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Gayatri Projects Limited (GAYAPROJ) Fair Value & Analysis

Industrials · IN · Market cap ₹10.2B

GP Gayatri Projects Limited GAYAPROJ · NSE
Price₹21.59
Fair Value₹58.81
Upside+172.4%
Quality70/100
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Weak Growth
Low debt · generates free cash flow
Ranks above peers (8/10)
Moderate moat 53/100
Evidence: High Range ₹44.11 – ₹73.52 Share as image

Fair value as of: Aug 13, 2026

From 18 valuation models · updated 6 days ago

Share price +2.1% over the past month.

A solid business, screening 172% undervalued on our models.

What matters now

  • The rarer combination: high quality (70/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (₹44.11). The market is more pessimistic than our downside scenario.
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Price vs Fair Value (5 years)

₹58.70 ₹4.75 Fair Value ₹58.81 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ₹4.75 – ₹58.70 · fair‑value band ₹44.11 – ₹73.52 · the ₹21.59 price screens below the ₹58.81 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Gayatri Projects Limited (GAYAPROJ) currently trades at ₹21.59, while our model-based Fair Value estimate is ₹58.81, implying the stock looks roughly 172.4% undervalued today. The Quality Score stands at 70/100 (solid quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Trailing-twelve-month revenue stands at ₹9.8B. Revenue declined 32.8% year over year. Net debt stands at ₹2.9B. The stock trades on a trailing P/E of 0.2. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹44.11 (bear case) to ₹73.52 (bull case); at ₹21.59, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 17% below its 52-week high and 180% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -34% fair-value upside, at 172%, GAYAPROJ screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF ₹34.74 ₹47.15 ₹68.46 80
Residual Income ₹101.17 ₹237.54 ₹11,666 76
Rev-Margin DCF ₹26.05 ₹37.14 ₹50.91 74
All 18 models by family
DCF Models
FCF DCF ₹33.23 ₹46.01 ₹69.78 38
Owner Earnings ₹433.81 ₹602.95 ₹917.55 31
5Y Revenue Exit ₹26.05 ₹36.37 ₹51.38 39
5Y P/E Exit ₹377.89 ₹644.87 ₹962.47 38
10Y Revenue Exit ₹28.01 ₹36.03 ₹44.51 36
10Y P/E Exit ₹242.29 ₹413.50 ₹581.92 35
Earnings-Based
Graham-Dodd ₹299.08 ₹371.57 ₹420.05 54
Dividend Discount
Gordon GGM ₹1.69 ₹1.85 ₹2.09 70
DDM Multi-Stage ₹1.69 ₹2.12 ₹2.73 61
Multiples
P/E Multiple ₹692.73 ₹923.64 ₹1,155 63
P/S Multiple ₹27.36 ₹36.48 ₹45.60 58
P/B Multiple ₹44.11 ₹58.82 ₹73.52 55
EV/Revenue ₹23.47 ₹33.32 ₹43.17 43
Asset-Based
NCAV (Graham) ₹6.54 ₹8.76 ₹13.07 50
Growth DCF
Growth DCF ₹34.74 ₹47.15 ₹68.46 80
Rev-Margin DCF ₹26.05 ₹37.14 ₹50.91 74
Economic Profit
Residual Income ₹101.17 ₹237.54 ₹11,666 76
Growth Earnings
Growth-Adj P/E ₹489.16 ₹698.80 ₹908.44 68

Widest divergence: Growth Earnings (₹698.80) versus Dividend Discount (₹1.85). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) ₹9.8B
Revenue growth (YoY) -32.8%
Net margin 207%
Return on equity -2,387%
Free cash flow ₹1.6B FY2026
P/E ratio 0.2
More key figures
Operating margin 21.0%
EPS (TTM) ₹109.09
Net debt ₹2.9B FY2026

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 70/100

Of which business quality 65 · Market factors (momentum, volatility) 85

Profitability 65
Margins and returns on capital today
Quality Growth 80
Are margins and returns improving?
Cashflow 62
Earnings quality: real cash, not paper profit
Fin. Strength 28
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 66
Calm price path (market factor)
Momentum 95
Price trend over the last 3–12 months (market factor)
52W Momentum 88
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Gayatri Projects Limited engages in the construction business in India. The company is involved in engineering, procurement, and construction of roads, irrigation, water distribution, and mining works, as well as industrial, transportation, and land development projects. It also engages in the ownership of infrastructure assets.

Full company description

Gayatri Projects Limited engages in the construction business in India. The company is involved in engineering, procurement, and construction of roads, irrigation, water distribution, and mining works, as well as industrial, transportation, and land development projects. It also engages in the ownership of infrastructure assets. The company was founded in 1963 and is based in Hyderabad, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Gayatri Projects Limited reported revenue of ₹8.5B in FY2026 versus ₹31.0B in FY2022, a compound −27.7%/yr. Reported net income was ₹20.4B in FY2026.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2026)
₹8.5B
Latest YoY
+88.2%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−5.9%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−26.3%
Avg. growth/yr (21Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+5.0%
Revenue −27.7%/yr
FY22 ₹31.0B
FY23 ₹10.2B
FY24 ₹6.8B
FY25 ₹4.5B
FY26 ₹8.5B
Net income
FY22 −₹9.6B
FY23 −₹15.0B
FY24 ₹415M
FY25 ₹1.2B
FY26 ₹20.4B

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Cite: Fair Value Calculator (2026). "Gayatri Projects Limited Fair Value". https://www.fairvalue-calculator.com/stock/GAYAPROJ

Peer Group

Engineering & Construction · 834 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 70 · Top 25%
Fair Value upside +172% · Top 25%
Return on assets 2% · Above median
Operating margin (TTM) 21% · Top 25%
Revenue growth -33% · Bottom 25%
Dividend yield (TTM) 0.8% · Below median

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 0.2× · Cheaper than 75% of peers
P/S (TTM) 0.01× · Cheaper than 75% of peers
P/FCF 0.1× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 19
FUTURE0 · sector 14
PAST0 · sector 26
HEALTH100 · sector 94
DIVIDEND17 · sector 39

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Larsen & Toubro Limited LT ₹4,020 ₹1,994 -50%
Samsung C&T Corporation 028260 357,500 KRW 261,411 KRW -27%
Hyundai Engineering & Construction Co 000720 113,700 KRW 61,453 KRW -46%
Samsung E&A Co 028050 49,300 KRW 43,624 KRW -12%
Rail Vikas Nigam Limited RVNL ₹228.50 ₹48.92 -79%
Daewoo Engineering & Construction Co 047040 18,400 KRW 6,507 KRW -65%
KEPCO Engineering & Construction Company 052690 99,800 KRW 19,346 KRW -81%
GS Engineering & Construction Corporation 006360 35,200 KRW 23,135 KRW -34%
DL E&C Co 375500 73,500 KRW 148,433 KRW +102%
KEPCO Plant Service & Engineering Co 051600 46,350 KRW 43,924 KRW -5%

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Frequently asked questions

Is Gayatri Projects Limited (GAYAPROJ) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹58.81 versus a price of ₹21.59, about +172% (undervalued).
What is the fair value of GAYAPROJ?
Our model-based fair value for Gayatri Projects Limited is ₹58.81 (as of Aug 13, 2026), built from audited fundamentals. The current price: ₹21.59.
What is the quality score of GAYAPROJ?
Gayatri Projects Limited has a Quality Score of 70/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Gayatri Projects Limited (GAYAPROJ)?
Gayatri Projects Limited reported trailing-twelve-month revenue of about ₹9.8B (latest available figure, as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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