Mumbai-based Garuda Construction and Engineering Limited has reported a near-doubling of quarterly profit and a more than doubling of full-year revenue in FY26, cementing its position as one of the fastest-growing mid-sized construction and engineering companies in India’s listed infrastructure space.
All figures in the P&L are in lakhs — converting to crore throughout. Revenue from operations for Q4FY26 came in at ₹149.05 crore, up 84.15% year on year from ₹80.94 crore in Q4FY25 and up 6.42% sequentially from ₹140.05 crore in Q3FY25. Total income for the quarter was ₹148.64 crore against ₹81.69 crore a year ago — the marginal reduction in total income versus revenue reflects a negative other income of ₹0.41 crore in Q4FY26, compared to positive other income of ₹0.76 crore in Q4FY25.
EBITDA for Q4FY26 came in at approximately ₹48 crore — up 99.2% year on year from ₹24.10 crore in Q4FY25 — with EBITDA margin expanding 240 basis points to 32.2% from 29.8% a year ago. The margin expansion reflects operating leverage from higher project execution volumes and a favourable mix of construction work in the quarter. Profit before tax stood at ₹46.76 crore against ₹24.40 crore in Q4FY25 — a 91.6% year-on-year increase. After a net tax charge of ₹12.34 crore, net profit for Q4FY26 came in at ₹34.42 crore against ₹18.04 crore in Q4FY25 — a 90.8% year-on-year increase. No exceptional items were recognised in the quarter.
For the full year FY26, Garuda Construction posted revenue from operations of ₹530.72 crore — up 135.8% from ₹225.03 crore in FY25, a more than doubling of the topline in a single financial year. Full-year profit before tax was ₹164.17 crore against ₹66.85 crore in FY25 — a 145.6% increase — while net profit was ₹122.54 crore against ₹49.80 crore — a 146.1% year-on-year jump. Full-year total expenses rose to ₹369.79 crore from ₹159.92 crore in FY25, with construction expenses of ₹203.23 crore and cost of materials consumed of ₹144.92 crore comprising the bulk of the cost base.
The full-year revenue surge from ₹225 crore to ₹531 crore in a single year indicates a step-change in project execution capacity rather than organic linear growth — likely reflecting the commissioning of new project contracts won in FY25 and the ramp-up of existing project sites. Finance costs for the full year remained low at ₹2.70 crore against ₹1.01 crore in FY25, indicating a largely debt-light operating model — a constructive signal for a capital-intensive construction business.
Garuda Construction, which listed on Indian exchanges in 2024, operates in construction and engineering services across residential, commercial, and infrastructure segments. The company’s Bandra Kurla Complex registered office and its Mumbai-centric operations have positioned it as a beneficiary of Maharashtra’s sustained construction and infrastructure investment cycle.
The 32.2% EBITDA margin for Q4FY26 is notably high for a construction and engineering company — a sector where margins typically range 10-15% for EPC contractors and 15-20% for project management and engineering-focused businesses — and will be a key monitorable in subsequent quarters to assess sustainability as the project mix evolves and the revenue base scales further.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Please consult a SEBI-registered financial advisor before making investment decisions.