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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Working capital requirements
Funding the company's ongoing working capital needs.
General corporate purposes and unidentified acquisitions
General corporate purposes, including funding for unidentified inorganic acquisitions.
Issue-related expenses
Covering expenses associated with the offer itself.
(₹ in Crore)
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Garuda Construction and Engineering Limited is a civil construction company incorporated in September 2010 that provides comprehensive construction services across residential, commercial, industrial, infrastructure and hospitality projects. The company specialises in concrete and steel structures along with mechanical, electrical and plumbing (MEP) work, handling projects from conceptual design through to completion. The company runs an asset-light operating model, relying on third-party vendors for much of its construction equipment fleet rather than owning a large equipment base itself, which supports cost efficiency and reduces the capital tied up in machinery. Its order book has grown to over Rs 1,400 crore as of the date of its offer document, spread across projects in the Mumbai Metropolitan Region, Arunachal Pradesh, Karnataka, Rajasthan and Punjab. Garuda is controlled by promoter Pravinkumar Brijendra Kumar Agarwal along with promoter entities PKH Ventures Limited and Makindian Township Private Limited. Revenue and profit have shown some year-to-year variability typical of a project-based construction business, and while the company has reported strong return ratios, it has also disclosed periods of negative operating cash flow and continues to rely significantly on external working capital to fund its projects.
The company raised about Rs 75 crore from anchor investors ahead of the issue opening, allotting roughly 79 lakh shares at the upper price band of Rs 95 per share, across seven investors. Participants included AG Dynamic Funds, Trust Mutual Fund, Maybank Securities, North Star Opportunities Fund, Resonance Opportunities Fund, Bridge India Fund and Cognizant Capital Dynamic Opportunities Fund.
Source: RHP • Analysis provided for informational purposes
Last Updated: 14 July 2026, 5:30 AM
Asset-light execution model
The company leans on third-party vendors for much of its construction equipment rather than owning a large fleet, which keeps its capital base lean and supports cost efficiency.
Sizeable order book
An order book of more than Rs 1,400 crore at the time of filing gives the company reasonable medium-term revenue visibility.
Broad project experience
The company has executed residential, commercial, industrial, infrastructure and hospitality projects, spreading its exposure across property types rather than relying on one segment.
Negative operating cash flow history
The company has reported periods of negative cash flow from operations, which can strain liquidity and limit financial flexibility.
Exposure to unrelated joint venture partners
A majority of ongoing projects involve unrelated third parties, exposing the company to risks of partner non-performance, project delays or disputes.
High trade receivables relative to revenue
Trade receivables have run well above annual revenue in recent periods, which can signal collection risk and working-capital strain.
Garuda Construction and Engineering Limited
201, A Wing, Fortune 2000 C-3 Block, Bandra Kurla Complex, Bandra (East), Mumbai 400051
View on Maps →MUFG Intime India Private Limited
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Promoter-group track record concern
A company under the same promoter group previously withdrew its own IPO after a weak investor response, which is worth factoring into an assessment of the group's public-market track record.
Richly priced relative to recent earnings
On an annualised recent-earnings basis, the issue was viewed by some analysts as priced at the higher end for the sector, leaving less room for valuation re-rating.