Goel Construction IPO: Price, GMP, Analysis, And Details

Goel Construction IPO- Company Analysis 

Goel Construction IPO under the SME IPO category is a bookbuilding issue of Rs. 99.77 Cr by Goel Construction Company Ltd (GCCL), which was incorporated in 1997 and is engaged in working on infrastructure and building projects.

With experience in industries including cement plants, dairies, hospitals, steel, power plants, pharmaceuticals, and institutional projects, the company specializes in civil and structural works.

The company has finished 18 projects totaling Rs. 1,03,320.40 lac in the last three years. As of February 28, 2025, there are 14 active projects totaling Rs. 48,861.97 lac spread across 7 states.

Goel Construction IPO Details

The Goel Construction IPO date is on 02 September 2025, and its initial public offering will end on 04 Sep with IPO allotment on Sep 08, and refund initiation on Sep 09, 2025.

The Rs. 99.77 crore new SME IPO comprises a combination of fresh issue of 0.31 crore shares (Rs. 80.81 Cr) and an offer for sale of (OFS) 0.07 crore shares (Rs. 18.96 Cr).

The Goel Construction IPO listing date (expected) might be on Wednesday, Sep 10, 2025, and listing at the BSE and SME. 

The Goel Construction IPO price band is Rs. 250 to Rs. 262.

IPO Timetable (Tentative)

Events	Date
IPO Opening Date	Sep 02, 2025
IPO Closing Date	Sep 04, 2025
IPO Allotment Date	Sep 08, 2025
Refund Initiation	Sep 09, 2025
IPO Listing Date	Sep 10, 2025

 

Click to open demat account and apply for the IPO.

 

 

Company Financials

(Amount in Cr)

Period	30 Sep 2024	31 Mar 2024	31 Mar 2023
Total Assets	272.79	219.51	205.04
Total Revenue	274.36	388.79	272.94
PAT	16.77	22.64	14.3
Net Worth	110.04	93.27	70.62
Reserves & Surplus	109	92.23	69.59
Borrowings	37.79	30.51	28.51

 

Cash Flows

(Amount in lac)

Net Cash Flow in Multiple Activities	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	3,843.72	4,824.81	2,419.84
Net Cash Flow Investing Activities	(3,320.28)	(3,609.31)	(3,746.81)
Net Cash Flow Financing Activities	(503.08)	(83.79)	675.70

Revenue Bifurcation

Revenue from operations Breakdown

 

State-wise Revenue Breakdown

(Source: RHP)

The Objective of the Issue

The company desires to use the Net Proceeds from the Issue to fulfill its following goals:

• Capital investment for the acquisition of new machinery and fleets. ~ Rs. 41.74 Cr.

• Repayment or early repayment of some outstanding loans that the business has obtained. ~ Rs. 23.05 Cr.

• General Corporate Purposes. 

 

Listed Peers of Goel Construction Ltd. 

Company Name	Face Value (Rs. per Share)	EPS (Rs.)	P/E (x)
Power Mech Projects Limited	10	95.05	33.03
Suntech Infra Solutions Limited	10	7.98	8.77
Ahluwalia Contracts (India) Limited	10	30.08	31.52

 

Valuation

Metric	Value
ROCE	33.69%
RoNW	34.09%
Debt/Equity	0.22
PAT Margin	6.5%
Price to Book Value	2.26
EBITDA Margin	9.81%

 

 

Evaluation of P/E Ratio

Considering the FY ended on 31 Mar 2025 with an EPS of Rs. 33.72 from the last year, the resulting P/E ratio is 7.76x. When compared with the industry’s average P/E of 24.44x, it indicates an undervaluation (on a P/E ratio basis only). Hence, the price of the Share seems fairly priced for the investors.

Explore the Sugs Lloyd IPO.

IPO's Strengths 

• Excellent project management and execution skills.

• Long-standing connections with clients.

• A robust order book that shows income.

• Robust and steady financial results.

• Efficient fleet and equipment management.

 

IPO’s Weaknesses 

• Dependency on revenue.

• Market and industry dependency.

• Operations that require a lot of working capital.

• Risk of competition.

 

Goel Construction IPO GMP (Grey Market Premium)

Goel Construction IPO GMP today has not started yet, as of 28 Aug 2025 at the time of writing this information.

Goel Construction IPO Summary

The Goel IPO has a market maker portion size of 1,90,400 Shares (Rs. 4.99 Cr).

IPO Opening & Closing Date	02 Sep, 2025 to 04 Sep, 2025
Face Value	Rs. 10 per Share
Issue Price	Rs. 250 to Rs. 262 per Share.
Lot Size	400 Shares
Issue Size	38,08,000 Shares (Rs. 99.77 Cr)
Offer for Sale	7,23,600 Shares (Rs. 18.96 Cr)
Fresh Issue	28,94,000 Shares (Rs. 75.82 Cr)
Listing at	BSE, SME
Issue Type	Bookbuilding IPO
Registrar	MUFG Intime India Pvt. Ltd.

 

 

IPO Lot Details 

Retail investors can invest in a minimum and maximum of 2 Lots (800 Shares) for Rs. 2,09,600 and in multiples thereof, while for S-HNI investors, the minimum Lot is 3 (1200 Shares) for Rs. 3,14,400.

Minimum Lot Investment (Retail)	2 Lots
Maximum Lot Investment (Retail)	2 Lots
S-HNI (Min)	3 Lots

 

Goel Construction IPO Allotment Status

To check the Goel Construction IPO Allotment Status, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using BSE Website - ​BSE IPO allotment status

 

Promoters And Management of Goel Construction Ltd.

• Mr. Purushottam Dass Goel

• Mr. Arun Kumar Goel

• Mr. Naresh Kumar Goel

• Mr. Ratan Kumar Goel

• Mr. Amit Goel

• Mr. Anuj Goel

• Mr. Ashwani Goel

• Mr. Chinmay Goel

• Mr. Mohak Goel

• Mrs. Soni Goel

• Mrs. Isha Goel

• Mrs. Nirmala Goel

• Mrs. Suman Goel.

Pre-Issue Promoter Shareholding	97.70%
Post-Issue Promoter Shareholding	-

 

IPO Lead Managers

• Srujan Alpha Capital Advisors LLP. 

 

 

Dividend Policy

The company has not declared a dividend in the last three financial years.

Conclusion

Goel Construction IPO is from the company due to its outstanding execution capabilities, robust order book, and steady financials. In comparison to its industry counterparts, the IPO's P/E ratio is cheap, making it fairly priced. Risks, including reliance on income, high working capital requirements, and competition pressure, still exist, though. Overall, it presents a somewhat risky balanced growth opportunity.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

Click Here To Stay Updated With The Upcoming IPOs.

DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.