**NSE/BSE Listed | Sector: Infrastructure & EPC** GHV Infra Projects Limited (formerly **Sindu Valley Technologies Limited**) is an Indian infrastructure firm that has undergone a radical strategic transformation. Following a management takeover in late **2024**, the company pivoted from a non-operational software entity to a high-growth **Engineering, Procurement, and Construction (EPC)** powerhouse. Headquartered in **Mumbai**, the company now operates across India and the **UAE**, targeting large-scale projects in transportation, energy, and industrial sectors. --- ### **The Strategic Pivot: From Legacy Software to Infrastructure EPC** The company’s recent history is defined by a "turnaround" narrative. After years of operational stagnation, the new management, led by **Mr. Jahid Vijapura**, repositioned the firm to capitalize on India’s infrastructure boom. * **Corporate Rebranding:** Renamed from Sindu Valley Technologies to **GHV Infra Projects Limited** to align with its new core competency. * **Operational Relocation:** Shifted headquarters from Karnataka to **Mumbai** in **2025** to centralize administrative control and proximity to financial hubs. * **Business Model:** Operates primarily through a single segment—**Infrastructure Construction Services**—utilizing **EPC, BOOT, BOO, BOLT, and PPP** models. * **Technological Edge:** Integration of **IoT, AI, machine learning, and big data analytics** to optimize project lifecycles and enhance sustainability. --- ### **Order Book Momentum & Global Footprint** The company has demonstrated an aggressive ability to win contracts, scaling its pipeline significantly within an **18-month** window. | Metric | Value / Status | | :--- | :--- | | **Total Order Book (Apr 2026)** | **₹11,400 crore** (including GST) | | **Order Book (Sept 2025)** | **₹8,500 crore** | | **Order Book (Mar 2025)** | **₹2,813 crore** | | **International Presence** | **GHV Infra FZ LLC** (UAE Subsidiary established Sept 2025) | **Major Project Portfolio:** * **UAE Industrial Hub:** A **₹2,645 crore** EPC contract for industrial and commercial buildings in the UAE (24-month timeline). * **Mumbai Urban Infra:** Significant presence in the **Mumbai Coastal Road (Pkg A)** (**₹1,060 crore**) and **Police Housing** (**₹2,000 crore**). * **Energy & Industrial:** **USD 90.25M (~₹840 crore)** RNG & Fertilizer project in Ohio, USA; and a **₹144.04 crore** Electric Loco Manufacturing Unit in Gujarat. * **Water & Irrigation:** **₹473.87 crore** Dam and pump house project on the Malaprabha River, Karnataka. --- ### **Financial Turnaround & Capital Structure** The **FY 2024-25** fiscal year marked the transition from **nil revenue** to active commercial operations. **Key Financial Performance (FY25 vs FY24):** | Particulars (₹ Crore) | FY 2024-25 | FY 2023-24 | | :--- | :--- | :--- | | **Revenue from Operations** | **184.88** | **0.00** | | **EBITDA** | **24.90** | **(0.43)** | | **Profit After Tax (PAT)** | **17.15** | **(0.43)** | | **Return on Equity (ROE)** | **82.1%** | **N/A** | | **Return on Capital Employed (ROCE)** | **67.69%** | **N/A** | **Capital Raising & Liquidity Measures:** * **Authorized Capital Expansion:** Increased from **₹1.2 crore** to **₹66 crore** to facilitate large-scale bidding. * **Equity Dilution & Warrants:** Issued **1.5 crore** equity shares and **38.5 lakh** convertible warrants at **₹400** per warrant. * **Debt Strategy:** Approved **₹160 crore** in secured, optionally convertible debentures (**OCDs**) at **18%** interest; increased borrowing limits to **₹1,000 crore**. * **Shareholder Rewards:** Executed a **2:1 stock split** and a **3:2 bonus issue** in September 2025 to improve market liquidity. --- ### **Related Party Ecosystem & Execution Framework** GHV Infra utilizes a robust Related Party Transaction (**RPT**) framework to leverage the expertise and equipment of its promoter-linked entities. **Approved Transaction Limits (FY 2026-27):** * **GHV (India) Private Limited:** **₹10,000 crore** (Construction services, equipment leasing). * **GHV-MHK JV:** **₹500 crore**. * **NPIPL-GHV JV:** **₹500 crore**. * **GHV Infra Projects-RKS-TCIPL JV:** **₹200 crore**. This structure allows the company to bid for massive projects that might otherwise be out of reach for a mid-sized standalone entity. --- ### **Risk Profile & Mitigation Strategies** #### **1. Financial & Operational Risks** * **Going Concern History:** Auditors previously flagged material uncertainty due to accumulated losses of **₹149.98 lakhs** (as of March 2024). While the pivot has generated revenue, the company still manages a **negative cash conversion cycle** and high working capital needs. * **Customer Concentration:** Approximately **94%** of FY25 revenue was derived from just **two major customers**, creating significant dependency. * **Interest Rate Sensitivity:** A **100 bps** increase in rates impacts P&L by **₹23.15 lakhs**. #### **2. Regulatory & Compliance Legacy** * **Historical Non-compliance:** The company has faced **BSE penalties** totaling over **₹28 lakhs** for late filings of **SEBI (LODR)** regulations. * **Management Transition:** Frequent turnover of Key Managerial Personnel (**CFO** and **Independent Directors**) and the ongoing re-classification of promoters from "Promoter" to "Public" status (**5.20%** stake) may create short-term administrative volatility. #### **3. Project & Actuarial Risks** * **International Exposure:** Operations in the **UAE** and **USA** introduce geopolitical and currency fluctuation risks. * **Labor & Gratuity:** Exposed to legislative changes in the **Payment of Gratuity Act** and actuarial risks related to salary growth and discount rate fluctuations (linked to government bond yields). --- ### **Investment Outlook** GHV Infra Projects Limited is currently in a **high-growth, high-risk** phase. The transition from a shell entity to a company with an **₹11,400 crore order book** is unprecedented. Investors should monitor the company’s ability to convert this massive order book into **Operating Cash Flow**, which remained negative (**-₹55.63 crore**) in FY25 due to working capital buildup. The success of the **UAE subsidiary** and the stabilization of the **regulatory compliance** track record will be the primary catalysts for future valuation re-rating.