Shares of Garuda Construction and Engineering rallied sharply in today's session, rising as much as 11% to hit an intraday high of Rs.209.30, after the company announced a significant project win in Mumbai’s real estate redevelopment space.

At around 10:00 AM, the stock was trading 9.01% at Rs.205, while the BSE Sensex was up 0.17% at 81,914.13, indicating strong outperformance against the broader market.

The company has secured a Rs.144  crore contract from Orbit Ventures Developers for civil construction work on the redevelopment project ‘Shikhar-B’ located in Oshiwara, Mumbai.

The order is expected to be executed over the next 18–24 months.

While today’s order win is a positive development for Garuda’s FY26 revenue visibility, analysts believe that investors should monitor the execution pace of the new project, its working-capital discipline amid rising material and labour costs, and profitability trends in upcoming quarterly results. The overall sentiment around smaller construction firms remains constructive but selective, as the sector grapples with cost inflation, project approvals, and payment cycles.