1. At a Glance
If civil engineering ever needed a showman,Ganesh Infraworld Ltd (NSE: GANESHIN)would walk in wearing a hard hat made of profit. Incorporated in 2017 and now sitting pretty at a ₹884 crore market cap, this construction minnow has started flexing like a midcap muscleman. The stock trades around ₹207—down 17% in 3 months but still up 15% over six months, proving that even concrete can have mood swings.
In Q2 FY26, revenue jumped121% YoY to ₹210 crore, while PAT skyrocketed156% YoY to ₹18.1 crore.The company also pulled off a ₹708 crore jackpot — a 24-month O&M EPC contract forNigahi Minein Madhya Pradesh, swelling the total order book to ₹2,262 crore.
P/E sits at a modest17.3, book value at ₹49.7, and debt-to-equity ratio a mild 0.35 — respectable for a builder who’s clearly not living on borrowed cement. Promoters hold 59.4%, and the company’s trying to raise ₹87.44 crore through preferential shares and warrants. Clearly, this infra kid from 2017 just found its teenage growth spurt.
2. Introduction
Every bull run has that one construction company that suddenly goes from building roads to paving its own path to Dalal Street fame.Ganesh Infraworld Ltdfits that role perfectly—born in 2017, IPO in late 2024, and now hogging headlines in 2025 like an overachieving cousin at a family wedding.
The company’s quarterly numbers read like a motivational speech for underdogs: ₹210 crore in revenue vs ₹95 crore last year, ₹18 crore PAT vs ₹7 crore last year. Even your gym trainer doesn’t show this kind of growth.
But the real cherry? The ₹708 croreNigahi Mine O&Morder — a two-year deal that adds more muscle to the ₹2,262 crore order book. Meanwhile, Ganesh Infraworld also bagged contracts across Jammu & Kashmir, Dharavi, Bhubaneswar, and Thane — apparently everywhere except your street corner.
Yet behind the cheerleading lies an interesting story — a company balancing government EPC work, civil & electrical infrastructure, railways, and water projects — all while keeping debt modest and returns decent. It’s the kind of disciplined performance that makes the auditor smile and competitors nervous.
3. Business Model – WTF Do They Even Do?
So what doesGanesh Infraworld Ltdactually do? Think of them as the “Jugaadu Avengers” of infrastructure — if it involves concrete, cables, or chaos, they’re probably bidding for it.
They operate underEPC (Engineering, Procurement & Construction)mode, executing everything from civil and electrical projects to roads, railways, and water systems. The company doesn’t just pour cement; it also wires, welds, and occasionally rescues government deadlines.
Their revenue model is a mix of:
- Item-rate contracts(paid per unit, like ordering extra fries) and
- Percentage-rate contracts(cost-plus pricing, the true government favorite).
Most projects come viasub-contracts for large EPC players, but sometimes Ganesh Infraworld goes solo as the main contractor. As of August 2024, the company was juggling₹574 crore worth of ongoing projects, spanning 13 states.
Civil & Electrical Infrastructure accounts for~69% of revenue, Road & Rail adds another23%, and Water projects bring the remaining7%—because every infra player wants to be part of “Har Ghar Jal,” even if they mostly lay the pipes.
88% of its H1FY25 revenue came from repeat clients. That’s not loyalty — that’s Stockholm Syndrome, EPC edition.
4. Financials Overview (Quarterly Data – Consolidated, in ₹ crore)
| Metric | Q2 FY26 | Q2 FY25 | Q1 FY26 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 210 | 95 | 181 | 121% | 16% |
| EBITDA | 26 | 9 | 21 | 188% | 23.8% |
| PAT | 18.1 | 7.0 | 15.0 | 156% | 20.7% |
| EPS (₹) | 4.23 | 2.29 | 3.42 | 85% | 23.7% |
Annualised EPS = ₹4.23 × 4 = ₹16.92At CMP ₹207,P/E ≈ 12.2x— cheaper than most infra peers.
Commentary:When your revenue doubles, your profit doubles, and your taxman smiles — that’s how you know the construction boom is real.
Operating margins rose from 10% to 12%, and interest costs stayed flat, which means management can finally sleep without checking bank SMSes.
5. Valuation Discussion – Fair Value Range Only
Let’s build a valuation, brick by brick:
A. P/E MethodAnnualised EPS = ₹16.92Industry Average P/E = ~19.4So, fair range = 16.92 × (15–20) =₹254–₹338
B. EV/EBITDA MethodEV = ₹958 crore; EBITDA (FY25) = ₹52 croreEV/EBITDA = 18.4x (current)Industry trades near 14–18x.Fair EV/EBITDA range ⇒ ₹52 × (14–18) = ₹728–₹936 crore EVImplying fair price =₹180–₹230 per share.
C. Simplified DCF (Educational Only)Assume 12% growth, 10% discount rate, 10-year horizon → yields intrinsic range around₹240–₹290.
🧾Fair Value Range (Educational): ₹180 – ₹330Disclaimer: This range is purely for educational analysis and not investment advice.
6. What’s Cooking – News, Triggers, Drama
The company’s press room has been busier than a railway junction. Between July and November 2025, Ganesh Infraworld announced more contracts than Bollywood sequels:
- ₹708 Cr Nigahi Mine O&M EPC(Singrauli, MP) – 24 months.
- ₹342 Crin school infrastructure & rail communication.
- ₹203.83 CrDharavi sewage project (Mumbai’s biggest clean-up act).
- ₹105.77 Crsewerage projects in J&K.
- ₹76.11 Crtower project at Shirdi.
- ₹59.65 Crpiling work for Thane Coastal Road.
- ₹25.49 Crpipeline project at Bhubaneswar.
And as if that wasn’t enough, on17 Nov 2025, the board approved apreferential issue worth ₹87.44 crorein shares and warrants. Because why stop at orders when you can order up capital too?
Also, rating agencyInfomericsupgraded its long-term rating toIVR BBB+/Stableand short-term toIVR A2. Translation: bankers now reply to their emails faster.
7. Balance Sheet Snapshot (₹ crore, Consolidated)
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Total Assets | — | — | — |
| Net Worth | — | — | — |
| Borrowings | — | — | 74.8 |
| Other Liabilities | — | — | — |
| Total Liabilities | — | — | — |
(Latest consolidated balance sheet figures not disclosed in dump except borrowings.)
- Debt-to-equity:
