If you’ve been looking for Graña y Montero stock lately, you might have noticed something weird. The name basically vanished from the tickers. Honestly, it’s not because the company went bankrupt or just disappeared into thin air. They rebranded. In 2020, the biggest construction firm in Peru officially became Aenza.
But a name change doesn't wipe away a complicated history. You’ve probably heard about the "Lava Jato" scandal. It hit this company hard. For years, they were the kings of Peruvian infrastructure, but the legal fallout with Odebrecht nearly sank them. Now, in 2026, the story is about a slow, painful turnaround. If you are looking at the ticker AENZAC1 on the Lima Stock Exchange (BVL), you’re looking at the ghost of Graña y Montero trying to start over.
Why Graña y Montero Stock Became Aenza
The rebranding wasn't just about a fresh coat of paint or a new logo. It was a survival tactic. The brand "Graña y Montero" had become synonymous with corruption trials and Peruvian political drama. By changing to Aenza, the board hoped to distance the business from its founding families—the Grañas and the Monteros—who were central to the legal mess.
Investors stayed wary. Naturally. Changing the name on the door doesn't change the debt on the books.
Currently, the company is under the control of IG4 Capital, a private equity firm that stepped in to lead the restructuring. They took a massive stake, roughly 33%, to steer the ship away from the rocks. They’ve been focusing on "ESG" (Environmental, Social, and Governance) standards to prove to the world that the "old ways" are dead. Whether the market believes that is a different story.
The Delisting Drama You Need to Know
One of the biggest shifts for international investors happened recently. Aenza decided to delist its American Depositary Shares (ADS) from the New York Stock Exchange (NYSE).
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Why would they do that?
- Cost: Keeping a listing on the NYSE is incredibly expensive for a company in recovery.
- Focus: They want to concentrate trading volume back in Lima.
- Compliance: The regulatory burden of the SEC was a lot to handle while trying to settle massive legal reparations with the Peruvian government.
If you held the old GRAM ticker on the NYSE, you likely saw those shares converted or moved to over-the-counter (OTC) markets. For most retail traders today, the action is all on the BVL.
Is the Stock a Value Play or a Trap?
Honestly, the numbers are a bit of a rollercoaster. As of early 2026, the Graña y Montero stock (now Aenza) has been trading at a significant discount compared to its book value. Some analysts look at that and see a "Super Stock" potential because the assets—like the Lima Metro Line 1 and various energy concessions—are actually quite valuable.
Others see a "Value Trap."
The company still reports losses periodically. For example, in the third quarter of 2025, they posted a loss per share of about S/0.04. That’s not great. But it's better than the catastrophic losses seen during the height of the legal battles. They are generating revenue—billions of soles—but the margins are thin because they’re still paying back the state.
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The Reality of Peruvian Infrastructure
Peru’s economy is a wild ride. Construction is the backbone, but it’s tied to politics. In January 2026, we’ve seen news about the disbandment of specialized anti-corruption teams in the Peruvian prosecutor's office. This kind of political instability makes investors nervous.
Aenza operates in four main areas:
- Engineering and Construction: The classic building stuff.
- Infrastructure: Managing toll roads and the Metro.
- Energy: Oil and gas services.
- Real Estate: Developing office spaces and homes.
The "Infrastructure" segment is their "golden goose." It provides steady, predictable cash flow. When you ride the train in Lima, you’re basically contributing to Aenza’s recovery. This is why the stock hasn't hit zero; the company actually owns things that the country needs to function.
What Most People Get Wrong About AENZAC1
Most people think the company is still run by the same people who got into trouble. That’s false. The founding families are largely out. The board has been overhauled.
Another misconception? That the legal issues are "over." They aren't. While they reached a massive plea agreement to pay reparations over many years, the shadow of those payments looms over every dividend talk. Don't expect a dividend check anytime soon. Every spare cent is going toward debt or legal obligations.
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Actionable Insights for Investors
If you're looking at Graña y Montero stock (Aenza) as a potential addition to your portfolio, you need a specific strategy. This isn't a "buy and forget" blue-chip stock. It’s a distressed asset play.
1. Watch the Lima Stock Exchange (BVL)
Don't rely on old NYSE data. Follow the ticker AENZAC1 in soles (PEN). That's where the real price discovery is happening now.
2. Monitor Infrastructure Concessions
The stock's value is tied to its contracts. If Aenza loses a major toll road or the Metro contract, the stock will likely crater. Conversely, winning new clean-energy projects would be a massive "buy" signal.
3. Analyze the IG4 Capital Exit Strategy
IG4 is a private equity firm. They aren't in this forever. Eventually, they will want to sell their stake. Who they sell it to—and at what price—will dictate the next five years for the stock.
4. Check the Debt-to-Equity Ratio
It’s currently quite high (around 136%). Until that number starts to trend down significantly, the stock remains high-risk.
The story of Graña y Montero is a classic tale of corporate fall and attempted rise. It’s a bet on whether a company can truly change its DNA. If you believe in the Peruvian infrastructure boom and the new management's "clean" approach, the current low price-to-book ratio is tempting. If you think the political ghosts of the past will keep haunting them, you're better off looking elsewhere.
To keep track of the latest financial filings, you should regularly check the Superintendencia del Mercado de Valores (SMV) website in Peru, as they host the most up-to-date "Hechos de Importancia" (Important Facts) regarding Aenza's corporate movements.