Giriraj Civil Developers Limited

Sector n/a · NSE

₹360.20₹0.00 (0.00%)

DalalBaazaar Score

55 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity, falling profits.

In simple words: Reasonable but unspectacular business quality, but sales are shrinking. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:49 pm

Understanding the Business

The 60-second version of Giriraj Civil Developers Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

How does it make money?

Turns over ₹309 Cr a year. Of every ₹100 of sales, about ₹5 reaches shareholders as profit, with ₹8 left at the operating level before interest, tax and depreciation.

What is its competitive advantage?Little sign of one

Returns on capital of 14.6% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +144% while net margin moved +37% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+144%

Margin effect+37%

DalalBaazaar Score

55/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

60/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

18/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

No P/E available

EV/EBITDA

35.2x

PEG

—

What's Good / What's Bad

🟢 What's Going Well2

Very low debt
Debt/Equity of 0.15x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

2 items require attention · 2 high

🔴Free cash flow negative for 4 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴Receivables growing faster than salesFinancial
Receivables up 375% against revenue up 144% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Sales are being booked faster than collected
Receivables are up 375% against revenue up 144%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 26% a year✓ 34.7% CAGR
Latest reported year was -1.7%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 6%✓ 8.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹5 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.9x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 12%✓ 14.6%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

2 / 9 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✗ Profit growing year-over-year
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

1 good · 7 neutral · 3 weak

Market Cap

₹862 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not available

No data

Source didn't return this field

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

Not available

No data

Source didn't return this field

ROE

10.3%

Moderate

Moderate capital efficiency

ROCE

14.6%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.15x

Low

Conservative leverage

Revenue Growth (YoY)

-1.7%

Shrinking

Sales are contracting

Profit Growth (YoY)

-15.6%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹5 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Gross Margin

11.9%

Proxy

Operating margin unavailable — showing gross margin instead

Net Margin

4.9%

Average

Average bottom-line conversion

Current Ratio

2.22

Comfortable

Healthy short-term liquidity

Technical Snapshot

SMA 20 / SMA 50

60.8 / 70.1

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

11.2

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹126 Cr	₹174 Cr	₹314 Cr	₹309 Cr	+34.7%
EBITDA	₹9 Cr	₹16 Cr	₹28 Cr	₹25 Cr	+40.7%
EBITDA Margin	7.1%	9.3%	9.1%	8.1%	—
PAT (Net Profit)	₹5 Cr	₹10 Cr	₹18 Cr	₹15 Cr	+49.6%
EPS	₹11.14	₹8.3	₹7.48	—	—
ROE	7.5%	8.9%	13.6%	10.3%	—
ROCE	13.7%	12.8%	13.9%	14.6%	—
Total Debt	₹20 Cr	₹12 Cr	₹26 Cr	₹22 Cr	+4.1%
Free Cash Flow	-₹7 Cr	-₹42 Cr	-₹9 Cr	-₹5 Cr	—

🟢 Revenue has grown at 34.7% a year over 3 years.

🟢 EBITDA has grown at 40.7% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 8.1% over 3 years.

🟢 PAT (Net Profit) has grown at 49.6% a year over 3 years.

🟢 ROE has risen from 7.5% to 10.3% over 3 years (+2.9 pts).

🟡 ROCE has held roughly flat at 14.6% over 3 years.

🔴 Total Debt has grown at 4.1% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹251 Cr

Total Liabilities

₹105 Cr

Cash & Equivalents

₹3 Cr

Operating Cash Flow

-₹5 Cr

Capex

-₹0 Cr

Recent News

6 general

Giriraj Civil Developers Lower Circuit Today: Price, Data and Peers

Univest, 12 Oct

Is Now The Time To Put Giriraj Civil Developers (NSE:GIRIRAJ) On Your Watchlist?

Simply Wall Street, 18 May

Giriraj Civil Developers Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 03 Sept

Giriraj Civil Developers Upper Circuit Today: Price, Data and Peers

Univest, 09 Oct

Price Band Hitters on 27 August 2026 : Top Stocks at Price Bands

HDFC Sky, 27 Aug

Giriraj Civil Developers Ltd. Upper Circuit: Price and Key Data

Univest, 29 Sept

Watch Items

Revenue growth is negative (-1.7%) on the latest reported period — check if this is one-off or a trend.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
Sector/industry classification unavailable — verify manually for peer comparison.
3 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongFinancial Health · Growth

MiddlingBusiness Quality · Valuation

WeakProfitability · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 2 high-severity red flags sit above this conclusion and should be read first.

1 of 5 tripwires tripped — Free cash flow remains positive · see Key things to watch ↑