BSE: 505504
GHV INFRA PROJECTS LIMITED
Executes civil construction and EPC contracts in India and abroad across railway infrastructure, expressways, and industrial plants. Recent domestic wins include a Rs. 1,250 crore expressway EPC in Maharashtra, Rs. 213 crore of railway works in West Bengal (coaching complex, freight maintenance, loco shed), and two carshed expansion orders for related party GHV (India) worth about Rs. 105 crore (Kalwa) and Rs. 111 crore (Sanpada), both 24-month contracts. International pipeline includes a Letter of Intent for a greenfield tyre plant in Cameroon (7.6 million tyres per annum capacity, 36-month execution, Euro 630 million) and an EPC contract for a renewable natural gas and fertilizer plant in Ohio worth about Rs. 840 crore over 24 months. A new wholly-owned subsidiary (GHV Infra Inc., Ohio) and a joint venture (GHV Infra Projects-RKS-TCIPL) support overseas expansion. Standalone revenue jumped to Rs. 60,553 lakhs in FY26 from Rs. 18,488 lakhs the prior year. The cost structure is dominated by other operating expenses (54.3% of revenue) and materials (26.5%). AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Railway and transit infrastructure, Road and expressway EPC, International industrial EPC. Civil construction and EPC contractor scaling rapidly from domestic railway/road work into overseas industrial EPC.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 615 |
| EBITDA (ex other income) | 99 |
| margin % | 16.0 |
| Owners' profit | 50 |
| EPS, as reported (₹) | 6.80 |
| ROE % · ROCE % | 37.3 · 32.3 |
| Debt / equity (x) | 1.46 |
| Cash from operations | (64) |
| Capex | (3) |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q3 FY26 | Q4 FY26 |
|---|---|---|
| Revenue | 138 | 214 |
| Profit before tax | 18 | 24 |
| Net profit | 15 | 18 |
| EPS (₹) | 2.02 | 2.52 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 4,98,723 | 30.1 | 3.88 | 18.2 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 39,032 | 43.4 | 3.98 | 28.1 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 23,895 | 21.0 | 3.09 | 10.8 | 13.3 | 15.0 | 16.0 | 10.0 |
| IRB INFRA DEV LTD. | 21,100 | 16.2 | 1.01 | 9.8 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 19,980 | 27.0 | 6.21 | 16.4 | 23.1 | 29.7 | 13.5 | 9.6 |
| CEMINDIA PROJECTS LIMITED | 19,499 | 32.4 | 8.13 | 16.6 | 24.9 | 31.7 | 29.8 | 10.5 |
| ENGINEERS INDIA LTD | 16,254 | 20.7 | 5.17 | 18.1 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 10,966 | 25.4 | 2.64 | 18.0 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 55.5 | 14.6 | 88 of 101 | 13% |
| P/B | 13.8 | 1.4 | 85 of 85 | 0% |
| ROCE | 21.6 | 10.0 | 18 of 107 | 84% |
| ROE | 37.3 | 9.1 | 4 of 87 | 97% |
| Debt / Equity | 1.5 | 0.4 | 81 of 87 | 7% |
| EBITDA margin | 18.5 | 12.4 | 22 of 88 | 76% |
| Market cap | 1816 | 468 | 35 of 107 | 68% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 5 Oct 2026 · Routine compliance certificate for September 2026 quarter | compliance | minimal | — | — |
| 29 Sept 2026 · Shareholder reclassified from promoter to public category | ownership changes | medium | — | — |
| 29 Sept 2026 · Date correction in UAE EPC contract intimation | business updates | low | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1, 2026 for Q2 results | compliance | minimal | — | — |
| 27 Sept 2026 · EPC contract in UAE concluded after employer defaults | business updates | high | — | — |
| 26 Sept 2026 · 49th AGM: All 7 resolutions passed unanimously with 100% approval | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Three new Independent Directors appointed at AGM, promoter reclassified | management changes | medium | — | — |
| 25 Sept 2026 · GHV Infra 49th AGM: 7 resolutions passed, 3 new Independent Directors appointed | board shareholder meetings | low | — | — |
| 3 Sept 2026 · GHV Infra 49th AGM notice published; e-voting from Sep 22 to 24 | compliance | minimal | — | — |
| 1 Sept 2026 · 49th AGM Notice and Annual Report FY2025-26 filed with BSE | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.