Garnet Construction Ltd.

BSE: GARNET · Realty

52W Range₹44 ₹116

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Snapshot

Unlock Garnet Construction Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Garnet Construction Limited is a Mumbai-based real estate developer specialising in industrial, commercial, and residential projects. The company focuses on developing industrial estates and providing infrastructure solutions for small and medium enterprises in Maharashtra.

Business Model

The company generates revenue by managing the full lifecycle of property development, including land acquisition, project planning, construction, and the final marketing and sale of industrial plots and sheds.

Growth Outlook

Growth is driven by the company's niche focus on industrial plotting and shed construction in the outskirts of Mumbai. Continued demand for organised industrial infrastructure among small and medium enterprises supports their expansion strategy.

Key Risks

  • Regulatory and Land Acquisition Risk. Delays in obtaining government approvals or challenges in land acquisition can significantly impact project timelines and profitability.
  • Concentration Risk. The company's heavy reliance on the Mumbai and Maharashtra industrial real estate market makes it vulnerable to regional economic downturns.
  • Interest Rate Sensitivity. Fluctuations in interest rates can affect both the company's borrowing costs and the demand for industrial and commercial property investments.
  • Market Competition. The real estate sector is highly fragmented, and the company faces intense competition from both established developers and unorganised local players.

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Key Metrics

REVENUE

₹43 Cr

TTM · standalone

+142.4%YoY

NET PROFIT

₹18 Cr

TTM · standalone

+510.3%YoY

EPS

₹14.47

TTM · standalone

+576.2%YoY

RETURN ON EQUITY

18.9%

TTM · standalone

+15.7 ppYoY

RETURN ON CAPITAL EMPLOYED

23.8%

TTM · standalone

+19.2 ppYoY

P/E

4.7x

Q1 FY26 · standalone

4.7 vs 51.6x5Y avg

EV/EBITDA

4.8x

Q1 FY26 · standalone

4.8 vs 98.1x5Y avg

EBITDA MARGIN

60.3%

TTM · standalone

+31.0 ppYoY

NET PROFIT MARGIN

63.6%

Q3 FY26 · standalone

+116.5 ppYoY

DEBT TO EQUITY

0.1x

Q2 FY26 · standalone

+0.02xYoY

Peers · Realty

CompanyMkt CapP/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Garnet Construction Ltd.GARNET
₹74 Cr3.663.17142.4%60.3%18.9%23.8%+15.4%
Suratwwala Business Group LimitedSBGLP
₹427 Cr9.198.46294.9%35.3%38.0%31.0%-34.1%
RDB Infrastructure and Power LimitedRDBIPL
₹342 Cr32.5624.7911.7%10.7%12.5%-56.0%
Nimbus ProjectsNIMBSPROJ
₹328 Cr-3.28-8.949760.3%-27.6%-31.7%-9.5%-18.2%
Ratnabhumi Developers LimitedRATNABHUMI
₹238 Cr75.6518.71-62.0%30.6%7.5%11.5%
National Standard (India) LimitedNATIONSTD
₹206 Cr-30.7%-94.1%

As of Q1 FY26

Financials