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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100Rev -25% YoY · PAT -64% YoY · margin compression
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
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.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
61BullishSMA20 +10.3% / mo · MACD − · sector +2.3pp vs Nifty (3M)
Technical chart
CHAVDAdaily · 1Y · AUTO+24.4%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 42. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~9.4% over last month) — short-term momentum positive.
- RSI(14) at 42 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 16% off 52W high · 54% 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 & score drivers
U-Score 26 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 26 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 18/25 to the score.
- Balance sheet contributes 4/15 to the score.
- Valuation contributes 4/30 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.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
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.
Score history
12 stored score snapshots. Latest stored move: +5 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: 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.
Mixed Trust Lite: Promoter holding is 55.1%. Key concern: Promoter holding fell 17.9%.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Infra: 16th pctile, median 64 · SME: 9th pctile, median 64
7 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Weak Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 21.30
- P/B
- 1.84
- EV/EBITDA
- 7.28
- Market Cap
- 407.00Cr
Profitability
- ROE
- 10.20%
- ROCE
- 13.50%
- ROA
- 3.40%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 29.00%
- EPS 5Y
- 31.00%
- Revenue 3Y
- 26.00%
- EPS 3Y
- 12.00%
Balance Sheet
- Debt/Equity
- 0.63
- Interest Coverage
- 3.22×
- Altman Z
- 2.59
- Book Value
- 67.50
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -8.00 Cr
- EPS TTM
- 5.21
Shareholding
- Promoter Hold
- 55.12%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 64%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Infra, ranked by similarity
Peers
Business-comparable names in Infra, ranked by similarity
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.