Concall transcriptJun 2025
Jun 2025 · Transcript
Source: Nse
Teerth Gopicon Ltd. (TGL)
SME CapInfra stocks · SME cap · NSE
Teerth Gopicon Limited (TGL) is an infrastructure and development company established in 2019, specializing in civil engineering projects like water supply, sewerage, smart roads, and lake rejuvenation. Recently entered renewable energy, winning government orders. Core strengths include a skilled team, in-house design, and machinery fleet.
₹11.25
-0.20 · -1.75%
Market cap ₹15.5 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result26 Apr, 11:31 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Infra P/E 15.4 (n=87)
Technical timing lens
Trend score and candlestick chart
27Bearishfull bear SMA stack · SMA20 -20.4% / mo · RSI oversold · MACD − · near 52W low · sector -2.7pp vs Nifty 500 (3M)
Stock trend: 22
Sector RS: 35
Sector 3M: -8.3% vs Nifty 500 -5.6%
Infra FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
TGLD candles · FIT view-61.0%Latest close ₹11.25 on 2026-10-19
Bar
-1.3%
RSI
17
MACD hist
-0.06
52W pos
0%
2026-10-19O ₹11.40H ₹11.40L ₹11.25C ₹11.25Vol 800 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
TGLNifty InfraNifty 500
- TGL
- -50.7%
- Nifty 500
- -5.6%
- Nifty Infra
- -8.2%
- Vs Nifty 500
- -45.1 pp
Chart stats
19 Oct 2026- From 52W high
- -86.6%
- 52W range position
- 0%
- ATR (14)
- 3.1%
- Volume vs 20D
- 0.10x
- Avg traded value
- ₹0 Cr
- 20D price channel
- ₹11.3 - ₹15.3
₹83.9
₹11.3 - ₹83.9
₹0.3
Latest completed session
20-session average
14.4% annualized volatility
Research snapshot
What the evidence says now
Investable 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 · UNDERVALUED64
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Bearish27
Price trend and sector-relative-strength timing.
Valuation
Legacy model+95.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence64
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 Sept 2025
Pending dataYoY comparison unavailable - result verdict pending data
Filed 30 Sept 2025
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1 Cr | NDF | -98.0% |
| EBITDA | ₹-15 Cr | NDF | NDF |
| Operating margin | -1775.0% | NDF | NDF |
| PAT | ₹-19 Cr | NDF | -733.3% |
| PAT margin | -1900.0% | NDF | NDF |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- —
- P/B
- 0.27
- EV/EBITDA
- 1.32
- Market Cap
- 15.50Cr
Profitability
- ROE
- 27.00%
- ROCE
- 30.70%
- ROA
- 7.43%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 12.38%
- EPS 5Y
- 8.33%
- Revenue 3Y
- 12.38%
- EPS 3Y
- 8.33%
Balance Sheet
- Debt/Equity
- 0.32
- Interest Coverage
- 12.50×
- Altman Z
- 1.91
- Book Value
- 47.30
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -22.00 Cr
- EPS TTM
- 10.70
Shareholding
- Promoter Hold
- 63.37%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 0%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 1.0-98.0% vs prev
Net Profit
₹ CrLatest: -19.0-733.3% 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 17. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~25.6% over last month) — short-term momentum negative.
- RSI(14) at 17 — oversold zone; bounce conditions.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
1
RS percentile
Stage 4 Downtrend
1M return
-26.2%
3M return
-50.7%
6M return
-62.4%
1Y return
-75.3%
RS 1D
0
RS 20D
-1
Sector rank
#16
Industry rank
#70
Stage evidence
- Price is 46.7% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -15.6%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 19.29-0.72%
RS vs Nifty 50019
Valuation & peers
U-Score 64 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 64 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · UNDERVALUEDValuation30/30
Growth11/25
Quality17/20
Balance Sheet11/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
-8
Raw sum
64
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
64/100 · legacy band UNDERVALUED
Positive drivers
- Fair-value margin of safety is positive at 95.0%.
- Valuation contributes 30/30 to the score.
- Quality contributes 17/20 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Growth is weaker at 11/25; 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
—
PB
0.3
EV/EBITDA
1.3
ROE
27.0%
ROCE
30.7%
FCF Yield
—
Debt/Equity
0.3
MoS
+95.0%
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: 20 Oct 2026
v4.3-runtime-valuation
Final score
64
Previous: 64
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+95.0%
Previous: +95.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
64
64
64
64
64
64
64
64
64
64
64
64
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
₹106.71
+89.5% MoS
Growth-justified P/E
20.9
Growth-justified Value
₹223.2
+95.0% MoS
PEG
—
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
VLINFRA
SME
V.L.Infraprojects Ltd.
Construction & Engineering
match 79
67
4.5
18.3%
+82%
UNDERVALUED
INTEGRITY
SME
Integrity Infrabuild Developers Ltd.
Construction & Engineering
match 76
63
12.6
41.8%
+45%
UNDERVALUED
WINSOL
SME
Winsol Engineers Ltd.
Construction & Engineering
match 76
66
8.2
25.5%
+66%
UNDERVALUED
MANAV
SME
Manav Infra Projects Ltd.
Construction & Engineering
match 76
68
12.5
40.3%
+45%
UNDERVALUED
CURRENT
SME
Current Infraprojects Ltd.
Construction & Engineering
match 75
56
12.5
27.2%
+50%
FAIR VALUE
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 2026-10-02T08:13:00.634Z
Management commentary snapshot
FY25 revenue grew 12.8% YoY to Rs. 11,855 lakhs, with EBITDA margin improving to 21% from 17%. However, H2 FY25 revenue declined 26% QoQ due to payment delays from MP JNM, and PAT margin contracted to 6.61% due to higher finance costs and provisioning.
TGL's FY25 full-year growth is overshadowed by a sharp H2 decline, unusual revenue recognition, and a critical bank guarantee authenticity issue under CBI investigation. While management expresses confidence and has a large order book, execution and funding remain highly uncertain, putting the investment thesis under stress.
Current business mix
Unexecuted Order Book by Segment (based on Rs. 2184 Cr total)
Latest issuer-disclosed distribution across 4 reported categories.
Infra (Jal Jeevan Mission)38.4%
Infra (Other)4.3%
Renewable Energy36.6%
Indore Smart City Project20.8%
Growth engines
Renewable Energy Sector Expansion
Entered renewable energy, won 220 MW orders (~Rs. 800 crores) on PPA mode, aligned with government push and policy support.
Government Infrastructure Focus
Strong momentum in India's infrastructure sector with focus on capital investments in road, water, and urban development.
Namami Gange Project
Integrated River Management Initiative with a budget of Rs. 22,500 million for pollution control and rejuvenation.
Ujjain Simhastha 2028
Demanding budget of approximately Rs. 18,000 crores for crowd management, infrastructure, water supply, and sewerage.
Capacity and execution
Renewable Energy Projects
220 MW project awarded on PPA mode, with PPA signing process ongoing and site work initiated. Execution timeline of two years.
Indore Smart City Project
LOA received for Rs. 454 crores project; execution expected to start after one year, following land possession and other clearances.
Tailwinds
Government Capital Investment
Interim Budget 2024-25 shows great focus on capital investments in road, water, and urban development sectors.
Renewable Energy Policy Support
Government aggressively pushing policy support, incentives, and public-private partnerships in the renewable sector.
Large Government Programs
Namami Gange (Rs. 22,500 million) and Ujjain Simhastha 2028 (Rs. 18,000 crores) present significant opportunities.
Headwinds
Payment Delays from Government
Primary cause of H2 FY25 revenue decline and profitability impact was delayed payment disbursement by MP JNM and other departments pan India.
Bank Guarantee Authenticity Issue
Concerns raised by MP JNM regarding authenticity of BGs furnished two years ago, leading to a WRIT petition and CBI investigation.
Risk radar
Bank Guarantee Resolution
Legal proceedings ongoing regarding allegedly ingenuine BGs; court granted interim stay and directed submission of fresh BGs, with CBI investigation ordered.
Unusual Revenue Recognition
Company policy to recognize revenue only upon fund release by department, not upon work completion or invoice raising, impacting reported revenue and receivables.
Working Capital Strain
Payment delays from government departments led to issues in operating expenses and reduction in employee count in H2 FY25.
Execution Delays
H2 FY25 revenue decline related to delays in payment realization and slow work, with renewable projects still in PPA signing stage.
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 BOTH
Full-year results (FY25 vs FY24) show growth, but H2 FY25 performance (vs H1 FY25) reveals significant sequential decline in revenue and profitability, indicating recent operational challenges and payment issues.
Sector KPIs management disclosed
Total Revenue (FY25)
Rs. 11,855 lakhs, up 12.8% from FY24 (Rs. 10,510 lakhs).
H2 FY25 Revenue (QoQ)
26% decline compared to H1 FY25, primarily due to delays in payment realization.
EBITDA Margin (FY25)
Improved significantly to 21% in FY25 from 17% in FY24.
PAT Margin (H2 FY25)
Contracted to 6.61% during H2 FY25, mainly due to higher finance cost, fixed overheads, and increased provisioning.
Management forward view
Commitment to Targets
Management and team are committed to achieving projected planning and will work 100% on backlog and future planning.
Confidence in BG Resolution
Management expresses confidence that the BG issue will be resolved before June 30th, and fresh BGs are arranged.
Diversified Portfolio Strategy
Diversification into water distribution, sewage, roads, and renewable energy reduces sector-specific risk.
Transparency and Ethics
Committed to ethics, integrity, transparency, and full cooperation with regulatory and investigation agencies.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Bank Guarantee Issue Resolution | Court directed CBI investigation, deadline for CBI findings is June 30th. Company filed application for extension. | Outcome of CBI investigation and court's decision on BG submission extension and the overall resolution of the matter. |
| Payment Realization from MP JNM | Significant delays in payment disbursement from MP JNM impacted H2 FY25 revenue and profitability. | Timely release of funds for executed work and improvement in payment cycles from government departments. |
| Renewable Energy Project Execution | 220 MW projects are in PPA signing stage; site visits and land aggregation ongoing. | Successful PPA signings, commencement of execution, and revenue generation from renewable projects. |
| Revenue Recognition Policy Impact | Revenue recognized only upon fund release, leading to non-recognition of completed work if payments are pending. | Any change in revenue recognition policy or significant build-up of unbilled completed work due to payment delays. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
64Limited 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 42nd percentile of the scored universe and 51st 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
2 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
42nd percentile
overall median 67 · Infra: 51st pctile, median 64 · SME: 51st pctile, median 64
Evidence depth
Financial-only
2 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
Acceptable, but check the weakest sub-score before increasing exposure.
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
86
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
82
strong · capital discipline
Results
45
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 63.4%.
- ▸Promoter pledge is zero.
- ▸ROCE is 30.7%.
Trust risks
- ▸Operating cash flow is negative at ₹-22 Cr.
- ▸Only 0 years of positive FCF.
- ▸OPM spread across recent quarters is 1799%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Teerth Gopicon Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
Investor presentationNov 2024
Nov 2024 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.