Ganesh InfraworldShare price, financial results, shareholding and management
- Market cap
- ₹355 cr
- Stock P/E
- 4.7peers 12.2
- Book value
- ₹58.2
- Price to book
- 1.39
- EV / operating profit
- 8.0
- Market cap to sales
- 0.43
- ROCE · FY26
- 21.8%
- ROE · FY26
- 35.1%
- ROE, 3-year average
- 36.3%
- Operating margin · FY26
- 12.6%peers 10.5%
- Sales growth, 3 years
- +55.3%
- Profit growth, 3 years
- +90.4%
- Debt to equity
- 1.94peers 0.41
- Borrowings
- ₹494 cr
- Interest cover
- 10.8×
- Cash from business / op. profit
- -39%
- Debtor days
- 147
- Pledged
- 0.00%
- Promoter holding
- 56.35%
- Change in promoter holding
- -1.38 pts
- Shareholders
- 2,205
- 52-week high / low
- ₹250 / ₹66
- Dividend yield
- Paid
- Face value
- ₹5
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Ganesh Infraworld share price chart
Close on 6 Nov 2026 · -0.49% on the day · Vol 19,200
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -8.4%
- 3 months
- -31.7%
- 6 months
- -1.6%
- 1 year
- -63.1%
- Since IPO
- -2.2%
- Traded a day, 20 days
- ₹0.32 cr
- Taken for delivery
- 78%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +55% | +90% |
| 3 years, a year | - | - |
| Latest half, H2 FY26 | +43% | +66% |
About Ganesh Infraworld: business, products and customers
Ganesh Infraworld builds water pipelines, treatment plants, power lines and civil works, mostly as a subcontractor to large construction firms, and through a subsidiary digs and hauls earth and ore at government mines. Its shares trade on NSE Emerge.
Ganesh Infraworld began in Kolkata in 2017 as the partnership firm Ganesh International and became a company in 2024. It takes on civil and electrical work at factories, substations and warehouses, road and railway works, and water projects such as pipelines, pumping stations, treatment plants and household connections, including work under the Har Ghar Jal Mission in Jaunpur, Uttar Pradesh.
Most of its work comes as a subcontractor: a large construction firm wins a government or industrial project and hands a part of it to Ganesh Infraworld. In the five months to August 2024, 81.81% of revenue was earned this way, and the offer document says price is often the deciding factor in winning work.
Read more about the business
What is new: in FY26 the company took a 60% stake in Kandoi Transport, now named Tykoon Mines GK, which removes earth and ore and hauls bulk material at Coal India and Odisha Mining Corporation mines. The company has also bought heavy equipment to rent out, and says that from now on its own focus will be water work, while the subsidiary focuses on mining.
From the red herring prospectus (November 2024), the FY25 annual report, the May 2026 and July 2026 investor presentations, the August 2026 earnings call, and the company's exchange announcements of June to September 2026.
Read the deeper study ↓In its favour
- Sales have grown very fast: 55% a year last year.
- It earns a high return on the money it uses: ROCE 22% in FY26.
- It paid a dividend in the past year.
To watch
- Rental income from the newly bought equipment, which the company expects from the second quarter of FY27 (Earnings call, 11 Aug 2026, p.3).
- Finance cost, which the company says should fall from the second or third quarter of FY27 as the subsidiary repays its term loan (Earnings call, 11 Aug 2026, p.10).
- Conversion of the 41,83,200 warrants still pending, which must be exercised within 18 months of the July 2026 allotment or lapse (Announcement, 11 Aug 2026, p.1; Announcement, 14 Jul 2026, p.2).
- The subsidiary's railway river protection order of about ₹100 cr, due to be completed in nine months (Announcement, 7 Jul 2026, p.1).
- Its borrowings rose a lot last year: ₹494.4 cr, from ₹38 cr.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Ganesh Infraworld revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
Ganesh Infraworld half-yearly results
SME companies report every six months · ₹ crore
| H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|
| Sales | 307.83 | 390.63 | 441.23 |
| Expenses | 277.50 | 344.27 | 383.01 |
| Operating profit | 30.33 | 46.37 | 58.23 |
| OPM | 9.8% | 11.9% | 13.2% |
| Interest | 1.28 | 2.26 | 7.34 |
| Depreciation | 0.76 | 1.70 | 2.03 |
| Profit before tax | 30.75 | 43.74 | 51.58 |
| Net profit | 22.95 | 32.73 | 38.10 |
Ganesh Infraworld profit and loss
Full years to March, FY24 to FY26 · ₹ crore, consolidated where reported
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Sales | 51 | 538 | 835.55 |
| Expenses | 45 | 486 | 730.36 |
| Operating profit | 6 | 52 | 105.18 |
| OPM | 11.0% | 10.0% | 12.6% |
| Other income | 0 | 4 | 4.05 |
| Interest | 0 | 2 | 9.76 |
| Depreciation | 0 | 1 | 3.83 |
| Profit before tax | 6 | 53 | 95.63 |
| Tax rate | 33.3% | 24.5% | 20.3% |
| Net profit | 4 | 40 | 76.17 |
| EPS ₹ | 3.60 | 9.37 | 17.83 |
| Dividend payout | 0.0% | 0.0% | 1.0% |
The years to FY25 come rounded to the nearest crore in the source.
Ganesh Infraworld profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Operating margin | 11.0% | 10.0% | 12.6% |
| Tax rate | 33.3% | 24.5% | 20.3% |
| ROCE | · | 38.9% | 21.8% |
| ROE | · | 37.4% | 35.1% |
| Dividend payout | 0.0% | 0.0% | 1.0% |
Ganesh Infraworld debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are now larger than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers pay faster than they did in FY24, which frees up the company's money.
Bars below the line are cash going out.
Ganesh Infraworld balance sheet
At each 31 March · ₹ crore
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Equity capital | 11 | 21 | 21.36 |
| Reserves | 24 | 158 | 233.60 |
| Net worth | 35 | 179 | 254.96 |
| Borrowings | 31 | 38 | 494.41 |
| Other liabilities | 28 | 48 | 403.93 |
| Total liabilities | 94 | 265 | 1,153 |
| Fixed assets | 9 | 20 | 318.79 |
| Capital work in progress | 0 | 0 | 8 |
| Investments | 19 | 36 | 51.65 |
| Other assets | 66 | 209 | 774.86 |
| Receivables | · | · | 337.48 |
| Inventory | · | · | 111.97 |
| Cash | · | · | 11.70 |
| Trade payables | · | · | 105.20 |
Ganesh Infraworld cash flow
₹ crore
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Cash from operations | -28 | -80 | -40.90 |
| Cash from investing | -28 | -25 | -43.40 |
| Cash from financing | 62 | 109 | 85.83 |
| Net cash flow | 6 | 4 | 1.53 |
| Capital spending | · | · | 2.08 |
Working capital
Days
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Debtor days | 275 | 79 | 147 |
| Cash conversion cycle | 275 | 79 | 147 |
| Working capital days | -2 | 76 | 68 |
Ganesh Infraworld peers and competitors
Listed SME companies in the same industryBy sales, Ganesh Infraworld is number 1 of the 58 listed SME companies in construction.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Ganesh Infraworld | 355 | 4.7 | 836 | 76.2 | 12.6% | 1.94 |
| Sathlokhar Synergys E&C Global | 979 | 11.9 | 820 | 82 | 14.0% | 0.25 |
| B.R.Goyal Infrastructure | 476 | 10.6 | 820 | 45 | 9.0% | 0.28 |
| Goel Construction Company | 592 | 12.9 | 657 | 46 | 11.0% | 0.03 |
| Savy Infra and Logistics | 281 | 6.7 | 638 | 42 | 9.3% | 0.33 |
| AVP Infracon | 195 | 4.6 | 441 | 42.1 | 19.4% | 1.39 |
| E To E Transportation Infrastructure | 524 | 30.8 | 380 | 17 | 10.0% | 0.80 |
| Solarium Green Energy | 247 | 12.4 | 368 | 20 | 8.0% | 0.96 |
| Chavda Infra | 330 | 19.4 | 321 | 17 | 18.0% | 0.63 |
| Giriraj Civil Developers | 115 | 7.6 | 309 | 15.1 | 7.7% | 0.15 |
| Karbonsteel Engineering | 164 | 14.9 | 301 | 11 | 11.0% | 0.48 |
| Median of the 10 others | 306 | 12.2 | 411 | 31 | 10.5% | 0.41 |
Ganesh Infraworld shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little less than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Ganesh Infraworld shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Dec 24 | Mar 25 | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 | Aug 26 | |
|---|---|---|---|---|---|---|---|---|
| Promoters | 59.09% | 59.09% | 59.38% | 60.07% | 60.07% | 57.73% | 57.73% | 56.35% |
| Foreign investors (FIIs) | 0.92% | 0.55% | 0.77% | 0.98% | 0.68% | 0.52% | 0.52% | 0.51% |
| Indian institutions (DIIs) | 8.58% | 5.82% | 5.10% | 2.45% | 2.35% | 2.70% | 2.78% | 2.71% |
| HNIs (over ₹2 lakh each) | 10.01% | 11.90% | 11.92% | 11.48% | 12.73% | 15.28% | 15.53% | 15.27% |
| Small holders (up to ₹2 lakh) | 11.39% | 12.20% | 11.09% | 11.78% | 12.85% | 14.88% | 14.90% | 14.54% |
| Companies and others | 10.01% | 10.44% | 11.74% | 13.24% | 11.32% | 8.89% | 8.54% | 10.62% |
| Number of shareholders | 1,640 | 1,646 | 1,431 | 1,690 | 1,872 | 2,166 | 2,203 | 2,205 |
The named holders are at 11 Aug 2026, beside 30 June 2026, each under the group the pattern files them in.
Ganesh Infraworld study: the business from its own documents
Read from 15 of the company's own documentsGanesh Infraworld so far
From the company's own record
- 6 Dec 2024Listed on NSE Emerge at ₹83
- 31 Aug 2026Promoters at 56.35%
- 20 Aug 2025Highest close since listing, ₹238.91
Ganesh Infraworld key facts from the filings
Each figure with the document it comes from
- Order book
- ₹4,090.3 cr
- Work in hand for the group at 30 June 2026, close to five times FY26 sales (our arithmetic).Investor presentation, Jul 2026, p.6 and p.25
- Mining work in hand
- ₹2,527.5 cr
- The mining part of the order book, held by the subsidiary; the company says this work runs over about six years.Investor presentation, Jul 2026, p.25; Earnings call, 11 Aug 2026, p.4
- Mining subsidiary
- 60%
- Stake held in Tykoon Mines GK, formerly Kandoi Transport, which brings direct contracts with Coal India and its subsidiaries.Announcement, 26 Jun 2026, p.1; Earnings call, 11 Aug 2026, p.9
- Latest quarter
- ₹378.8 cr
- Group revenue for April to June 2026, against ₹180.7 cr a year earlier; ₹178.4 cr of it came from the mining and transport work of the subsidiary (our arithmetic).Investor presentation, Jul 2026, p.9 and p.11
- Water work
- ₹224.0 cr
- Water revenue in FY26, up from ₹98.8 cr in FY25, earning a higher margin than the older civil and electrical work.Investor presentation, May 2026, p.11
Show 5 more facts
- Work as a subcontractor
- 81.81%
- Share of revenue earned as a subcontractor in the five months to August 2024, all of it from repeat customers.Red herring prospectus, p.140 and p.141
- Top five clients
- 60% to 65%
- The company's rough share of revenue from its five largest clients, given in the August 2026 call; the offer document showed 78.13% for the five months to August 2024.Earnings call, 11 Aug 2026, p.6; Red herring prospectus, p.34
- Borrowings
- ₹494.4 cr
- Group borrowings at March 2026, up from ₹37.9 cr a year earlier, mostly from bringing in the mining subsidiary.Investor presentation, May 2026, p.12; Earnings call, 11 Aug 2026, p.10
- Cash from operations
- ₹-40.9 cr
- Cash used by the business in FY26 against profit before tax of ₹95.6 cr, as money owed by customers and stock grew.Investor presentation, May 2026, p.14
- Warrants issued
- 52,32,800
- Warrants at ₹90 each allotted to non-promoter investors in July 2026; 10,49,600 had been turned into shares by August 2026.Announcement, 14 Jul 2026, p.1; Announcement, 11 Aug 2026, p.1
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says its group order book was ₹4,090.3 cr at 30 June 2026. In the August 2026 call it said the mining part, about ₹2,400 cr, runs over about six years, while the roughly ₹1,600 cr held by Ganesh Infraworld itself runs over 18 to 24 months, and that the subsidiary is bidding for about ₹5,000 cr of mining work. It also said rent from its new equipment should start from the second quarter of FY27 and that finance costs should come down as the subsidiary repays its term loan.
| What management said | When | What happened |
|---|---|---|
| Rental income from the newly bought equipment from the second quarter of FY27 | Aug 2026 call | ₹0.2 cr of rental revenue in the first quarter of FY27; later quarters not yet reported |
| Finance cost to come down from the second or third quarter of FY27 as the term loan is repaid | Aug 2026 call | Not yet reported |
| Railway river protection order of about ₹100 cr to be completed in nine months, with revenue in FY27 | Announcement, 7 Jul 2026 | Not yet reported |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Ganesh Infraworld earns its money doing parts of large building, power, water and mining jobs, keeping the gap between the contract price and its cost of material, labour and machines.
Its weak spots are that a few large clients give most of the work, the business uses more cash than it brings in, and borrowings have risen sharply with the new mining subsidiary.
AverageCan it set its own prices?Price rises in materials are mostly passed on through its contracts, but the company says price is often what decides who wins the work.
AverageHow strong is it against rivals?Construction is open to many small and large firms, but the mining subsidiary's long record and owned fleet let the group bid for larger mining jobs directly.
WatchWho are its customers?Mostly large construction firms that hand on parts of their projects, and Coal India and Odisha mining companies for the subsidiary; a handful of clients give most of the revenue.
WatchDoes it need a lot of money?Yes. Money is tied up in work billed but not yet paid, in guarantees and in heavy machines, and the business used cash in each of the last two years.
StrongCan it keep finding new work?Work in hand is several times a year's sales, and both the parent and the mining subsidiary say they are bidding for more.
WatchDo good and bad years swing a lot?Work comes project by project and depends on government spending, so the mix and the size of each business line can change sharply from year to year.
Who runs Ganesh Infraworld?
Promoters, directors and officers; tap a name for the background
VAVibhoar AgrawalPromoter, Chairman, Managing Director and CEO · holds 31.63%
Holds a bachelor's degree in commerce from the University of Calcutta (2006) and is an alumnus of St. Xavier's College, Kolkata. A founding partner of Ganesh International and with the company since it began; leads strategy, business development and the overall running of the business. The offer document states Vibhoar Agrawal and Rachita Agrawal are husband and wife.
Red herring prospectus, p.157; Annual report FY25, p.14RARachita AgrawalPromoter and Non-Executive Director · holds 24.04%
A fashion designer from the International Institute of Fashion Design; a co-partner of Ganesh International and with the company since it began.
Red herring prospectus, p.157; Annual report FY25, p.14GCGolock Chandra SahooIndependent Director
Holds a master's degree in commerce from Utkal University, an MBA from Indira Gandhi National Open University and an MA in economics. Served over 30 years in the Indian Audit and Accounts Department, latterly as a Senior Audit Officer in the office of the Principal Accountant General, Odisha; on the board since July 2024.
Red herring prospectus, p.157; Annual report FY25, p.14RDRupal Dhiren HariaIndependent Director
A chartered accountant, fellow of ICAI since 1999, with a commerce degree from the University of Mumbai; a partner in Atul C Bheda and Company with over 16 years in tax and audit. On the board since July 2024.
Red herring prospectus, p.157; Annual report FY25, p.15MKManisha KhandelwalIndependent Director
A member of the Institute of Company Secretaries of India with over four years as a company secretary, including at Navraj Enterprises and Viraj Leasing; on the board since the company was formed.
Red herring prospectus, p.157; Annual report FY25, p.15SKSudhir Kumar OjhaChief Financial Officer
Holds a bachelor's degree in commerce from the University of Calcutta (2007) and has over 17 years in accountancy; with the company since April 2024.
Red herring prospectus, p.167RBRupkumar BhattacharyayChief Operating Officer
Holds a diploma in civil engineering (1999) and has earlier worked with Hindustan Cable, NBCC (India), Trinity Infrapark, Ideal Real Estates and Enterglobe Construction; with the company since 2022.
Red herring prospectus, p.167Ganesh Infraworld latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹441 cr (+43%), net profit ₹38.1 cr (+66%) on H2 FY25.
- Shareholding, 31 Aug 2026: promoters 57.73% to 56.35%.
Ganesh Infraworld announcements
136 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 2018For the Quarter ended on September 30, 2026PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- General UpdatesRegarding Credit Rating for bank facilities of Subsidiary CompanyPDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesSchedule of meetPDF ↗
- General UpdatesRegarding Credit Rating on bank facilities of Subsidiary CompanyPDF ↗
- General UpdatesRegarding Credit Rating on Rs. 150 Crore Non Convertible Debentures of Subsidiary CompanyPDF ↗
- Credit RatingCredit RatingPDF ↗
- General UpdatesDisclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 regarding receipt of In-Principle approval of NSEPDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesIntimation of Analyst / Investor meetPDF ↗
- General UpdatesDisclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015PDF ↗
- General UpdatesEmergence of Subsidiary Company as L1 BidderPDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesTranscript of Earnings Conference Call Q1FY27PDF ↗
Ganesh Infraworld annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Ganesh Infraworld share split, bonus and dividends
From the corporate actions the company announces on the exchange
- DividendDIVIDEND - RE 0.10 PER SHAREex-date 3 Aug 2026
Checks we ran on Ganesh Infraworld's data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (4,37,70,997 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY24 (₹3.60) and FY25 (₹9.37) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY24 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Ganesh Infraworld
What does Ganesh Infraworld do?
Ganesh Infraworld builds water pipelines, treatment plants, power lines and civil works, mostly as a subcontractor to large construction firms, and through a subsidiary digs and hauls earth and ore at government mines. Its shares trade on NSE Emerge.
What is the share price of Ganesh Infraworld?
₹81.2 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Ganesh Infraworld?
₹355 cr at the close on 6 Nov 2026, on 4,37,70,997 shares.
What is the P/E of Ganesh Infraworld?
4.7 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Ganesh Infraworld's revenue and profit?
Revenue ₹836 cr and profit after tax ₹76 cr in FY26.
Who are the promoters of Ganesh Infraworld?
Vibhoar Agrawal, Rachita Agrawal; promoters held 56.35% at 31 Aug 2026.
What was the IPO price of Ganesh Infraworld?
₹83 a share; it listed on 6 Dec 2024.
What is Ganesh Infraworld's website?
www.ganeshinfra.com
More SME companies like Ganesh Infraworld
Other listed SME companies in construction, the closest in size first, each read from its own documents.
- GRE Renew EnertechGRERENEW · BSE SME · ConstructionMarket cap ₹338 cr
- Chavda InfraCHAVDA · NSE Emerge · Construction · listed 2023Market cap ₹304 cr
- Savy Infra and LogisticsSAVY · NSE Emerge · Construction · listed 2025Market cap ₹303 cr
- Leapfrog Engineering ServicesLESL · BSE SME · ConstructionMarket cap ₹277 cr
- E To E Transportation InfrastructureE2ERAIL · NSE Emerge · Construction · listed 2026Market cap ₹458 cr
- B.R.Goyal InfrastructureBRGIL · BSE SME · ConstructionMarket cap ₹461 cr
Every listed SME company in Construction → · SME companies listed in 2024 →
Built from 3 earnings call transcripts, 3 investor presentations, 3 press releases, 2 annual reports, 2 credit rating notes, 1 offer document, 1 result filing, 136 exchange announcements, 8 shareholding patterns and 3 years of reported results. Every figure carries its source; where the documents are silent, the page says so.