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Ganesh Infraworld Ltd

GANESHIN·NSE
93.15-1.17%Tue, 22 Sept '26

Ganesh Infraworld Ltd

GANESHIN
NSE
93.15
-1.17%
|Tue, 22 Sept '26
SOICxStockScans Reports
6M
Price
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Quick Ratios

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Mkt Cap
Market Capitalization
408Cr
Close
Close Price
93.15
Industry
Industry
Construction - Civil/Turnkey
PE
Price To Earnings
4.36
PS
Price To Sales
0.39
Revenue
Revenue
1,034Cr
Rev Gr TTM
Revenue Growth TTM
77.14%
PAT Gr TTM
PAT Growth TTM
93.12%

Quarterly Results

Consolidated
Standalone
Numbers
Percentage
QuarterSep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue
RevenueCr
95149159181210215230379
Growth YoY
Revenue Growth YoY%
121.044.344.7109.7
Expenses
ExpensesCr
86133144160184186200319
Operating Profit
Operating ProfitCr
916142126293060
OPM
OPM%
10.010.79.111.412.313.612.915.8
Other Income
Other IncomeCr
00211123
Interest Expense
Interest ExpenseCr
011113413
Depreciation
DepreciationCr
000111110
PBT
PBTCr
915162024262640
Tax
TaxCr
244567710
PAT
PATCr
711121518191930
Growth YoY
PAT Growth YoY%
155.867.966.8103.3
NPM
NPM%
7.47.67.38.18.68.88.47.8
EPS
EPS
2.32.63.43.44.24.55.77.0
QuarterSep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue
RevenueCr
95149159181210215230379
Growth YoY
Revenue Growth YoY%
121.044.344.7109.7
Expenses
ExpensesCr
86133144160184186200319
Operating Profit
Operating ProfitCr
916142126293060
OPM
OPM%
10.010.79.111.412.313.612.915.8
Other Income
Other IncomeCr
00211123
Interest Expense
Interest ExpenseCr
011113413
Depreciation
DepreciationCr
000111110
PBT
PBTCr
915162024262640
Tax
TaxCr
244567710
PAT
PATCr
711121518191930
Growth YoY
PAT Growth YoY%
155.867.966.8103.3
NPM
NPM%
7.47.67.38.18.68.88.47.8
EPS
EPS
2.32.63.43.44.24.55.77.0

Profit & Loss

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2025Mar 2026TTM
Revenue
RevenueCr
5388361,034
Growth
Revenue Growth%
55.277.1
Expenses
ExpensesCr
486730889
Operating Profit
Operating ProfitCr
52105144
OPM
OPM%
9.712.614.0
Other Income
Other IncomeCr
446
Interest Expense
Interest ExpenseCr
21022
Depreciation
DepreciationCr
1413
PBT
PBTCr
5396116
Tax
TaxCr
132529
PAT
PATCr
407186
Growth
PAT Growth%
77.593.1
NPM
NPM%
7.48.58.3
EPS
EPS
11.617.821.4
Financial YearMar 2025Mar 2026TTM
Revenue
RevenueCr
5388361,034
Growth
Revenue Growth%
55.277.1
Expenses
ExpensesCr
486730889
Operating Profit
Operating ProfitCr
52105144
OPM
OPM%
9.712.614.0
Other Income
Other IncomeCr
446
Interest Expense
Interest ExpenseCr
21022
Depreciation
DepreciationCr
1413
PBT
PBTCr
5396116
Tax
TaxCr
132529
PAT
PATCr
407186
Growth
PAT Growth%
77.593.1
NPM
NPM%
7.48.58.3
EPS
EPS
11.617.821.4

Balance Sheet

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2025Mar 2026
Equity Capital
Equity CapitalCr
2121
Reserves
ReservesCr
158234
Current Liabilities
Current LiabilitiesCr
82575
Non Current Liabilities
Non Current LiabilitiesCr
4173
Total Liabilities
Total LiabilitiesCr
2651,153
Current Assets
Current AssetsCr
239795
Non Current Assets
Non Current AssetsCr
26359
Total Assets
Total AssetsCr
2651,153
Financial YearMar 2025Mar 2026
Equity Capital
Equity CapitalCr
2121
Reserves
ReservesCr
158234
Current Liabilities
Current LiabilitiesCr
82575
Non Current Liabilities
Non Current LiabilitiesCr
4173
Total Liabilities
Total LiabilitiesCr
2651,153
Current Assets
Current AssetsCr
239795
Non Current Assets
Non Current AssetsCr
26359
Total Assets
Total AssetsCr
2651,153

Cash Flow

Consolidated
Standalone
Financial YearMar 2025Mar 2026
Operating Cash Flow
Operating Cash FlowCr
-80-41
Investing Cash Flow
Investing Cash FlowCr
-25-43
Financing Cash Flow
Financing Cash FlowCr
10986
Net Cash Flow
Net Cash FlowCr
52
Free Cash Flow
Free Cash FlowCr
-92-43
CFO To PAT
CFO To PAT%
-200.1-57.5
CFO To EBITDA
CFO To EBITDA%
-152.9-38.9
Financial YearMar 2025Mar 2026
Operating Cash Flow
Operating Cash FlowCr
-80-41
Investing Cash Flow
Investing Cash FlowCr
-25-43
Financing Cash Flow
Financing Cash FlowCr
10986
Net Cash Flow
Net Cash FlowCr
52
Free Cash Flow
Free Cash FlowCr
-92-43
CFO To PAT
CFO To PAT%
-200.1-57.5
CFO To EBITDA
CFO To EBITDA%
-152.9-38.9

Ratios

Consolidated
Standalone
Financial YearMar 2025Mar 2026Current
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
616286408
Price To Earnings
Price To Earnings
15.43.84.4
Price To Sales
Price To Sales
1.10.30.4
Price To Book
Price To Book
3.41.11.5
EV To EBITDA
EV To EBITDA
12.37.36.2
Profitability Ratios
Profitability Ratios
GPM
GPM%
11.514.814.8
OPM
OPM%
9.712.614.0
NPM
NPM%
7.48.58.3
ROCE
ROCE%
25.414.114.1
ROE
ROE%
22.327.927.9
ROA
ROA%
15.16.26.2
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
Financial YearMar 2025Mar 2026Current
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
616286408
Price To Earnings
Price To Earnings
15.43.84.4
Price To Sales
Price To Sales
1.10.30.4
Price To Book
Price To Book
3.41.11.5
EV To EBITDA
EV To EBITDA
12.37.36.2
Profitability Ratios
Profitability Ratios
GPM
GPM%
11.514.814.8
OPM
OPM%
9.712.614.0
NPM
NPM%
7.48.58.3
ROCE
ROCE%
25.414.114.1
ROE
ROE%
22.327.927.9
ROA
ROA%
15.16.26.2
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
Ganesh Infraworld is an infrastructure execution specialist - it does the heavy lifting on complex construction sites so that India’s largest EPC (Engineering, Procurement and Construction) contractors can deliver on time. The business began in 2017 as a small partnership in Kolkata and, within seven years, converted to a public company and listed on the NSE SME platform, all while sticking to a single playbook: build deep, self-delivered execution muscle, win repeat orders from marquee clients, and then use that credibility to step into bigger, adjacent infrastructure verticals. That approach has turned a subcontractor into a diversified prime contractor with a pan-India footprint across 22 project sites and an order book that stretches several years ahead. # Business segments Five engines at different stages - a mining and logistics heavyweight built through acquisition, a civil and electrical core that built the company’s reputation, a water-infrastructure play riding a national mission, a rail-and-road utilities book, and a newly launched equipment-leasing arm - each layered on the execution track record of the one before. ## 1. Mining development and transportation: the group’s new heavy-lifting anchor **The company entered mining by winning the largest single order in its history, then bought the logistics firm that moves the material - creating an integrated mine-to-transport chain.** - **End-to-end mine operations** - the company removes overburden (the rock and soil above a mineral seam), drills, blasts, excavates coal and chrome ore, and hauls it to dump yards using its own fleet of heavy earth-moving machines like excavators, dumpers and dozers. This is not advisory work; it is physical site execution under multi-year contracts. - **A landmark entry order** - the vertical was launched during 2025 with a Rs. 708 crore contract from Kandoi Transport for overburden removal at the Nigahi coal field in Madhya Pradesh, a job that immediately made mining the company’s single largest opportunity. - **Bought the transporter** - in 2026, the company acquired a 60% stake in Kandoi Transport (later renamed Tykoon Mines GK Limited), the very logistics partner that gave it the entry order, bringing a diversified heavy-vehicle fleet that handles first-mile to last-mile bulk mineral movement in-house. - **Long-tenure government mine contracts** - the subsidiary holds contracts of 48 to 60 months with Northern Coalfields Ltd (a Coal India arm) and Odisha Mining Corporation, covering excavation quantities measured in tens of millions of bank cubic metres (BCM) and millions of tonnes of iron ore. These tenures provide multi-year visibility. ## 2. Civil and electrical infrastructure: the reputation engine **This is where the company earned its stripes - building factories, substations and transmission lines for some of India’s most demanding industrial clients.** - **Industrial civil works for blue-chip clients** - the company constructs plant sheds, warehouses and non-industrial buildings for customers that include Tata, Maruti Suzuki, NTPC, Vedanta, L&T and IndianOil. The client list acts as a credential that opens doors in every other segment. - **Power infrastructure from substation to household** - it delivers high-voltage substations up to 400 kV, gas-insulated substations up to 220 kV, transmission lines and switchyards, and on the rural side it designs and commissions the full chain of transformers, cabling, distribution lines and household metering. - **Self-delivery with an owned fleet** - the company operates its own excavators, drilling rigs and concrete batching plants, and employs over 80 engineers, so it controls quality and timelines directly rather than relying on sub-contractors. That is how it secures roughly 60% of its orders from repeat customers. - **A milestone track record** - executed projects include a powder coating plant shed in Kharagpur, a power substation for a state electricity board, and more than 100 kilometres of underground electrical cabling laid using horizontal directional drilling (HDD), a trenchless method that avoids digging up roads. ## 3. Water infrastructure: riding the Jal Jeevan Mission **The company builds the pipes, plants and pumping stations that take water from source to household tap, aligning squarely with the government’s flagship rural water programme.** - **Full water-supply chain** - the scope spans design, construction and maintenance of large-scale water treatment plants, energy-efficient pumping stations for supply and drainage, and bulk pipeline networks up to 4,000 mm in diameter using materials from mild steel to HDPE. - **A subcontractor on a national mission** - the company is executing work under the “Har Ghar Jal Mission” in Jaunpur, Uttar Pradesh, the government’s programme to deliver a piped water connection to every rural household. It also aligns with AMRUT 2.0, the urban renewal mission. - **Recent municipal wins** - specific projects include a Rs. 203.8 crore sewerage treatment package in Mumbai and two sewerage treatment projects worth Rs. 105.8 crore in Jammu and Kashmir, moving the company deeper into urban sanitation infrastructure. ## 4. Civic utilities: rail and road infrastructure **A concentrated book of railway electrification and road construction work, now deepened by a joint venture that adds signalling and communication networks.** - **Railways from survey to commissioning** - the company handles the full EPC chain for rail projects: survey and design, embankments, bridges (including road-over-bridge and road-under-bridge structures), steel girder fabrication, track laying with flash butt welding, and electrification of railway yards and overhead equipment. - **A joint venture for railway communications** - through Ganesh Netsoft JV Networks, the company integrates engineering with network systems, and it has already won a Rs. 62.1 crore EPC order in railway communication through this vehicle. - **Road construction for state programmes** - the segment also covers road projects, with customers that include the Pradhan Mantri Gram Sadak Yojana (the rural roads scheme) and the West Bengal Housing Infrastructure Development Corporation. ## 5. Equipment leasing: a new annuity play **A just-launched division that buys aerial work platforms and leases them to institutional customers on multi-year contracts, creating a recurring revenue stream adjacent to the core EPC business.** - **Long-term lease, not spot rental** - the company is procuring a fleet of boom lifts, scissor lifts and vertical lifts worth Rs. 70.6 crore from Dingli AWP India, and it has already secured a three-year leasing order worth Rs. 35.7 crore against those assets. The model locks in revenue for the lease period. - **Ancillary to the main business** - the division was announced on 1 April 2026 and is described as connected with the company’s existing line of work, meaning the equipment can potentially serve its own project sites as well as external customers. # Group structure and partners **The company has expanded through a mix of organic entry, a transformative acquisition, and a joint venture - each move adding a capability the core EPC business could then feed with contracts.** - **Kandoi Transport / Tykoon Mines GK Limited** - acquired in stages during 2026, the subsidiary is now 60% owned and forms the backbone of the mining and transportation segment, with the Managing Director and a Non-Executive Director of Ganesh Infraworld appointed as Executive Directors to its board. It was renamed from Kandoi Transport to Tykoon Mines GK Limited in June 2026 and subsequently won a Rs. 100 crore EPC sub-contract for river protection works on a new rail link project in Bihar. - **Ganesh Netsoft JV Networks** - a strategic joint venture created to combine engineering with network systems for railway communication infrastructure, already delivering a Rs. 62.1 crore order. - **GRV Global L.L.C-FZ** - a wholly owned subsidiary incorporated in Dubai, marking the company’s first step into the Middle East EPC market.

Documents — Ganesh Infraworld Ltd

  • Q1 FY2027 Earnings Call Transcript (Jun 2026, PDF): https://www.stockscans.in/document/hjc3vami6ydssqqble8n7aqd.pdf
  • Q2 FY2026 Earnings Call Transcript (Sep 2025, PDF): https://www.stockscans.in/document/zy6itk5st042x4zkygkwdh9p.pdf
  • Q1 FY2026 Earnings Call Transcript (Jun 2025, PDF): https://www.stockscans.in/document/chf64r41l88t1nb1molevyd5.pdf
  • Q4 FY2025 Earnings Call Transcript (Mar 2025, PDF): https://www.stockscans.in/document/jpokg8f5o0bmhsvywm25ea7m.pdf
  • Q3 FY2025 Earnings Call Transcript (Dec 2024, PDF): https://www.stockscans.in/document/wtsmmrq2afqmdh3xapoabk1x.pdf
  • Q1 FY2027 Quarterly Result (Jun 2026, PDF): https://www.stockscans.in/document/12npbwq36lmpmr1gltkv2w9a.pdf
  • Q4 FY2026 Quarterly Result (Mar 2026, PDF): https://www.stockscans.in/document/9mw751norlwgypc80hjbyfve.pdf
  • Q3 FY2026 Quarterly Result (Dec 2025, PDF): https://www.stockscans.in/document/x7lhnd0l1kfzb4mv6knvfu58.pdf
  • Q2 FY2026 Quarterly Result (Sep 2025, PDF): https://www.stockscans.in/document/rdpbyqctrtloz0jcpx172d6n.pdf
  • Q1 FY2026 Quarterly Result (Jun 2025, PDF): https://www.stockscans.in/document/aucd2feoibvyxvmumaw4oove.pdf
  • Q4 FY2025 Quarterly Result (Mar 2025, PDF): https://www.stockscans.in/document/yllg065b133m11nsrtauzq4p.pdf
  • Q3 FY2025 Quarterly Result (Dec 2024, PDF): https://www.stockscans.in/document/w763c1tc9r71iftzv0wfpiga.pdf
  • Q1 FY2027 Investor Presentation (Jun 2026, PDF): https://www.stockscans.in/document/ijxfzoa6kubio4lx34lqu7sl.pdf
  • Q4 FY2026 Investor Presentation (Mar 2026, PDF): https://www.stockscans.in/document/8pgid5jhfcjx41q7474d86k2.pdf
  • Q3 FY2026 Investor Presentation (Dec 2025, PDF): https://www.stockscans.in/document/vln1bgsiyrv7bxgc2iy1u3do.pdf
  • Q2 FY2026 Investor Presentation (Sep 2025, PDF): https://www.stockscans.in/document/o3e5fsmxkdtkvviizndwnijn.pdf
  • Q1 FY2026 Investor Presentation (Jun 2025, PDF): https://www.stockscans.in/document/dcsoe6mwg7cvl1vwb20d00zg.pdf
  • Q4 FY2025 Investor Presentation (Mar 2025, PDF): https://www.stockscans.in/document/0m2y1cwknlhef8mpbns78i6n.pdf
  • Q3 FY2025 Investor Presentation (Dec 2024, PDF): https://www.stockscans.in/document/34u2bj31n11xc4piz98bnjxh.pdf
  • FY2026 Annual Report (PDF): https://www.stockscans.in/document/znf79nfm9zckbkhgbvxl91ia.pdf
  • FY2025 Annual Report (PDF): https://www.stockscans.in/document/iwhl4v8xviah0wu8cowdvcuf.pdf

Concall Transcript Summaries — Ganesh Infraworld Ltd

  • Q1 FY2027 Concall Transcript Summary (Jun 2026): https://www.stockscans.in/company/NSE%3AGANESHIN/transcript-notes/202606/hjc3vami6ydssqqble8n7aqd.pdf
  • Q2 FY2026 Concall Transcript Summary (Sep 2025): https://www.stockscans.in/company/NSE%3AGANESHIN/transcript-notes/202509/zy6itk5st042x4zkygkwdh9p.pdf
  • Q1 FY2026 Concall Transcript Summary (Jun 2025): https://www.stockscans.in/company/NSE%3AGANESHIN/transcript-notes/202506/chf64r41l88t1nb1molevyd5.pdf
  • Q4 FY2025 Concall Transcript Summary (Mar 2025): https://www.stockscans.in/company/NSE%3AGANESHIN/transcript-notes/202503/jpokg8f5o0bmhsvywm25ea7m.pdf
  • Q3 FY2025 Concall Transcript Summary (Dec 2024): https://www.stockscans.in/company/NSE%3AGANESHIN/transcript-notes/202412/wtsmmrq2afqmdh3xapoabk1x.pdf