Goel Construction Company IPO

About Goel Construction Company IPO

The IPO of Goel Construction Company Ltd comprises a fresh issue of up to 30,84,400 equity shares. It also has an offer for sale of 7,23,600 equity shares. The IPO is a 100% book-built issue. The price band is ₹250 to ₹262 and the lot size is 400. The IPO opens on September 2, 2025 and closes on September 4, 2025.

The listing date is on or before September 10, 2025 and the allotment date is on or before September 8, 2025. The credit of shares to the Demat account will take place on or before September 9, 2025, while the initiation of refund will take place on or before September 9, 2025.

Goel Construction Company Ltd is a construction contractor having experience in construction of industrial plants and infrastructure projects. Its primary focus and strength have been deeply rooted in construction of Cement Plant, Power Plant and Dairy Plant and other industrial plants.

Objectives of Goel Construction Company IPO

The company proposes to utilise the IPO proceeds to meet expenses for:

• Capital expenditure towards purchase of additional equipment and fleets
• Repayment / prepayment of certain outstanding borrowings availed by the company
• General corporate purpose

Industry Outlook

India's ambition to transform into a USD 26 trillion economy by 2023 and achieve a USD 5 trillion economy by 2025 underscores the urgent need for robust infrastructure development. The government's commitment to enhancing physical infrastructure is critical in facilitating economic activities, boosting productivity, and attracting investments across various sectors.

The Indian government has launched several initiatives aimed at bolstering infrastructure development. The Gati Shakti national master plan, with an investment of USD 1.3 trillion, aims to implement systemic reforms in infrastructure, enhancing efficiency and reducing costs. Additionally, programs like "Smart Cities Mission" and "Housing for All" are directly driving demand for infrastructure projects, facilitating urban development and improving living standards.

The infrastructure construction industry in India is poised for significant growth, driven by a combination of government initiatives, economic aspirations, demographic changes, and the need for sustainable development. As these demand drivers continue to evolve, they will play a crucial role in shaping the future landscape of India's infrastructure sector.

Company Information

Goel Construction Company Ltd is a construction contractor having experience in construction of industrial plants and infrastructure projects. Its primary focus and strength has been deeply rooted in construction of Cement Plant, Power Plant and Dairy Plant and other industrial plants.

Its focus is on delivering construction services, ensuring quality, timely execution and adherence to project specifications. Its understanding of industrial construction requirements of its clients, its commitment to safety, and the ability to manage complex projects, fosters long term relationships with its clients.

Strengths of Goel Construction Company IPO

• Project management and execution capabilities
• Long standing relationships with customer
• Strong order book providing revenue visibility
• Strong and consistent financial performance
• Effective management of equipment and fleet
• Experienced promoters, directors and management team

Risks of Goel Construction Company IPO

• Exposure to implementation risks in ongoing projects
• Order book may not reflect actual future results
• Inability to secure project work orders may affect operations
• Risk of high fixed and operating costs from equipment and fleet
• Liability claims from service defects may adversely impact business

Anchor Investor Bidding Date

Bidding for anchor investors will take place on September 1, 2025.

IPO Registrar and Book Running Lead Manager

• IPO Registrar: MUFG Intime India Pvt Ltd
• Book Running Lead Manager: Srujan Alpha Capital Advisors LLP

Business Model

Goel Construction Company Ltd is a construction contractor having experience in construction of industrial plants and infrastructure projects. The company’s construction work can be majorly classified in the following customer segments:

• Cement Plant: The services include civil construction of Clinekerization and Grinding unit, which includes pre-heaters, cement mill, packing plant, silos, and other allied structures for both greenfield and brownfield projects.

• Power Plant: The company undertakes civil structural and architectural works of Balance of Plant (BOP) including Coal handling plant, water treatment system, ash handling plant, silos, chimney, cooling tower & water systems and other related works.

• Dairy Plant: It undertakes the construction of dairy and allied product facilities, including Cattle Feed Plants (CFP), with end-to-end procurement and construction services, ensuring compliance with food-grade standards.

• Other industrial plants: It includes civil construction services offered to steel and other industrial projects.

Company Growth Trajectory

The revenue from operations of Goel Construction Company Ltd grew from ₹270.7321 crores in FY 23 to ₹589.9845 crores in FY 25. EBITDA margin grew from 8.65% in FY 23 to 9.81% in FY 25, while net profit margin grew from 5.28% in FY 23 to 6.50% in FY25. Long standing relationships with customers coupled with a strong order book has helped the company grow over the years.

Market Position

In 1997, Goel Construction Company Ltd initiated business operations in Rajasthan, with an initial focus on institutional and infrastructure projects. In 2001, it broadened its scope by including construction of industrial plants. During the early stages, it primarily undertook smaller-scale projects or participated as sub-contractors in larger, more complex projects.

The company has successfully expanded its geographical footprint, with a presence in the states of Rajasthan, Andhra Pradesh, Haryana, Gujarat, Chhattisgarh, Jharkhand, Madhya Pradesh, Odisha, Punjab, Maharashtra, Karnataka and Uttar Pradesh.

How to Check Allotment Status of Goel Construction Company IPO?

1. Visit the Registrar’s Website

• Visit the website of MUFG Intime India Pvt Ltd
• Choose ‘Public Issues’ from Investor Services dropdown
• Choose the name of the company from ‘Select Company’ dropdown
• Enter any of these - PAN Number, Application Number, DP/Client ID, Account Number / IFSC
• Click on Submit to check the status

2. Check on the Bombay Stock Exchange Website

The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to the BSE website and find the 'Investor Services' tab. Under 'Investors Services', click on 'Status of Issue Application'. This will take you to the IPO allotment status page. On the BSE IPO page, follow these steps:

• Choose the Issue Type
• Select the Issue Name from dropdown
• Put in either your application number or PAN number
• Check the box ‘I’m not a robot’
• Click on ‘Search’ to know allotment status

How to Apply for the Goel Construction Company IPO?

• Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.