GHV Infra Projects Ltd Growth Catalysts - SOIC x StockScans Report
as of Jul 2026
- Cameroon tyre plant - ₹7,000 cr LSTK order - GHV received a Letter of Intent on 9 May 2026 from Cameroon Tyres Factory Project SA for a greenfield tyre manufacturing plant (7.6 million tyres/year) on an LSTK basis in Douala, worth €630 million (\~₹7,000 crore), with a 36-month completion timeline. At roughly 5× the company’s current market capitalisation, this single international order can transform the revenue base and extend execution visibility well beyond FY28.
- Order book quadruples to ₹11,400 cr - The order book surged from ₹2,813 crore in March 2025 to ₹11,400 crore (including GST) by mid-April 2026, driven by large domestic and international wins. A book-to-bill ratio of this scale, built within four quarters, provides a multi-year revenue runway that far exceeds the company’s current annual revenue of ₹615 crore.
- Mumbai PAP & Police Housing - ₹2,000 cr EPC project - A Letter of Intent from Valor Estate Limited in August 2025 appointed GHV as the EPC partner for the PAP & Police Housing Project at Malad (East), Mumbai, with an initial scope of ₹2,000 crore and a 60-month completion period. The project adds a large, long-duration urban civil contract in a metro market where execution risks are lower and progress billing is typically steady.
- UAE smart manufacturing hub - ₹2,645 cr international EPC - GHV received a Letter of Award on 2 August 2025 for the Erisha Smart Manufacturing Hub in Ras Al Khaimah, UAE, valued at ₹2,645 crore with a 24-month construction window. Execution of a large-dollar EPC contract through the newly incorporated UAE subsidiary establishes an international track record and opens the GCC infrastructure pipeline.
- Jalna-Nanded expressway connectors - ₹1,250 cr plus ₹815 cr road packages - GHV entered into construction contracts with APCO Infratech in April 2026 for expressway connector works worth ₹1,250 crore and additional road works worth ₹815 crore, both to be executed over 30 months. Together these two packages add over ₹2,000 crore to the order book in a single state, deepening the highways vertical at a time when Bharatmala-linked awards are accelerating.
- Ductor RNG project - US entry with $90 mn EPC contract - An EPC contract signed on 14 April 2026 with Ductor Americas Inc. for an RNG and fertilizer plant in Ohio is valued at \~USD 90 million (\~₹840 crore) with a 737-day completion schedule. The contract coincides with the incorporation of GHV Infra Inc. in Ohio, giving the company a funded entry point into the US energy-infrastructure market.
- Revenue run-rate triples; management guides 200-300% FY26 growth - Standalone revenue hit ₹184.88 crore in FY25 from a negligible base, and the nine-month FY26 revenue of \~₹402 crore already represents a \~20× jump over the prior-year period. Management projects FY26 revenue growth of more than 200-300%, implying the existing order book is converting to billings at an accelerating pace.
- ₹38.5 cr warrant subscription funds working-capital needs - The company raised ₹38.5 crore upfront in August 2025 through a preferential allotment of 38.5 lakh convertible warrants at ₹400 per warrant, with the balance ₹115.5 crore callable within 18 months. The infusion supports mobilisation on the sharply expanded order book without adding interest-bearing debt, keeping the debt-to-equity ratio at 0.73× as of FY25.