Globe Civil Projects
Book Building issueMainboardNSE₹119 Cr issue
+28.31%
Listing gain over issue price
Issue size
₹119 Cr
1 lot at cut-off
₹14,981
Lot size
211shares
Open
24 Jun 2025
Close
26 Jun 2025
Allotment
27 Jun 2025
Listing
01 Jul 2025
Listing performance
Issue price
₹71
Listed at
₹91.10
Listing-day close
₹94.72
Latest price
₹36.53
Close on 23 Oct 2026
Listing gain
+28.31%
Return since issue
-48.55%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 24 Jun 2025 – 26 Jun 2025
- Listing date
- 01 Jul 2025
- Face value
- ₹10 per share
- Issue price
- ₹71 per share
- Lot size
- 211 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹119 Cr
- Market cap at offer price
- ₹424 Cr
- Promoter holding
- 88.14% → 63.43% pre-issue → post-issue
- ISIN
- INE0V3U01015
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Mefcom Capital Markets Ltd.
- Registered office
- D-40, Okhla Industrial Area, Phase-I, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 50,28,168 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 211 shares per lot, in multiples, at ₹71
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 211 | ₹14,981 |
| Retail (max) | 13 | 2,743 | ₹1,94,753 |
| S-HNI (min) | 14 | 2,954 | ₹2,09,734 |
| S-HNI (max) | 66 | 13,926 | ₹9,88,746 |
| B-HNI (min) | 67 | 14,137 | ₹10,03,727 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
50,28,168
Anchor portion
₹35.70 Cr
at ₹71 per share
Valuation and performance
Valuation at offer price
₹71 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.58 | 3.97 |
| P/E (×) | 19.83 | 17.88 |
| Price to book (×) | 3.92 | — |
| Market cap | — | ₹424 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 19.80%
- ROCE
- 23.07%
- Debt / equity
- 1.60
- PAT margin
- 4.59%
- EBITDA margin
- 13.44%
- NAV per share
- ₹18.10
- Price to book
- 3.92
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Globe Civil Projects
Globe Civil Projects Limited is an Indian construction company incorporated in 2002 that executes turnkey construction projects primarily in the social and commercial infrastructure sector, with particular focus on educational institutions. The company also undertakes projects in railway terminals, roads and bridges, hospitals, sports infrastructure, housing, and commercial spaces. The company sources raw materials locally (TMT bars, cement, concrete, electrical items, tiles) from third-party suppliers, typically under short-term contracts. It executes projects on a turnkey basis, increasingly relying on sub-contractors for workforce, materials, and specialized work (MEP services, HVAC, fire-fighting, lifts, etc.). As of March 31, 2025, the company had 112 total employees and 1,361 contract labourers. Revenue from operations grew from ₹2,857.09 million in Fiscal 2022 to ₹3,321.62 million in Fiscal 2024, with geographic concentration in Delhi (66.07% of revenue in the nine months ended December 31, 2024), Uttar Pradesh (11.85%), and Karnataka (6.66%). The company derives 91.65% of construction project receipts from CPWD and PSU projects. Working capital requirements are significant, funded through bank borrowings and internal accruals.
Company Analysis
from RHPGlobe Civil Projects Limited executes turnkey construction projects across social and commercial infrastructure (primarily educational institutions), railways, hospitals, and residential sectors in India.
Globe Civil Projects Limited is an Indian construction company incorporated in 2002 that executes turnkey construction projects primarily in the social and commercial infrastructure sector, with particular focus on educational institutions. The company also undertakes projects in railway terminals, roads and bridges, hospitals, sports infrastructure, housing, and commercial spaces. The company sources raw materials locally (TMT bars, cement, concrete, electrical items, tiles) from third-party suppliers, typically under short-term contracts. It executes projects on a turnkey basis, increasingly relying on sub-contractors for workforce, materials, and specialized work (MEP services, HVAC, fire-fighting, lifts, etc.). As of March 31, 2025, the company had 112 total employees and 1,361 contract labourers. Revenue from operations grew from ₹2,857.09 million in Fiscal 2022 to ₹3,321.62 million in Fiscal 2024, with geographic concentration in Delhi (66.07% of revenue in the nine months ended December 31, 2024), Uttar Pradesh (11.85%), and Karnataka (6.66%). The company derives 91.65% of construction project receipts from CPWD and PSU projects. Working capital requirements are significant, funded through bank borrowings and internal accruals.
Objects of the Issue
- Funding working capital requirements of the Company p.66
- Capital expenditure towards purchase of construction equipment and machineries ₹142.55 million p.87
- Funding working capital requirements of our Company ₹750.00 million p.148
- Capital expenditure towards purchase of construction equipment/machineries ₹142.55 million p.150
- General corporate purposes p.161
- Not disclosed in this section of the document
Issue Structure
Business Model
The company generates revenue through execution of turnkey construction projects on fixed-price or escalation-clause contracts awarded through competitive bidding or negotiation. Principal raw materials (TMT bars, cement, concrete, electrical items, tiles) are sourced from third-party suppliers under short-term contracts. Sub-contractors provide workforce, materials, and specialized construction work (MEP services, HVAC, fire-fighting, lifts, sewerage treatment plants). Revenue is recognized using the percentage of completion method. Costs of materials consumed were 21.69% of revenue from operations for the nine months ended December 31, 2024. Sub-contractor costs represented 54.65% of total expenses for the same period. The company also generates revenue from other sources including 'Other – trading' at 3.14% of revenue from operations.
Business Segments
Construction of educational buildings and related infrastructure including academic blocks, hostel blocks, residential blocks, and director residences for educational institutions
Construction of hospital facilities and medical infrastructure including emergency and trauma centres, OPD and OBG blocks
Construction of railway terminal infrastructure
Construction of road and bridge infrastructure
Construction of sports-related infrastructure facilities
Construction of residential housing projects
Construction of office buildings and other commercial structures
Execution of civil construction projects on an EPC basis for government entities and public sector undertakings, including building construction, infrastructure projects, and civil engineering works
Sale of construction materials including bitumen, steel, aggregates, cement and other materials
Development of social and commercial infrastructure projects including institutional construction
Development of transport and logistics infrastructure including roads, highways, railways, ports, and airports
Residential and housing construction projects
Commercial office space development and construction
Construction of academic blocks, hostel blocks, faculty housing, and other buildings for educational institutions including colleges, universities, IITs, and NITs
Construction of hospital buildings including academic blocks, administrative blocks, and health facilities
Construction of sports facilities including swimming pools and indoor sports centers
Construction of roads, bridges, and related transport infrastructure
Construction and major upgradation of railway stations and elevated railway terminals
Construction of residential housing and residential quarters for government and private clients
Construction of commercial office buildings for government and private sector clients
Trading of TMT steel and other construction materials. The company sources TMT steel for use in projects and sells surplus inventory to third-party contractors and traders
The company executes construction projects including design and engineering, procurement, construction, and maintenance of buildings, roads, bridges, railway infrastructure, metro rail works, and other civil engineering structures for government, semi-government, and private clients.
Civil construction contracts including item rate contracts, lump sum contracts, and project execution for government departments, local authorities and other parties
Purchase and trading of construction materials and goods
Construction of transport and logistics infrastructure projects
Construction of social and commercial infrastructure projects
Construction of housing projects
Construction of commercial office projects
Trading of construction materials, particularly TMT steel
Infrastructure and non-infrastructure project execution
Trading operations
SWOT Analysis
Strengths
- • Long-term contracts with price escalation clauses for principal raw materials(p.51)
- • Accredited as Class I Super Contractor with CPWD, pre-qualified to bid independently for projects up to ₹6,500 million(p.77)
- • Experienced in executing large, technically complex projects including educational and healthcare infrastructure(p.77)
- • Diversified geographic presence across 11+ states in India(p.54)
- • Significant order book primarily from government and PSU projects (91.65% in 9M FY25)(p.68)
- • Revenue growth of 71.95% CAGR in profit after tax from FY2022 to FY2024(p.67)
- • Strong order book and revenue growth trajectory(p.150)
- • Upgraded contractor classification enabling higher-value project eligibility(p.150)
- • Significant improvement in profitability(p.111)
- • Strategic ownership of modern equipment reducing operational dependencies(p.156)
- • Strong project management and execution capabilities with 37 completed projects and 13 ongoing projects across diverse segments(p.166)
- • Growing Order Book of ₹6,691.02 million as of March 31, 2025, with diversified project portfolio(p.166)
- • Strong and consistent financial performance with revenue CAGR of 7.82% and profit before tax CAGR of 72.92% from FY2022 to FY2024(p.166)
- • Experienced Promoters and management team with average 19 years of construction industry experience(p.166)
- • High EBITDA margins of 15.43% for the nine months ended December 31, 2024(p.169)
- • Strong Return on Net Worth of 17.82% for the nine months period ended December 31, 2024(p.169)
- • Class I Super Contractor accreditation with CPWD and pre-qualified for independent bidding up to ₹6,500 million(p.299)
- • Significant owned equipment base enabling rapid mobilization and competitive advantage in project execution(p.301)
- • Bulk purchasing power delivers cost advantages on principal raw materials like TMT bars(p.301)
- • Long operating history with major government clients including CPWD and multiple rail authorities(p.299)
- • Established project management systems with weekly tracking and reporting mechanisms(p.299)
- • Diversified project portfolio across infrastructure and non-infrastructure segments(p.453)
- • Consistent revenue growth from construction projects(p.453)
- • Improved profitability and operational efficiency in Fiscal 2024(p.477)
- • Strong order book providing revenue visibility(p.455)
Weaknesses
- • Extreme dependence on top 10 projects for revenue(p.50)
- • Rising sub-contractor cost dependency(p.37)
- • Low bid-to-award conversion rate(p.36)
- • Declining CPWD customer concentration but historical over-reliance(p.43)
- • High concentration in education institutions segment(p.36)
- • High dependence on sub-contractors with rising trend (54.65% of expenses in 9M FY25)(p.52)
- • Severe geographic concentration with 84.58% revenue from three states (Delhi, UP, Karnataka)(p.54)
- • High working capital requirements with borrowings of ₹1,379.69 million as at December 31, 2024(p.56)
- • Low debt service coverage ratio of 0.26 as at December 31, 2024(p.57)
- • Majority of assets uninsured (75.83% as at December 31, 2024)(p.79)
- • Recurring delays in payment of statutory dues including TDS, GST, provident fund(p.55)
- • Reliance on unsecured loans from promoters and directors (₹554.62 million as at 9M FY25) which may be recalled at any time(p.64)
- • Rising receivable turnover days from 47 days in FY22 to 150 days in 9M FY25(p.59)
- • High leverage and increasing finance costs(p.118)
- • Extended trade receivable cycles creating working capital pressure(p.114)
- • Historical delay in project commencement impacting revenue recognition(p.111)
- • No dividend history despite profits(p.105)
- • Capital intensive business model with high working capital requirements(p.150)
- • High Debt-to-Equity ratio of 1.38 as of December 31, 2024, indicating significant financial leverage(p.169)
- • Negative operating cash flows of (₹32.99) million for the nine months ended December 31, 2024(p.169)
- • High Net Working Capital Days of 148 days as of December 31, 2024, indicating working capital challenges(p.169)
- • Net Debt to EBITDA ratio of 3.38 as of December 31, 2024, indicating high debt burden relative to earnings(p.169)
- • Relatively lower total income of ₹2,567.37 million for nine months ended December 31, 2024 compared to larger peers(p.171)
- • Heavy concentration in government and PSU customer base with top customer (TCIL) representing 26.65% of FY2024 revenue(p.301)
- • Majority of assets have been uninsured for nine months ended December 31, 2024 and the last three Fiscals(p.304)
- • Small permanent workforce of only 122 employees as of March 31, 2025, requiring heavy reliance on temporary labor and subcontractors(p.305)
- • Industry prone to time and cost overruns which the Company has experienced in ordinary course of business(p.320)
- • High finance costs and debt burden(p.402)
- • Concentration in contractual business segment(p.407)
- • Customer concentration risk(p.400)
- • Significant working capital requirements(p.388)
- • Dependence on secured borrowings(p.399)
- • High dependence on a few large customers and contracts(p.455)
- • Significant reliance on sub-contractors for project execution(p.476)
- • High leverage with debt-to-equity ratio of 1.38(p.448)
- • Delays in project commencement affecting revenue realization(p.477)
- • Low debt service coverage ratio indicating repayment pressure(p.448)
- • Significant contingent liabilities from tax demands and service tax litigation(p.481)
- • Multiple ongoing litigations with substantial financial exposure(p.496)
- • High dependence on working capital financing through invoice discounting(p.490)
- • Substantial debt burden with high current borrowings relative to equity(p.489)
- • Negative operating cash flow in recent periods despite positive EBITDA(p.479)
- • Project-specific jeopardy due to government policy changes(p.483)
Opportunities
- • India's construction market expansion(p.30)
- • Upgraded pre-qualification status enabling larger contracts(p.45)
- • Diversification into specialized infrastructure and non-infrastructure(p.28)
- • Strategic focus on government infrastructure projects, particularly educational institutions and hospital buildings(p.54)
- • Record capital expenditure allocation for education sector at ₹1,286 Bn for FY2025-26 (12.80% increase)(p.93)
- • Planned geographic diversification beyond current three-state concentration(p.54)
- • Utilization of IPO proceeds for working capital requirements and capital expenditure for equipment/machinery(p.66)
- • Government infrastructure spending driving sector growth(p.150)
- • Eligibility for higher-value project tenders through completed track record(p.150)
- • Listing providing enhanced visibility and market access(p.148)
- • Expansion into PSU project execution with potential for higher security deposits(p.155)
- • Strong government focus on infrastructure with capital expenditure allocation of ₹11.21 trillion in Union Budget FY26, up 10.1% from previous year(p.181)
- • National Infrastructure Pipeline (NIP) with INR 111 trillion investment planned through 2030 across multiple infrastructure segments(p.192)
- • Bharatmala Pariyojana with 26,425 km of highways approved, of which 14,748 km (55.81%) to be executed under EPC mode(p.195)
- • Projected construction sector GVA growth of 5.8% CAGR between FY2025-30, expected to reach ₹20.7 trillion by FY2030(p.203)
- • Government initiatives like Smart Cities Mission, Pradhan Mantri Awas Yojana, and AMRUT scheme driving institutional and urban infrastructure development(p.197)
- • Dedicated Freight Corridor (DFC) projects spanning 3,360 route km with sanctioned cost of ₹814.59 billion(p.196)
- • Airport infrastructure expansion with plans to increase operational airports from 159 in 2024 to 220 by 2025, with government investing over ₹260 billion through AAI(p.208)
- • Railway modernization under Amrit Bharat Station Scheme with redevelopment of 508 railway stations at cost exceeding ₹244.70 billion(p.210)
- • Government shift from item-rate/percentage-rate to EPC projects offering higher value contract opportunities(p.301)
- • Intent to enhance bidding activity and increase presence in direct contracting project works(p.299)
- • Opportunity to develop pre-qualification credentials by executing diverse projects and building financial strength for larger bids(p.299)
- • Strategic alliance and joint venture capability to bid for larger projects beyond individual qualification limits(p.299)
- • Growing order backlog(p.400)
- • Expansion of trading business segment(p.407)
- • Leverage from joint ventures and associates(p.407)
- • Capacity to improve margins through operational efficiency(p.401)
- • Strong macroeconomic growth trajectory in India supporting construction demand(p.454)
- • Government infrastructure development initiatives and increased budgetary allocations(p.454)
- • Expansion into new geographic regions and market segments(p.453)
- • Growth in TMT steel trading business(p.453)
- • Substantial government infrastructure project pipeline(p.490)
- • Growing construction and infrastructure development across India(p.488)
Threats
- • Order Book cancellation or modification risk(p.37)
- • Demand dependent on government budgetary allocation(p.44)
- • Raw material supply and price volatility(p.50)
- • Trading segment volatility from TMT steel price fluctuations(p.47)
- • JV partner performance dependency(p.37)
- • Absence of long-term raw material supply contracts exposes company to price volatility and supply disruptions(p.51)
- • Heavy reliance on top 10 suppliers accounting for 45.64% of material costs(p.51)
- • Intense price competition from larger competitors with better financial resources and market position(p.66)
- • Highly dependent on government and PSU projects (91.65% of revenue) subject to policy changes and budget allocations(p.69)
- • International commodity prices (steel, copper) linked to construction material costs creating external price pressure(p.51)
- • Seasonal revenue variations with lower recognition in first half of financial year (April-September)(p.85)
- • Business adversely affected by severe weather conditions and monsoon season(p.85)
- • Risk of delays in government project execution due to administrative processes, land acquisition, and regulatory clearances(p.92)
- • Slowdown in economic growth in India could reduce infrastructure spending and construction activities(p.97)
- • Inflation risks with inability to pass on cost increases proportionally to customers(p.97)
- • Portfolio concentration in educational institutions segment (61.95% of revenue in 9M FY25) creates business concentration risk(p.92)
- • India's sovereign debt downgrade impacting borrowing costs and capital access(p.100)
- • Natural calamities disrupting construction operations(p.100)
- • Political instability and social unrest affecting the Indian economy(p.100)
- • Land acquisition policy uncertainty affecting project timelines(p.100)
- • Inadequate infrastructure limiting construction activity(p.100)
- • Global financial instability and market volatility(p.101)
- • Restricted access to capital due to global economic conditions(p.101)
- • Project execution delays due to land acquisition challenges, environmental and forest clearances(p.202)
- • Complex legal and regulatory framework with multiple approvals spanning pre-tendering to post-construction(p.202)
- • High cost overruns in infrastructure projects, with 449 projects experiencing total cost overrun of ₹5.01 lakh crore (18.65% over original estimates) as of March 2024(p.200)
- • Project delays affecting sector, with 637 projects facing delays as of March 26, 2025(p.201)
- • Cyclical nature of construction sector vulnerable to economic downturns and credit flow constraints(p.203)
- • Budget constraints of developers due to long gestation periods and declining revenue affecting project profitability(p.201)
- • Highly competitive and fragmented construction industry with numerous players possessing greater resources(p.304)
- • Market saturation in specific geographic areas could negatively impact operations(p.304)
- • Significant raw material price volatility beyond escalation clause coverage, including aluminum, UPVC, tiles, stones and glass(p.300)
- • Project eligibility and pre-qualification criteria set by government agencies restrict participation in major tenders(p.299)
- • Regulatory compliance requirements across multiple jurisdictions for environment, labor, and building codes(p.310)
- • Litigation and contingent liabilities(p.406)
- • Regulatory and tax compliance risks(p.406)
- • Cyclicality and volatility in construction projects(p.400)
- • Dependence on government contracts and approval processes(p.400)
- • Cash flow volatility and working capital management challenges(p.365)
- • Macroeconomic instability and slowdown in Indian economy(p.454)
- • Volatility in raw material prices and supply chain disruptions(p.454)
- • Intense competition from numerous larger and better-resourced competitors(p.456)
- • Seasonal and weather-related disruptions affecting construction activities(p.455)
- • Project delay and execution risks(p.454)
- • Regulatory and compliance risks in project execution(p.454)
- • Uncertainty regarding Amaravati Capital project viability(p.439)
- • Severe weather and seasonality impacts on construction operations(p.488)
- • Monsoon-related project delays and productivity restrictions(p.488)
- • Revenue concentration risk tied to government policy and funding(p.490)
- • Exposure to foreign exchange and input price volatility(p.488)
- • Criminal prosecution for workplace accident negligence(p.494)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ved Prakash Khurana | Promoter | — | — |
| Vipul Khurana | Promoter | — | — |
| Nipun Khurana | Promoter | — | — |
| Ved Prakash Khurana | Promoter | 13.44% | — |
| Nipun Khurana | Promoter | 37.35% | — |
| Vipul Khurana | Promoter | 37.35% | — |
| Vimal Khurana | Promoter Group | Negligible | — |
| Chanakya Opportunities Fund I | Investor | — | — |
| RPV Holdings Private Limited | Investor | — | — |
| Raj Family Trust | Investor | — | — |
| Harsh Pareshkumar Shah | Investor | — | — |
| Ved Prakash Khurana | Promoter | — | — |
| Nipun Khurana | Promoter | — | — |
| Vipul Khurana | Promoter | — | — |
| Ved Prakash Khurana | Promoter | 13.44% | — |
| Nipun Khurana | Promoter | 37.35% | — |
| Vipul Khurana | Promoter | 37.35% | — |
| Vipul Khurana | Promoter | 38.14% (as at 31st March 2024) | 37.35% (as at 31st December 2024) |
| Nipun Khurana | Promoter | 38.14% (as at 31st March 2024) | 37.35% (as at 31st December 2024) |
| Ved Prakash Khurana | Promoter | 13.72% (as at 31st March 2024) | 13.44% (as at 31st December 2024) |
| Vipul Khurana | Promoter | — | — |
| Nipun Khurana | Promoter | — | — |
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Globe Civil Projects IPO FAQs
What is the lot size of Globe Civil Projects IPO?
The minimum lot size of Globe Civil Projects IPO is 211 shares. One lot costs ₹14,981 at the cut-off price.
When does Globe Civil Projects IPO open and close?
Globe Civil Projects IPO opened for subscription on 24 Jun 2025 and closed on 26 Jun 2025.
What is the listing date of Globe Civil Projects IPO?
Globe Civil Projects IPO listed on 01 Jul 2025.