In 2025, India’s IPO market continues to offer opportunities for investors seeking exposure to the infrastructure and construction sectors. Among the noteworthy upcoming issues is Goel Construction Co. Ltd., which presents an opportunity to participate in a well-established construction and infrastructure company.
Against this backdrop, the Goel Construction IPO is set to open on September 2, 2025. Here’s a detailed insight into the company, its IPO, and the industry outlook.
About Goel Construction Co. Ltd.
Incorporated in 1997, Goel Construction Company Limited (GCCL) is a construction and infrastructure company with a strong presence across multiple sectors. GCCL specialises in civil and structural works, including cement plants, power plants, dairy plants, hospitals, steel, pharmaceuticals, and institutional projects.
The company’s core strength lies in industrial and large-scale infrastructure projects, where it has built a reputation for timely delivery and reliable execution. Since its inception, GCCL has executed 19 projects with an aggregate contract value of ₹1,13,499.37 lakhs across several Indian states.
As of June 30, 2025, GCCL is executing 14 ongoing projects across eight states, supported by an order book of ₹59,660.28 lakhs, providing strong revenue visibility. The company has expanded its footprint to cover Rajasthan, Andhra Pradesh, Haryana, Gujarat, Chhattisgarh, Jharkhand, Madhya Pradesh, Odisha, Punjab, Maharashtra, Karnataka, and Uttar Pradesh.
To ensure efficient project execution, GCCL maintains a fleet of 202 equipment and machinery, including boom placers, transit mixers, excavators, tipper trucks, compactors, rollers, tower cranes, backhoe loaders, batching plants, and hydra cranes. The company employs 1,191 permanent staff members, including engineers, technical professionals, and project management specialists.
Competitive Strengths
- Strong project management and execution capabilities.
- Long-standing relationships across multiple sectors.
- Robust order book providing clear revenue visibility.
- Consistent track record of financial performance.
- Efficient management of a large fleet of machinery.
Goel Construction IPO Details
Goel Construction IPO is a book-built issue of ₹99.77 crores, comprising:
- Fresh issue: 0.31 crore shares aggregating ₹80.81 crores
- Offer for Sale: 0.07 crore shares aggregating ₹18.96 crores
IPO Timeline (Tentative)
| Event | Date |
| IPO Open Date | Tue, Sep 2, 2025 |
| IPO Close Date | Thu, Sep 4, 2025 |
| Tentative Allotment | Mon, Sep 8, 2025 |
| Initiation of Refunds | Tue, Sep 9, 2025 |
| Credit of Shares to Demat | Tue, Sep 9, 2025 |
| Tentative Listing Date | Wed, Sep 10, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Sep 4, 2025 |
Key IPO Details
| IPO Date | September 2, 2025 to September 4, 2025 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹249 to ₹262 per share |
| Lot Size | 400 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 38,08,000 shares (aggregating up to ₹99.77 Cr) |
| Reserved for Market Maker | 1,90,400 shares (aggregating up to ₹4.99 Cr) Choice Equity Broking Pvt.Ltd. |
| Fresh Issue (Ex Market Maker) |
28,94,000 shares (aggregating up to ₹75.82 Cr) |
| Offer for Sale | 7,23,600 shares of ₹10 (aggregating up to ₹18.96 Cr) |
| Net Offered to Public | 36,17,600 shares (aggregating up to ₹94.78 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,13,65,200 shares |
| Share Holding Post Issue | 1,44,49,600 shares |
Goel Construction IPO Reservation
| Investor Category | Shares Offered | % of Total |
| Market Maker | 1,90,400 | 5.00% |
| QIB | 17,70,000 | 46.48% |
| NII (HNI) | 5,31,600 | 13.96% |
| Retail | 12,40,000 | 32.56% |
| Employee | 76,000 | 2.00% |
| Total | 38,08,000 | 100% |
Lot Size Details
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 800 | ₹2,09,600 |
| Retail (Max) | 2 | 800 | ₹2,09,600 |
| S-HNI (Min) | 3 | 1,200 | ₹3,14,400 |
| S-HNI (Max) | 9 | 3,600 | ₹9,43,200 |
| B-HNI (Min) | 10 | 4,000 | ₹10,48,000 |
| Employee (Min) | 2 | 800 | ₹2,09,600 |
| Employee (Max) | 4 | 1,600 | ₹4,19,200 |
Promoter Holding
The promoters of GCCL include 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, and Mrs. Suman Goel.
| Promoter Holding Pre Issue | 97.70% |
| Promoter Holding Post Issue |
Goel Construction Financials
Financial Highlights (₹ Crores)
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 265.09 | 219.51 | 205.04 |
| Total Income | 594.34 | 388.79 | 272.94 |
| Profit After Tax | 38.32 | 22.64 | 14.30 |
| EBITDA | 57.91 | 36.29 | 23.41 |
| Net Worth | 131.59 | 93.27 | 70.62 |
| Reserves & Surplus | 120.22 | 92.23 | 69.59 |
| Total Borrowing | 28.71 | 30.51 | 28.51 |
Key Performance Indicators
The market capitalisation of Goel Construction IPO is ₹378.58 Cr.
| KPI | Value |
| ROCE | 33.69% |
| Debt/Equity | 0.22 |
| RoNW | 34.09% |
| PAT Margin | 6.50% |
| EBITDA Margin | 9.81% |
| Price to Book Value | 2.26 |
| EPS (Pre IPO) (Rs) | ₹33.72 |
| EPS (Post IPO) (Rs) | ₹26.52 |
| P/E (Pre IPO) (x) | 7.77 |
| P/E (Post IPO) (x) | 9.88 |
Objects of the Issue
| S.No | Purpose | Expected Amount (₹ Cr) |
| 1 | Capital expenditure towards purchase of additional equipment and fleets | 41.74 |
| 2 | Repayment/prepayment of certain borrowings | 23.05 |
| 3 | General corporate purposes |
Goel Construction Industry Outlook
- India’s infrastructure and construction sector continues to expand, driven by industrial, energy, and institutional projects.
- Government initiatives such as smart city projects, industrial corridors, and infrastructure spending are boosting demand for construction services.
- GCCL’s expertise across multiple states positions it to capture growth opportunities across cement plants, power plants, dairy facilities, and institutional construction.
- A strong order book ensures revenue visibility and mitigates short-term demand fluctuations.
Goel Construction IPO: Peer Comparison
For investors considering Goel Construction Company Ltd, it’s also useful to evaluate its key peers in the construction and infrastructure space. Leading companies such as Power Mech Projects Ltd, Suntech Infra Solutions Limited, and Ahluwalia Contracts (India) Limited offer insights into project execution, financial performance, and growth strategies within the sector. Comparing these companies alongside Goel Construction can provide a clearer perspective for making informed investment decisions.
Conclusion
Goel Construction IPO presents an attractive investment opportunity in a company with a strong execution track record, robust order book, and pan-India presence. Investors seeking exposure to the infrastructure and industrial construction space may consider this IPO, keeping in mind potential risks such as project delays, sector-specific regulatory hurdles, and competition in civil and industrial construction.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
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