GHV Infra Projects Ltd is an integrated EPC (Engineering, Procurement, and Construction) contractor that builds turnkey infrastructure - roads, railways, factories, water systems, and power plants - for government bodies and large private companies. The company was a dormant software shell for decades until a management takeover in late 2024, when the promoter of the privately held GHV Group acquired the listed entity, renamed it, and injected it with the group’s construction business and leadership. The recurring approach is to secure large, competitively bid contracts by leaning on a leadership team with decades of experience at firms like Welspun, Reliance Infrastructure, and Shapoorji Pallonji, and then execute them on a fast-track basis - a formula that has already built an order book of over ₹8,100 crore.
Business segments
A single EPC engine executing turnkey projects across three verticals - infrastructure, industrial, and buildings - for public and private clients in India and, increasingly, abroad.
1. Turnkey EPC: the group’s project-by-project engine
The company earns revenue by winning and building entire projects - from design to commissioning - for a fixed price, with payment tied to the completion of milestones.
- Paid at project milestones - revenue is recognised when specific stages of a project are finished, not as a steady stream, so cash flows are lumpy and tied to physical progress on site.
- Competes for government tenders - the bulk of work comes from bidding for contracts issued by PSUs and government bodies under national programmes like Bharatmala Pariyojana and the National Infrastructure Pipeline, which means the pipeline depends on public capital expenditure.
- Three verticals, one contract type - whether it is a 100 MW solar plant in Gujarat, a four-lane highway in Maharashtra, or a railway station redevelopment in Jharkhand, every project is delivered on a turnkey EPC basis, giving the company a broad but unified mandate.
- Fast-track execution is the calling card - the company completed a factory for manufacturing 9,000 HP railway engines at Dahod, Gujarat, on an accelerated timeline, a project that was inaugurated by the Prime Minister, and this ability to deliver quickly helps win more work.
- International reach is starting - a ₹2,645 crore contract to build industrial and commercial buildings at a smart manufacturing hub in the UAE shows the company can take its EPC model outside India, supported by newly incorporated subsidiaries in the UAE and the United States.
Group structure and partners
The company is tightly held by its promoter group and operates through a web of related-party subcontracts and joint ventures, with no listed subsidiaries beyond two recently incorporated overseas shells.
- Promoters own nearly three-quarters - as of June 2025, the promoter group held roughly 74% of the company, giving it control over all major decisions.
- Work flows from related entities - a significant portion of the order book comes as subcontracts from GHV (India) Private Limited and joint ventures like GHV-MHK JV, meaning the listed company often acts as the execution arm for group-led projects.
- A joint venture for construction - the company has a related-party framework with “GHV Infra Projects - RKS - TCIPL JV” for construction activities, indicating it shares risk and resources on certain projects through unincorporated joint ventures.
- Overseas subsidiaries are new and empty - a wholly owned subsidiary was incorporated in the UAE in December 2025 and another in Ohio, USA, in May 2026, both intended to pursue international EPC work, but neither has a track record yet.
- Leadership was imported with the business - the Managing Director and Whole-time Director bring over 32 and 28 years of experience respectively from firms like Welspun Enterprises, Reliance Infrastructure, Voltas, and Shapoorji Pallonji, so the company’s ability to bid and build rests on a small, senior team.