GANESHIN
Ganesh Infra. financials
- Market cap
- ₹472 Cr
- Sector
- Construction
- Calls analysed
- 4
Ganesh Infra. Q1 FY27
What went well
- Revenue of ₹378.76 crores, up 109.66% YoY, demonstrating strong momentum.
- EBITDA surged 187% YoY to ₹61.59 crores, with EBITDA margin at 15.8% for Q1 FY27.
- PAT margin improved to 7.8% for the quarter.
What to watch
- Finance costs increased sharply due to subsidiary consolidation, though expected to decrease from Q2/Q3 FY27.
- Working capital enhancement required due to significant increases in commodity costs, particularly diesel, which doubled in price.
What Ganesh Infra. does
Ganesh Infraworld is an engineering, procurement and construction (EPC) subcontractor to large infrastructure and industrial players, delivering end-to-end project execution from design to commissioning. It builds power transmission and distribution assets (substations, gas-insulated switchgear, transmission lines, rural electrification) and executes railway track-laying, OHE electrification and road works, water infrastructure (treatment plants, pumping stations and pipeline networks), and mining-development operations (overburden removal, drilling & blasting, material handling using heavy earth-moving machinery) for public-sector and private clients. Following its 2026 acquisition of a 60% stake in Kandoi Transport Limited, it also runs a captive heavy-vehicle fleet providing first-mile to last-mile bulk logistics for minerals and industrial materials.
Segments
- Civil and Electrical Infrastructure
- Civic Utilities
- Water Infrastructure
- Mining Development Operations
- Transportation
- Engineers
- 80
- States of presence
- 8
- Completed projects
- 67
- Ongoing projects
- 28
- Business verticals
- 5 (Civil & Electrical Infrastructure, Civic Utilities, Water Infrastructure, Mining Development Operations, Transportation)
- Largest mining excavation contract
- 17,55,50,000 BCM overburden excavation, 60-month tenure (Northern Coalfields Ltd, Nigahi Mines, Madhya Pradesh, awarded 2023)
Guidance record · Q1 FY27
what the last two calls moved 13 tracked 1 delivered 6 missed 6 open- Revenue Growth went quiet said Q4 FY25 Promised: double-digit growth for FY26 Q1 FY27: The target period (FY26) has passed, but management did not provide a final figure for FY26 revenue growth to confirm achievement.
- Total Revenue on track said Q4 FY25 Promised: INR 1,000 crores in FY27 Q1 FY27: Q1 FY27 revenue of 378.76 cr represents a strong start to the year, putting the company on a trajectory to significantly exceed the 1,000 cr target.
All 13 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 10.5%, net profit up 20.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 95 | 149 | 159 | 181 | 210 +121% | 215 +44% | 226 +42% | 200 +10% |
| EBITDA | 9 | 16 | 14 | 21 | 26 +189% | 29 +81% | 29 +107% | 30 +43% |
| Net profit | 7 | 11 | 12 | 15 | 18 +157% | 19 +73% | 19 +58% | 18 +20% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −57.4% 1Y
1Y: ₹238.25 on 10 Sept 2025 → ₹101.55. High ₹243.25 (13 Nov 2025), low ₹67.05 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −0.5%
- 11 Aug
- Q2 FY26
- −0.0%
- 18 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 54.6% a year over 1 year, FY25 to FY26. Operating margin widened to 12.6%.
| Year ending | FY25 | FY26 |
|---|---|---|
| Revenue | ₹538 Cr | ₹832 Cr |
| Operating profit | ₹52 Cr | ₹105 Cr |
| Operating margin | 9.7% | 12.6% |
| Interest | ₹2 Cr | ₹9 Cr |
| Depreciation | ₹0 Cr | ₹4 Cr |
| Net profit | ₹40 Cr | ₹71 Cr |
| Net margin | 7.4% | 8.5% |
| Cash from operations | ₹-80 Cr | ₹-41 Cr |
| Free cash flow | ₹-92 Cr | ₹-43 Cr |
| ROCE | 38.0% | 35.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Equity capital | ₹11 Cr | ₹21 Cr | ₹21 Cr |
| Reserves | ₹24 Cr | ₹191 Cr | ₹229 Cr |
| Borrowings | ₹31 Cr | ₹75 Cr | ₹134 Cr |
| Other liabilities | ₹28 Cr | ₹82 Cr | ₹159 Cr |
| Total liabilities | ₹94 Cr | ₹369 Cr | ₹543 Cr |
| Fixed assets | ₹9 Cr | ₹20 Cr | ₹78 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹19 Cr | ₹65 Cr | ₹136 Cr |
| Other assets | ₹66 Cr | ₹284 Cr | ₹328 Cr |
| Total assets | ₹94 Cr | ₹369 Cr | ₹543 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Aug 2026
Since Sep 2025, the public added +3.24 pp while promoters trimmed −3.03 pp. The shareholder count grew 30% to 2,205.
- Promoters
- 56.4%
- FIIs
- 0.5%
- DIIs
- 2.7%
- Public
- 40.4%
Since Sep 2025
- Public +3.24 pp
- Promoters −3.03 pp
- FIIs −0.47 pp
How it drifted, 8 quarters
Over this window the public went from 31.4% to 40.4% — +9.0 pp.
Ownership split by quarter, oldest first. Dec '24: Promoters 59.1%, FIIs 0.9%, DIIs 8.6%, Public 31.4%.Mar '25: Promoters 59.1%, FIIs 0.6%, DIIs 5.8%, Public 34.5%.Jun '25: Promoters 59.4%, FIIs 0.8%, DIIs 5.1%, Public 34.8%.Sep '25: Promoters 59.4%, FIIs 1.0%, DIIs 2.5%, Public 37.2%.Dec '25: Promoters 59.4%, FIIs 0.7%, DIIs 2.4%, Public 37.6%.Mar '26: Promoters 57.7%, FIIs 0.5%, DIIs 2.7%, Public 39.0%.Jun '26: Promoters 57.7%, FIIs 0.5%, DIIs 2.8%, Public 39.0%.Aug '26: Promoters 56.4%, FIIs 0.5%, DIIs 2.7%, Public 40.4%.
Who is on the register
Named in the Aug 2026 filing
Every holder of Ganesh Infra. above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| Vibhoar Agrawal | 31.63% | −0.78 pp |
| Rachita Agrawal | 24.04% | −0.59 pp |
| Invicta Continuum Fund I AIF | 1.81% | −0.05 pp |
| Nikhil Aggarwal | 1.26% | unchanged |
| Anushree Gadodia | 1.03% | unchanged |
| Hemant Gadodia | 1.03% | unchanged |
| Starwings Realtors Private Limited | 0.68% | unchanged |
| Speedo Print Private Limited | 0.00% | unchanged |
| Ganesh International Infrastructure Ltd. | 0.00% | unchanged |
| Nemi Chand Agrawal | 0.00% | unchanged |
| Atul Agrawalat | 0.00% | unchanged |
| Shashi Goenka | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (4)
Read the Q1 FY27 call →Learn to analyse Ganesh Infra.
Guides on how to read this kind of business and the numbers that matter.