Garuda Construction and Engineering Limited provide end-to-end civil construction for residential, commercial, residential cum commercial, infrastructure and industrial projects and additional services for infrastructure and also hospitality projects, Wherein, civil construction includes construction of residential, hospitality, industrial, infrastructural and commercial buildings, construction of concrete building structures and composite steel structures which are required for the civil construction. Their end-to-end civil construction starts with detailed route survey, designing, detailed  engineering, mobilization of resources, micro scheduling of construction activities, obtaining construction permissions and conducting soil/water testing, hiring of contractor / manpower, procurement of material, lab testing, carrying out construction activities as per approved plan and finally handing over the project are per the agreed terms Further, They are also involved in sector pertaining to civil construction cum services. The construction of concrete building structures and composite steel structures are procured by them from underlying sub-contractors as per specified designs which may be mandated by overlying developers or by their own engineering teams. They also provide services such as operations and maintenance services (“O&M”) and Mechanical, Electrical and Plumbing (“MEP”) services and finishing works as a part of their construction services. Hence, all-in-all they offer complete construction services under their banner.

For the year/period ended (Rs. in Cr.)

For year/ period ended ( in Cr.)

• Proven Execution Capabilities.
• Strong Order Book
• Diverse Service Offerings.

• Funding Working Capital Requirements.
• Repayment or Prepayment of Borrowings.

For general corporate purposes

The company is positioned within a fragmented sector, where several renowned listed entities are engaged in quality projects along with substantial order books. Upon listing, the company is anticipated to list a PE ratio of 21 and a PB ratio of 7.42 at the upper price band of INR 95. On the basis of these valuation metrics, we maintain a neutral stance on the IPO subscription.