BSE: 526727
GARNET CONSTRUCTION LTD.
Builds residential and commercial real estate projects, recognising revenue under Ind AS 115 on delivery of units rather than on construction progress. FY26 revenue from operations reached Rs 8,282.41 lakhs with a clean audit opinion from statutory auditor Shankarlal Jain & Associates LLP. The cost shape shows materials at 8.4% of revenue, employee costs at 4.4%, and other operating expenses — the largest single line — at 11.1%, with depreciation at 0.6% and capex at 2.7%. Trade receivables grew by Rs 3,858.95 lakhs in FY26, pushing operating cash flow into negative territory despite reported profit. Inventories fell from Rs 6,500 lakhs to Rs 5,062 lakhs as units were handed over. Equity capital is Rs 13.90 crore across 1.39 crore shares of Rs 10 face value; the registered office is in Andheri West, Mumbai. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Residential and commercial real estate development. Small-cap, project-driven real estate developer with lumpy revenue tied to unit deliveries under Ind AS 115
Exhibit 1: Financial summary, FY19–FY19 (all audited; no estimate years)
| ₹ crore · consolidated | FY19 |
|---|---|
| Revenue | 7 |
| EBITDA (ex other income) | 1 |
| margin % | 17.1 |
| Owners' profit | (0) |
| EPS, as reported (₹) | 0.59 |
| ROE % · ROCE % | 1.1 · 1.6 |
| Debt / equity (x) | 0.38 |
| Cash from operations | — |
| Capex | — |
Exhibit 2: Quarterly performance, last 4 quarters
| ₹ crore | Q4 FY19 | Q1 FY20 | Q2 FY20 | Q3 FY20 |
|---|---|---|---|---|
| Revenue | 0 | 2 | 7 | 34 |
| Profit before tax | 0 | 0 | 1 | 26 |
| Net profit | 0 | 0 | 0 | 18 |
| EPS (₹) | 0.00 | 0.04 | 0.37 | 13.22 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| KESAR INDIA LIMITED | 3,089 | 82.0 | 12.40 | 67.0 | 12.0 | 15.2 | — | 26.9 |
| MEGHNA INFRACON INFRA L | 1,460 | 215.4 | 54.28 | 143.3 | 20.8 | 33.9 | — | 15.3 |
| India Homes Limited | 1,015 | — | 27.41 | — | (31.0) | (17.8) | — | — |
| B-RIGHT REALESTATE LIMITED | 954 | 26.6 | — | — | — | 19.2 | — | — |
| SHRADDHA PRIME PROJECTS L | 666 | 11.9 | 4.88 | 11.3 | 39.1 | 20.2 | — | 16.1 |
| YOGI LTD. | 656 | 31.5 | 4.61 | 25.6 | 14.9 | 15.6 | — | 5.1 |
| HAZOOR MULTI PROJECTS LTD | 409 | 5.5 | 0.66 | 3.1 | 6.8 | 5.8 | — | 86.5 |
| RDB INFRASTRUCTURE AND POWER L | 340 | 17.3 | 1.28 | 21.5 | 4.7 | 5.7 | 16.3 | 23.7 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 3.3 | 17.4 | 6 of 61 | 92% |
| P/B | 0.9 | 1.1 | 31 of 70 | 57% |
| ROCE | 0.7 | 1.9 | 57 of 88 | 36% |
| ROE | 0.7 | 1.6 | 45 of 73 | 39% |
| Debt / Equity | 0.3 | 0.3 | 44 of 73 | 40% |
| EBITDA margin | 78.1 | 15.3 | 8 of 59 | 88% |
| Market cap | 62 | 30 | 30 of 88 | 67% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Routine RTA compliance certificate filed for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · Garnet Construction 34th AGM: all 4 resolutions passed with near-unanimous votes | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Garnet Construction 34th AGM: All 4 resolutions passed with near-unanimous support | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Garnet Construction holds 34th AGM, four resolutions tabled | board shareholder meetings | medium | — | — |
| 28 Sept 2026 · Trading window closed for designated persons ahead of Q2 results | compliance | minimal | — | — |
| 22 Sept 2026 · Garnet Construction 34th AGM on Sep 30, 2026; MD reappointment on agenda | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Garnet Construction 34th Annual Report FY26; Profit jumps 5x to Rs 39.5 cr | compliance | medium | — | — |
| 5 Sept 2026 · Book Closure for AGM from 26 to 29 September 2026 | corporate actions | medium | — | — |
| 5 Sept 2026 · Garnet Construction 34th AGM on Sep 30, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 14 Aug 2026 · Garnet Construction posts Q1 FY27 net loss on revenue collapse | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.