Globe Civil Projects is an integrated engineering, procurement and construction (“EPC”) company headquartered in New Delhi. They have undertaken projects in eleven (11) states of India, namely, Uttar Pradesh, Haryana, Delhi, Maharashtra, Andra Pradesh, Karnataka, Gujarat, Chhattisgarh, Rajasthan, Uttarakhand, and Himachal Pradesh. They are into execution and construction of infrastructure projects comprising of Transport and Logistics projects, Social and Commercial projects and Non- Infrastructure projects comprising of commercial offices and housing.
Globe Civil Projects, an Book Built Issue amounting to ₹ 119.00 Crores, consisting entirely an Fresh Issue of 167.60 Lakh Shares. The subscription period for the Globe Civil ProjectsIPO opens on June 24, 2025, and closes on June 26, 2025. The allotment is expected to be finalized on or about Friday, June 27, 2025, and the shares will be listed on the BSE & NSE with a tentative listing date set on or about Tuesday, July 01, 2025.
The Share Price Band of Globe Civil Projects IPO is set at ₹ 67 to ₹ 71 per equity share. The Market Capitalisation of the Globe Civil Projects Limited at IPO price of ₹ 71 per equity share will be ₹ 424.00 Crores. The lot size of the IPO is 211 shares. Retail investors are required to invest a minimum of ₹ 14,981, while the minimum investment for High-Net-Worth Individuals (HNIs) is 14 lots (2,954 shares), amounting to ₹ 2,09,734.
MEFCOM CAPITAL MARKETS LIMITEDis the book running lead manager of the Globe Civil Projects IPO, while KFIN TECHNOLOGIES LIMITED is the registrar for the issue.
Globe Civil Projects LimitedIPO GMP Today
The Grey Market Premium of Globe Civil Projects Limited IPO is expected to be ₹ 9 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.
Globe Civil Projects LimitedIPO Live Subscription Status Today: Real-Time Update
Globe Civil Projects will be open for its subscription on 24 June, 2025.
Globe Civil Projects Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online Globe Civil Projects IPO allotment date is 27 June, 2025, Friday. Globe Civil Projects IPO Allotment will be out on 27th June, 2025 and will be live on Registrar Website from the allotment date. Check Globe Civil Projects IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Globe Civil Projects Limited IPO from the dropdown list of IPOs
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.
Objectives of Globe Civil Projects LimitedIPO
Globe Civil Projects proposes to utilise the Net Proceeds towards the following objects: 1. ₹ 750.00 Million is required for funding working capital requirements of the Company; 2. ₹ 142.55 Million is required for funding capital expenditure requirements towards purchase of equipment/machineries; and 3. General corporate purposes.
Globe Civil Projects Company is an integrated EPC (Engineering, Procurement, and Construction) firm headquartered in New Delhi, operating across 11 Indian states, including Uttar Pradesh, Maharashtra, Gujarat, and Karnataka. The company specializes in the execution of infrastructure projects in sectors such as Transport & Logistics, Social & Commercial infrastructure, and Non-Infrastructure developments like commercial offices and housing.
Key strengths lie in the construction of educational institution buildings and railway infrastructure, with diversification into specialized projects like railway bridges, airport terminals, elevated railway terminals, and hospitals. The company also engages in the trading of TMT steel and delivers MEP (Mechanical, Electrical & Plumbing) services, along with HVAC, architectural and structural works, and firefighting and fire alarm systems.
As of March 31, 2025, the comapny's workforce comprised of 122 full-time employees. The Bankers to the Company are HDFC Bank Limited, ICICI Bank Limited, Kotak Mahindra Bank Limited and Canara Bank.
INDUSTRY ANALYSIS
EPC Contracts: A Comprehensive Overview
EPC stands for Engineering, Procurement, and Construction—a widely adopted contract model in the construction sector. Under this format, a single contractor assumes responsibility for the entire project lifecycle—from detailed engineering and equipment procurement to final construction and commissioning. Such contracts are typically referred to as turnkey projects, with EPC contractors serving as the single point of accountability.
EPC contracts are globally preferred due to their ability to provide cost and timeline certainty, making them especially attractive to developers who may lack technical expertise or the resources to manage risks independently. By transferring key risks—such as labor shortages, material price volatility, workplace accidents, and schedule delays—to the contractor, developers can concentrate on strategic objectives with limited involvement in day-to-day execution.
While this model ensures streamlined execution, it often comes at a premium cost. Contractors typically factor in all potential risks and contingencies, which inflates the overall contract price. Developers may seek to reduce this premium by negotiating shared responsibilities for unforeseen factors, like raw material price fluctuations, thereby promoting collaboration and better financial terms.
One of the key benefits of EPC contracts is their hands-off nature for developers, who can reduce operational burdens by relying entirely on the contractor to meet design and quality standards. However, this also necessitates rigorous pre-contract design specifications and often third-party engineering reviews to safeguard developer interests—especially in large-scale, high-value projects.
Despite their advantages, EPC contracts can alter traditional developer-contractor relationships, introducing transactional dynamics that may strain previously collaborative engagements. As such, developers are advised to deploy EPC models selectively, particularly for large infrastructure or industrial projects.
Alternative models such as Cost-Plus and Hybrid EPC contracts are gaining popularity. Cost-Plus contracts allow developers greater project control by reimbursing actual costs plus a profit margin, while Hybrid EPC models combine initial time-and-material phases with fixed-price components, offering a balance between flexibility and budget control.
TMT Bar Industry in India: Demand, Supply & Growth Outlook
Consumption Trends
India's Thermo-Mechanically Treated (TMT) bar consumption has witnessed impressive growth. In FY23, apparent consumption surged 20.9% year-on-year, reaching 39 million metric tonnes (mmt), up from 32.3 mmt in FY22. This momentum continued into FY24, with estimates suggesting consumption reached 41.73 mmt.
This growth has been fueled by strong real estate activity, particularly in urban centers like Mumbai, where property registrations rose 7% YoY to over 116,000 units in FY23.
Price Trends
Rebar prices have also escalated in line with demand:
Although the price differential between primary and secondary mills slightly narrowed, it remained significant at INR 4,300/ton.
Demand Drivers
The Indian construction boom—driven by public infrastructure, housing schemes, and urbanization—is a key driver of TMT bar demand. Their properties like high strength, ductility, and earthquake resistance make them ideal for modern buildings, especially in seismically active regions.
TMT bars also align with sustainable construction goals. They help build resilient infrastructure that requires fewer repairs, promoting long-term cost efficiency and environmental responsibility.
Production Landscape
India meets its TMT bar demand domestically, with production rising 16% in FY23 to 39 mmt, and estimated at 42 mmt in FY24 (up 7.7%).
Blast Furnace route: Grew 14% YoY to 12 mmt in FY23.
Induction Furnace route: Jumped 17% YoY to 27 mmt in FY23.
This dual-methodology production strategy underscores India’s capacity and adaptability in steel manufacturing.
Growth Forecast
TMT bar consumption in India is projected to grow at a ~7% CAGR, reaching over 62 mmt by FY2030. Government initiatives like the National Infrastructure Pipeline, PM Gati Shakti, and Make in India are expected to sustain this growth. Additionally, schemes like Atmanirbhar Bharat, PLI, and the revised Domestic Manufacturing of Iron & Steel Products (DMISP) policy will further boost local production.
However, logistical costs and input volatility, particularly in fuel and raw materials, remain critical risk factors. Political events like the FY25 general elections may also temporarily impact steel demand and trade flows.
Export & Import Dynamics
Between April–January FY25:
Exports: Maldives led with 64.5% share, followed by Bhutan (8.7%) and Bangladesh (7.1%).
Imports: Dominated by Thailand (99%), with minimal shares from Bangladesh, Germany, and Spain.
In value terms, imports rose from INR 521.1 million in FY22 to INR 3,840.5 million in FY25 (Apr–Jan). Volumes also grew from 10.2 thousand tons (FY22) to 68.5 thousand tons (FY25).
Competitive Landscape
India’s TMT bar sector is highly competitive, with major players focusing on quality, innovation, and distribution:
Tata Steel (Tata Tiscon): Market leader with high-strength, earthquake-resistant bars.
JSW Neosteel and Jindal Panther: Strong national presence.
Kamdhenu Nxt: Known for corrosion-resistant TMT bars.
Regional players are also innovating, offering cost-effective and customized products. Quality features—like seismic resilience, corrosion resistance, and high ductility—are now crucial differentiators, especially in regions like Gujarat, Maharashtra, and Uttar Pradesh.
Government-backed infrastructure projects such as PMAY and raw material policies continue to support industry growth. However, managing input costs and maintaining competitive pricing remains vital for sustained success.
BUSINESS STRENGTHS
1. Robust Project Management & Execution Track Record
With over 20 years of legacy, the company has successfully completed 37 projects and is currently executing 13 ongoing projects across various segments for corporate and government clients.
2. Expanding Order Book & Strong Pre-Qualification Credentials
As of March 31, 2025, the Order Book stood at ₹6,691.02 million, comprising 13 ongoing projects, including Infrastructure (Social, Commercial, Transport & Logistics) and Non-Infrastructure (Housing and Commercial Office) segments. Letters of intent have also been received for 2 new projects. The Book-to-Bill Ratio has consistently remained strong, reaching 3.06x as of December 31, 2024.
3.Strong and Consistent Financial Performance
Revenue from operations grew from ₹2,857.09 million in FY22 to ₹3,321.62 million in FY24 at a CAGR of 7.82%. Profit before tax increased significantly from ₹70.19 million to ₹209.87 million, posting a CAGR of 72.92% over the same period.
4. Experienced Leadership
Promoters and Directors Ved Prakash Khurana, Nipun Khurana, and Vipul Khurana bring an average of 19 years of industry experience, backed by a capable senior management team overseeing strategic planning and business growth.
BUSINESS STRATEGIES
1. Focus on Government Infrastructure Projects
Strategically targets government-funded infrastructure, especially the construction of educational institutions and hospital buildings, aligned with national initiatives like NIP, NMP, and Gati Shakti.
2. Geographical Expansion
Currently operating in 11 states, including Uttar Pradesh, Maharashtra, Gujarat, and Karnataka, with plans to further expand into new regions to leverage growth opportunities and enhance market presence.
3. Enhance Pre-Qualification & Bidding Capabilities
Accredited as a Class I Super Contractor with CPWD, enabling independent bidding for projects up to ₹6,500 million. Continued focus on qualifying for larger and diverse projects to strengthen revenue visibility and operational scalability.
4. Strengthen Execution and Timely Delivery
Emphasis on timely project delivery and quality execution through advanced design, engineering, and project management tools, including ERP systems. Investment of ₹142.55 million planned for new machinery and skilled workforce development to boost productivity and asset utilization.
5. Pursue Strategic Alliances and Joint Ventures
Continued formation of strategic partnerships and joint ventures to share resources, mitigate risks, and facilitate market expansion. As of March 31, 2025, six joint ventures have been established to explore new opportunities.
BUSINESS RISK FACTORS & CONCERNS
1. Heavy Dependence on CPWD
A significant portion of revenue—up to 57.48% in FY23—has historically been derived from Central Public Works Department (CPWD) projects. Any slowdown in CPWD’s project pipeline or inability to secure new contracts may materially affect business performance.
2. Revenue Dependence on Specific Segments and Geography
The Social & Commercial Infrastructure segment, particularly educational institution projects, contributed 61.95% and 47.09% of construction revenue for the nine months ended December 31, 2024, and FY24, respectively. Operations remain concentrated in Delhi, Uttar Pradesh, and Karnataka, with 66.07% of revenue in the nine-month period coming from Delhi alone.
3. Declining Bid Success Rate
The success rate of awarded bids dropped from 54.55% in FY24 to 9.09% in the nine-month period ended December 31, 2024, impacting the flow of new projects and introducing volatility in revenue and cash flow.
4. Reliance on Joint Ventures
Projects under Joint Ventures (JVs) contributed up to 36.40% of revenue in the recent nine-month period. Non-performance by JV partners may increase financial burden and operational risks.
5. Revenue from Trading Activities
The company derives a portion of its income from trading TMT steel, accounting for up to 14.92% of operational revenue in FY23. Any dip in steel demand or price volatility may impact overall revenue.
6. Competitive and Regulatory Risks
Success is closely tied to the ability to meet pre-qualification criteria and succeed in competitive bidding. Technical disqualifications or regulatory changes can limit opportunities and disrupt operations.
7. Regional Growth Risks
While aiming to grow in Northern India, limited diversification into other regions may constrain market reach and expose the business to regional economic or policy risks.
Globe Civil Projects Company’s revenue and growth are closely tied to government-backed infrastructure projects, particularly in Northern India, with heavy reliance on CPWD and joint ventures. Key risks include geographic concentration, high dependence on select clients, fluctuations in project awards, and sensitivity to demand for construction and trading services.
Globe Civil Projects Limited Financial Information (Restated Consolidated)
Amount in (₹ in Million)
Period Ended
Dec 31, 2024
Mar 31, 2024
Mar 31, 2023
Mar 31, 2022
Reserve of Surplus
568.71
751.94
599.66
549.77
Total Assets
3,746.02
3,178.29
2,750.43
2,297.88
Total Borrowings
1,379.68
1,244.78
969.95
707.55
Fixed Assets
257.85
276.15
195.89
189.72
Cash
2.60
2.03
2.98
2.04
Net Borrowing
1,377.08
1,242.75
966.97
705.51
Revenue
2,567.37
3,348.14
2,351.69
2,867.84
EBITDA
413.78
473.05
226.22
239.84
PAT
177.89
153.78
48.51
52.01
EPS
4.14
3.58
1.13
1.21
Note 1:- RoE, ROCE & RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP. Note 2:- Pre EPS and Post EPS calculation in KPI is based (Profit/Loss for the Year) on 31st Mar, 2025 Data, given in RHP. Note 3:- RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP. Note 4:- Price to Book Value calculation in KPI is based on Cap Price Post Issue, given in FINANCIAL EXPRESS.
Key Performance Indicator
KPI
Values
EPS Pre IPO (Rs.)
₹ 3.58
EPS Post IPO (Rs.)
₹ 2.58
P/E Pre IPO
19.83
P/E Post IPO
27.57
ROE
21.95 %
ROCE
23.07 %
P/BV
1.94
Debt/Equity
1.6
RoNW
19.80 %
Globe Civil Projects Limited IPO Peer Comparison
Company Name
EPS
ROCE
ROE
P/E (x)
P/Bv
Debt/Equity
RoNW (%)
Globe Civil Projects Limited
₹ 2.58
23.07 %
21.95 %
27.57
1.94
1.6
19.80 %
B L Kashyap and Sons Limited
₹ 1.22
9.61 %
3.39 %
87.1
2.88
0.60
3.39 %
Ceigall India Limited
₹ 16.9
21.6 %
21.1 %
14.8
2.31
0.54
21.1 %
PSP Projects Limited
₹ 14.2
8.71 %
5.31 %
53.8
2.51
0.22
5.31 %
Capacite Infraprojects Limited
₹ 23.9
18.0 %
12.5 %
13.6
1.61
0.25
12.5 %
Ahluwalia Contracts (India) Limited
₹ 30.2
18.5 %
11.9 %
30.3
3.41
0.04
11.9 %
Globe Civil Projects Limited Contact Details
GLOBE CIVIL PROJECTS LIMITED
D-40, Okhla Industrial Area, Phase-I, New Delhi-110020, India Contact Person : Vineet Rattan Telephone : +91 11 46561560 Email : cs@globecivilprojects.com Website : https://www.globecivilprojects.com/
Globe Civil Projects IPO Registrar and Lead Manager(s)
Lead Manager : MEFCOM CAPITAL MARKETS LIMITED Contact Person : Akhil Mohod/Sushant Sonawane Telephone : +91 11 46500500 Email : gcpl.ipo@mefcomcap.in Website : https://www.mefcom.in/
Globe Civil Projects IPO Review
Globe Civil Projects is an integrated engineering, procurement and construction (“EPC”) company headquartered in New Delhi. They have undertaken projects in eleven (11) states of India, namely, Uttar Pradesh, Haryana, Delhi, Maharashtra, Andra Pradesh, Karnataka, Gujarat, Chhattisgarh, Rajasthan, Uttarakhand, and Himachal Pradesh. They are into execution and construction of infrastructure projects comprising of Transport and Logistics projects, Social and Commercial projects and Non- Infrastructure projects comprising of commercial offices and housing.
The Promoters and Directors, Ved Prakash Khurana, Nipun Khurana and Vipul Khurana, have an average of 19 years of experience in the construction industry and have contributed significantly to the growth and development. In addition, they have a strong senior management team, which has a significant collective experience in the construction industry and is responsible for the overall strategic planning and business development.
The Revenues from operations for the period ended on Dec 31, 2024, Fiscals ended 2024, 2023 and 2022 were ₹ 2,567.37 Million, ₹ 3,348.14 Million, ₹ 2,351.69 Million and ₹ 2,867.84 Million respectively. The EBITDA for the period ended on Dec 31, 2024, Fiscals ended 2024, 2023 and 2022 were ₹ 413.78 Million, ₹ 473.05 Million, ₹ 226.22 Million, and ₹ 239.84 Million, respectively. The Profit after Tax for the period ended on Dec 31, 2024, Fiscals ended 2024, 2023 and 2022 were ₹ 177.89 Million, ₹ 153.78 Million, ₹
48.51 Million, and ₹ 52.01 Million respectively. This indicates a steady growth in financial performance.
The Company Key Performance Indicates the pre-issue EPS of ₹3.58and post-issue EPS of ₹ 2.58 for FY24.The pre-issue P/E ratio is 19.83x, while the post-issue P/E ratio is 27.57x against the Industry P/E ratio is 20x. The company's ROCE for FY24 is 23.07%, ROE for FY24 is 21.95% and RoNW is 19.80%. The Annulaised EPS is ₹ 3.97 and annualised P/E Ratio is 17.88x. These metrics suggest that the IPO is fullly priced.
The Grey Market Premium (GMP) of Globe Civil Projects showing listing gains of 12.67 %.Given the company's financial performance and the valuation of the IPO, we recommend Investors to Apply to the Globe Civil Projects Limited IPO for Listing gain.
Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. 1.“Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.” 2. “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.” 3. To read the Disclaimers, Disclosures, Investor Charter, Investor Complaints please visit our website abhayvarn.com
About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.
2,567.37 Million, ₹ 3,348.14 Million, ₹ 2,351.69 Million and ₹ 2,867.84 Million respectively. The EBITDA for the period ended on Dec 31, 2024, Fiscals ended 2024, 2023 and 2022 were ₹ 413.78 Million, ₹ 473.05 Million, ₹ 226.22 Million, and ₹ 239.84 Million, respectively. The Profit after Tax for the period ended on Dec 31, 2024, Fiscals ended 2024, 2023 and 2022 were ₹ 177.89 Million, ₹ 153.78 Million, ₹
48.51 Million, and ₹ 52.01 Million respectively. This indicates a steady growth in financial performance.
The Company Key Performance Indicates the pre-issue EPS of ₹3.58and post-issue EPS of ₹ 2.58 for FY24.The pre-issue P/E ratio is 19.83x, while the post-issue P/E ratio is 27.57x against the Industry P/E ratio is 20x. The company's ROCE for FY24 is 23.07%, ROE for FY24 is 21.95% and RoNW is 19.80%. The Annulaised EPS is ₹ 3.97 and annualised P/E Ratio is 17.88x. These metrics suggest that the IPO is fullly priced.
The Grey Market Premium (GMP) of Globe Civil Projects showing listing gains of 12.67 %.Given the company's financial performance and the valuation of the IPO, we recommend Investors to Apply to the Globe Civil Projects Limited IPO for Listing gain.
Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. 1.“Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.” 2. “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.” 3. To read the Disclaimers, Disclosures, Investor Charter, Investor Complaints please visit our website abhayvarn.com
About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.
