BSE: 539479
GTV Engineering Limited
Fabricates heavy engineering equipment for OEM customers in cement, thermal power, hydro power, steel, mining and infrastructure sectors, an activity it has been carrying out since 1978 from its facility in Mandideep, Bhopal. FY26 revenue was ₹101.52 crore, with materials accounting for 74% of revenue, the largest cost line. Profit after tax for FY26 came in at ₹14.22 crore, and the EBITDA margin was 19.88%; Q4 was hit by temporary labour and logistics constraints that deferred dispatches. The company is expanding into small hydro power generation by acquiring a 51% stake in Chirchind Hydro Power Private Limited (CHPPL), adding a new line alongside its existing fabrication business; CHPPL's subsidiary Shivalik Energy has become a step-down subsidiary. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Heavy engineering and fabrication, Small hydro power generation. Heavy engineering fabrication for industrial OEMs, diversifying into hydro power
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 77 | 96 | 121 | 103 | 102 |
| EBITDA (ex other income) | 1 | 3 | 5 | 16 | 18 |
| margin % | 1.9 | 2.7 | 4.5 | 15.7 | 18.1 |
| Owners' profit | 1 | 4 | 5 | 11 | 14 |
| EPS, as reported (₹) | 2.93 | 13.12 | 17.31 | 35.36 | 3.03 |
| ROE % · ROCE % | 3.4 · 5.5 | 13.2 · 15.1 | 14.9 · 19.0 | 23.4 · 32.2 | 23.3 · 31.0 |
| Debt / equity (x) | 0.22 | 0.24 | 0.48 | 0.24 | 0.12 |
| Cash from operations | (7) | (0) | 5 | 2 | 3 |
| Capex | (0) | (1) | (2) | (1) | (6) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 33 | 24 | 24 | 22 | 17 | 25 | 29 | 32 |
| Profit before tax | 2 | 2 | 6 | 6 | 3 | 5 | 8 | 4 |
| Net profit | 1 | 1 | 4 | 4 | 2 | 4 | 6 | 3 |
| EPS (₹) | 4.38 | 3.69 | 13.53 | 13.76 | 6.67 | 0.75 | 1.18 | 0.66 |
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. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,904 | 97.4 | 24.99 | 80.9 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 30,105 | 81.2 | 9.82 | 52.4 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 26,932 | 49.1 | 6.04 | — | 11.8 | 15.5 | — | 18.2 |
| JYOTI CNC AUTOMATION LTD | 21,121 | 65.7 | 10.55 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| KAYNES TECHNOLOGY IND LTD | 20,995 | 60.6 | 4.41 | 29.9 | 7.6 | 9.8 | — | 17.1 |
| LMW LIMITED | 17,483 | 100.1 | 6.10 | 56.6 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,085 | 459.6 | 3.84 | 39.1 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,360 | 48.5 | 7.34 | 50.4 | 11.7 | 11.5 | — | 15.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 1.7 | 26.7 | 3 of 130 | 98% |
| P/B | 1.2 | 3.1 | 24 of 112 | 79% |
| ROCE | 30.8 | 11.3 | 9 of 142 | 94% |
| ROE | 23.3 | 9.8 | 9 of 113 | 93% |
| Debt / Equity | 0.1 | 0.2 | 48 of 113 | 58% |
| EBITDA margin | 13.6 | 12.4 | 50 of 110 | 55% |
| Revenue growth | 42.7 | 20.6 | 29 of 114 | 75% |
| Profit growth | (27.6) | 17.1 | 79 of 109 | 28% |
| Market cap | 74 | 273 | 102 of 141 | 28% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · GTV Engineering Allots Bonus Shares in 2:1 Ratio | corporate actions | high | — | — |
| 7 Oct 2026 · RTA Compliance Certificate for September 2026 Quarter | compliance | minimal | — | — |
| 30 Sept 2026 · All 8 resolutions passed at 35th AGM with overwhelming shareholder support | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Trading window closure ahead of Q2 FY26 results | compliance | minimal | — | — |
| 29 Sept 2026 · GTV Engineering 35th AGM proceedings filed; voting results awaited | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Bonus Shares Record Date Set for October 7, 2026 at 2:1 Ratio | corporate actions | high | — | — |
| 19 Sept 2026 · Bonus Shares and Authorised Capital Hike Approved by Shareholders | board shareholder meetings | low | — | — |
| 19 Sept 2026 · Bonus Shares and Authorised Capital Increase Approved by Shareholders | board shareholder meetings | low | — | — |
| 7 Sept 2026 · GTV Engineering publishes 35th AGM notice in newspapers | compliance | minimal | — | — |
| 5 Sept 2026 · Annual Report FY 2025-2026 filed; 35th AGM on Sep 29, 2026 | compliance | minimal | — | — |
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.