Goel Construction Company Limited IPO

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Goel Construction Company Limited is a well-established construction contractor with expertise in executing large-scale industrial plants and infrastructure projects. The company’s core focus lies in the construction of cement plants, power plants, dairy plants, and other industrial facilities, with a strong emphasis on quality, timely execution, and adherence to project specifications.

Operational Scale & Order Book

In the past three years, the company has delivered 18 projects worth ₹1,03,320.40 lakhs and, as of February 28, 2025, is executing 14 ongoing projects across seven states with an order book of ₹48,861.97 lakhs. From its early projects of just ₹159 lakhs to recent ones exceeding ₹17,200 lakhs, the company has scaled significantly and is currently handling six projects, each valued above ₹10,000 lakhs.

The company has expanded its footprint across multiple states including Rajasthan, Andhra Pradesh, Haryana, Gujarat, Chhattisgarh, Jharkhand, Madhya Pradesh, Odisha, Punjab, Maharashtra, Karnataka, and Uttar Pradesh.

Customer Segments

1. Cement Plants: Civil construction of clinkerization and grinding units, including pre-heaters, cement mills, silos, packing plants, and allied structures.

2. Power Plants: Civil, structural, and architectural works for Balance of Plant (BOP) including coal handling, ash handling, silos, chimneys, cooling towers, and water systems.

3. Dairy Plants: Construction of dairy and allied product facilities, including cattle feed plants, with compliance to food-grade standards.

4. Other Industrial Plants: Construction services for steel plants and other industrial projects.

Strengths

i) Strong Project Management: Proven track record in delivering complex projects with technical precision.
ii) Robust Order Book: Provides visibility of future revenues and project pipeline.
iii) Long-Standing Client Relationships: Trusted by corporate entities, cooperative societies, and institutions, with repeat business driven by timely delivery and quality focus.
iv) Financial Growth: Total revenue grew at a CAGR of 36.92%, while profits grew at a CAGR of 45.36% between FY22 & FY24.
v) In-House Equipment & Fleet Management: Reduces reliance on third-party providers and ensures better control over timelines and quality.
vi) Experienced Leadership: Promoted and led by Mr. Purushottam Dass Goel and Mr. Arun Kumar Goel, with a combined experience of over 50 years in construction, supported by a strong management team and a workforce of 1,168 employees and contract workers.

Objects of the Goel Construction Company Limited IPO:

Company proposed to be utilised the net proceeds of the Offer for the following objects: 1. Capital expenditure towards purchase of additional equipments and fleets (₹43 cr) 2. Repayment / prepayment of certain outstanding borrowings (₹ 24.31 cr) 3. General Corporate Purpose
DRHP of Goel Construction Company Limited IPO
RHP of Goel Construction Company Limited IPO

Goel Construction Company Limited IPO Details:

Open Date: Sep 02 2025
Close Date: Sep 04 2025
Total Shares: 38,08,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 99.77 Cr.
Lot Size: 400 Shares
Issue Price: ₹ 250-262 Per Equity Share
Listing At: BSE SME
Listing Date: Sep 10 2025

Promoters And Management:

1. Mr. Purushottam Dass Goel, aged 74 years, is the Promoter, Chairman, and Managing Director of the Company and one of its founders. He oversees the day-to-day affairs and contributes to the overall growth of the business. A Bachelor of Science graduate from Punjab University, Chandigarh, he has 27 years of experience in the construction industry. He also holds directorships in Forti International Foundation, City Buildtech Pvt. Ltd., Satya Prakash Builders Pvt. Ltd., Fortellia Industries Pvt. Ltd., and Vinayak Kripa Infratech Pvt. Ltd. 2. Mr. Arun Kumar Goel, aged 62 years, is a Promoter and Whole-Time Director of the Company and one of its founders. He holds a Bachelor’s degree in Electrical Engineering from Gulbarga University, Karnataka, and has 27 years of experience in the construction industry. He manages commercial dealings and the tendering department of the Company. 3. Mr. Mahesh Chandra Agrawal, aged 75 years, is an Independent Director of the Company. With 50 years of experience in the dairy and food industries, he holds Bachelor’s and Master’s degrees in Chemical Engineering with a specialization in Equipment and Plant Design from the University of Roorkee, Uttarakhand. He has previously served as a Project Engineer with the National Dairy Development Board and as Managing Director at IDMC Limited. He is currently a founder and director at Magnam Netlink Private Limited.

Financials of Goel Construction Company Limited IPO:

Particulars FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations 589.98 386.05 270.73
EBITDA 57.9 36.29 23.4
EBITDA Margins 9.81% 9.40% 8.65%
PAT 38.32 22.64 14.29
PAT Margins 6.50% 5.87% 5.28%
ROCE 33.69% 26.43% 20.96%
Debt to Equity Ratio(In Times) 0.22 0.33 0.4
Operating Cash Flows 38.43 48.24 24.19

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
Goel Construction Company Limited 589.98 9.81% 6.50% 33.69% 0.22 378.57 9.88
Power Mech Projects Limited 5234 11% 6.60% 22.90% 0.34 9,742 30.6
Suntech Infra Solutions Limited 153 24% 7.80% 22.70% 1.43 135 11.2
Ahluwalia Contracts (India) Limited 4099 9% 4.90% 18.50% 0.04 6257 28.1

Lead Manager of Goel Construction Company Limited IPO:

  1. SRUJAN ALPHA CAPITAL ADVISORS LLP

Registrar of Goel Construction Company Limited IPO:

  1. MUFG Intime India Private Limited

Discussion on Goel Construction Company Limited IPO:

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