Why is Gammon India's share price so low at ₹2?

Gammon India accumulated massive debt of over ₹10,000 Cr by the mid-2010s, leading to loan defaults and insolvency proceedings under the Insolvency and Bankruptcy Code (IBC) before the NCLT. The company was eventually delisted from BSE and NSE. The ₹2 share price in the unlisted market reflects the near-total erosion of equity value following debt restructuring and insolvency proceedings.

Who were the promoters of Gammon India Limited?

Gammon India's key promoter was Abhijit Rajan, who served as Chairman and Managing Director. The Rajan family were the principal promoters of the company. Under Abhijit Rajan's leadership in the 2000s-2010s, the company aggressively expanded into infrastructure concessions through its subsidiary Gammon Infrastructure Projects, which contributed to the debt buildup.

How do I buy Gammon India unlisted shares here?

Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.

Who am I actually transacting with?

You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.

How do I pay, and is there a payment gateway?

Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

How long does settlement take?

After you accept an allocation, you have a short window to pay (typically 2 days). Once payment is verified, shares are usually credited to your demat within 2–3 business days, subject to depository timelines and any company-level restrictions. Timeframes are typical, not guaranteed.

There are no separate platform fee lines and no GST on the transfer — the desk's margin is built into the buy/sell price you're quoted. The only statutory add-on on a purchase is stamp duty on the consideration, shown transparently in your cost breakdown.

Is there a minimum ticket size for Gammon India?

Minimums vary by company and depend on the lot the desk can source. Raise an enquiry and the desk will confirm the available quantity and the minimum for that name.

What KYC do I need, and do I need a demat account?

You'll share your demat details when you enquire so we can settle directly. Full KYC — PAN and a client-master / demat statement — is required before the transfer step, when shares actually change hands. Yes, you need an active demat account to hold unlisted shares.

Are there lock-ins on unlisted or pre-IPO shares?

Some shares carry statutory or company-imposed lock-ins — for example, a post-listing lock-in on pre-IPO stock — and transfers can be subject to the company's articles or approvals. Where a lock-in applies, we'll flag it before you commit.

How do I sell Gammon India shares I already hold?

Raise a sell enquiry with the company, quantity and your target price. The desk confirms a buying price, you transfer your shares into the desk's demat, and once the credit is verified we pay you out by bank transfer to your registered account. The desk never pays out before your shares are received.

Unlisted shares are illiquid, may be hard or impossible to sell, and are not covered by exchange settlement guarantees or investor-protection funds. Pricing is indicative, not live. Read the full Risk Disclosure before you enquire, and invest only what you can afford to lock away.

Gammon India Unlisted Share Price | Buy Gammon India Pre-IPO Shares — wisefolio

Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

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Gammon India Unlisted Share Price | Buy Gammon India Pre-IPO Shares — wisefolio | wisefolio

Investment Thesis

Gammon India Limited is one of India's oldest and most iconic construction companies, with over a century of project execution history since 1922. However, the company collapsed under massive debt accumulated in the 2010s, underwent NCLT insolvency proceedings, and was delisted from stock exchanges. Trading at ₹2 in the unlisted market, the equity represents an extremely high-risk speculation on insolvency resolution. While the Gammon brand and project track record hold some residual value, equity recovery prospects are very low.

Pros

Gammon India has over 100 years of construction history since 1922, making it one of India's oldest and most storied infrastructure companies
Executed landmark projects including bridges, dams, nuclear power plants, metro rail, marine structures, and EPC projects across India and internationally
Gammon has built iconic projects including the Bandra-Worli Sea Link (in consortium), nuclear power plant structures at Tarapur, Kaiga, and Rawatbhata, and numerous major bridges across India

Cons

Gammon India went through severe financial distress in the 2010s with massive debt accumulation exceeding ₹10,000 Cr, leading to default on bank loans and eventual delisting from BSE/NSE
The company was referred to NCLT for insolvency proceedings under IBC (Insolvency and Bankruptcy Code) following inability to repay debt to lenders including SBI and other banks
Share price at ₹2 reflects the company's near-worthless equity position post-debt resolution, indicating very high risk for equity investors
Loss of listed status (now classified as Unlisted/Delisted) significantly reduces investor liquidity and transparency

Business Segments

Civil Engineering & EPC

Construction of bridges, dams, tunnels, highways, and large civil infrastructure for government and private clients

Industrial Construction

Construction of nuclear power plants, industrial plants, factories, and marine structures

Infrastructure Concessions

Operated through subsidiary Gammon Infrastructure Projects Limited — BOT/BOOT road, port, and power transmission concessions (now in distress)

Revenue Model

Gammon India historically earned revenue through EPC contracts (lump sum and item rate) for bridges, dams, industrial structures, and civil infrastructure from government bodies (NHAI, railways, state PWDs, CPWD) and private clients. The company also earned from infrastructure concessions through Gammon Infrastructure Projects Limited.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds7

Growth Plans

Successful resolution under IBC could revive the company under new management/ownership with a cleaned-up balance sheet

Gammon's brand, technical expertise, and historical project credentials retain value for any acquirer in India's booming infrastructure sector

Industry Tailwinds

Successful resolution under IBC could revive the company under new management/ownership with a cleaned-up balance sheet

Recent Developments

NCLT Insolvency Proceedings

Gammon India was admitted for insolvency proceedings before NCLT Mumbai. Multiple resolution plans were evaluated but the process faced significant delays due to the complexity of the company's debt structure and inter-corporate guarantees.

2020-2023

Delisted from BSE and NSE

Gammon India was delisted from Indian stock exchanges following prolonged financial distress and insolvency proceedings, moving to unlisted status with the ISIN INE259A01022.

2019-2022

Comparable Companies

CompanyTypeTickerMkt Cap

Larsen & Toubro LimitedPE: ~35xxListedLT~5,00,000 Cr

NCC LimitedPE: ~15xxListedNCC~12,000 Cr

HG Infra EngineeringPE: ~20xxListedHGINFRA~8,000 Cr

IRB Infrastructure DevelopersListed

Frequently Asked Questions

Gammon India Limited is one of India's oldest and largest civil engineering and EPC (Engineering, Procurement & Construction) contractors. Founded in 1919 (incorporated 1922), the company has executed a vast portfolio of infrastructure projects including bridges, dams, tunnels, metro rail, nuclear power plant structures, highways, marine structures, and industrial construction across India and internationally.

Gammon India was once among India's top construction companies but collapsed under the weight of excessive debt accumulated through aggressive infrastructure project bids and concession investments in the 2010s. The company defaulted on loans to multiple banks, was referred to NCLT insolvency proceedings, and was eventually delisted from BSE and NSE. Its subsidiary Gammon Infrastructure Projects (listed separately) also faced severe distress.

Gammon India executed several landmark projects in India's construction history including: structural work on the Bandra-Worli Sea Link in Mumbai, nuclear power plant civil construction at Tarapur, Kaiga, and Rawatbhata, the Dhola-Sadiya Bridge in Assam (one of India's longest bridges), multiple metro rail viaducts and tunnels, major dam projects, and numerous road and bridge projects across India.

About Gammon India

Gammon India Limited is one of India's oldest and most storied engineering and construction companies, incorporated on December 15, 1922 — over 100 years ago. Headquartered in Mumbai with CIN L74999MH1922PLC000997, Gammon India has constructed some of the nation's most iconic infrastructure including the Gateway of India area development, the Bogibeel Bridge across the Brahmaputra river, nuclear reactor buildings at Kalpakkam, Malabar Hill water tunnels, and hundreds of bridges, dams, highways, and power plants across India. For most of the 20th century, Gammon India was synonymous with large-scale civil engineering in India. The company developed expertise across a broad spectrum including bridges, tunnels, dams, industrial structures, marine works, nuclear facilities, and housing. Its order book at peak operations included projects for NHAI, power utilities, port authorities, and state governments across every Indian state. However, the 2010s brought severe financial stress. Gammon India became one of India's largest stressed infrastructure companies, unable to repay bank loans due to project delays, cost overruns, working capital squeeze, and challenging project execution environments. The company was admitted to Corporate Debt Restructuring (CDR) and subsequently underwent Strategic Debt Restructuring (SDR) in November 2015, under which lenders converted a portion of debt to equity, giving banks approximately 62% equity stake in Gammon India Limited. By FY2025, Gammon India reported revenue of just Rs 99.9 Cr — a dramatic fall from its peak revenues of several thousand crores — reflecting its severely contracted operations as it works through insolvency and restructuring proceedings. The company continues to have outstanding liabilities and is no longer a meaningful infrastructure player in its original form. Despite this, its 100+ year history and iconic project portfolio make it a notable name in Indian infrastructure history.

Key Milestones

Founded in 1919 by Gammon & Billimoria; incorporated as a company in 1922 in Mumbai

Common questions about unlisted shares

How do I buy Gammon India unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?
Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

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