Giriraj Civil Developers Limited (GIRIRAJ)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Giriraj Civil's revenue was ₹168 Cr (-28.2% year on year, +19.3% on the previous half-year), and net profit ₹8.0 Cr (-46.7% year on year); the operating margin was 7.7%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹168 | -28.2% | +19.3% |
| Operating profit | ₹13.0 | -38.1% | +19.0% |
| Net profit | ₹8.0 | -46.7% | +21.0% |
| EPS (₹) | 3.55 | -43.3% | +28.6% |
| Operating margin | 7.7% | — | — |
GIRIRAJ delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 92.06% of the GIRIRAJ shares traded on NSE were taken to delivery, against the stock's own 20-session average of 80.98%. That is close to its usual level. Turnover was only ₹7 lakh, so a handful of trades can move this figure. It closed at its lower price band (circuit) on 16 Oct, one of 12 band closes in about the last 20 sessions.
Delivery in the last 5 sessions: 75.4% · 74.4% · 85.7% · 79.1% · 92.1%
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
Giriraj Civil Developers Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, issued by Cameo Corporate Services Limited on October 6, 2026, confirms that securities received for dematerialisation were processed, confirmed, and mutilated within stipulated time limits. This is a standard procedural submission confirming compliance with share registry norms. The announcement has no operational or financial impact on the company.
- Regulation 74(5) demat compliance filed for quarter ended September 30, 2026
- RTA Cameo Corporate Services issued certificate dated October 6, 2026
- Filing submitted to NSE Emerge on October 15, 2026
- Confirms securities received for dematerialisation were mutilated and cancelled as per rules
Giriraj Civil Developers Limited announced the voting results of its 21st Annual General Meeting held on September 30, 2026. Shareholders approved all 5 proposed resolutions with 100% of the polled votes cast in favor. Approved items include adoption of FY26 financial statements, appointment of M/s. AIMV & Associates as Statutory Auditors, related-party transactions under section 188, and the appointment of Nilesh Mishra as Independent Director. Total voter turnout stood at 61.46% of outstanding shares (14,702,250 votes polled out of 23,920,500 total shares).
- All 5 resolutions passed with 100.0000% votes in favor and zero against
- Total voter turnout represented 61.4630% of total share capital (14,702,250 shares voted out of 23,920,500)
- Public non-institutional voter participation was 14.4458% (1,556,500 votes polled)
- Approved key items include related party transactions under section 188 and statutory auditor appointment
Giriraj Civil Developers concluded its 21st Annual General Meeting on September 30, 2026. As of the cut-off date of September 23, 2026, the company recorded 613 shareholders. Key resolutions considered and approved included the adoption of FY26 financial statements, the appointment of M/s AIMV & Associates as Statutory Auditors, the re-appointment of Director Prasham Nitin Shah, the appointment of Nilesh Mishra as Independent Director for 5 years, and approval of related-party transactions under Section 188.
- 21st Annual General Meeting held on September 30, 2026, from 1.00 p.m. to 2.15 p.m.
- Total number of shareholders stood at 613 as on the cut-off date of September 23, 2026
- Appointed M/s AIMV & Associates, Chartered Accountants, as Statutory Auditors
- Approved appointment of Mr. Nilesh Mishra as Independent Director for a 5-year term
- Passed Special Resolution approving related party transactions under Section 188
Agarwal Family Trust has disclosed an acquisition of 8,81,250 equity shares (3.68% stake) in Giriraj Civil Developers Limited, crossing the 5% regulatory reporting threshold under SEBI SAST Regulations. Following this transaction on September 11, 2026, the trust's total holding increased from 1.31% (3,15,500 shares) to 5.003% (11,96,750 shares). The acquisition was executed primarily via off-market transfer (8,75,000 shares) alongside open-market purchases (3,21,750 shares cumulative).
- Acquired 8,81,250 equity shares representing 3.68% of the company's voting capital
- Total holding increased to 11,96,750 shares, or 5.003%, breaching the 5% SAST disclosure threshold
- Acquisition executed primarily via off-market transfer of 8,75,000 shares and balance from the open market
- Date of acquisition recorded as September 11, 2026
- Total paid-up share capital stands at Rs 23,92,05,000 across 2,39,20,500 equity shares
Giriraj Civil Developers has issued a dispatch letter containing the weblink to its FY 2025-26 Annual Report to shareholders whose email addresses are unregistered. The company's 21st Annual General Meeting is scheduled to be held virtually on September 30, 2026, at 1:00 PM IST. The cut-off date used for sending electronic AGM notices and reports was September 4, 2026. This is a standard regulatory intimation under Regulation 36(1)(b) of the SEBI Listing Regulations.
- 21st Annual General Meeting scheduled for September 30, 2026, at 1:00 PM IST via VC/OAVM
- Shareholding record date of September 4, 2026 used for initial electronic dispatch
- Weblink provided pursuant to Regulation 36(1)(b) of SEBI Listing Regulations
- Unregistered shareholders requested to complete KYC details with RTA Cameo Corporate Services
Giriraj Civil Developers has notified the exchange that its 21st Annual General Meeting will be held on September 30, 2026. The cut-off date to determine shareholder voting eligibility is fixed for September 23, 2026, with remote e-voting running from September 27 to September 29, 2026. Key agenda items include adopting FY26 financials, appointing M/s. AIMV & Associates as Statutory Auditors for five years, and approving Rs 0.36 Cr related party remuneration to Mr. Mahesh Kantilal Shah.
- 21st Annual General Meeting scheduled for September 30, 2026, at 1:00 P.M.
- Cut-off date for e-voting eligibility set for September 23, 2026
- Remote e-voting window opens September 27, 2026 (9:00 AM) and closes September 29, 2026 (5:00 PM)
- Proposed related party transaction of Rs 0.36 Cr per annum remuneration to Mahesh Kantilal Shah
- Appointment of M/s. AIMV & Associates as Statutory Auditors for a 5-year term until 2031
Giriraj Civil Developers Limited announced the outcome of its Board Meeting held on September 7, 2026. The Board approved the appointment of M/s. AIMV & Associates, Chartered Accountants, as Statutory Auditors for a 5-year tenure from FY 2026–27 to FY 2030–31, subject to shareholder approval. Additionally, Mr. Nilesh Mishra was approved for appointment as an Independent Director for a 5-year term from June 10, 2026 to June 9, 2031. The 21st Annual General Meeting is scheduled for September 30, 2026.
- Appointment of M/s. AIMV & Associates as Statutory Auditors for 5 consecutive years (FY 2026–27 to FY 2030–31)
- Appointment of Mr. Nilesh Mishra as Independent Director for a 5-year term ending June 9, 2031
- 21st Annual General Meeting convened for September 30, 2026 at 1:00 PM
- E-voting period scheduled from September 27 to September 29, 2026, with cut-off date on September 23, 2026
Giriraj Civil Developers Limited announced the outcome of its Board meeting held on September 7, 2026. The Board has scheduled the 21st Annual General Meeting (AGM) for September 30, 2026, with remote e-voting from September 27 to September 29, 2026. Key approvals include the proposed appointment of M/s. AIMV & Associates as Statutory Auditors for a 5-year term (FY27 to FY31) and the appointment of Mr. Nilesh Mishra as Independent Director for 5 years, both subject to shareholder approval at the AGM.
- 21st Annual General Meeting scheduled for Wednesday, September 30, 2026 at 1:00 PM
- M/s. AIMV & Associates approved as Statutory Auditors for 5 consecutive years from FY 2026-27 to FY 2030-31
- Appointment of Mr. Nilesh Mishra as Independent Director for a 5-year term from June 10, 2026 to June 09, 2031
- E-voting cutoff date fixed as September 23, 2026, with voting open from September 27 to September 29, 2026
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.
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.
Macro Economic Sensitivity
Highly sensitive to government infrastructure budgetary allocations and general economic growth (GDP).
Geopolitical Risks
Indirect risks through global commodity price fluctuations affecting local material costs.
Regulatory & Governance
Industry Regulations
Compliance with construction safety standards (ISO 45001:2018) and quality management (ISO 9001:2015).
Environmental Compliance
ISO 14001:2015 certified for environmental management systems.
Risk Analysis
Key Uncertainties
Volatility in raw material prices and potential delays in project execution or government payments.
Geographic Concentration Risk
Operations primarily centered in Maharashtra, with the head office in Mumbai.
Third Party Dependencies
Dependency on material suppliers and specialized subcontractors for infrastructure project execution.
Technology Obsolescence Risk
Risk of falling behind in modern construction techniques; mitigated by enhancing technical expertise.
Credit & Counterparty Risk
Exposure to government and large corporate entities for infrastructure project receivables.
