Goel Construction's shares hit the upper circuit as soon as they were listed on the BSE SME platform on September 9. The shares, which were priced at ₹263 in the IPO, reached ₹317.60 today, providing investors with a profit of 20.76%.
Goel Construction IPO Listing: The shares of Goel Construction, a construction and infrastructure company, made a b debut on the BSE SME platform on September 9. After listing at ₹302.50, the shares, which were priced at ₹263 in the IPO, surged to an upper circuit of ₹317.60, resulting in a listing gain of 20.76% for investors. The company plans to utilize the funds raised from the IPO for debt reduction, new capital projects, and general corporate purposes.
IPO Received Tremendous Response
The IPO of Goel Construction was open for subscription from September 2 to September 4, 2025, and received an overwhelming response from investors, overall subscribing 124.34 times. The Qualified Institutional Buyers' portion was subscribed 124.20 times, Non-Institutional Investors' portion 224.80 times, Retail Investors' portion 88.61 times, and Employees' portion 1.01 times.
Fresh shares worth ₹81.12 crore were issued under the IPO. Additionally, 7,23,600 shares were sold through the Offer for Sale window, providing liquidity to shareholders. Out of the funds raised from the fresh issue, ₹23.05 crore will be used for debt reduction, ₹41.74 crore for capital expenditure, and the remaining funds for general corporate purposes.
Company's Presence and Business Operations
Goel Construction was established in 1997. The company operates in various sectors of construction and infrastructure, including cement plants, dairies, hospitals, steel, power plants, pharmaceuticals, and institutional projects.
The company's operations span across Rajasthan, Andhra Pradesh, Haryana, Gujarat, Chhattisgarh, Jharkhand, Madhya Pradesh, Odisha, Punjab, Maharashtra, Karnataka, and Uttar Pradesh. It possesses 202 pieces of equipment and machinery, including boom placers, transit mixers, excavators, tipper trucks, rollers, tower cranes, backhoe loaders, batching plants, and Hydra cranes.
Company's Financial Performance
Goel Construction has demonstrated consistent financial strength. In FY 2023, the company's net profit stood at ₹14.30 crore. This increased to ₹22.64 crore in the subsequent fiscal year, FY 2024, and further rose to ₹38.32 crore in FY 2025.
The company's total income has also grown at a compounded annual growth rate (CAGR) of over 48%, reaching ₹594.34 crore. During this period, the company's debt burden has eased. At the end of FY 2023, the debt was ₹28.51 crore, which stood at ₹30.51 crore in FY 2024 and reduced to ₹28.71 crore in FY 2025.
Reserves and surplus have also seen continuous growth. At the end of FY 2023, reserves were ₹69.59 crore. This increased to ₹92.23 crore in FY 2024 and reached ₹120.22 crore by the end of FY 2025.
Opportunity for Investors
The IPO and share listing have provided early gains to investors. Furthermore, it presents an opportunity for new investors to benefit in the long term due to the company's b financial position and project expansion plans.
The company's reduced debt, increased reserves, and consistent growth in total income indicate a robust business health for Goel Construction, thereby boosting investor confidence and strengthening the company's market position.
