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GARUDA CONSTRUCTION n ENG LTD (GARUDA)

Industrial Services · Engineering & Construction · figures to Nov '26

Divergence: business ahead of price (2 months)
Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.95 / 100
Profitability 91Balance sheet 100
Momentum scoreHow strong the recent trend is: 3-month price change, 12-month improvement in earnings and the rise in FII + DII holding, among companies above ₹500 cr.36 / 100
Price 13Earnings 82FII/DII 14

Passes these screensQuality CompounderDebt-light & profitableBusiness ahead of price

Compare withLARSEN AND TOUBROJSW INFRASTRUCTURERAIL VIKAS NIGAM

Share price

Closing priceAdjusted for splits and bonus issues.

₹153.91 latest close · −13.6% over the last 90 sessions

₹140₹160₹180₹200Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹140₹160₹180₹200Jul 3Sep 4Nov 9

₹153.91 month-end · −27.7% over 12 months

₹125₹150₹175₹200Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹125₹150₹175₹200Nov '25May '26Nov '26

₹153.91 month-end · +25.9% since Jun '25

₹150₹200Jun '25Sep '25Jan '26Apr '26Aug '26Nov '26 ₹150₹200Jun '25Mar '26Nov '26

52-week range ₹130.00 to ₹249.30 · 1-year volatility 51.5%

Was the rally earned?

-28%share price, 1 yearLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 55 points, but investors now pay less per rupee of profit (P/E 27.6x to 10.5x), which took 82 points back.
  • The share count rose 4%.
Net profit growth: +58 pts. Points of the price return explained by net profit growing (or shrinking).+58 ptsNet profit growthP/E change: −82 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−82 ptsP/E changeShare count change: −3 pts. Points of the price return explained by the share count changing. More shares count against the price.−3 ptsShare count changeShare price: −28%−28%Share priceNet profit growth: +58 pts. Points of the price return explained by net profit growing (or shrinking).+58ProfitP/E change: −82 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−82P/EShare count change: −3 pts. Points of the price return explained by the share count changing. More shares count against the price.−3SharesShare price: −28%−28%Share price
Net profit growth+58 ptsNet profit rose about 97%, which lifts the price.
P/E change-82 ptsThe P/E fell from 27.6x to 10.5x, which lowers the price.
Share count change-3 ptsShare count rose 4%, which lowers the price.
What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 3 years and 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with LARSEN AND TOUBRO

How rough has the ride been?

Maximum drawdown-45.2%not yet recovered
1-year volatility51.5%annualised
Beta vs sector index1.173-year daily, correlation 0.44
Volume spikes5last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%20252026−43.9% 0%−20%−40%20252026−43.9%
Largest drawdowns

-45.2% (2025-11 peak to 2026-03 low, not yet recovered)

-39.3% (2025-01 peak to 2025-05 low, recovered 2025-07)

-27.0% (2024-10 peak to 2024-11 low, recovered 2024-12)

Most recent volume spikes

2026-11-04: 6.7x the 50-day median, price +1.5% that day

2026-09-09: 5.4x the 50-day median, price -0.9% that day

2026-09-08: 41x the 50-day median, price +2.8% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Where does it rank among Industrial Services peers?

Each cell is the company's percentile rank among its Industrial Services peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

  • ROCE97th
  • Op. margin84th▲ 5 pts vs a year ago
  • Revenue growth94th
  • EPS growth90th
  • Debt/equity ↓91st▼ 7 pts vs a year ago
  • Cash cycle ↓82nd▲ 65 pts vs a year ago
  • P/E ↓64th▲ 37 pts vs a year ago
  • 12M momentum46th▼ 53 pts vs a year ago

Rank history

ROCE
Op. margin
Revenue growth
EPS growth
Debt/equity ↓
Cash cycle ↓
P/E ↓
12M momentum
Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26
Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Industrial Services sector page Watch it move against Industrial Services in the Observatory

What is the price implying?

~8%annual earnings growth implied by the price

At a P/E of 10.5x, the price would imply about 8.1%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Fewer than six years of annual earnings are available, which is too little to measure delivered growth.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Industrial Services The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹153.91
P/E
10.5x
ROCE
42.0%
Market Cap
₹1430 cr
Revenue (TTM)
₹580 cr
P/S
2.5x
P/B
3.1x
ROE
29.9%
Operating Margin
32.0%
Debt / Equity
0.0x
Promoter Holding
67.6%
12M Momentum
-27.7%

52-week range

₹130.00₹249.30
20% of the way from its 52-week low to its high

Price risk

1Y volatility
51.5%
Beta vs sector
1-year daily
1.03

Balance sheet & cash

Interest cover
operating profit ÷ interest
46.3x
Share count, 1Y
unchanged

Are profits backed by cash?

2 of 2checks within rangeAll clear
Other income reliance1%Within range

Other income as a share of pre-tax profit (trailing twelve months): 1.1%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate26%Within range

Median quarterly effective tax rate over about 2.5 years: 25.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion—Not enough data

Not enough reported data to compute this.

Free cash flow—Not enough data

Not enough reported data to compute this.

Receivable days vs history—Not enough data

Not enough reported data to compute this.

Capital work in progress—Not enough data

Not enough reported data to compute this.

Payable days—Not enough data

Not enough reported data to compute this.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

  • Over 2 years, FIIs trimmed 4.0 pts; DIIs trimmed 1.2 pts.
  • The number of shareholders rose from 44,236 to 49,675 (+12%) between Dec 2024 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '24Jun '26Change
Promoters67.6%67.6%0.0 pts
FIIs6.7%2.6%-4.0 pts
DIIs1.4%0.2%-1.2 pts
Public and others24.3%29.6%+5.2 pts

Number of shareholders

49,675shareholders+12% since Dec '24
43k46k48k50k Dec '24Jun '25Dec '25Jun '26
Dec '24: 44,236
Mar '25: 44,150
Jun '25: 43,469
Sep '25: 48,818
Dec '25: 49,387
Mar '26: 49,607
Jun '26: 49,675
 43k46k48k50k Dec '24Jun '25Dec '25Jun '26
Dec '24: 44,236
Mar '25: 44,150
Jun '25: 43,469
Sep '25: 48,818
Dec '25: 49,387
Mar '26: 49,607
Jun '26: 49,675

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

−7.0%typical 12-month return vs the marketNot meaningfully different from the base rate
  • We found 50 past situations where a non-financial company looked like GARUDA CONSTRUCTION n ENG LTD today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
  • Over the following 12 months the middle half of them returned −31% to +26% vs the market, against −2% for all non-financial companies in the same months.
  • The gap against the base rate (−5.5%, 80% range −14.6% to +7.5%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
NURECA · Apr 2022: −73.9% vs market
ALLETEC · Aug 2025: −62.5% vs market
APTECHT · Oct 2023: −52.8% vs market
RBMINFRA · Aug 2025: −50.3% vs market
DOLATALGO · Mar 2022: −47.7% vs market
IGPL · Jul 2022: −40.5% vs market
BEPL · Nov 2021: −36.6% vs market
RUPA · May 2022: −35.8% vs market
EMSLIMITED · Jul 2025: −35.2% vs market
GEOJITFSL · Mar 2022: −32.8% vs market
MARKSANS · Aug 2021: −31.2% vs market
FOCUS · Jun 2024: −31.2% vs market
MANALIPETC · Feb 2022: −30.9% vs market
DRCSYSTEMS · Jul 2025: −30.4% vs market
ADOR · Jun 2024: −29.2% vs market
COCHINSHIP · Dec 2020: −29.2% vs market
SJLOGISTIC · Aug 2025: −24.0% vs market
SANOFI · Aug 2024: −18.1% vs market
NUCLEUS · Jun 2024: −17.8% vs market
ACCELYA · Oct 2023: −16.5% vs market
TVTODAY · May 2021: −14.9% vs market
TIRUMALCHM · Nov 2022: −12.4% vs market
KOPRAN · Oct 2021: −11.6% vs market
EXCELINDUS · Feb 2020: −10.5% vs market
EXPLEOSOL · Nov 2022: −8.3% vs market
MPSLTD · Sep 2021: −5.6% vs market
LIKHITHA · Nov 2023: −1.9% vs market
GOLDIAM · Dec 2022: −0.6% vs market
SYSTANGO · May 2024: +3.6% vs market
MAITHANALL · Jul 2022: +8.6% vs market
ARROWGREEN · Aug 2025: +9.5% vs market
ZENTEC · Jun 2020: +11.1% vs market
SAHANA · Oct 2025: +11.7% vs market
VINSYS · Aug 2024: +14.2% vs market
CAPLIPOINT · Apr 2021: +15.5% vs market
HINDOILEXP · May 2020: +15.9% vs market
STEELCAS · Dec 2023: +18.8% vs market
ACCENTMIC · Dec 2024: +28.1% vs market
ANTELOPUS · Jul 2025: +30.3% vs market
PANAMAPET · Feb 2022: +31.6% vs market
ALLDIGI · Nov 2020: +32.9% vs market
GANDHITUBE · Apr 2022: +36.3% vs market
RHIM · Jan 2021: +48.0% vs market
AUTOAXLES · May 2020: +55.5% vs market
RSYSTEMS · May 2021: +57.6% vs market
JAMNAAUTO · Apr 2020: +64.5% vs market
INDOTECH · Oct 2025: +70.6% vs market
PRIMESECU · Mar 2021: +77.2% vs market
SEAMECLTD · Nov 2020: +80.3% vs market
MOLDTECH · Apr 2021: +81.2% vs market
Similar setups −7.0%All companies −1.5%← worse than the marketbetter than the market →

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months

Similar setups' median
−7.0%
All companies' median
−1.5%
Beat the market
44% vs 48%

50 past situations · 50 companies · 31 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
ARROWGREEN
Process Industries		 Aug 2025 14x53% −29%−45% +10%
MARKSANS
Health Technology		 Aug 2021 12x38% +55%−25% −31%
EXCELINDUS
Process Industries		 Feb 2020 6x38% −35%−45% −11%
ZENTEC
Technology Services		 Jun 2020 7x32% −31%−32% +11%
NUCLEUS
Technology Services		 Jun 2024 20x32% +32%−18% −18%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
GEOJITFSL
Finance		 Mar 2022 13x26% +24%−35% −33%
EXPLEOSOL
Technology Services		 Nov 2022 16x36% −3%−32% −8%
GOLDIAM
Consumer Durables		 Dec 2022 14x29% −19%−33% −1%
How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, drawdown from 12-month high and size. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 5 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to GARUDA CONSTRUCTION n ENG LTD. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

FeatureWeightNon-financialFinancial
P/E1yesyes
P/S1yes—
P/B1—yes
ROCE1yes—
operating margin1yes—
ROE1—yes
debt/equity0.75yes—
interest cover0.5yes—
revenue growth0.75yesyes
12-month momentum1yesyes
drawdown from 12-month high0.75yesyes
size0.75yesyes
volatility0.5yesyes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

  • One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
  • Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
  • Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
  • Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
  • Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

ARROW GREENTECHARROWGREEN
Process Industries
74%similar
volatilitypromoter holding
INDOSOLARWAAREEINDO
Producer Manufacturing
67%similar
revenueROCE
SAFE ENTERPRISES RETAILSAFEENTP
Miscellaneous
65%similar
ROCEpromoter holding
JINDAL POLY INVESTMENT & FINJPOLYINVST
Finance
64%similar
ROCEdebt/equity
SAKSOFTSAKSOFT
Technology Services
64%similar
promoter holdingmarket cap
DENTA WATER AND INFRA SOLDENTA
Industrial Services
53%similar
debt/equityP/E
JINDAL DRILLING & INDUSTRIES LJINDRILL
Industrial Services
46%similar
volatilitymarket cap
GE POWER INDIAGVPIL
Industrial Services
41%similar
debt/equitypromoter holding

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

14 events since Nov '24

  1. NovPriceVolume reached 6.7x its 50-day median on 2026-11-04; price +1.5% that day.
  2. AugPriceVolume reached 44.8x its 50-day median on 2026-08-10; price +7.8% that day.
  3. JunPriceVolume reached 49.8x its 50-day median on 2026-06-23; price +11.1% that day.
  4. MarPriceFell 45% from the Nov 2025 peak to the Mar 2026 low.
  5. JanPriceVolume reached 44.6x its 50-day median on 2026-01-13; price +17.9% that day.
  6. NovPriceVolume reached 15.8x its 50-day median on 2025-11-04; price +5.0% that day.
  7. JulPriceRegained the 2025-01 peak, 2 months after the low.
  8. JulPriceVolume reached 63.6x its 50-day median on 2025-07-18; price +12.4% that day.
Show 6 earlier events
  1. JunPriceVolume reached 11.4x its 50-day median on 2025-06-05; price +12.1% that day.
  2. MayPriceFell 39% from the Jan 2025 peak to the May 2025 low.
  3. JanPriceVolume reached 12.0x its 50-day median on 2025-01-08; price +3.3% that day.
  4. DecPriceRegained the 2024-10 peak, 1 month after the low.
  5. DecPriceVolume reached 24.3x its 50-day median on 2024-12-19; price +10.9% that day.
  6. NovPriceFell 27% from the Oct 2024 peak to the Nov 2024 low.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history18 months · 2025-06 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1110.5x₹580 cr29.9%42.0%0.0x
2026-109.3x₹580 cr29.9%42.0%0.0x
2026-0911.9x₹580 cr29.9%42.0%0.0x
2026-0813.0x₹530 cr26.8%42.0%0.0x
2026-0713.1x₹530 cr26.8%42.0%0.0x
2026-0613.6x₹530 cr26.8%42.0%0.0x
2026-0515.2x₹463 cr31.9%—0.0x
2026-0414.8x₹463 cr31.9%—0.0x
2026-0311.6x₹463 cr31.9%—0.0x
2026-0219.2x₹385 cr25.9%—0.0x
2026-0116.7x₹385 cr25.9%—0.0x
2025-1220.9x₹385 cr25.9%—0.0x
2025-1127.6x₹316 cr20.8%—0.0x
2025-1028.1x₹316 cr20.8%—0.0x
2025-0924.0x₹316 cr20.8%—0.0x
2025-0837.0x₹226 cr15.1%—0.0x
2025-0731.8x₹226 cr15.1%—0.0x
2025-0620.9x₹226 cr15.1%—0.0x

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

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