GHV Infra Q2 Performance: Revenue Up 63% with Robust Order Pipeline

Revenue grew by 63% YoY to ₹300 crore, while Profit After Tax (PAT) climbed 64% to ₹18 crore for Q2 FY27.

Reader Takeaway: Strong revenue growth and order wins are tempered by seasonal execution risks and margin expansion targets.

What just happened

GHV Infra Projects Limited posted a solid performance for the quarter ended September 2026. The company achieved a Q2 revenue of ₹300 crore compared to ₹184 crore in the same period last year. Profitability followed a similar trajectory, with PAT reaching ₹18 crore. The company also announced the appointment of Salim Yahoo as the new Chief Financial Officer, effective October 22, 2026, to oversee financial strategy and project funding.

Why this matters

The core of the company's growth story remains its massive ₹19,094 crore order book. With a book-to-bill ratio of 29x, the company has significant revenue visibility. International projects now contribute approximately 55% of the total order book, indicating a successful geographic diversification strategy. Notable recent wins include a ₹840 crore fertilizer project in the US and major road infrastructure projects in Maharashtra.

Management Commentary

Management acknowledged that seasonal rainfall dampened EPC execution during the second quarter. However, they remain optimistic about the second half of the fiscal year, projecting a substantial share of annual revenue to be recognized in Q3 and Q4. The company has set a target to improve operating margins to 14–15%, driven by economies of scale from its captive equipment fleet and international project ramp-ups.

Risks to watch

Execution remains the primary monitorable. While the order book is large, the company faces inherent risks associated with the seasonality of infrastructure projects. Achieving the targeted 14–15% margin depends heavily on the successful, timely delivery of international projects and the operational scaling of its independent bidding credentials as it shifts qualifications from its legacy entity.

What to track next

Investors should watch for the pace of revenue recognition in the upcoming quarters and the progress of the US subsidiary operations, specifically the new Ohio facility. The impact of the new CFO's financial management on debt levels and project finance will be a key area for ongoing assessment.