Why Didn’t Mayasheel Ventures Stock Rise Despite Bagging an Order Larger Than Its Market Cap?

Synopsis: Mayasheel Ventures stock saw limited gains despite a Rs. 143.6 cr CPWD order for border infrastructure, due to ESM-1 restrictions, low liquidity, and trade-to-trade settlement requiring full upfront margins, limiting speculative trading.

This company is in the business of construction of Roads and Highways for NHIDCL (National Highways and Infrastructure Development Corporation Ltd) and other Government Departments is now in focus after it secured an order worth Rs. 143 cr, which is larger than its market capitalisation of Rs. 139 cr. The shares of Mayasheel Ventures Ltd are currently trading at Rs. 63 per share, up by 0.64% from the previous close of Rs. 62.60 per share.

Mayasheel Ventures Limited has received a major work order from the Central Public Works Department (CPWD), ICBPZ, Leh, strengthening its presence in the border infrastructure and EPC civil works segment. 

The project has been awarded through an open tender process under EPC Mode (Package II) and relates to infrastructure development along the Indo–Pakistan border.

The scope of work includes the construction of a 135-feet earthen bundh, metalled roads, lateral roads, ditches, and Naka-cum-machan fighting bunkers along nearly 179 km of the international border. The project also covers water supply systems, sanitary installations, and internal electrical works across districts Jammu, Samba, and Kathua, spanning from BOP Chinaz to BOP Karotna Khurd.

The total value of the order stands at Rs. 143.6 cr, with an execution timeline of 27 months. The contract has been awarded by a domestic government authority, and there is no involvement or interest of the promoter or promoter group in the awarding entity. 

Why Did the Stock Rise Despite an Order Larger Than Its Market Cap

Mayasheel Ventures Ltd’s stock is currently in ESM-1 (Enhanced Surveillance Measure – Stage 1), indicating that it has exhibited abnormal price volatility or unusual trading activity. Additionally, the stock has been traded by fewer than 100 unique PANs in the previous 30 days, which signals low liquidity and limited market participation. This stage is a precautionary measure by the exchange to protect investors and maintain orderly market conditions for securities showing unusual trading patterns.

Being under ESM-1 brings specific trading restrictions. A 100% margin is required, meaning investors must pay the full value of the stock upfront, as no leverage is allowed. Trades are also executed only in the Trade-to-Trade (T2T) segment, where shares must be settled on delivery, and intraday or squared-off trades are not permitted. These rules are designed to minimize speculative trading and reduce the risk of price manipulation in illiquid or volatile stocks.

Mayasheel Ventures Limited is an engineering and construction company specializing in roads, electrical works, and various civil construction projects. Recognized as a prominent “A” class government contractor, the company executes projects both as an EPC (Engineering, Procurement, and Construction) contractor and on an item-rate basis.

Sales of the company significantly fell from Rs. 114 cr in H2FY25 to Rs. 80 cr in H1FY26. Operating profit decreased from Rs. 15 cr to  Rs. 14 cr. Net profit marginally increased to Rs. 8 cr from Rs. 7 cr.

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