Subscribe for Garuda Construction and Engineering Ltd; KR Chokse

KR Chokse, Garuda Construction and Engineering Ltd

Garuda Construction and Engineering Limited, established in 2010, is a Mumbai-based infrastructure development company that specializes in civil construction, infrastructure development and engineering services. Over the years, the company has successfully executed various projects across sectors like residential, commercial and industrial construction. Garuda has developed a robust reputation for its expertise in delivering end-to-end solutions, from planning and designing to execution and maintenance. The company’s portfolio includes large-scale projects, showcasing its capability in handling complex engineering and construction tasks with a focus on innovation, quality and timely delivery. As part of its growth strategy, Garuda continues to expand its presence across different regions in India, contributing to the country’s rapidly growing infrastructure sector.

Valuation and Outlook

The company’s strengths include its asset-light model, presence across multiple regions in India and a robust INR 14,083 Mn (as per RHP) spread across various sectors. This diverse portfolio ensures steady revenue and positions Garuda for further growth in India's infrastructure sector. Currently, Garuda trades at a PE ratio of 24.3x and an EV/EBITDA of 17.7x, slightly above peers like PSP Projects and Capacite Infraprojects. Given its solid financials, growing project portfolio, and proven track record, we recommend a "SUBSCRIBE" rating for the IPO.