Ganesh Infraworld Limited (GANESHIN)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Ganesh Infraworld's revenue was ₹200 Cr (+10.9% year on year, -12.9% on the previous quarter), and net profit ₹17.5 Cr (+19.8% year on year); the operating margin was 14.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹200 | +10.9% | -12.9% |
| Operating profit | ₹29.5 | +45.7% | -1.6% |
| Net profit | ₹17.5 | +19.8% | -27.1% |
| EPS (₹) | 4.10 | +19.9% | -28.4% |
| Operating margin | 14.7% | — | — |
GANESHIN delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 88.39% of the GANESHIN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 82.01%. That is close to its usual level. Turnover was only ₹78 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 90.9% · 80.0% · 83.3% · 89.4% · 88.4%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Ganesh Infraworld Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on October 3, 2026, confirms the processing and mutilation of dematerialisation requests. This is a mandatory administrative disclosure with zero financial or operational impact.
- Compliance certificate filed under Regulation 74(5) for the quarter ended September 30, 2026
- Certificate issued by RTA MUFG Intime India Private Limited on October 3, 2026
- Filing made with the National Stock Exchange on October 8, 2026
- Confirmation that received dematerialised share certificates were mutilated and cancelled as per timelines
Ganesh Infraworld Limited's subsidiary, Tykoon Mines GK Limited, had its rated bank loan facilities enhanced from ₹200.00 Crore to ₹250.00 Crore by Infomerics Valuation and Rating Limited. The agency reaffirmed the long-term rating at 'IVR BBB-/Stable' and the short-term rating at 'IVR A3'. The enhanced facilities will support working capital and guarantees as the subsidiary expands its mining infrastructure operations. Additionally, an existing bank guarantee facility of ₹30.40 Crore with Kotak Mahindra Bank was withdrawn upon submission of a No Due certificate.
- Total bank loan facilities rated enhanced to ₹250.00 Crore from ₹200.00 Crore
- Long-term rating reaffirmed at IVR BBB-/Stable
- Short-term rating reaffirmed at IVR A3
- Bank guarantee rating for a ₹30.40 Crore facility withdrawn following a No Due certificate from Kotak Mahindra Bank
Ganesh Infraworld Limited has scheduled a virtual investor meeting on September 25, 2026, from 11:00 AM to 12:00 PM. The management will attend the Arihant Capital – Bharat Connect Conference Rising Star 2026 in a group format. The company stated that discussions will rely strictly on publicly available information with no unpublished price sensitive information (UPSI) involved. With TTM revenue at Rs 855 Cr and an order book of Rs 2,262 Cr, the interaction serves as a routine investor outreach session.
- Virtual group investor meeting scheduled for September 25, 2026
- Participation in Arihant Capital – Bharat Connect Conference Rising Star 2026
- Meeting time slated for 11:00 AM to 12:00 PM
- No unpublished price sensitive information (UPSI) to be shared
Ganesh Infraworld Limited's subsidiary, Tykoon Mines GK Limited, has been assigned a credit rating of 'CRISIL BBB-/Stable' by CRISIL Ratings Limited for its proposed Rs 150 Crore Non-Convertible Debentures (NCDs). The rating signifies a moderate degree of safety regarding the timely servicing of financial obligations alongside moderate credit risk. The proposed borrowing represents approximately 60.0% of Ganesh Infraworld's net worth of Rs 250 Cr and 17.5% of TTM revenue (Rs 855 Cr). The company has a 180-day window from September 4, 2026, to place the debentures under this rating letter.
- CRISIL assigned 'CRISIL BBB-/Stable' rating to Tykoon Mines GK Limited for Rs 150 Crore NCDs
- Securities under this rating are categorized as carrying moderate credit risk and moderate safety
- Issuance must be completed within 180 days from September 4, 2026, or seek revalidation
- Subsidiary Tykoon Mines represents Ganesh Infraworld's expanding mining infrastructure vertical
CRISIL Ratings has assigned a 'CRISIL BBB-/Stable' rating to the proposed Rs 150 Crore Non-Convertible Debentures (NCDs) of Tykoon Mines GK Limited, a subsidiary of Ganesh Infraworld Limited. The rating reflects a moderate degree of safety with moderate credit risk. The proposed Rs 150 Crore debt program represents approximately 60% of Ganesh Infraworld's net worth of Rs 250 Crore and exceeds its current consolidated debt of Rs 134 Crore. The rating letter remains valid for debt issuance within a period of 180 days from September 4, 2026.
- CRISIL assigned 'CRISIL BBB-/Stable' rating to Rs 150 Crore NCDs of subsidiary Tykoon Mines GK Limited
- Instruments with this rating are considered to have a moderate degree of safety regarding timely debt servicing
- Proposed issue must be placed within 180 days from September 4, 2026, without requiring revalidation
- The Rs 150 Crore borrowing capacity will support the group's expanding mining infrastructure vertical
CRISIL Ratings has reaffirmed its credit ratings for Ganesh Infraworld Limited's total bank loan facilities of Rs. 196 Crore. The long-term bank facilities are reaffirmed at 'CRISIL BBB+/Stable', while short-term facilities are reaffirmed at 'CRISIL A2'. The rated facilities include Rs. 116.5 Crore of cash credit, Rs. 40 Crore overdraft, Rs. 3.5 Crore term loan, Rs. 3 Crore forex facility, and Rs. 33 Crore proposed fund-based limits.
- Total bank loan facilities rated reaffirmed at Rs. 196 Crore
- Long-term bank loan rating reaffirmed at CRISIL BBB+/Stable
- Short-term bank loan rating reaffirmed at CRISIL A2
- Bank limits comprise Rs. 116.5 Cr Cash Credit, Rs. 40 Cr Overdraft, and Rs. 33 Cr Proposed limits
- Rating letter valid till March 31, 2027
Ganesh Infraworld Limited has received listing approval from the National Stock Exchange (NSE) for 10,49,600 equity shares of face value Rs 5 each. These shares were allotted pursuant to the conversion of warrants issued on a preferential basis. The new shares will be admitted to trading on NSE effective September 07, 2026. The entire lot of 10,49,600 shares is subject to a statutory lock-in until March 5, 2027.
- Listing approval granted for 10,49,600 equity shares of face value Rs 5 each
- Shares allotted pursuant to conversion of warrants previously issued on a preferential basis
- Trading and dealings on NSE commence from September 07, 2026
- All 10,49,600 shares are under lock-in until March 05, 2027
Ganesh Infraworld Limited has announced a virtual Analyst/Investor Meet scheduled for September 9, 2026, from 10:30 AM to 11:30 AM IST. The session is organized by Go India Advisors Ltd. and will involve interaction with a set of investors and analysts. The company confirmed that discussions will rely strictly on publicly available information with no unpublished price-sensitive information (UPSI) being shared.
- Virtual analyst/investor meet scheduled for September 9, 2026
- Meeting time fixed from 10:30 AM to 11:30 AM IST
- Organized by Go India Advisors Ltd.
- Company confirmed discussions will use only publicly available documents with no UPSI shared
Ganesh Infraworld Limited has disclosed an Enforcement Directorate (ED) search conducted at its premises on January 20, 2026, following clarification queries from the National Stock Exchange. The company clarified that the search was connected to an investigation into other entities/persons and initiated against its erstwhile partnership firm, Ganesh International. As of August 27, 2026, no proceedings, asset attachments, seizures, or freezing orders have been issued against the listed entity. The company reported zero material impact on financial operations and attributed the ~7-month delay in disclosure to an initial assessment that LODR filing was not required.
- ED search was executed at company premises on January 20, 2026.
- Action was initiated against erstwhile firm Ganesh International and related to third-party entities.
- Zero attachment, seizure, or freezing orders active against the company as of August 27, 2026.
- Search resulted in no material financial or operational disruptions per company statement.
- Disclosure follows exchange clarification after an unexplained disclosure lag of over 7 months.
Ganesh Infraworld Limited announced that its subsidiary, Tykoon Mines GK Limited, has emerged as the lowest bidder (L1) for a mining contract from Central Coalfields Limited (CCL) valued at approximately ₹453.16 crore. The project entails execution work at the SDOC Mine in Bokaro District, Jharkhand, with a proposed tenure of five years. The bid value represents ~53% of the company's TTM revenue of ₹855 crore, providing significant medium-term revenue visibility. The final contract award remains subject to formal procurement completion and the issuance of a Letter of Acceptance (LOA).
- Subsidiary Tykoon Mines GK Limited emerged as L1 bidder for Central Coalfields' SDOC Mine project
- Estimated project bid value is approximately ₹453.16 crore
- Project execution tenure is approximately 5 years
- Bid value represents ~53.0% of Ganesh Infraworld's TTM revenue of ₹855 crore
- Final award is pending formal LOA and contract execution by CCL
Ganesh Infraworld reported a robust Q1 FY27 with consolidated revenue reaching ₹378.76 Cr, a 109% increase from ₹180.65 Cr in Q1 FY26. The growth was driven by the consolidation of its subsidiary Tykoon Mines and strong performance in the water infrastructure segment (₹118.26 Cr). The consolidated order book has expanded to ₹4,090.3 Cr, representing approximately 4.8x the TTM revenue, providing high visibility for the next 2-6 years. However, consolidated debt has risen to approximately ₹460 Cr, resulting in a debt-to-equity ratio of 1.22x.
- Consolidated revenue for Q1 FY27 stood at ₹378.76 Cr, more than doubling YoY from ₹180.65 Cr.
- Consolidated order book reached ₹4,090.3 Cr, with ₹2,400 Cr from the subsidiary and ₹1,600 Cr from standalone operations.
- Mining Development and Operations (MDO) emerged as the highest EBITDA contributor at ₹26.83 Cr for the quarter.
- Invested ₹87 Cr (including GST) in equipment for a new renting and leasing segment, with revenue expected from Q2 FY27.
- Consolidated EBITDA margin reported at 15.8% with a PAT margin of 7.8% for the quarter.
Ganesh Infraworld Limited has successfully concluded its 3rd Annual General Meeting (AGM) held on August 10, 2026. Shareholders approved all four proposed resolutions, including the adoption of FY26 financial statements and the declaration of a ₹0.10 per share dividend. The voting process saw 2.46 crore valid votes cast, with nearly 100% approval for most items. This routine filing confirms the formal ratification of the company's FY26 performance, where it reported a revenue of ₹835.63 crore and a PAT of ₹75.61 crore.
- Dividend of ₹0.10 per equity share approved for the financial year ended March 31, 2026.
- Total of 2,46,76,647 valid votes were cast through remote e-voting and electronic voting at the AGM.
- Resolution for the re-appointment of Director Mrs. Rachita Agrawal passed with 99.9967% majority.
- Ratification of remuneration for Cost Auditors for FY27 was approved with 100% of votes in favor.
- Adoption of FY26 Audited Standalone and Consolidated Financial Statements was completed.
Ganesh Infraworld has made the audio recording of its Q1FY2027 earnings conference call available to the public, following the session held on August 11, 2026. The call comes as the company manages a substantial order book of 2,262 Cr (as of Sept 2025), which is approximately 2.7x its TTM revenue of 836 Cr. Investors can use this recording to understand management's execution strategy for its mining and civil infrastructure projects. The company previously reported a PAT of 76 Cr for FY26 with an operating margin of 12.6%.
- Earnings conference call for Q1FY2027 was conducted on August 11, 2026, at 3:00 PM.
- Audio recording link provided for public access to management commentary.
- Company is currently executing an order book valued at 2,262 Cr.
- TTM revenue stands at 836 Cr with a PAT of 76 Cr as per latest annual data.
Ganesh Infraworld has approved the allotment of 1,049,600 equity shares following the conversion of warrants by two non-promoter investors. The company received the balance 75% payment of Rs 7.08 Cr, based on an issue price of Rs 90 per share (Face Value Rs 5). This conversion is part of a larger preferential issue of 5,232,800 warrants initiated in July 2026, with 4,183,200 warrants still pending conversion. The move slightly expands the equity base and provides incremental liquidity for the company's construction and mining operations.
- Allotment of 1,049,600 equity shares at an issue price of Rs 90 per share (including Rs 85 premium)
- Receipt of Rs 7.08 Cr representing the 75% balance consideration for the converted warrants
- Stellant Securities (India) Ltd emerged as a significant allottee with 1,000,000 shares, representing a 2.28% post-issue stake
- Total paid-up equity capital increased from Rs 21.36 Cr to Rs 21.89 Cr
- 4,183,200 warrants remain outstanding for conversion within the 18-month validity period
Ganesh Infraworld has approved the allotment of 10,49,600 equity shares following the conversion of warrants by non-promoter investors. The company received ₹7.08 crore, representing the final 75% payment at an issue price of ₹90 per share. This conversion increases the paid-up equity capital from ₹21.36 crore to ₹21.88 crore. Currently, 41,83,200 warrants remain outstanding for conversion within their 18-month validity period.
- Allotment of 10,49,600 equity shares at an issue price of ₹90 each (including ₹85 premium)
- Receipt of ₹7,08,48,000 as the balance 75% consideration for the converted warrants
- Paid-up equity share capital increased to ₹21.88 crore, comprising 4,37,70,997 shares
- Stellant Securities (India) Ltd emerged as a key allottee, holding a 2.28% post-issue stake
- 41,83,200 warrants remain pending for conversion out of the original 52,32,800 warrants
Financial Performance
Revenue Growth by Segment
Revenue for FY2025 reached INR 538.22 Cr, a 85.38% YoY increase from INR 290.34 Cr. As of Q2 FY26, the business mix consists of Civil Infra (39%), Mining (30%), Water Infra (23%), and Civic Utilities (8%). H1 FY26 revenue stood at INR 390.6 Cr, up 69.6% YoY.
Geographic Revenue Split
The company operates across West Bengal, Bihar, Uttar Pradesh, Chhattisgarh, Maharashtra, New Delhi, Telangana, Odisha, and Jharkhand. Specific percentage contribution per state is not disclosed in the available documents.
Profitability Margins
Net Profit Margin for FY25 was 7.44%, a slight decline of 3.91% from 7.75% in FY24 due to higher operating costs. However, H1 FY26 PAT margin improved to 8.4%, up 100 bps YoY, driven by better execution and scale.
EBITDA Margin
EBITDA margin for H1 FY26 was 11.9%, representing a growth of 230 basis points compared to the previous year. Absolute EBITDA for H1 FY26 grew 110.5% YoY to INR 46.4 Cr.
Capital Expenditure
The company utilized IPO proceeds to strengthen its equity base and fund long-term working capital. While specific future CapEx in INR Cr is not detailed, the focus is on expanding the execution engine with over 80 experienced engineers.
Credit Rating & Borrowing
Assigned IVR BBB/Stable for Long Term Bank Facilities (INR 47 Cr) and IVR A3+ for Short Term Bank Facilities (INR 3 Cr) by Infomerics. Finance costs increased by 35% in FY25, though the interest coverage ratio remains healthy at 28.89x.
Operational Drivers
Raw Materials
Construction and other direct expenses represent the primary cost, totaling INR 335.5 Cr in H1 FY26, which is 85.9% of total revenue. Specific material names like steel or cement are not individually itemized with percentages.
Import Sources
Not disclosed in available documents; however, projects are localized across 9 Indian states including West Bengal and Bihar.
Capacity Expansion
The company is scaling its execution bandwidth, currently employing 121 executive staff including engineers. The order book has expanded significantly to INR 2,262 Cr as of September 30, 2025.
Raw Material Costs
Direct construction expenses accounted for 85.9% of revenue in H1 FY26 (INR 335.5 Cr). Procurement is managed to support a robust order book that grew from INR 450 Cr in FY25 to over INR 2,200 Cr in FY26.
Manufacturing Efficiency
Execution is managed by a team of 80+ engineers. Management emphasizes keeping 20% of top management bandwidth free to handle daily infrastructure challenges and ensure project safety.
Strategic Growth
Expected Growth Rate
70%
Growth Strategy
Growth is driven by a massive order book of INR 2,262 Cr, providing high revenue visibility. Strategy includes diversifying into mining (30% of mix) to capture OpEx-based contracts from PSUs like NTPC/Coal India and leveraging the H2 seasonal peak, which typically accounts for 60% of annual revenue.
Products & Services
Civil construction (roads, railways, buildings), water infrastructure (treatment and distribution), mining management, and civic utility infrastructure.
Brand Portfolio
Ganesh Infraworld Limited (formerly Ganesh International).
New Products/Services
Entry into Mining Infrastructure segment, focusing on mine management and allied civil works, which now contributes 30% of the order book.
Market Expansion
Expanding presence in the mining sector in Madhya Pradesh with its largest-ever coalfield project contract.
Market Share & Ranking
Not disclosed in available documents, though described as one of the fastest-growing infrastructure companies in India.
External Factors
Industry Trends
The industry is shifting toward diversified portfolios to mitigate payment delays. Ganesh is positioning itself by moving 40% of its order book toward operational expense (OpEx) nature projects to ensure steadier cash flows.
Competitive Landscape
Highly fragmented and competitive operating scenario with significant contract execution risks and tender-driven pricing.
Competitive Moat
Moat is built on an 11-year execution track record and a low debt-to-equity ratio (0.35x), allowing the company to bid for larger, complex projects that competitors with weaker balance sheets cannot.
Macro Economic Sensitivity
Highly sensitive to government infrastructure spending (Jal Jeevan, AMRUT schemes) and national priorities for water and mining.
Consumer Behavior
Not applicable as the business is B2B/B2G; demand is driven by government policy and PSU expansion.
Geopolitical Risks
Primarily domestic operations; risks are limited to national regulatory changes and state-level execution hurdles.
Regulatory & Governance
Industry Regulations
Subject to standard construction and mining safety norms; the company maintains a dedicated safety and core engineering team.
Taxation Policy Impact
Current tax for FY25 was INR 12.99 Cr on a PBT of INR 53.37 Cr, implying an effective tax rate of approximately 24.3%.
Legal Contingencies
The Secretarial Audit Report for FY25 confirms compliance with the Companies Act and SEBI regulations; no specific pending litigation values in INR were disclosed.
Risk Analysis
Key Uncertainties
Working capital management is a key risk; cash flow from operations was negative INR 29.7 Cr in H1 FY26, with positive cash flow not expected until H2 FY27.
Geographic Concentration Risk
Operations are spread across 9 states, reducing single-state dependency, though West Bengal remains a primary hub.
Third Party Dependencies
Dependency on government and PSU clients for timely payments and project clearances.
Technology Obsolescence Risk
Low risk in civil construction, but the company invests in technical workshops to keep the 80+ engineering team updated on emerging technologies.
Credit & Counterparty Risk
Adequate liquidity with a current ratio of 2.84x and cash balances of INR 10.17 Cr as of March 2025. Receivables management is critical as the order book scales to INR 2,262 Cr.
