Goel Construction Company Limited's Board of Directors, at its meeting held on May 18, 2026, approved the audited standalone financial results for the half year and full year ended March 31, 2026. The meeting commenced at 05:00 p.m. (IST) and concluded at 06:30 p.m. (IST). Statutory auditor M/s Ravi Sharma & Co., Chartered Accountants (Firm Registration No.: 015143C), issued an audit report with an unmodified opinion on the results pursuant to Regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company also issued a press release highlighting its strong order book, balance sheet position, and business outlook.

Financial Performance: Full Year FY26 vs FY25

The company delivered a robust financial performance for the year ended March 31, 2026. Revenue from operations rose to ₹65,729.65 lakhs from ₹58,998.45 lakhs in the previous year, while total income increased to ₹66,527.83 lakhs from ₹59,434.35 lakhs. Net profit for the year stood at ₹4,625.83 lakhs, compared to ₹3,832.25 lakhs in FY25. The following table summarises the key financial metrics for the full year:

Half Year Performance: H2 FY26

For the half year ended March 31, 2026, the company reported revenue from operations of ₹41,191.95 lakhs and total income of ₹41,656.00 lakhs. Profit before tax for the period stood at ₹3,976.43 lakhs, with net profit at ₹2,949.48 lakhs. This compares to revenue from operations of ₹31,782.03 lakhs and net profit of ₹2,155.29 lakhs for the half year ended March 31, 2025. Basic and diluted EPS for the half year ended March 31, 2026 was ₹21.05. On a year-on-year basis, H2 FY26 revenue from operations grew 30%, while PAT margin improved by 38 bps YoY to 7.2%. Adjusted EBITDA margin remained stable at 10.2% during H2 FY26, with EBITDA adjusted for LC commission charges of ₹3.33 Crs, which form part of a contractual arrangement with the customer and are included under finance cost in the reported financials as per Indian GAAP.

Order Book Highlights

Goel Construction's order book surged approximately 3x to ₹1,291 Cr as on March 31, 2026, from ₹438 Cr as on March 31, 2025, representing approximately 2x FY26 revenue and providing strong revenue visibility. FY26 order inflows exceeded ₹1,500 Cr, reflecting strong business momentum. The company also added a multinational cement company to its customer base during the period. The order book is diversified across Cement, Power, and Dairy sectors, as detailed below:

Balance Sheet Highlights as at March 31, 2026

The company's total assets expanded significantly to ₹45,501.60 lakhs as at March 31, 2026, compared to ₹26,509.41 lakhs as at March 31, 2025. Shareholders' funds grew to ₹25,406.54 lakhs from ₹13,158.82 lakhs, driven by an increase in reserves and surplus to ₹23,961.58 lakhs from ₹12,022.30 lakhs and share capital rising to ₹1,444.96 lakhs from ₹1,136.52 lakhs. The company maintains a strong balance sheet with negligible debt and cash reserves of ₹146 Cr. Net working capital requirement stood at only ₹11 Cr against FY26 revenue of ₹657 Cr, reflecting efficient working capital management. Customer advances increased to ₹117 Cr in FY26 from ₹42 Cr in FY25, supporting cash flow from operations. The company also received a maiden credit rating of CRISIL A-/Stable, reflecting its strong financial profile and business fundamentals.

Cash Flow Summary for FY26

For the year ended March 31, 2026, net cash flow from operating activities stood at ₹6,282.47 lakhs, compared to ₹3,833.51 lakhs in FY25. Net cash used in investing activities was ₹10,117.95 lakhs, while net cash generated from financing activities amounted to ₹4,455.47 lakhs, which includes proceeds from the fresh issue of equity of ₹7,548.87 lakhs. Cash and cash equivalents at the end of the year stood at ₹1,946.63 lakhs, up from ₹1,326.64 lakhs at the beginning of the year.

IPO Proceeds Utilisation

Goel Construction Company completed its initial public offering (IPO) on September 09, 2025, comprising 38,08,000 equity shares of face value ₹10/- at an issue price of ₹263/- per share, aggregating to ₹8,107.53 lakhs. The IPO included a fresh issue of 30,84,400 equity shares and an offer for sale of 7,23,600 equity shares. The utilisation of IPO proceeds as at March 31, 2026 is detailed below:

The unutilised IPO proceeds of ₹1,402.41 lakhs as on March 31, 2026 have been temporarily parked in fixed deposits and banks. The company noted that finance cost for FY26 includes LC discounting charges of ₹658.17 lakhs (nil in the previous year). All company activities revolve around civil construction contracts, and accordingly, segment reporting is not applicable.

Business Outlook

Goel Construction is exploring opportunities in steel plants and other heavy industrial plants while strengthening its presence in the power sector and other high-potential segments. The company is also expanding its integrated structural and mechanical works to provide end-to-end project execution solutions. Its strategic focus remains on margin improvement, operational efficiency, diversification of the order book, and maintaining a lean balance sheet with strong cash generation. The company has a track record of over 25 years, having completed 100 projects across 13 states, with its primary expertise in the construction of cement plants, power plants, dairy plants, and other industrial infrastructure.

Goel Construction Company Limited has submitted its Monitoring Agency Report for the quarter ended March 31, 2026, to BSE Limited, pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The report, prepared by Crisil Ratings Limited and dated April 29, 2026, provides an objective assessment of the utilisation of proceeds from the company's Initial Public Offering (IPO). The company, classified as an SME Listed Company, noted that it is voluntarily complying with the said regulations.

IPO Issue Details

The IPO of Goel Construction Company Limited was open for subscription from Tuesday, September 02, 2025, to Thursday, September 04, 2025, comprising an offer of equity shares. The gross proceeds from the fresh issue were revised during the quarter ended September 30, 2025, following undersubscription under the employee quota. Shares expected to be allotted at a discount under the employee quota were instead allotted to the retail category without discount, resulting in additional subscription of Rs 2.92 lakh. Consequently, the General Corporate Purposes (GCP) allocation was revised upward, and the net proceeds were adjusted accordingly.

Utilisation of IPO Proceeds

As at the end of the quarter ended March 31, 2026, a cumulative amount of Rs 6,705.12 lakh had been utilised out of the revised total of Rs 8,107.53 lakh. During the quarter under review, Rs 1,430.57 lakh was deployed across various objects. The following table summarises the progress in utilisation across each object of the issue:

The Monitoring Agency confirmed that proceeds were utilised towards capital expenditure, repayment of borrowings, and issue expenses, all in accordance with the disclosures in the Offer Document. No deviations from the stated objects were observed, and no shareholder approval for material deviations was required.

Key Notes on Capital Expenditure and Borrowing Repayment

During the quarter under review, the company procured machinery that differed from the specifications outlined in the Prospectus in terms of brand, vendor, and quoted price, owing to changes in prevailing market conditions and business requirements. The Monitoring Agency noted that this deployment of funds remained consistent with the company's stated objectives and in line with the Offer Document disclosures. The change in brand, quantity, and model was approved by the Board of Directors through resolutions dated September 8, 2025, and October 25, 2025.

With respect to borrowing repayment, Rs 312.13 lakh utilised during the reported quarter included reimbursement of loan instalments (comprising principal and interest) paid prior to the receipt of IPO proceeds, as well as reimbursement of repayments incurred from the company's current account during the previous quarter. These payments were confirmed to be in line with the objects of the issue as stated in the Prospectus, and the total amount was reimbursed from the monitoring account to the company's current account.

Deployment of Unutilised Proceeds

The remaining unutilised amount of Rs 1,402.41 lakh as at March 31, 2026, was deployed across fixed deposits with HDFC Bank and balances held in the monitoring and public issue accounts. The total market value of these investments stood at Rs 1,448.32 lakh, with cumulative earnings of Rs 41.59 lakh as on March 31, 2026.

The balance in the monitoring account as at March 31, 2026, stood at Rs 16.58 lakh, of which Rs 4.24 lakh represents interest earned on fixed deposits and Rs 12.34 lakh constitutes net proceeds. The company has indicated plans to utilise the remaining capital expenditure allocation and the residual issue expense amount in subsequent quarters.

Compliance and Certification

The Monitoring Agency Report was certified on the basis of a statutory auditor certificate dated April 16, 2026, issued by M/s Ravi Sharma & Co, Chartered Accountants (Firm Registration Number: 015143C). No delay in implementation of any object was reported. The General Corporate Purposes utilisation was confirmed to not exceed 15% of the total issue size or Rs 10 crore, whichever is lower, as required. The report was signed by Shounak Chakravarty, Director, Ratings (LCG), Crisil Ratings Limited, and the compliance filing was submitted to BSE Limited by Surbhi Maloo, Company Secretary & Compliance Officer (ACS No.: A55672), on May 13, 2026.