💰 Financial Performance

Revenue Growth by Segment

Revenue for FY2025 reached INR 538.22 Cr, a 85.38% YoY increase from INR 290.34 Cr. As of Q2 FY26, the business mix consists of Civil Infra (39%), Mining (30%), Water Infra (23%), and Civic Utilities (8%). H1 FY26 revenue stood at INR 390.6 Cr, up 69.6% YoY.

Geographic Revenue Split

The company operates across West Bengal, Bihar, Uttar Pradesh, Chhattisgarh, Maharashtra, New Delhi, Telangana, Odisha, and Jharkhand. Specific percentage contribution per state is not disclosed in the available documents.

Profitability Margins

Net Profit Margin for FY25 was 7.44%, a slight decline of 3.91% from 7.75% in FY24 due to higher operating costs. However, H1 FY26 PAT margin improved to 8.4%, up 100 bps YoY, driven by better execution and scale.

EBITDA Margin

EBITDA margin for H1 FY26 was 11.9%, representing a growth of 230 basis points compared to the previous year. Absolute EBITDA for H1 FY26 grew 110.5% YoY to INR 46.4 Cr.

Capital Expenditure

The company utilized IPO proceeds to strengthen its equity base and fund long-term working capital. While specific future CapEx in INR Cr is not detailed, the focus is on expanding the execution engine with over 80 experienced engineers.

Credit Rating & Borrowing

Assigned IVR BBB/Stable for Long Term Bank Facilities (INR 47 Cr) and IVR A3+ for Short Term Bank Facilities (INR 3 Cr) by Infomerics. Finance costs increased by 35% in FY25, though the interest coverage ratio remains healthy at 28.89x.

⚙️ Operational Drivers

Raw Materials

Construction and other direct expenses represent the primary cost, totaling INR 335.5 Cr in H1 FY26, which is 85.9% of total revenue. Specific material names like steel or cement are not individually itemized with percentages.

Import Sources

Not disclosed in available documents; however, projects are localized across 9 Indian states including West Bengal and Bihar.

Capacity Expansion

The company is scaling its execution bandwidth, currently employing 121 executive staff including engineers. The order book has expanded significantly to INR 2,262 Cr as of September 30, 2025.

Raw Material Costs

Direct construction expenses accounted for 85.9% of revenue in H1 FY26 (INR 335.5 Cr). Procurement is managed to support a robust order book that grew from INR 450 Cr in FY25 to over INR 2,200 Cr in FY26.

Manufacturing Efficiency

Execution is managed by a team of 80+ engineers. Management emphasizes keeping 20% of top management bandwidth free to handle daily infrastructure challenges and ensure project safety.

📈 Strategic Growth

Expected Growth Rate

70%

Growth Strategy

Growth is driven by a massive order book of INR 2,262 Cr, providing high revenue visibility. Strategy includes diversifying into mining (30% of mix) to capture OpEx-based contracts from PSUs like NTPC/Coal India and leveraging the H2 seasonal peak, which typically accounts for 60% of annual revenue.

Products & Services

Civil construction (roads, railways, buildings), water infrastructure (treatment and distribution), mining management, and civic utility infrastructure.

Brand Portfolio

Ganesh Infraworld Limited (formerly Ganesh International).

New Products/Services

Entry into Mining Infrastructure segment, focusing on mine management and allied civil works, which now contributes 30% of the order book.

Market Expansion

Expanding presence in the mining sector in Madhya Pradesh with its largest-ever coalfield project contract.

Market Share & Ranking

Not disclosed in available documents, though described as one of the fastest-growing infrastructure companies in India.

🌍 External Factors

Industry Trends

The industry is shifting toward diversified portfolios to mitigate payment delays. Ganesh is positioning itself by moving 40% of its order book toward operational expense (OpEx) nature projects to ensure steadier cash flows.

Competitive Landscape

Highly fragmented and competitive operating scenario with significant contract execution risks and tender-driven pricing.

Competitive Moat

Moat is built on an 11-year execution track record and a low debt-to-equity ratio (0.35x), allowing the company to bid for larger, complex projects that competitors with weaker balance sheets cannot.

Macro Economic Sensitivity

Highly sensitive to government infrastructure spending (Jal Jeevan, AMRUT schemes) and national priorities for water and mining.

Consumer Behavior

Not applicable as the business is B2B/B2G; demand is driven by government policy and PSU expansion.

Geopolitical Risks

Primarily domestic operations; risks are limited to national regulatory changes and state-level execution hurdles.

⚖️ Regulatory & Governance

Industry Regulations

Subject to standard construction and mining safety norms; the company maintains a dedicated safety and core engineering team.

Taxation Policy Impact

Current tax for FY25 was INR 12.99 Cr on a PBT of INR 53.37 Cr, implying an effective tax rate of approximately 24.3%.

Legal Contingencies

The Secretarial Audit Report for FY25 confirms compliance with the Companies Act and SEBI regulations; no specific pending litigation values in INR were disclosed.

⚠️ Risk Analysis

Key Uncertainties

Working capital management is a key risk; cash flow from operations was negative INR 29.7 Cr in H1 FY26, with positive cash flow not expected until H2 FY27.

Geographic Concentration Risk

Operations are spread across 9 states, reducing single-state dependency, though West Bengal remains a primary hub.

Third Party Dependencies

Dependency on government and PSU clients for timely payments and project clearances.

Technology Obsolescence Risk

Low risk in civil construction, but the company invests in technical workshops to keep the 80+ engineering team updated on emerging technologies.

Credit & Counterparty Risk

Adequate liquidity with a current ratio of 2.84x and cash balances of INR 10.17 Cr as of March 2025. Receivables management is critical as the order book scales to INR 2,262 Cr.