GHV Infra Projects Ltd (505504)
Q2 FY27 results
📅 Next results: 22 Oct 2026 (board meeting)GHV Infra Projects Ltd's board meets on 22 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, GHV Infra's revenue was ₹219 Cr, and net profit ₹7.4 Cr; the operating margin was 11.1%.
| Q1 FY27 (₹ Cr) | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹219 | — | +2.1% |
| Operating profit | ₹24.2 | — | -37.8% |
| Net profit | ₹7.4 | — | -59.1% |
| EPS (₹) | 1.02 | — | -59.5% |
| Operating margin | 11.1% | — | — |
📢 Recent Corporate Announcements
GHV Infra Projects has scheduled a Board of Directors meeting on October 22, 2026, to consider and approve unaudited standalone and consolidated financial results for the quarter ended September 30, 2026. The company had reported TTM revenue of ₹755 Cr and TTM PAT of ₹51 Cr, with Q1 revenue standing at ₹218.6 Cr. The trading window remains closed for designated insiders until 48 hours following the declaration of results.
- Board meeting scheduled for Thursday, October 22, 2026
- Meeting agenda includes approval of Q2 results for the period ended September 30, 2026
- Trading window closed from September 28, 2026, until 48 hours after financial results are declared
Shareholders of GHV Infra Projects Limited approved the reclassification of promoter group member Husena A. Musamji to the 'Public' category at their AGM on September 25, 2026. Musamji holds 37,50,000 equity shares, representing 5.20% of the company's total share capital. The reclassification follows a prior no-objection letter issued by BSE Limited on August 17, 2026. Consequently, reported promoter holding will decrease from the current ~64.0% to ~58.8% in subsequent shareholding filings.
- Shareholders approved reclassification of Husena A. Musamji from 'Promoter Group' to 'Public' category
- Outgoing promoter holds 37,50,000 equity shares, accounting for 5.20% of total equity
- BSE provided No-Objection letter vide LIST/COMP/SJ/174/2026-27 dated August 17, 2026
- AGM voting concluded with requisite majority on September 25, 2026
GHV Infra Projects Ltd announced that the EPC contract for the Erisha Smart Manufacturing Hub at RAKEZ, Ras Al Khaimah, UAE, stands concluded as of the second week of September 2026. The contract was between Rana Exim FZ-LLC and the company's wholly owned subsidiary, GHV Infra FZ-LLC. The termination follows significant delays including pending Master Plan approval from RAKEZ (delayed past January 31, 2026), ongoing West Asia war uncertainties, and the employer's failure to provide proof of financial arrangements or payment guarantees. The company noted that financial impacts cannot yet be assessed, though resources had continued to incur costs without corresponding construction activity.
- EPC contract between Rana Exim FZ-LLC and wholly owned subsidiary GHV Infra FZ-LLC concluded in second week of September 2026
- Master Plan approval from RAKEZ was delayed beyond the agreed deadline of January 31, 2026, remaining unapproved over 13 months from LoA
- Notice of suspension of works was previously issued on August 17, 2026 for employer's material default in sharing financial arrangements
- Financial impact of the contract conclusion is currently unassessed and will be disclosed when quantified
GHV Infra Projects Limited has allotted 83,33,335 equity shares of face value ₹5 each to promoter entity JHV Commercials LLP following the conversion of 16,66,667 warrants. The company received ₹50,00,00,100 (₹50.00 Cr) representing the balance 75% warrant exercise consideration at ₹300 per warrant. Following this allotment, the paid-up share capital expanded from ₹36.04 Cr (7.21 crore shares) to ₹40.20 Cr (8.04 crore shares). A total of 21,83,333 warrants remain outstanding for future conversion.
- Allotted 83,33,335 equity shares of face value ₹5 each to promoter entity JHV Commercials LLP
- Received ₹50,00,00,100 (₹50.00 Cr) as balance 75% warrant exercise price at ₹300 per warrant
- Paid-up equity capital increased from ₹36.04 Cr to ₹40.20 Cr (8,04,08,335 equity shares)
- 21,83,333 convertible warrants remain pending conversion across promoter and public categories
GHV Infra Projects Ltd has received formal approval from BSE Limited on August 17, 2026, for the reclassification of erstwhile promoter Mrs. Husena A. Musamji from the 'Promoter and Promoter Group' to the 'Public' category. The reclassified holding comprises 37,50,000 equity shares, accounting for 5.20% of the company's total equity base. The reclassification application had been submitted to BSE on May 26, 2026, under Regulation 31A of SEBI LODR. This is a procedural shareholding re-categorization and carries no operational or financial implications.
- BSE granted approval on August 17, 2026, to reclassify Mrs. Husena A. Musamji from Promoter to Public category.
- The reclassified holding represents 37,50,000 equity shares or 5.20% of total share capital.
- The reclassification process was initiated via an exchange application dated May 26, 2026.
GHV Infra Projects reported a strong Q1 FY27 with revenue surging 171.67% YoY to ₹218.59 crore, reflecting significant execution momentum. EBITDA grew 235.93% to ₹28.05 crore, with margins expanding by 245 bps to 12.83% due to operational efficiencies. While PAT grew 138.35% to ₹11.25 crore, PAT margins slightly compressed by 71 bps to 5.15%. The company also strengthened its governance by appointing three high-profile Independent Directors from NHAI, IAS, and banking backgrounds.
- Revenue from operations increased 171.67% YoY to ₹218.59 crore from ₹80.46 crore.
- EBITDA surged 235.93% YoY to ₹28.05 crore, with margins improving to 12.83%.
- Profit After Tax (PAT) rose 138.35% YoY to ₹11.25 crore.
- Appointed former NHAI Member (Technical) and former MD of GIDC/GMDC as Independent Directors.
- Diluted EPS for the quarter stood at ₹1.48.
GHV Infra Projects has significantly strengthened its board by appointing three high-profile Independent Directors, including a former Member (Technical) of NHAI and a retired IAS officer, for 5-year terms. For Q1 FY27, the company reported a consolidated net profit of Rs 7.36 Cr, reflecting a sequential decline from the Rs 20 Cr profit in the March 2026 quarter. The company maintains a massive combined order book of approximately Rs 5,544 Cr across domestic and UAE markets, which is over 9x its TTM revenue of Rs 606 Cr. These appointments appear aimed at enhancing governance and technical oversight for its large-scale infrastructure projects.
- Appointment of 3 Independent Directors including Swarup Dasgupta (Ex-Bank of India), Manoj Aggarwal (Retired IAS), and Dhanraj Tawade (Ex-NHAI Member).
- Reported Q1 FY27 consolidated net profit of Rs 7.36 Cr with an adjusted basic EPS of Rs 1.02.
- The company is managing a domestic order book of Rs 2,899.34 Cr and a UAE contract of Rs 2,645 Cr.
- New directors are appointed for a 5-year term effective from August 10, 2026, to August 09, 2031.
- Consolidated total comprehensive income for the quarter stood at Rs 6.87 Cr.
GHV Infra Projects reported a consolidated PAT of ₹7.36 crore for Q1 FY27, showing a sequential decline from ₹18.17 crore in the March 2026 quarter but an improvement over the ₹5 crore standalone PAT in June 2025. The company reported an adjusted EPS of ₹1.02 for the quarter. A significant governance update includes the appointment of three high-profile Independent Directors, including a former Member (Technical) of NHAI and a retired IAS officer. The consolidated results now incorporate international subsidiaries in the UAE and USA, though these entities have yet to contribute significantly to operations.
- Consolidated Profit After Tax (PAT) for the quarter ended June 30, 2026, stood at ₹7.36 crore.
- Adjusted Basic EPS reported at ₹1.02, accounting for previous bonus issues and share sub-divisions.
- Total Comprehensive Income for the period was ₹6.87 crore after accounting for foreign currency translation losses of ₹0.65 crore.
- Appointed Dhanraj O. Tawade, a former Member (Technical) of NHAI with 37 years of experience, as an Independent Director.
- Consolidated order book remains substantial at approximately ₹5,544 crore (Domestic + UAE), which is ~9x the TTM revenue of ₹606 crore.
GHV Infra Projects reported a consolidated net profit of ‡7.36 Cr for Q1 FY27, representing a sharp sequential decline from ‡18.17 Cr in Q4 FY26. The company significantly strengthened its board by appointing three high-profile Independent Directors, including a former IAS officer and a former Member (Technical) of NHAI. While earnings softened this quarter with an EPS of ‡1.02, the company maintains a massive combined order book of over ‡5,500 Cr. The board appointments suggest a strategic move to enhance technical and administrative oversight for large-scale infrastructure execution.
- Consolidated Net Profit for Q1 FY27 stood at ‡7.36 Cr, down from ‡18.17 Cr in the previous quarter.
- Appointed Mr. Dhanraj O. Tawade, a former Member (Technical) of NHAI, as an Independent Director for 5 years.
- Appointed Mr. Manoj Aggarwal, a retired IAS officer (Gujarat Cadre), to the board to leverage 45 years of administrative experience.
- Consolidated EPS for the quarter reported at ‡1.02, compared to ‡2.52 in Q4 FY26.
- Total Comprehensive Income for the quarter was ‡6.87 Cr after accounting for foreign currency translation reserves.
GHV Infra Projects has scheduled a board meeting for August 10, 2026, to approve its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. This follows a significant growth phase where FY26 revenue reached ₹606 Cr, a substantial increase from ₹185 Cr in FY25. Investors will be monitoring the execution of the ₹2,899.34 Cr domestic order book and the ₹2,645 Cr UAE contract. The trading window for insiders has been closed since June 25, 2026.
- Board meeting scheduled for August 10, 2026, to review Q1 FY27 performance
- Trading window closed from June 25, 2026, until 48 hours after the results declaration
- Company is currently executing a domestic order book valued at ₹2,899.34 Cr
- New international expansion includes a ₹2,645 Cr contract in the UAE
- FY26 revenue stood at ₹606 Cr with an operating profit margin of 15.0%
GHV Infra Projects Ltd has responded to a clarification sought by the BSE on July 29, 2026, regarding significant movement in its share price. The company stated that it is in full compliance with SEBI Regulation 30 and has disclosed all price-sensitive information to the exchanges. Management clarified that the recent price fluctuations are market-driven and that there is no pending announcement or undisclosed information that could impact the stock's behavior. This response is standard for companies experiencing high volatility without immediate news triggers.
- Company responded to BSE clarification request Ref No. L/SURV/ONL/PV/SJ/ 2026-2027/4099 dated July 29, 2026
- Confirmed 100% compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
- Stated no undisclosed price-sensitive information or pending announcements exist as of July 30, 2026
- Maintains a significant domestic order book of ₹2,899.34 cr as per latest financial context
- Management attributes recent price movement entirely to market-driven factors
Financial Performance
Revenue Growth by Segment
The company achieved a total revenue of INR 184.88 Cr in FY 2024-25, representing a 100% turnaround from zero revenue in FY 2023-24. The entire revenue (100%) was derived from the infrastructure segment, specifically civil construction and EPC works.
Geographic Revenue Split
In FY 2024-25, 100% of revenue was domestic. However, the company has secured a post-FY international contract in the UAE worth INR 2,645 Cr, indicating a significant future shift toward international revenue contribution.
Profitability Margins
The company reported an operating margin of approximately 9.2% in FY 2024-25. Net Profit Margin stood at 9.27% with a Profit After Tax of INR 17.15 Cr, a complete turnaround from a loss of INR 0.43 Cr in the previous year.
EBITDA Margin
EBITDA for FY 2024-25 was INR 24.90 Cr, representing an EBITDA margin of 13.47%. This marks a significant recovery from a negative EBITDA of INR 0.43 Cr in FY 2023-24 due to the commencement of operations in Q3 FY25.
Capital Expenditure
While specific historical CapEx figures were not detailed, the company relies on GHV India for equipment support. Total assets grew from INR 0.01 Cr to INR 221.43 Cr in FY 2025, reflecting the massive scale-up of operational assets and project-related investments.
Credit Rating & Borrowing
The company was assigned a long-term rating of ACUITE BBB- (Stable) and a short-term rating of ACUITE A3 for proposed bank facilities of INR 200.00 Cr. Borrowing costs are not explicitly stated, but the company currently has non-current borrowings of INR 30.93 Cr.
Operational Drivers
Raw Materials
Key raw materials include steel, cement, and other construction materials required for civil and industrial EPC projects. These are described as 'material-intensive' inputs, though specific percentage of total cost per material is not disclosed.
Import Sources
Raw materials are primarily sourced from domestic markets in India to support current projects. Future sourcing will expand to the UAE to support the INR 2,645 Cr international contract.
Key Suppliers
The primary supplier of project opportunities and operational support is GHV (India) Private Limited, which subcontracts its EPC orders to the company. Specific third-party material suppliers like SAIL or UltraTech are not named.
Capacity Expansion
The company operates as an EPC contractor with an outstanding order book of INR 2,899.34 Cr as of March 31, 2025. Capacity is measured by its ability to execute this book, which is supported by the flagship GHV India's six decades of experience.
Raw Material Costs
Cost of materials consumed was INR 165.44 Cr in FY 2024-25, representing 89.48% of total revenue. This high percentage reflects the material-intensive nature of nascent civil construction projects.
Manufacturing Efficiency
The company reported a Return on Capital Employed (ROCE) of 67.69% and a Return on Equity (ROE) of 82.1% for FY 2024-25, indicating high efficiency in utilizing its newly deployed capital.
Strategic Growth
Expected Growth Rate
200-300%
Growth Strategy
Growth will be driven by the execution of the INR 2,899.34 Cr domestic order book and the new INR 2,645 Cr UAE contract. The strategy includes diversifying into industrial projects (steel, power, refineries) and leveraging the 'Gati Shakti' and National Infrastructure Pipeline initiatives.
Products & Services
EPC services for roads, bridges, dams, irrigation systems, airport runways, urban development, and industrial complexes including refineries and petrochemical factories.
Brand Portfolio
GHV Infra Projects Limited (operating under the established GHV Group brand).
New Products/Services
Expansion into international EPC markets (UAE) and specialized industrial infrastructure projects are expected to contribute over 50% of future revenue growth.
Market Expansion
Targeting international expansion in the Middle East (UAE) and domestic expansion into 6 new domestic contracts in FY 2025-26.
Market Share & Ranking
Positioned as a mid-sized EPC player; specific market share percentage not disclosed.
Strategic Alliances
Strategic support agreement with GHV (India) Private Limited for subcontracting, technical expertise, and working capital support.
External Factors
Industry Trends
The industry is growing due to digital tendering and policy reforms. The company is positioning itself to shift from legacy software services to a diversified infrastructure player to capitalize on the 10-15% annual growth in Indian infra spending.
Competitive Landscape
Faces intense competition from established EPC firms. The company competes by leveraging the group's pre-qualification credentials to bid for larger projects.
Competitive Moat
The moat is derived from the 60-year track record of the GHV Group and the financial flexibility of being a listed entity. This provides a 'plug-and-play' operational model for a nascent company, though it is highly dependent on the parent.
Macro Economic Sensitivity
Highly sensitive to government infrastructure spending and the National Infrastructure Pipeline. A slowdown in public sector capex would directly reduce order inflows for the parent group and the company.
Consumer Behavior
Not applicable as the company is a B2B/B2G infrastructure provider.
Geopolitical Risks
The new UAE venture introduces geopolitical and international regulatory risks that could impact project timelines and profitability.
Regulatory & Governance
Industry Regulations
Operations are subject to Ministry of Corporate Affairs (MCA) regulations, environmental clearances for construction sites, and labor laws. The company received a 3-month extension from the ROC for its FY25 AGM.
Environmental Compliance
The company ensures compliance with environmental norms through internal audits, though specific ESG spend in INR is not disclosed.
Taxation Policy Impact
The company recorded a tax expense of INR 6.18 Cr on a Profit Before Tax of INR 23.33 Cr for FY 2024-25, implying an effective tax rate of approximately 26.5%.
Legal Contingencies
The company reported zero pending litigations that would have a material impact on its financial position as of March 31, 2025.
Risk Analysis
Key Uncertainties
The nascent stage of operations (commenced Q3 FY25) creates uncertainty regarding the company's independent execution capability. Timely execution of the INR 2,899.34 Cr order book is a key sensitivity.
Geographic Concentration Risk
Currently 100% concentrated in India, specifically projects subcontracted through the Mumbai-based parent group.
Third Party Dependencies
100% dependency on GHV India for order book visibility and working capital support.
Technology Obsolescence Risk
Low risk in civil construction, but the company is adopting digital project management to improve efficiency and reduce debtor days.
Credit & Counterparty Risk
Credit risk is mitigated by the fact that the primary counterparty is the parent group, though high receivables are monitored against performance metrics.
