Ganesh Infraworld Ltd(GANESHIN)

NSE: GANESHIN

₹ 76.75+3.51%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 336 crUpdated: 24 Oct 2026

About

Ganesh Infraworld Ltd is an infrastructure contractor working in civil and electrical, water, mining services and civic utility projects. Its FY26 revenue was 835.55 crore rupees. In Q1 FY27 it began consolidating Tykoon Mines GK Limited (formerly Kandoi Transport Limited), which added mine development and operation (MDO) and transport businesses. As of Q1 FY27 its consolidated order book was ₹4,090.3 cr, spread across about 10 states.^[1][2]

Business segments

Civil and Electrical Infrastructure: ₹430.31 cr revenue, 51.5% of the total, in FY26.^[3]
Water Infrastructure: ₹223.98 cr revenue, 26.8% of the total, in FY26. In Q1 FY27 its revenue rose 85.4% YoY to ₹118.3 cr.^[3][2]
Mining Operations: ₹142.64 cr revenue, 17.1% of the total, in FY26. The segment was new in 9M FY26, when it brought in ₹80.6 Cr.^[3][4]
Civic Utilities: ₹37.99 cr revenue, 4.5% of the total, in FY26. Its revenue fell 82.6% YoY to ₹22.0 Cr in 9M FY26.^[3][4]
Civil and Electrical revenue fell to ₹76.2 cr in Q1 FY27 from ₹110.9 cr in Q1 FY26, down 31.3% YoY. Management is moving the standalone business away from civil work and towards water.^[2]
In Q1 FY27 the newly consolidated subsidiary brought in MDO revenue of ₹137.64 cr and transport revenue of ₹40.76 cr.^[2]

Order book

The consolidated order book was ₹4,090.3 cr in Q1 FY27, up from ₹2,211.7 Cr in Dec'25 and ₹624.15 Cr in Dec'24.^[2][4]
Order book mix in Q1 FY27: mining ₹2,527.5 cr, water ₹883.5 cr, civil ₹399.1 cr, transport ₹218.6 cr, civic utilities ₹35.5 cr and equipment rental ₹26.1 cr.^[2]
The standalone order book was ₹1,600 cr in Q1 FY27, with about 18-24 months of execution remaining.^[2]
The MDO order book has an average execution tenure of 6 years, as of Q1 FY27.^[2]
The water order book was ₹471.3 Cr in Dec'25, 6.7x its level a year earlier.^[4]

Key operating numbers

Bids pending in Q1 FY27: ₹5,000 cr for MDO at the subsidiary level and ₹4,000 cr for water at the standalone level.^[2]
Consolidated debtor days were 100-110 days in Q1 FY27.^[2]
Segment EBITDA margins in Q1 FY27: MDO 19.5%, Water 16.8% (+290 bps YoY), Civil and Electrical 12.1% (+160 bps YoY).^[2]
Debt/equity was 1.22x in Mar-26, compared with 0.49x in Dec'25.^[2][4]

Customers

The mining order book includes about Rs. 3,000 crore of orders from Coal India and its subsidiaries, according to management in Q1 FY27.^[2]
The equipment rental fleet is rented out to marquee customers, as stated in Q1 FY27.^[2]

New businesses and plans

The company bought about ₹87 cr of equipment, including GST, for a new equipment rental and leasing division. Only ₹20.98 lakh of revenue was booked in Q1 FY27, and full revenue is expected from Q2 FY27.^[2]
Management is exploring raising funds at the subsidiary level and says no standalone equity raise is planned, as of Q1 FY27.^[2]
Management says it will focus only on water infrastructure at the standalone level, as stated in Q1 FY27.^[2]

Recent developments

Q1 FY27: the company won its first railway-related order, a ₹100 cr earthwork contract on river walls for a railway bridge in Bihar.^[2]
Q1 FY27: it began consolidating Tykoon Mines GK Limited, formerly Kandoi Transport Limited, for the first time.^[2]
Q3 FY26: it approved forming Trivanta Resources Private Limited, with a 51% stake, to pursue regulated mining operations.^[4]
Q3 FY26: it won a ₹708 crore mining order in Madhya Pradesh, which marked its entry into mining services.^[4]
Q3 FY26: it won a Dharavi STP earthwork contract in Mumbai (₹203.83 Cr) and two sewage treatment plants in Jammu & Kashmir with 5 years of operation and maintenance (₹105.77 Cr).^[4]

Market Cap

₹336 Cr

High / Low

₹250 / 66

Stock P/E

4.8

Price / Book

1.4

Book Value

₹60

EPS

₹17.8

No. of Shares

4.27 Cr

ROCE

12.3%

ROE

18.8%

OPM

12.6%

Debt / Equity

1.94

Sales

₹836 Cr

Net Profit

₹76 Cr

Promoter holding

56.4%

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