Globe Civil Projects Limited

Q&A

Q1: Key Financial Highlights of Q1 FY27 Q: Could you please share the key highlights of the company’s financial performance for the first quarter of FY27 compared to the previous year?

A: On a consolidated basis, Globe Civil Projects reported a total income of 929.23 million for Q1 FY27, representing a growth of 37.26% year-on-year from 676.98 million in Q1 FY26. The EBITDA for the quarter stood at 15.80 crores, registering a growth of 33.03% compared to 11.88 crores in the corresponding quarter last year, with an EBITDA margin of 17.01%. Profit after tax (PAT) rose to 7.09 crores compared to 5.05 crores, representing a growth of 40.42% year-on-year, with a net profit margin of 7.63%.

Q2: Key Drivers Behind Q1 FY27 Revenue Growth Q: Revenue grew strongly in Q1 FY27. What were the primary factors behind this performance?

A: The primary driver was the execution of three major EPC projects awarded to us post-IPO: the Central University at Bathinda, the Haryana Cricket Association stadium, and Kanpur. Following our IPO, we achieved a consolidated order book milestone of 1,000 crores in August 2025. Since it typically takes 6 to 7 months for any newly won project to start and generate full revenue flow, these projects have now materialized and are driving our top-line growth.

Q3: Top Contributing Projects Q: Which specific projects contributed the most to the company's revenue during this quarter?

A: The NBCC project for the Central University at Bathinda contributed the most to our Q1 revenue. We successfully completed the structural work for this project well within the scheduled timeline.

Q4: Sustainability of EBITDA Margins Q: What is the company’s target EBITDA margin range for FY27, and do you believe these margins are sustainable?

A: Our EBITDA margin for Q1 stood at approximately 17%, which is a very healthy margin in our industry. We expect to maintain similar margins for the rest of the year, and as we scale up to execute larger projects, there is potential for these margins to improve. We are highly confident that these margins are sustainable over the next couple of years.

Q5: Revenue Growth Outlook from the Existing Order Book Q: How much revenue growth is the company targeting for the full year of FY27 from its existing order book?

A: From our existing projects, we expect to achieve a top-line growth of 10% to 15%. We are currently running at an execution pace of 30 to 40 crores per month, which places us on track to achieve another 300 to 350 crores in revenue. Since the maximum revenue in construction is traditionally realized during the fourth quarter, we are confident in hitting these growth figures.

Q6: Target Order Book and Inflow Milestones Q: Can you provide an update on your current order book and your targets for new order inflows over the next few quarters?

A: Our current order book stands at around 700 crores. We aim to maintain an order book that is at least 3 times our turnover, and are targeting to achieve an order book of at least 1,200 crores within the next three quarters. Specifically, we expect to secure another 400 to 500 crores in projects within the next 3 to 4 months. We have already bidded for tenders worth approximately 800 crores that are in line for opening, and we continue to actively bid for 2 to 3 projects every month.

Q7: Criteria for Selecting and Bidding on Projects Q: What key parameters does the management evaluate before deciding whether to bid for a new project?

A: First, we evaluate whether it is a Central or State Government project, as Central Government projects generally have superior fund availability, which leads to faster payment rotation and better profitability. We rarely do state government projects, with Delhi being the main exception. Second, we evaluate the competitive landscape. We selectively bid for projects with restricted eligibility criteria where there are only 5 to 6 competitors, such as our recent Patna tender, rather than highly crowded spaces like NHAI projects which often attract 12 to 15 bidders. This selective bidding approach helps us protect our healthy margins.

Q8: Business Segments with Highest Growth Potential Q: Which business segments represent the highest growth potential for Globe Civil Projects over the coming years?

A: Our primary focus and largest revenue generator is the institutional segment, particularly education and health projects. We have built strong capabilities working on educational campuses such as NITs, Central Universities (like in Punjab and Tamil Nadu), and IIMs (such as IIM Visakhapatnam), alongside hospital colleges. Additionally, we are heavily betting on sports infrastructure. Having executed smaller sports projects of 50 crores, our ongoing 200 crore stadium project will establish the necessary eligibility to target much larger sports infrastructure projects in the future.

Q9: Progress of the Jhajjar International Cricket Stadium Project Q: What is the current status of the Jhajjar International Cricket Stadium project, and how much has it contributed to your financials so far?

A: To date, the cricket stadium project has contributed approximately 30 to 35 crores in total revenue. The project experienced some initial delays due to pending statutory approvals. However, construction has scaled up rapidly since March. We successfully completed the critical basement raft-work before the rainy season began in June to prevent any disruptions, and we expect to fully complete this project within the next 15 months.

Q10: Order Book Concentration and Repeat Clients Q: Given the size of your projects, is your order book highly concentrated? Also, does the company have repeat clients?

A: Yes, since we selectively focus on 11 to 12 active projects, our top 5 projects contribute approximately 70% of our total turnover. We have a very strong track record of repeat business with prestigious clients. CPWD has been our client for 20 years, and we are currently working on our 5th or 6th project with NBCC. We also have repeat institutional clients like Delhi Public School (DPS)—where we are executing two projects and expecting to participate in two more—and IIT Delhi, where we recently won a 100 crore order after previously executing another project for them.

Q11: Simultaneous Project Execution Capability and Scaling Q: What is the company’s current capability in terms of managing multiple projects simultaneously, and can you scale revenue without a substantial increase in fixed costs?

A: We are currently executing 11 to 12 projects across India and have the operational capability to manage 10 to 15 projects simultaneously. In terms of project values, we are eligible for individual projects up to 500 crores under normal criteria, and up to 650 crores under CPWD criteria. With our current organizational setup, we can easily scale our turnover to 500 or 600 crores without any significant increase in our fixed costs.

Q12: Managing Working Capital, Trade Receivables, and Inventory Q: We noticed an increase in trade receivables and inventory in March 2026. What were the specific reasons for this, and what is the status of payment realizations?

A: Our receivables increased because a large portion of our billing was concentrated in the fourth quarter of FY26, including the completion of two projects at the NIT campus and our NBCC Aligarh project. Final and pre-final bill reconciliations at the end of a project naturally take some time to process, but there is no safety risk on government project funds. We expect to clear the Aligarh project billing by September 15th and close the telecommunication projects by September 30th. Regarding inventory, we proactively procured large quantities of materials like tiles and metals in February and March due to price volatility triggered by the war situation, which shielded us from inflation and supported our strong execution in Q1.

Q13: Stance on Availing Mobilization Advances Q: Does the company utilize mobilization advances for starting new projects to optimize cash flow?

A: While almost all of our projects include a clause allowing us to take a mobilization advance of up to 10% against bank guarantees, we have not availed them so far, including on our Bathinda project. Because these are interest-bearing advances, and since we currently have sufficient internal funds to execute our projects, we choose to execute using our own funds. We retain the option to draw on these advances at a later stage if our project requirements change.

Q14: Geographic Footprint and Regional Expansion Q: What is your expansion strategy regarding geographic presence, and have you targeted any new states recently?

A: Our strategy is to expand nationally and not restrict ourselves only to North India. We have recently built and bid for projects in new states where we had not previously worked, such as Tamil Nadu, Bihar, Andhra Pradesh (Visakhapatnam), and Maharashtra (Nagpur). This allows us to selectively bid for high-margin, prestigious projects across the country to support our growth targets while maintaining our EBITDA margins.

Strategic Outlook

1. The company sees strong revenue visibility over the next 2–3 years, supported by its order pipeline and repeat business from marquee government and institutional clients.
2. Expansion into West Bengal and Odisha is a key priority, alongside strengthening its presence in existing markets to capture opportunities from India's growing infrastructure investment cycle.
3. Globe Civil plans to invest ₹14.26 cr in new machinery, strengthen its workforce and adopt advanced project-management tools to improve execution efficiency, quality and timely delivery.
4. Increasing bid capacity and pre-qualification eligibility remains a priority, allowing the company to target larger projects and participate in higher-value opportunities either independently or through joint ventures.
5. Government infrastructure remains a core growth driver, with government projects accounting for 64.75% of the order book as of March 31, 2025, providing exposure to sustained public infrastructure spending.
6. Management remains focused on sustainable revenue growth in FY26-27, supported by execution efficiency, selective bidding, healthy margins and a strong order pipeline.

Business Strategy

1. Globe Civil follows an integrated EPC execution model covering business development, tendering, pre-qualification, design, procurement, construction and project handover, enabling greater control across the project lifecycle.
2. The company focuses on government-led infrastructure projects, particularly in education and healthcare, leveraging increased infrastructure spending under initiatives such as NIP, NMP and Gati Shakti.
3. Globe Civil is expanding its geographical footprint beyond its existing presence across 11 states, with plans to enter West Bengal and Odisha while deepening its presence in existing markets through local teams and supplier networks.
4. The company aims to enhance its pre-qualification and bidding capacity, enabling it to independently pursue larger and higher-value projects, while using joint ventures where required to qualify for opportunities.
5. Strategic alliances and joint ventures are being used to expand market access, share project risks and combine complementary capabilities; the company had formed six joint ventures as of March 31, 2026.
6. Globe Civil follows selective bidding to maintain a healthy margin profile while focusing on efficient execution, timely project delivery and disciplined project management.

Key Highlights

1. Globe Civil Projects is a New Delhi-based EPC and infrastructure development company with over two decades of experience, executing institutional, public infrastructure and commercial projects across India.
2. The company has completed 37 projects and is currently managing 13 ongoing projects, supported by in-house engineering and design capabilities and an experienced execution team.
3. Globe Civil has a strong institutional client base comprising CPWD, NBCC, TCIL, IITs, NITs and other government agencies, with repeat orders supporting business visibility.
4. The company has built a diversified project portfolio spanning education, healthcare, sports, transportation, logistics, railways, airports, roads & bridges, commercial offices and housing.
5. Consolidated revenue increased to ₹405.72 crs in FY26 from ₹378.6 crs in FY25, while Q1 FY27 revenue rose to ₹92.30 crs from ₹67.35 crs, with EBITDA increasing 31.17% YoY to ₹15.12 crs.
6. The company crossed the ₹1,000 crs consolidated order-book milestone, with major recent orders including the ₹222.2 crs International Cricket Stadium project and ₹173.0 crs Central University of Punjab campus project.

Performance

Q1 FY27:

1. Revenue from operations: ₹92.30 crs (↑37.05% YoY)
2. EBITDA: ₹15.12 crs | EBITDA Margin: 16.38% (↓73 Bps)
3. PAT: ₹7.02 crs | PAT Margin: 7.61% (↑7 Bps)

FY26:

1. Revenue from operations: ₹405.72 crs
2. EBITDA: ₹53.80 crs | EBITDA Margin: 13.26%
3. PAT: ₹23.03 crs | PAT Margin: 5.68%