 cr, up from ₹28.00 cr in Q1 FY26.
Earnings Per Share (EPS) improved significantly to ₹4.47 from ₹3.01 in the year-ago quarter.
Construction expenses stood at ₹98.75 cr, reflecting high on-ground activity despite the start of the monsoon season.
Profit before tax (PBT) reached ₹55.75 cr, a 49% increase over the ₹37.41 cr reported in Q1 FY26.

💡 Investors should monitor the execution pace of the ₹4,876.78 cr order book and the utilization of the proposed ₹500 cr QIP fundraise for future growth. Watch for Q2 results to see if heavy monsoons impact milestone-based billing as historically noted by management.

6.99% Equity Pledged by Promoter PKH Ventures to Raise ₹50 Cr for Working Capital

🟡 NEUTRAL ⭐ 5/10

FUNDRAISE 📅 03 Aug 2026, 07:16 PM

PKH Ventures Limited, a promoter of Garuda Construction and Engineering, has pledged 65,00,000 shares (6.99% of total equity) to Aditya Birla Capital Limited. The pledge, created on July 31, 2026, is intended to secure ₹50 crore for the listed company's working capital requirements. This encumbrance represents 13.51% of PKH Ventures' total holding in the company. The pledged shares were valued at ₹113.56 crore at the time of creation, providing a security cover of approximately 2.27x.

65,00,000 shares pledged, representing 6.99% of the company's total share capital
₹50 crore loan amount raised specifically for the listed company's working capital needs
13.51% of the promoter PKH Ventures' total holding is now encumbered
Security cover of 2.27x based on the share value of ₹113.56 crore on the date of pledge creation

💡 Investors should monitor the company's quarterly execution progress to see if the ₹50 crore working capital infusion accelerates project milestones, while also tracking share price stability to maintain the 2x security cover.

Garuda Construction Reports Zero Demat Requests for Quarter Ended June 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Jul 2026, 01:31 PM

Garuda Construction and Engineering Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The company's Registrar and Share Transfer Agent, Cameo Corporate Services Limited, confirmed that no dematerialization requests were received or processed during the quarter ended June 30, 2026. This is attributed to the fact that no shares of the company are currently held in physical mode. This is a standard procedural filing required for all listed entities in India.

Zero demat requests were received for processing during the quarter ended June 30, 2026
Confirmation that 100% of the company's shares are already in electronic form with no physical mode holdings
Compliance certificate issued by Cameo Corporate Services Limited on July 1, 2026
Official intimation submitted to BSE and NSE on July 13, 2026

💡 This is a routine administrative filing. Investors should monitor the company's upcoming quarterly financial results for actual operational and financial performance updates.

Garuda Construction Announces Trading Window Closure from July 1, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Jun 2026, 03:36 PM

Garuda Construction and Engineering Limited has announced the closure of its trading window for all designated persons starting July 01, 2026. This regulatory move is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the financial results for the quarter ended June 30, 2026. The trading window will remain closed until 48 hours after the official announcement of the quarterly results. This is a standard procedure for listed companies to prevent insider trading during the finalization of sensitive financial data.

Trading window closure effective from July 01, 2026, for all designated persons.
Closure is in anticipation of the financial results for the quarter ended June 30, 2026.
The window will reopen 48 hours after the public disclosure of the financial results.
Compliance maintained under SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 No immediate action is required as this is a routine regulatory filing. Investors should look out for the upcoming board meeting date announcement for the Q1 financial results.

Garuda Construction Appoints Krishnakumar Bangera and Dhruti Satia as Independent Directors

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 09 Jun 2026, 02:27 PM

Garuda Construction and Engineering Limited has strengthened its board by appointing two Independent Directors for five-year terms. Mr. Krishnakumar Laxman Bangera joins as an Independent Non-Executive Director effective June 1, 2026. Additionally, Mrs. Dhruti Harsh Satia, a qualified Company Secretary with experience in listed entities, has been regularized as a Non-Executive Independent (Woman) Director effective April 21, 2026. These appointments are aimed at enhancing corporate governance and meeting regulatory compliance requirements.

Appointment of Mr. Krishnakumar Laxman Bangera as Independent Non-Executive Director for a 5-year term.
Regularization of Mrs. Dhruti Harsh Satia as Non-Executive Independent (Woman) Director for a 5-year term.
Mrs. Satia brings professional expertise as an Associate Member of ICSI (2015) and former CS of Mercury Trade Links.
Appointments are effective from June 1, 2026, and April 21, 2026, respectively.
The move ensures compliance with SEBI (LODR) Regulations regarding board composition and independent oversight.

💡 Investors should view this as a routine strengthening of corporate governance; no immediate portfolio changes are necessary based on these appointments.

Garuda Shareholders Approve Independent Director Appointments with 99.9% Majority

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 08 Jun 2026, 07:15 PM

Garuda Construction and Engineering Limited has announced the successful passage of two special resolutions via postal ballot. Shareholders overwhelmingly approved the appointment of Mr. Krishnakumar Laxman Bangera as a Non-Executive Independent Director with 99.995% of votes in favor. Additionally, the regularization of Mrs. Dhruti Harsh Satia as a Non-Executive Independent (Woman) Director was approved with a 99.994% majority. These moves ensure the company remains compliant with SEBI corporate governance and board composition regulations.

Special resolution for the appointment of Mr. Krishnakumar Laxman Bangera passed with 62,938,045 votes in favor (99.995%).
Regularization of Mrs. Dhruti Harsh Satia as an Independent Woman Director approved with 62,937,165 votes in favor (99.994%).
Total votes polled amounted to 62,941,156, representing approximately 67.65% of the total 93,041,742 shares.
The voting process was conducted through remote e-voting between May 8, 2026, and June 6, 2026.
Both resolutions were passed as Special Resolutions, requiring at least 75% approval, which was significantly exceeded.

💡 Investors should view these appointments as a positive step toward strengthening corporate governance and board diversity. No immediate portfolio action is required as these are standard regulatory and management procedures.

Garuda Construction Appoints Ketan Vyas & Co as Secretarial Auditor Following Resignation

🔵 WATCH ⭐ 4/10

MANAGEMENT 📅 30 May 2026, 06:00 PM

Garuda Construction and Engineering Limited has announced the resignation of Ms. Aakruti Somani as Secretarial Auditor for FY 2025-26, effective May 30, 2026. The outgoing auditor cited the complexity of the assignment and differences in professional approach as primary reasons for her departure. To fill the vacancy, the Board has appointed M/s Ketan Vyas & Company, a peer-reviewed firm with over 8 years of experience in corporate compliance and SEBI regulations. This change ensures the company continues to meet its regulatory obligations under SEBI (LODR) Regulations.

Ms. Aakruti Somani resigned as Secretarial Auditor effective May 30, 2026, citing professional approach differences.
M/s Ketan Vyas & Company appointed as the new Secretarial Auditor for the Financial Year 2025-26.
The new auditor, Mr. Ketan Vyas, is a Fellow Member of ICSI with over 8 years of experience in legal compliance and SEBI regulations.
The Board meeting approving these changes was held on May 30, 2026, concluding in 20 minutes.
The resignation letter explicitly mentions no other material reasons for the exit other than those provided.

💡 Investors should monitor if the 'differences in professional approach' cited by the outgoing auditor lead to any future governance disclosures, though the immediate replacement by a peer-reviewed firm is a stabilizing sign.

View All GARUDA Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The company achieved a total revenue of INR 241.61 Cr in H1 FY26, which surpassed the full-year revenue of the previous fiscal year. Revenue is segmented into Residential (52%), Commercial (30%), and Industrial & Infrastructure (18%). Historical revenue growth was reported at 84.39% YoY.

Geographic Revenue Split

The company is primarily based in Mumbai, Maharashtra, with its registered office in Bandra Kurla Complex. Specific regional percentage splits are not disclosed, but operations are concentrated in civil construction within these urban hubs.

Profitability Margins

PAT margin for H1 FY26 was 23.1%, showing an improvement from 22.1% in FY25. Net profit for H1 FY26 stood at INR 55.15 Cr.

EBITDA Margin

EBITDA margin for H1 FY26 was 29.3%, a slight decrease from 29.5% in FY25 and 32.2% in FY24. Core profitability remains strong due to a focus on niche, high-margin projects.

Capital Expenditure

Net cash used in investing activities was INR 6.2 Cr for H1 FY26, compared to INR 49.8 Cr in FY25, reflecting ongoing project-related asset requirements.

Credit Rating & Borrowing

The company is currently debt-free as of H1 FY26. Borrowing costs are negligible with non-current financial liabilities (borrowings) reported at INR 0.0 Cr.

⚙️ Operational Drivers

Raw Materials

Key raw materials include cement, steel, sand, and bricks, which are essential for civil construction projects. Specific percentage of total cost for each material is not disclosed.

Capacity Expansion

The company currently has 16 ongoing projects and 26 completed orders. The order book has expanded significantly to INR 4,876.78 Cr as of November 2025.

📈 Strategic Growth

Expected Growth Rate

84.39%

Growth Strategy

Growth is driven by aggressive bidding for new projects, resulting in an order book of INR 4,876.78 Cr. The strategy involves focusing on niche, high-margin contracts, expanding the client base beyond group entities, and transitioning into developer roles to capture higher value in the construction lifecycle.

Products & Services

Civil construction services for residential, commercial, industrial, and infrastructure sectors, along with hospitality and management services.

Brand Portfolio

Garuda Construction and Engineering Limited.

New Products/Services

The company intends to commence development mandates, taking on larger roles as developers in addition to their civil construction base.

Market Expansion

The company is targeting larger contracts with external developers to diversify its client base and reduce dependency on group entities.

🌍 External Factors

Industry Trends

The industry is entering an 'era of execution' with a strong focus on high-margin niche projects. There is a trend toward asset-light models to improve return on equity in the construction sector.

Competitive Landscape

The company competes with other civil construction firms but differentiates itself by prioritizing profitability over contract volume.

Competitive Moat

The company's moat is built on an asset-light business model, experienced promoters with 20+ years of expertise, and a diversified order book of INR 4,876.78 Cr, which provides long-term revenue visibility.

Macro Economic Sensitivity

The business is sensitive to infrastructure spending and urban development trends in India, particularly in the Mumbai real estate market.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Companies Act 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.

Taxation Policy Impact

Direct taxes paid in H1 FY26 amounted to INR 2.4 Cr.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the pace of execution in H2 FY26 following monsoon-related delays and the successful deployment of the planned INR 500 Cr QIP funds.