Investor presentationJun 2026
Jun 2026 · General Updates 14 Aug - Chavda Infra released Q1 FY27 presentation; revenue ₹84 crore, PAT ₹3.9 crore, secured ₹89.5 crore order.
Source: Nse
Chavda Infra Ltd. (CHAVDA)
SME CapInfra stocks · SME cap · NSE
Chavda Infra Limited is an Ahmedabad-headquartered EPC company providing construction and allied services across residential, commercial, industrial, and institutional projects in Gujarat. Founded in 1990, it offers end-to-end services from planning to quality assurance, with a focus on high-rise buildings.
₹50.45
-1.80 · -3.45%
Market cap ₹341 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result16 Aug, 12:41 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Infra P/E 15.4 (n=87)
Technical timing lens
Trend score and candlestick chart
38BearishSMA20 -48.6% / mo · RSI oversold · MACD + · near 52W low · sector -2.2pp vs Nifty 500 (3M)
Stock trend: 38
Sector RS: 38
Sector 3M: -7.9% vs Nifty 500 -5.6%
Infra FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
CHAVDAD candles · FIT view-52.0%Latest close ₹50.45 on 2026-10-21
Bar
+0.4%
RSI
23
MACD hist
0.74
52W pos
5%
2026-10-21O ₹50.25H ₹51.25L ₹49.65C ₹50.45Vol 26,000 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
CHAVDANifty InfraNifty 500
- CHAVDA
- -59.5%
- Nifty 500
- -6.5%
- Nifty Infra
- -8.6%
- Vs Nifty 500
- -53.0 pp
Chart stats
21 Oct 2026- From 52W high
- -65.9%
- 52W range position
- 5%
- ATR (14)
- 9.4%
- Volume vs 20D
- 0.23x
- Avg traded value
- ₹0.7 Cr
- 20D price channel
- ₹45.8 - ₹144.5
₹148
₹45.8 - ₹148
₹4.8
Latest completed session
20-session average
244.3% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED30
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -24.9% · PAT -63.9% YoY
Technical
Bearish38
Price trend and sector-relative-strength timing.
Valuation
Legacy model+16.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence51
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100Rev -25% YoY · PAT -64% YoY · margin compression
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹84 Cr | -24.9% | -49.9% |
| EBITDA | ₹11.4 Cr | +3.7% | -39.6% |
| Operating margin | 13.6% | -1013 bps | +230 bps |
| PAT | ₹3.9 Cr | -63.9% | -47.1% |
| PAT margin | 4.6% | +70 bps | +24 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 18.10
- P/B
- 1.54
- EV/EBITDA
- 6.40
- Market Cap
- 341.00Cr
Profitability
- ROE
- 10.10%
- ROCE
- 13.40%
- ROA
- 3.40%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 29.00%
- EPS 5Y
- 30.00%
- Revenue 3Y
- 26.00%
- EPS 3Y
- 12.00%
Balance Sheet
- Debt/Equity
- 0.63
- Interest Coverage
- 3.22×
- Altman Z
- 2.44
- Book Value
- 33.80
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -8.00 Cr
- EPS TTM
- 2.60
Shareholding
- Promoter Hold
- 55.14%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 27%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 84.0-49.9% vs prev
Net Profit
₹ CrLatest: 3.9-47.1% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 23. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~94.4% over last month) — short-term momentum negative.
- RSI(14) at 23 — oversold zone; bounce conditions.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 66% off 52W high · 10% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & peers
U-Score 30 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 30 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation6/30
Growth19/25
Quality0/20
Balance Sheet5/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
-3
Raw sum
30
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
30/100 · legacy band OVERVALUED
Positive drivers
- Fair-value margin of safety is positive at 16.0%.
- Growth contributes 19/25 to the score.
- Balance sheet contributes 5/15 to the score.
Main drags
- Penalty bucket subtracts 3 points.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
18.1
PB
1.5
EV/EBITDA
6.4
ROE
10.1%
ROCE
13.4%
FCF Yield
—
Debt/Equity
0.6
MoS
+16.0%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
30
Previous: 30
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
+16.0%
Previous: +13.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
29
29
29
29
29
32
29
29
29
29
30
30
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹44.47
-13.5% MoS
Growth-justified P/E
23.1
Growth-justified Value
₹60.06
+16.0% MoS
PEG
0.79
Comparable companies
Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
VISHNUINFR
SME
Vishnusurya Projects and Infra Ltd.
Construction & Engineering
match 89
75
8.8
18.3%
+64%
DEEP VALUE
GANESHIN
SME
Ganesh Infraworld Ltd.
Construction & Engineering
match 89
74
4.2
35.1%
+83%
UNDERVALUED
CURRENT
SME
Current Infraprojects Ltd.
Construction & Engineering
match 87
56
12.5
27.2%
+47%
FAIR VALUE
ATLANTAA
Small
ATLANTAA LIMITED
Construction & Engineering
match 86
22
—
-0.9%
—
OVERVALUED
WINSOL
SME
Winsol Engineers Ltd.
Construction & Engineering
match 84
66
8.2
25.5%
+64%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-26T17:09:17.280Z
Management commentary snapshot
Chavda Infra reports 22.6% YoY revenue growth to ₹320.6 Cr in FY26, but PAT declined 19.4% to ₹17 Cr, impacted by higher finance costs and margin contraction. Order book grew 11.7% to ₹785 Cr, while order inflow decreased 17.4%.
While revenue grew, profitability metrics like PAT and margins contracted significantly in FY26. Deterioration in working capital and debtor days, alongside reduced order inflow, raises concerns about operational efficiency and future growth momentum, despite a strong order book.
Growth engines
Capitalizing on Gujarat's growth momentum
Leverage operational expertise to benefit from structural tailwinds in Ahmedabad's real estate market and solidify position in key cities.
Laser sharp focus on private sector projects
Win business despite being the highest bidder, driving sustainable margins, by focusing on quality and prestigious projects.
Prudent expansion strategy
Invest ahead in manpower, machinery, and technology to meet growing demand for high-rise buildings.
Enhance execution capabilities
Continue to improve execution skills and reputation for completing challenging projects in a timely manner.
Capacity and execution
Refurbishment yard
Commissioned a 5,000 sq. yard refurbishment yard to support in-house maintenance and increase material life.
Ready-Mix Concrete (RMC) plants
Commissioned 2 RMC plants (owned by Chavda RMC LLP) to support captive consumption.
Tailwinds
Gujarat's growth momentum
Structural tailwinds in Ahmedabad's real estate market, with the city's residential market transitioning to luxury and ultra-luxury segments.
Policy push and infrastructure development
Planned infrastructure projects like Metro Rail Phase II, Sardar Patel Sports Enclave, Mumbai-Ahmedabad High-Speed Rail, and GIFT City are unlocking Ahmedabad's potential.
Headwinds
Industry-wide challenges and execution disruptions
Management commentary states FY26 delivered resilient performance despite 'industry-wide challenges and execution disruptions'.
Cost pressures
Management commentary highlights 'operational resilience despite cost pressures' in FY26.
Risk radar
Working Capital Management
Working Capital Days increased significantly from 76 days in FY25 to 135 days in FY26, indicating higher capital blockage.
Receivables Management
Debtor Days increased from 125 days in FY25 to 134 days in FY26, potentially impacting cash flow.
Order Inflow Volatility
Order inflow decreased by 17.4% YoY to ₹370 crores in FY26, which could affect future revenue visibility.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The presentation provides audited financial results for the full financial year FY26 compared to FY25, making year-over-year comparison most appropriate for assessing annual performance and trends.
Sector KPIs management disclosed
Revenue from Operations
₹320.6 crores in FY26, up 22.6% YoY.
PAT
₹17.0 crores in FY26, down 19.4% YoY.
EBITDA
₹58.0 crores in FY26, up 2.8% YoY.
Orderbook
₹785 crores in FY26, up 11.7% YoY.
Management forward view
Strategic capacity expansion
Management believes the company is well-positioned to capitalize on growing opportunities across various project types.
AA+ contractor classification process
Initiated the process to enhance market positioning and enable participation in larger marquee projects.
Focus on quality projects
Management is not solely focused on order book addition but on adding quality projects with better margins or prestigious value.
Aim to double business
Management aims to double business and key metrics every 4 years.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Inflow | ₹370 crores (FY26) | Sustained growth in new orders to replenish the order book and ensure future revenue visibility. |
| Working Capital Days | 135 days (FY26) | Improvement in the working capital cycle and debtor days to enhance cash conversion. |
| EBITDA Margin | 18.1% (FY26) | Stabilization or improvement in margins, indicating effective cost management amidst industry pressures. |
| AA+ contractor classification | Process initiated | Successful completion of the classification process and subsequent wins of larger, more prestigious projects. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
51Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 9th percentile of the scored universe and 16th percentile within Infra. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
7 docs text-extracted · 2 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
9th percentile
overall median 67 · Infra: 16th pctile, median 64 · SME: 9th pctile, median 64
Evidence depth
Financial-only
7 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
68
acceptable · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
65
acceptable · leverage and solvency
Discipline
58
watch · capital discipline
Results
38
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 55.1%.
- ▸Promoter pledge is zero.
Trust risks
- ▸Promoter holding fell 17.9%.
- ▸Operating cash flow is negative at ₹-8 Cr.
- ▸Only 0 years of positive FCF.
- ▸ROCE trend is -5.2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Chavda Infra Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationJun 2026
Jun 2026 · General Updates 2 June 2026 - Investor presentation for FY26 audited results: revenue ₹320.6 crore, PAT ₹17 crore, order book ₹785 crore.
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Annual reportMar 2026
Sep 2026 · Shareholders meeting 7 Sep - Chavda Infra submitted FY2025-26 annual report and AGM notice for September 29, 2026.
Source: Nse
AnnouncementMar 2026
Mar 2026 · Trading Window 27 March 2026 - Trading window closed from April 1, 2026 until 48 hours after FY2026 results announcement.
Source: Nse
Investor presentationJun 2025
Jun 2025 · PPT
Source: Nse
Concall transcriptJun 2025
Jun 2025 · Transcript
Source: Nse
Investor presentationMay 2025
May 2025 · PPT
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
Investor presentationDec 2024
Dec 2024 · PPT
Source: Nse
Concall transcriptDec 2024
Dec 2024 · Transcript
Source: Company Ir
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.