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

Credit Rating (CRISIL)
ACUITE D
Rates the company's debt-servicing ability — not the quality or value of its shares.
View Full ReportValuation
Financials (FY2022)
Source: CRISILInvestment Thesis
Gannon Dunkerley and Co Limited is one of India's most historically significant civil engineering firms, with over 100 years of EPC experience since 1924. While its legacy and project credentials are strong, the company operates as an unlisted entity with limited public financial visibility. India's infrastructure investment cycle presents a positive backdrop, but competitive dynamics from large listed EPC firms remain a challenge.
Pros
Cons
Business Segments
Civil Engineering & EPC Contracting
Design, procurement, and construction of large civil infrastructure including dams, bridges, industrial buildings, and power projects
Revenue Model
Engineering, Procurement and Construction (EPC) contract model where revenue is recognized on a percentage-of-completion basis for large civil and infrastructure projects undertaken for government agencies and private sector clients.
Detailed Analysis
Growth Plans
India's infrastructure spending exceeding ₹10 lakh crore annually creates a large addressable market for EPC firms
Legacy brand and client relationships provide competitive advantage in government tender processes
Industry Tailwinds
India's infrastructure spending exceeding ₹10 lakh crore annually creates a large addressable market for EPC firms
Legacy brand and client relationships provide competitive advantage in government tender processes
Comparable Companies
Frequently Asked Questions
About Gannon Dunkerley & Co. Limited
Gannon Dunkerley & Co. Limited is one of India's oldest and most respected civil engineering and construction companies, incorporated on 11 March 1924. With CIN U51109MH1924PLC001107, the company has over a century of engineering heritage and has executed more than 5,000 projects across India and abroad. Headquartered in Fort, Mumbai, the company operates as an Engineering, Procurement and Construction (EPC) firm across diverse infrastructure segments. The company's capabilities span roads and highways, bridges and flyovers, railways and metro rail projects, power plants, oil and gas refineries, cement plants, steel plants, and environmental engineering projects. This diversified portfolio has enabled Gannon Dunkerley to build relationships with major public sector undertakings, state governments, and private sector clients across India. The company holds ISO 9001:2015 (Quality Management), ISO 14001:2015 (Environmental Management), and ISO 45001:2018 (Occupational Health & Safety) certifications. With total assets of Rs 2,903.7 crore, net worth of Rs 486.4 crore, and operating revenue exceeding Rs 500 crore, Gannon Dunkerley is a significant unlisted infrastructure company. The company has offices in Delhi, Mumbai, Hyderabad, and Kolkata, with project teams deployed across the country. Despite being unlisted, its century-long track record and large project portfolio make it a notable name in Indian infrastructure. Primary lender SBI and total borrowings of Rs 1,049.3 crore reflect the capital-intensive nature of its EPC operations.
Key Milestones
Founded in 1924 by British engineers as a railway contracting partnership firm in India
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We source & quote
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Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
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Industry Headwinds
Inability to raise equity capital at scale limits bidding capacity for mega-projects
Talent and technology modernization challenges in a century-old organization
CRISIL rating of ACUITE D — sub-investment grade; indicates elevated credit risk
Source: CRISIL
Faces intense competition from large listed EPC players like L&T, NCC, and Shapoorji Pallonji as well as mid-size regional contractors.
Source: Media Reports / Public Records
As an unlisted company, raising capital for large project bids is constrained compared to listed peers with equity market access.
Source: Media Reports / Public Records
Infrastructure EPC projects carry inherent risks of cost overruns, delays, and client payment defaults, particularly in government contracts.
Source: AlphaHub Research
Faces intense competition from large listed EPC players like L&T, NCC, and Shapoorji Pallonji as well as mid-size regional contractors.
As an unlisted company, raising capital for large project bids is constrained compared to listed peers with equity market access.
Infrastructure EPC projects carry inherent risks of cost overruns, delays, and client payment defaults, particularly in government contracts.
LT · ~450000 Cr
PE: ~30xx
NCC · ~8000 Cr
PE: ~15xx
KNRCON · ~7000 Cr
PE: ~18xx
Incorporated as a Public Limited Company under CIN U51109MH1924PLC001107
Grew from railway contracting to become a diversified civil engineering and EPC major over its century-long history
Headquartered in Fort, Mumbai with operations across India

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