💰 Financial Performance

Revenue Growth by Segment

The company achieved a total revenue of INR 184.88 Cr in FY 2024-25, representing a 100% turnaround from zero revenue in FY 2023-24. The entire revenue (100%) was derived from the infrastructure segment, specifically civil construction and EPC works.

Geographic Revenue Split

In FY 2024-25, 100% of revenue was domestic. However, the company has secured a post-FY international contract in the UAE worth INR 2,645 Cr, indicating a significant future shift toward international revenue contribution.

Profitability Margins

The company reported an operating margin of approximately 9.2% in FY 2024-25. Net Profit Margin stood at 9.27% with a Profit After Tax of INR 17.15 Cr, a complete turnaround from a loss of INR 0.43 Cr in the previous year.

EBITDA Margin

EBITDA for FY 2024-25 was INR 24.90 Cr, representing an EBITDA margin of 13.47%. This marks a significant recovery from a negative EBITDA of INR 0.43 Cr in FY 2023-24 due to the commencement of operations in Q3 FY25.

Capital Expenditure

While specific historical CapEx figures were not detailed, the company relies on GHV India for equipment support. Total assets grew from INR 0.01 Cr to INR 221.43 Cr in FY 2025, reflecting the massive scale-up of operational assets and project-related investments.

Credit Rating & Borrowing

The company was assigned a long-term rating of ACUITE BBB- (Stable) and a short-term rating of ACUITE A3 for proposed bank facilities of INR 200.00 Cr. Borrowing costs are not explicitly stated, but the company currently has non-current borrowings of INR 30.93 Cr.

⚙️ Operational Drivers

Raw Materials

Key raw materials include steel, cement, and other construction materials required for civil and industrial EPC projects. These are described as 'material-intensive' inputs, though specific percentage of total cost per material is not disclosed.

Import Sources

Raw materials are primarily sourced from domestic markets in India to support current projects. Future sourcing will expand to the UAE to support the INR 2,645 Cr international contract.

Key Suppliers

The primary supplier of project opportunities and operational support is GHV (India) Private Limited, which subcontracts its EPC orders to the company. Specific third-party material suppliers like SAIL or UltraTech are not named.

Capacity Expansion

The company operates as an EPC contractor with an outstanding order book of INR 2,899.34 Cr as of March 31, 2025. Capacity is measured by its ability to execute this book, which is supported by the flagship GHV India's six decades of experience.

Raw Material Costs

Cost of materials consumed was INR 165.44 Cr in FY 2024-25, representing 89.48% of total revenue. This high percentage reflects the material-intensive nature of nascent civil construction projects.

Manufacturing Efficiency

The company reported a Return on Capital Employed (ROCE) of 67.69% and a Return on Equity (ROE) of 82.1% for FY 2024-25, indicating high efficiency in utilizing its newly deployed capital.

📈 Strategic Growth

Expected Growth Rate

200-300%

Growth Strategy

Growth will be driven by the execution of the INR 2,899.34 Cr domestic order book and the new INR 2,645 Cr UAE contract. The strategy includes diversifying into industrial projects (steel, power, refineries) and leveraging the 'Gati Shakti' and National Infrastructure Pipeline initiatives.

Products & Services

EPC services for roads, bridges, dams, irrigation systems, airport runways, urban development, and industrial complexes including refineries and petrochemical factories.

Brand Portfolio

GHV Infra Projects Limited (operating under the established GHV Group brand).

New Products/Services

Expansion into international EPC markets (UAE) and specialized industrial infrastructure projects are expected to contribute over 50% of future revenue growth.

Market Expansion

Targeting international expansion in the Middle East (UAE) and domestic expansion into 6 new domestic contracts in FY 2025-26.

Market Share & Ranking

Positioned as a mid-sized EPC player; specific market share percentage not disclosed.

Strategic Alliances

Strategic support agreement with GHV (India) Private Limited for subcontracting, technical expertise, and working capital support.

🌍 External Factors

Industry Trends

The industry is growing due to digital tendering and policy reforms. The company is positioning itself to shift from legacy software services to a diversified infrastructure player to capitalize on the 10-15% annual growth in Indian infra spending.

Competitive Landscape

Faces intense competition from established EPC firms. The company competes by leveraging the group's pre-qualification credentials to bid for larger projects.

Competitive Moat

The moat is derived from the 60-year track record of the GHV Group and the financial flexibility of being a listed entity. This provides a 'plug-and-play' operational model for a nascent company, though it is highly dependent on the parent.

Macro Economic Sensitivity

Highly sensitive to government infrastructure spending and the National Infrastructure Pipeline. A slowdown in public sector capex would directly reduce order inflows for the parent group and the company.

Consumer Behavior

Not applicable as the company is a B2B/B2G infrastructure provider.

Geopolitical Risks

The new UAE venture introduces geopolitical and international regulatory risks that could impact project timelines and profitability.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to Ministry of Corporate Affairs (MCA) regulations, environmental clearances for construction sites, and labor laws. The company received a 3-month extension from the ROC for its FY25 AGM.

Environmental Compliance

The company ensures compliance with environmental norms through internal audits, though specific ESG spend in INR is not disclosed.

Taxation Policy Impact

The company recorded a tax expense of INR 6.18 Cr on a Profit Before Tax of INR 23.33 Cr for FY 2024-25, implying an effective tax rate of approximately 26.5%.

Legal Contingencies

The company reported zero pending litigations that would have a material impact on its financial position as of March 31, 2025.

⚠️ Risk Analysis

Key Uncertainties

The nascent stage of operations (commenced Q3 FY25) creates uncertainty regarding the company's independent execution capability. Timely execution of the INR 2,899.34 Cr order book is a key sensitivity.

Geographic Concentration Risk

Currently 100% concentrated in India, specifically projects subcontracted through the Mumbai-based parent group.

Third Party Dependencies

100% dependency on GHV India for order book visibility and working capital support.

Technology Obsolescence Risk

Low risk in civil construction, but the company is adopting digital project management to improve efficiency and reduce debtor days.

Credit & Counterparty Risk

Credit risk is mitigated by the fact that the primary counterparty is the parent group, though high receivables are monitored against performance metrics.