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GHV Infra Projects Q2 FY27 results: net profit ₹17.38 crore
GHV Infra Projects Ltd reported Q2 FY27 consolidated revenue of ₹300.08 crore for the July–September 2026 quarter, up 37.3% from Q1 FY27, with a net profit of ₹17.38 crore and basic EPS of ₹2.31. EBITDA was ₹34.88 crore at an 11.6% margin, and the results were approved by the board on 22 October 2026. The filing also covered a new Chief Financial Officer and the resignation of an independent director.
Key points
- Q2 FY27 consolidated revenue was ₹300.08 crore, up 37.3% from ₹218.60 crore in Q1 FY27.
- EBITDA rose to ₹34.88 crore from ₹24.25 crore, with the margin at 11.6% against 11.1%.
- Net profit for the quarter was ₹17.38 crore against ₹7.36 crore, and basic EPS was ₹2.31 against ₹1.02.
- Total assets rose to ₹972.27 crore from ₹593.45 crore, while borrowings rose to ₹411.86 crore from ₹191.70 crore.
- For the first half of FY27, operating cash flow was negative ₹246.77 crore and financing cash flow was ₹245.48 crore.
How did GHV Infra Projects perform in Q2 FY27?
GHV Infra Projects reported consolidated revenue of ₹300.08 crore in Q2 FY27, up 37.3% from ₹218.60 crore in Q1 FY27, while total income rose 37.2% to ₹300.38 crore. Total expenses increased 34.9% to ₹279.42 crore. A year-ago comparison was not provided in the filings available for this result.
EBITDA for the quarter was ₹34.88 crore, up 43.8% from ₹24.25 crore in Q1 FY27, and the EBITDA margin edged up 0.5 percentage points to 11.6% from 11.1%. Profit before tax rose 77.7% to ₹20.97 crore from ₹11.80 crore, and the profit margin increased 2.4 percentage points to 5.8%.
Net profit for the quarter was ₹17.38 crore, up 136.1% from ₹7.36 crore, and basic EPS was ₹2.31 against ₹1.02. There was no exceptional item. On a standalone basis, revenue was ₹300.08 crore, up 63.3%, and profit after tax was ₹18.38 crore against ₹11.22 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | QoQ |
|---|---|---|---|
| Revenue from operations | 300.08 | 218.60 | +37.3% |
| Other income | 0.30 | 0.28 | +7.1% |
| Total expenses | 279.42 | 207.08 | +34.9% |
| EBITDA | 34.88 | 24.25 | +43.8% |
| EBITDA margin | 11.6% | 11.1% | +0.5 pp |
| Profit before tax | 20.97 | 11.80 | +77.7% |
| Tax | 3.69 | 4.27 | −13.6% |
| Net profit | 17.38 | 7.36 | +136.1% |
| EPS (₹) | 2.31 | 1.02 | +126.5% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets stood at ₹972.27 crore against ₹593.45 crore at 31 March 2026, and total equity was ₹206.39 crore against ₹131.49 crore. Borrowings rose to ₹411.86 crore from ₹191.70 crore, while cash and cash equivalents fell to ₹1.38 crore from ₹8.97 crore. Inventories were ₹20.14 crore against ₹17.56 crore.
Trade receivables rose to ₹278.30 crore from ₹126.72 crore, and trade payables were ₹169.90 crore against ₹143.48 crore. For the first half of FY27, operating cash flow was negative ₹246.77 crore, investing cash flow was negative ₹6.30 crore, financing cash flow was ₹245.48 crore and capital expenditure was ₹43.37 crore. A year-earlier cash flow comparison was not provided.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 972.27 | 593.45 |
| Total equity | 206.39 | 131.49 |
| Borrowings | 411.86 | 191.70 |
| Cash and equivalents | 1.38 | 8.97 |
| Inventories | 20.14 | 17.56 |
| Trade receivables | 278.30 | 126.72 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 |
|---|---|
| Cash from operations | −246.77 |
| Cash from investing | −6.30 |
| Cash from financing | 245.48 |
| Capital expenditure | 43.37 |
Source: Company's results filing (XBRL).
What else did the company announce?
The board met on 22 October 2026 and approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, along with the statement of assets and liabilities, cash flow statement and a limited review report issued by Manubhai & Shah LLP. The results were also uploaded on the company's website.
On the same day, the board approved the appointment of Salim Yahoo as Chief Financial Officer, a Key Managerial Personnel, with effect from 22 October 2026, based on the recommendation of the Nomination and Remuneration Committee and the Audit Committee. The filing describes him as a finance professional with over 30 years of experience in financial management, fund raising, capital structuring and investor relations, and notes prior roles at Solar Square Energy, CRISIL Limited, HDFC Bank and Axis Bank.
The board also recorded the resignation of Ravi Kumar Seth as an independent director with effect from the close of business hours on 22 October 2026. He consequently ceased to be a member of the Audit Committee and the Nomination and Remuneration Committee. The company also approved changes in the key managerial personnel authorised under Regulation 30(5), with Mr Ajay Hans as Managing Director, Mr Reby Thomas Elsan as Whole Time Director, Mr Salim Yahoo as Chief Financial Officer and Mr Daksh Tulsibhai Mewada as Company Secretary and Compliance Officer. No dividend or fund raise was disclosed in these filings.
How did GHV Infra Projects shares react?
The results were announced after market on 22 October 2026, with the stock at ₹244.50 against a previous close of ₹239.40. It was down 2.1% five minutes after the filing appeared, down 2.2% after 15 minutes and down 1.8% after 30 minutes. On the reaction day the stock closed up 2.3% from its pre-results close.
Earlier results-day moves were mixed: the stock fell 3.4% on 10 August 2026, fell 0.1% on 22 May 2026, rose 5.0% on 13 February 2026, rose 4.8% on 3 November 2025, fell 2.0% on 12 August 2025, rose 2.0% on 28 May 2025, and was unchanged on 5 August 2024 and 29 May 2024.
| After the filing | Stock | Civil Construction median |
|---|---|---|
| 5 minutes | −2.1% | |
| 15 minutes | −2.2% | |
| 30 minutes | −1.8% | |
| Reaction day | +2.3% | −2.8% |
| Next day | −2.7% | −2.5% |
| 5 days | +0.1% | −2.1% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 10 August 2026 | −3.4% |
| 22 May 2026 | −0.1% |
| 13 February 2026 | +5.0% |
| 3 November 2025 | +4.8% |
| 12 August 2025 | −2.0% |
| 28 May 2025 | +2.0% |
| 5 August 2024 | +0.0% |
| 29 May 2024 | +0.0% |
Source: MarketPing price-reaction measurement.
How did other Civil Construction companies do?
Twenty-one other Civil Construction companies had filed for this quarter as of 4 November 2026, with a median revenue growth of 9.4%. Among them, 11 grew slower than GHV Infra Projects and 10 grew faster. Of the 22 peers compared on profit, 16 reported higher profit.
| GHV Infra Projects revenue growth (YoY) | not comparable |
|---|---|
| Median of 21 other Civil Construction companies | +9.4% |
| Companies whose net profit rose | 16 of 22 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was GHV Infra Projects' revenue in Q2 FY27?
Revenue from operations was ₹300.08 crore (consolidated).
Did GHV Infra Projects make a profit in Q2 FY27?
Yes. Net profit was ₹17.38 crore.
What was GHV Infra Projects' EPS in Q2 FY27?
Basic earnings per share were ₹2.31.
How did GHV Infra Projects shares react to the Q2 FY27 results?
On the reaction day the stock moved +2.3% from the previous close; the median Civil Construction stock moved −2.8%.
When did GHV Infra Projects announce its Q2 FY27 results?
On 22 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consider And Approve The Unaudited (Standalone And Consolidated) Financial Results Of The Company For The Quarter Ended September 30, 2026 (BSE, 16 October 2026) · PDF
- Board Meeting Outcome for Outcome Of The Board Meeting Held On October 22, 2026 (BSE, 22 October 2026) · PDF
- Unaudited Standalone And Consolidated Financials Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 22 October 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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