---
title: "Gammon India Ltd (GAMMONIND) — Share Price, Financials & Analysis"
symbol: "GAMMONIND"
company: "Gammon India Ltd"
canonical: "https://tapetide.com/stocks/GAMMONIND"
isin: "INE259B01020"
nse_symbol: "GAMMONIND"
bse_code: "509550"
sector: "Industrials"
industry: "Construction"
generated_at: "2026-09-13T19:36:49.152Z"
---

# Gammon India Ltd (GAMMONIND)

Canonical page: https://tapetide.com/stocks/GAMMONIND

## Company

- **NSE Symbol:** GAMMONIND
- **BSE Code:** 509550
- **ISIN:** INE259B01020
- **Sector:** Industrials
- **Industry:** Construction
- **Macro Sector:** Industrials
- **Stock Type:** EQUITY
- **Face Value:** ₹2
- **F&O Eligible:** No
- **Website:** gammonindia.com

## About

Gammon India is one of the largest infrastructure companies in India with several multifarious civil engineering projects to its credit. Broadly, its specific segments of specialisation in infrastructure are transportation, power projects, transmission & distribution, structural designs, irrigation projects, ground engineering & water supply. Having established its leadership in construction and turnkey projects, it is also accredited with expertise in roads, flyovers and bridges. Besides its large scale of operations in the Construction and Infrastructure domain, Gammon has a dominant presence in energy business in which it operates in the hydro, nuclear and thermal power segments- having Indias first second generation nuclear power plant in Kalapakkam to its credit. Gammons projects cover businesses and projects involving highways, public utilities, environmental engineering and marine structures. Gammons expertise also covers the design, ?nancing, construction and operation of modern bridges, ports, harbours, thermal & nuclear power stations, viaducts, dams, high-rise structures, chemical & fertiliser complexes and metro rail, both on a Built-OperateTransfer (BOT) basis as well as contract execution.(Source : 202103 Annual Report Page No:66)

## Latest Price

## Key Insights

### Strengths

- Debtor days have improved from 179 to 117 days.

### Weaknesses

- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 11.6% over past five years.
- Promoter holding is low: 11.6%
- Contingent liabilities of Rs.871 Cr.
- Promoters have pledged 84.8% of their holding.
- Company's cost of borrowing seems high

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | -27% | -7% | -21% |
| revenue growth | 53% | -6% | 12% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 17 | 15 | 25 | 7 | 7 | 5 | 49 | 1 | 11 | 2 | 80 | 2 |
| Expenses | 74 | -53 | 604 | 42 | -24 | 141 | -29 | 4 | 6 | 4 | 15 | 25 |
| Operating Profit | -57 | 69 | -580 | -35 | 31 | -136 | 78 | -2 | 4 | -2 | 65 | -23 |
| OPM % | -334 | 448 | -2358 | -477 | 438 | -2735 | 160 | -157 | 41 | -134 | 81 | -1053 |
| Other Income | 1 | 52 | 94 | 7 | 92 | -91 | 26 | 127 | 6 | 3 | -27 | 1 |
| Interest | 286 | 293 | 275 | 288 | 296 | 304 | 306 | 318 | 327 | 346 | 341 | 349 |
| Depreciation | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | -343 | -173 | -761 | -316 | -174 | -532 | -203 | -194 | -317 | -346 | -303 | -372 |
| Tax % | 0 | 0 | 51 | 0 | 0 | 0 | -16 | 0 | 0 | 0 | 4 | 0 |
| Net Profit | -343 | -173 | -1146 | -316 | -174 | -532 | -171 | -194 | -317 | -346 | -314 | -373 |
| EPS in Rs | -8.08 | -4.59 | -31.31 | -8.55 | -4.69 | -14.39 | -4.44 | -5.23 | -8.59 | -9.36 | -8.46 | -10.02 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 727 | 984 | 86 | 55 | 28 | 115 | 72 | 68 | 94 | 95 |
| Expenses | 603 | 1155 | 147 | 115 | 344 | 217 | 655 | 130 | 29 | 51 |
| Operating Profit | 123 | -170 | -60 | -61 | -316 | -102 | -584 | -62 | 65 | 44 |
| OPM % | 17 | -17 | -70 | -111 | -1136 | -88 | -814 | -91 | 69 | 46 |
| Other Income | -896 | -417 | 136 | 28 | 14 | 163 | 133 | 34 | 109 | -17 |
| Interest | 786 | 687 | 695 | 753 | 873 | 967 | 1130 | 1194 | 1332 | 1363 |
| Depreciation | 46 | 13 | 11 | 9 | 4 | 2 | 2 | 2 | 2 | 2 |
| Profit before tax | -1605 | -1288 | -631 | -795 | -1179 | -908 | -1583 | -1224 | -1159 | -1338 |
| Tax % | 0 | 1 | 0 | 0 | 0 | -1 | 24 | -3 | 1 | — |
| Net Profit | -1599 | -1296 | -631 | -795 | -1181 | -897 | -1969 | -1192 | -1170 | -1349 |
| EPS in Rs | -41.98 | -32.74 | -17.04 | -21.15 | -31.6 | -25.07 | -53.18 | -32.07 | -31.65 | -36.43 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 74 | 74 | 74 | 74 | 74 | 74 | 74 | 74 | 74 | 74 |
| Reserves | -474 | -2241 | -3449 | -4386 | -5248 | -6571 | -8242 | -10355 | -11608 | -13166 |
| Borrowings | 8149 | 5750 | 5329 | 5430 | 572 | 572 | 256 | 100 | 76 | 68 |
| Other Liabilities | 3985 | 2225 | 2611 | 3300 | 8802 | 9664 | 10738 | 11414 | 12578 | 14164 |
| Total Liabilities | 11734 | 5809 | 4564 | 4419 | 4199 | 3739 | 2827 | 1233 | 1119 | 1140 |
| Fixed Assets | 3248 | 607 | 444 | 430 | 419 | 413 | 406 | 405 | 403 | 402 |
| CWIP | 829 | 10 | 3 | 2 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 1121 | 1204 | 855 | 752 | 764 | 578 | 134 | 20 | 31 | 18 |
| Other Assets | 6536 | 3988 | 3262 | 3235 | 3017 | 2748 | 2287 | 808 | 685 | 721 |
| Total Assets | 11734 | 5809 | 4564 | 4419 | 4199 | 3739 | 2827 | 1233 | 1119 | 1140 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 169 | 210 | 363 | -9 | 8 | -2 | -23 | -1 | 23 | 0 |
| Cash from Investing Activity | -31 | 71 | 130 | 6 | 7 | 0 | 12 | -1 | 2 | 20 |
| Cash from Financing Activity | -283 | -353 | -520 | 1 | -10 | 1 | 12 | 0 | -25 | -17 |
| Net Cash Flow | -145 | -72 | -27 | -2 | 4 | -1 | 1 | -2 | 0 | 3 |
| Free Cash Flow | -34 | 197 | 377 | -5 | 12 | 1 | -21 | -1 | 23 | 0 |
| CFO/OP | -46060 | 184 | -219 | 11 | -8 | 0 | 24 | 0 | -40 | 16 |

### Ratios

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 110 | 100 | 58 | 234 | 366 | 726 | 99 | 166 | 255 | 117 |
| Inventory Days | 1967 | 2698 | 2551 | 16126 | 22211 | 27938 | 3545 | 495 | 33 | 294 |
| Days Payable | 316 | 374 | 656 | 3214 | 4722 | 5642 | 1071 | 715 | 478 | 2492 |
| Cash Conversion Cycle | 1760 | 2423 | 1953 | 13146 | 17855 | 23022 | 2572 | -54 | -190 | -2081 |
| Working Capital Days | -307 | -2710 | -2343 | -30359 | -53594 | -116472 | -31778 | -57691 | -67520 | -54741 |
| ROCE % | 0 | 7 | -6 | 4 | — | — | — | — | — | — |

## Shareholding Pattern

### annual

| Category | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 13.06% | 12.25% | 11.54% | 11.54% | 11.54% | 11.54% | 11.54% | 11.55% | 11.55% | 11.55% | 11.55% | 11.55% |
| FIIs | 0% | 0.27% | 0.04% | 0.04% | 0.04% | 0.04% | 0.04% | 1.16% | 1.16% | 1.16% | 0.04% | 0.04% |
| DIIs | 67.52% | 65.7% | 63.76% | 63.65% | 63.65% | 63.65% | 63.65% | 62.54% | 62.54% | 62.54% | 62.54% | 61.55% |
| Government | 0% | 0% | 0.12% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 19.41% | 21.78% | 24.53% | 24.77% | 24.77% | 24.77% | 24.77% | 24.77% | 24.77% | 24.78% | 25.89% | 26.88% |
| No. of Shareholders | 41101 | 44503 | 42709 | 42709 | 42691 | 42747 | 42687 | 42653 | 42617 | 42579 | 42558 | 26240 |

### Quarterly

| Category | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 11.55% | 11.55% | 11.55% | 11.55% | 11.55% | 11.55% | 11.55% | 11.55% | 11.55% | 11.55% | 11.55% | 11.55% |
| FIIs | 1.16% | 1.16% | 1.16% | 1.16% | 1.16% | 1.16% | 1.16% | 1.16% | 1.16% | 1.16% | 0.04% | 0.04% |
| DIIs | 62.54% | 62.54% | 62.54% | 62.54% | 62.54% | 62.54% | 62.54% | 62.54% | 62.54% | 62.54% | 62.54% | 61.55% |
| Public | 24.79% | 24.77% | 24.77% | 24.77% | 24.77% | 24.77% | 24.78% | 24.78% | 24.77% | 24.77% | 25.89% | 26.88% |
| No. of Shareholders | 42648 | 42634 | 42617 | 42605 | 42605 | 42592 | 42579 | 42578 | 42568 | 42563 | 42558 | 26240 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Buy
- **Buy / Neutral / Sell:** 11 / 6 / 2

### Moving Averages — summary: **Strong Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 982.46 | Buy |
| EMA (10) | 986.27 | Buy |
| SMA (20) | 997.17 | Buy |
| EMA (20) | 988.89 | Buy |
| SMA (50) | 974.45 | Buy |
| EMA (50) | 962.48 | Buy |
| SMA (100) | 888.4 | Buy |
| EMA (100) | 859.95 | Buy |
| SMA (200) | 588.93 | Buy |
| EMA (200) | 668.34 | Buy |

### Oscillators — summary: **Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 52.31 | Neutral |
| MACD (12,26,9) | -0.58 | Sell |
| Stochastic (14,3,3) | 61.81 | Neutral |
| ADX (14) | 23.55 | Neutral |
| Williams %R (14) | -23.38 | Neutral |
| ATR (14) | 42.35 | High Volatility |
| ROC (12) | 1.07 | Buy |
| Stoch RSI (14) | 80.71 | Sell |
| UO (7,14,28) | 57 | Neutral |

## Filings & Documents

### Exchange Filings & Announcements

| Date | Document |
| --- | --- |
| 2026-09-10 | [Intimation Under Regulation 30 Of SEBI (Listing Obligation And Disclosure Requirement) Regulation 2015 For Resignation Of Independent Director Mr. Vishwas Madhusudan Joglekar (DIN- 11145778) Due To His Pre-Occupation In Social Service Activity.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=34bd2969-ce2f-48c3-a26d-9d3c7eb94678.pdf) |
| 2026-09-10 | [Announcement under Regulation 30 (LODR)-Change in Management](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=36328114-9161-4cd3-a4bc-3b192d7868a1.pdf) |
| 2026-08-30 | [Pursuant To Regulation 44 (3) Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations 2015 (The Listing Regulations) - Voting Results And ScrutiniserS Report For The 104Th Annual General Meeting (AGM) Of](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=7c9d1b6f-918c-4aaa-8bf4-c09e15c9a2e8.pdf) |
| 2026-08-29 | [Shareholder Meeting / Postal Ballot-Outcome of AGM](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=30672ef6-c51f-4c3a-b84f-bb39329d619f.pdf) |
| 2026-08-13 | [Newspaper Advertisement - Disclosure Under Regulation 30 And 47 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=b89c76db-3467-4d1f-a425-6a288f38220f.pdf) |
| 2026-08-10 | [Board Meeting Outcome for Outcome Of Board Meeting Held On 10Th August 2026 Pursuant To Regulation 30 And Regulation 33 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=3ed8b355-fca1-4f1e-bdc3-bcf63a9a179f.pdf) |
| 2026-08-10 | [Outcome Of Board Meeting Held On 10Th August 2026 Pursuant To Regulation 30 And Regulation 33 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=ee451ecb-7651-4172-871a-1c1ae2d69e01.pdf) |
| 2026-08-06 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=6723e825-957a-43cb-a3fb-86f2ba71c3b7.pdf) |
| 2026-08-06 | [Integrated Annual Report For FY 2025-26 And Notice Of The 104Th Annual General Meeting Of Gammon India Limited.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=de100562-c017-45e0-9aa1-908762dff048.pdf) |
| 2026-08-06 | [Notice Of The 104Th Annual General Meeting Of Gammon India Limited.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=bb3c6ac6-ce2b-4ba3-8fd6-47c383ed564f.pdf) |

### Other Documents

| Date | Document |
| --- | --- |
| 8 May - Mr. Kashi Nath Chatterjee ceased as Independent Director on 2 May 2026 after completing tenure. | [Intimation Under Regulation 30 Of The SEBI (LODR) Regulations, 2015, For Completion Of Tenure Of Mr. Kashi Nath Chatterjee (DIN: 09160384) As Independent Director Of The Company 8 May - Mr. Kashi Nath Chatterjee ceased as Independent Director on 2 May 2026 after completing tenure.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/234f1032-b50b-4b74-9ca1-1aa75084f163.pdf) |
| 5 Apr 2024 - Disclosure of loan defaults and outstanding debts. | [Disclosures By Listed Entities Of Defaults On Payment Of Interest/ Repayment Of Principal Amount For Loans Including Revolving Facilities Like Cash Credit From Banks / Financial Institutions 5 Apr 2024 - Disclosure of loan defaults and outstanding debts.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/f4b7c2eb-9c91-4f4c-a142-425717be4b28.pdf) |
| 5 Apr 2024 - Disclosure of loan defaults and outstanding debts. | [Disclosures By Listed Entities Of Defaults On Payment Of Interest/ Repayment Of Principal Amount For Unlisted Debt Securities I.E. Ncds And NCRPS 5 Apr 2024 - Disclosure of loan defaults and outstanding debts.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/a0ead644-ea7b-480b-81cf-83e816edcdb1.pdf) |
| 4 Apr 2024 - Gactel Turnkey Projects admitted for insolvency resolution. | [Intimation Under Regulation 30 Of The SEBI (LODR) Regulations, 2015 - Admission Of Gactel Turnkey Projects Limited For Corporate Insolvency Resolution Process 4 Apr 2024 - Gactel Turnkey Projects admitted for insolvency resolution.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/acd8415a-9d5d-4082-869f-b6f693a80f42.pdf) |
| 30 Apr - Gammon India says SEBI large corporate disclosure rules don't apply for FY26-27. | [Non-Applicability Of SEBI Circular SEBI/HO/DDHS/CIR/P/2018/144 Dated November 26, 2018 (As Amended From Time To Time) In Respect Of Fund Raising By Issuance Of Debt Securities By Large Corporates (LC). 30 Apr - Gammon India says SEBI large corporate disclosure rules don't apply for FY26-27.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/fec0d7d6-ae89-43c6-a36c-b6622cedddba.pdf) |
| 30 Apr - Gammon India says SEBI large corporate disclosure rules don't apply for FY26-27. | [Non-Applicability Of SEBI Circular SEBI/HO/DDHS/CIR/P/2018/144 Dated November 26, 2018 (As Amended From Time To Time) In Respect Of Fund Raising By Issuance Of Debt Securities By Large Corporates (LC). 30 Apr - Gammon India says SEBI large corporate disclosure rules don't apply for FY26-27.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/fec0d7d6-ae89-43c6-a36c-b6622cedddba.pdf) |
| 27 Mar - Trading window closed from 15 Apr 2026 until 48 hours after results for quarter/year ended 31 Mar 2026. | [Closure of Trading Window 27 Mar - Trading window closed from 15 Apr 2026 until 48 hours after results for quarter/year ended 31 Mar 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/19a511fb-8e33-4edd-a7eb-cfb781a12915.pdf) |
| 2 May 2024 - Resignation of Mr. Radhakrishnan Nair as Independent Director. | [Announcement under Regulation 30 (LODR)-Resignation of Director 2 May 2024 - Resignation of Mr. Radhakrishnan Nair as Independent Director.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=7add18f0-a26f-4ab4-bc39-dd14dceb4911.pdf) |
| 2 May 2024 - Resignation of Mr. Radhakrishnan Nair as Independent Director. | [Announcement under Regulation 30 (LODR)-Resignation of Director 2 May 2024 - Resignation of Mr. Radhakrishnan Nair as Independent Director.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/7add18f0-a26f-4ab4-bc39-dd14dceb4911.pdf) |
| 16 Apr 2024 - Tenure of Independent Director Mr. Dharmadhikari ended. | [Announcement under Regulation 30 (LODR)-Resignation of Director 16 Apr 2024 - Tenure of Independent Director Mr. Dharmadhikari ended.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/5032c863-7f60-4d4c-8af6-795decb32f17.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2012 from nse](https://archives.nseindia.com/annual_reports/AR_GAMMONIND_2011_2012_14092012090454.zip) |
| from nse | [Annual Report 2011 from nse](https://archives.nseindia.com/annual_reports/AR_GAMMONIND_2010_2011_08092011121516.zip) |
| from nse | [Annual Report 2010 from nse](https://archives.nseindia.com/annual_reports/AR_GAMMONIND_2009_2010_13062011100517.zip) |
| from bse | [Annual Report 2021 from bse](https://www.bseindia.com/bseplus/AnnualReport/509550/72140509550.pdf) |
| from bse | [Annual Report 2020 from bse](https://www.bseindia.com/bseplus/AnnualReport/509550/68047509550.pdf) |
| from bse | [Annual Report 2019 from bse](https://www.bseindia.com/bseplus/AnnualReport/509550/5095500319.pdf) |
| from bse | [Annual Report 2018 from bse](https://www.bseindia.com/bseplus/AnnualReport/509550/5095500318.pdf) |
| from bse | [Annual Report 2017 from bse](https://www.bseindia.com/bseplus/AnnualReport/509550/5095500317.pdf) |
| from bse | [Annual Report 2016 from bse](https://www.bseindia.com/bseplus/AnnualReport/509550/5095500316.pdf) |
| from bse | [Annual Report 2014 from bse](https://www.bseindia.com/bseplus/AnnualReport/509550/5095500914.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T19:36:49.152Z.