Ganesh Infraworld Ltd.

•

ganeshinfra.comBSE: -NSE: GANESHIN

Market Cap₹ 437 Cr.

Current Price

High / Low₹ 255 / 66

Stock P/E5.9

Book Value₹ 63

Price to Book1.15

Dividend Yield0.10 %

ROCE34.9 %

ROE33.0 %

Face Value₹ 5

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Civil & Electrical infrastructure: 51.5% • Water Infrastructure: 26.8% • Mining Operations: 17.1%

AI Sector View

AI GENERATED

Construction

Buy

Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.

Confidence

80%

View full sector analysis →

PROS

Company has a healthy return on capital (ROCE) of 27.5%
Company has a good return on equity (ROE) track record: 3 Years ROE 27.2%
Working capital cycle has improved - days down from 107 to 26
Company comfortably covers its interest (10.9x coverage)
Company converts assets efficiently - asset turnover of 2.1x

CONS

Operating cash flow has been negative in recent years
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -1.30x)
Free cash flow has been persistently negative
Total debt has risen sharply - up 253.7% year on year
Inventory has been piling up - inventory days up from 17 to 27
Though reporting repeated profits, the company pays out little dividend (0.6%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ConstructionInfrastructureEngineering - Construction

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	LT	3965.00	32.88	545530.90	0.96	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	209.50	48.56	43681.17	0.34	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1417.50	21.30	24207.01	0.78	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.67	24.90	23757.43	1.32	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1296.30	37.02	22268.82	0.23	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	281.90	20.21	15843.97	1.77	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	975.45	26.32	11344.44	0.72	93.33	-31.44	630.34	19.84	14.86	15.79
8.	IRCON	118.65	21.31	11159.22	1.60	92.03	-43.92	1955.83	9.49	10.15	9.81
9.	AFCONS	295.00	74.98	10849.65	0.68	303.00	120.52	26710.00	692.49	12.88	9.42
10.	KEC	406.15	19.53	10811.71	1.35	72.62	-41.72	5023.54	0.01	16.35	5.79
11.	WELENT	765.35	34.66	10593.50	0.39	56.36	-44.29	773.72	-8.44	16.44	19.49
12.	GANESHIN	99.75	4.78	436.62	0.10	297.14	1933.53	3787.66	1996.59	21.80	15.77

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	51	135	95	149	159	181	210	215	226	200
	45	123	86	133	144	160	184	186	197	178
Operating Profit	6	13	9	16	14	20	26	29	29	23
OPM %	10.93%	9.26%	9.99%	10.68%	9.08%	11.22%	12.25%	13.57%	12.84%	11.39%
	0	2	0	0	2	1	1	1	2	1
Interest	0	0	0	1	1	1	1	3	4	6
Depreciation	0	0	0	0	0	1	1	1	1	1
Profit before Tax	6	14	9	15	16	20	24	26	26	23
Tax %	29.34%	25.81%	22.42%	25.25%	25.47%	25.14%	25.15%	26.42%	25.84%	25.17%
Net Profit	4	10	7	11	12	15	18	19	19	18
	3.63	8.13	2.29	2.65	3.36	3.42	4.24	4.46	4.46	4.10

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2024	Mar 2025	Mar 2026	TTM
	51	538	832	852
	45	486	727	745
Operating Profit	6	52	105	107
OPM %	10.92%	9.74%	12.57%	12.54%
	0	4	4	4
Interest	0	2	10	15
Depreciation	0	1	4	4
Profit before Tax	6	53	95	99
Tax %	29.29%	24.96%	25.69%	25.67%
Net Profit	4	40	71	74
EPS	3.60	9.37	16.58	—
Dividend Payout %	0.00%	0.00%	0.60%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: -33%

RETURN ON EQUITY

10 Years:: —
5 Years:: —
3 Years:: 27%
Last Year:: 33%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2024	Mar 2025	Mar 2026
Equity Capital	11	21	21
	24	158	229
	31	37	133
Trade Payables	22	41	57
	7	7	102
Total Liabilities	94	265	543
	9	20	78
	19	36	136
	9	40	85
	39	117	182
Cash & Bank	6	10	8
	13	42	53
Total Assets	94	265	543

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2024	Mar 2025	Mar 2026
	-28	-80	-41
Cash from Investing	-28	-25	-47
Cash from Financing	62	109	86
	6	5	-2

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	3.60	9.37	16.58
Book Value (₹)	31.82	42.02	58.50
Dividend per Share (₹)	0.00	0.00	0.10
Cash EPS (₹)	1.47	9.70	17.45
PROFITABILITY
Operating Margin %	10.92%	9.74%	12.57%
Net Margin %	7.75%	7.44%	8.51%
ROE %	11.32%	37.35%	32.98%
ROCE %	8.67%	39.03%	34.90%
	4.19%	22.30%	17.54%
EFFICIENCY
Debtor Days	275	53	66
Inventory Days	68	17	27
Payable Days	0	-376	-400
	343	446	493
FINANCIAL HEALTH
Debt to Equity (x)	0.88x	0.21x	0.54x
Interest Coverage (x)	44.68x	28.73x	10.93x
	1.41x	2.93x	1.21x
GROWTH
Revenue Growth %	0.00%	954.38%	54.56%
Operating Profit Growth %	0.00%	877.84%	91.58%
Net Profit Growth %	0.00%	912.99%	76.85%
	0.00%	160.30%	76.85%
VALUATION
P/E (x)	0.00x	15.38x	4.04x
P/B (x)	0.00x	3.43x	1.15x
Dividend Yield %	0.00%	0.00%	0.15%
	6.22x	11.35x	3.79x

Shareholding Pattern

Numbers in percentages

	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	59.09	59.09	59.38	59.38	59.38	57.73	57.73
	0.92	0.55	0.77	0.98	0.68	0.52	0.52
	7.61	5.82	5.10	2.45	2.35	2.70	2.78
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	32.37	34.54	34.75	37.19	37.59	39.05	38.97

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

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