Ganesh Infraworld Limited specializes in integrated engineering, procurement, and construction (EPC) services across diverse infrastructure domains. The company was originally formed as a partnership firm in the name and style of "Ganesh International" on May 15, 2017, by Vibhoar Agrawal and Rachita Agrawal. It was later converted from a Partnership Firm to a Private Limited Company, "Ganesh Infraworld Private Limited," on February 13, 2024. Subsequently, its status was converted into a Public Limited Company, and the name changed to "Ganesh Infraworld Limited" on June 01, 2024.
The company operates across three primary business verticals: civil and electrical infrastructure, road and rail infrastructure development projects, and water infrastructure development projects. Ganesh Infraworld provides EPC services in various infrastructure projects, including the construction of plants & warehouses, industrial civil projects, mechanical projects, buildings & factories, road construction, and residential buildings. The company has a widespread presence across multiple states, including Rajasthan, Uttar Pradesh, Maharashtra, Odisha, Haryana, Jharkhand, Bihar, Jammu & Kashmir, Andhra Pradesh, and Chhattisgarh.
For the full year FY25, Ganesh Infraworld reported robust financial growth. Net profit surged by 913.92% to INR 40.05 crore from INR 3.95 crore in FY24, while sales grew by an impressive 954.30% to INR 538.22 crore from INR 51.05 crore.
In Q4 FY25, the company's net profit saw a significant increase of 194.18% to INR 11.62 crore from INR 3.95 crore in the prior year's corresponding quarter. Revenue from operations jumped by 210.75% to INR 158.64 crore from INR 51.05 crore a year ago, primarily driven by strong project execution and aggressive expansion strategies.
The company has also demonstrated improved operational efficiency, with debtor days decreasing from 177 to 79.3 days. Working capital requirements have reduced from 170 days to 124 days, indicating enhanced cash flow management. Financial ratios reflect healthy profitability, with a pre-tax margin of 11% and a good Return on Equity (ROE) of 10%, though some sources report higher consolidated ROE figures of 59.05% for the last reported financial year. The company maintains a conservative debt structure, with a comfortable debt-to-equity ratio of 0.21x, providing ample headroom for future expansion.
• FY25 Performance: Net Profit of INR 40.05 crore (913.92% growth), Sales of INR 538.22 crore (954.30% growth)
• Q4 FY25 Performance: Net Profit of INR 11.62 crore (194.18% growth), Revenue from Operations of INR 158.64 crore (210.75% growth)
• Debtor Days Improvement: From 177 to 79.3 days
• Working Capital Cycle Reduction: From 170 to 124 days
• Pre-tax Margin: 11%
• Return on Equity (ROE): 10% (some sources report 59.05% consolidated)
• Debt-to-Equity Ratio: 0.21x
• Market Capitalization: ₹769 Crore (as of recent trading data)
• Promoter Holding: 59.1%
As of March 2025, the company's robust order book stands at approximately INR 891 crore. This order book is strategically diversified across various sectors: Civil & Electrical (50%), Water Infrastructure (36%), and Road & Rail (14%). This represents substantial growth from previous periods; as of August 31, 2024, the order book was Rs 57,485.53 lakhs, comprising 41 ongoing projects.
Ganesh Infraworld has shown particular strength and strategic alignment in the water infrastructure segment. The order book in the water segment witnessed an extraordinary 29x jump, increasing from INR 11 crore in FY24 to INR 319 crore in FY25. This growth affirms the company's successful strategic shift towards high-growth, government-backed water projects. The company has delivered its highest-ever revenue, EBITDA, PBT, and PAT, supported by superior execution across 28 ongoing projects and the successful completion of 67 projects to date.
Ganesh Infraworld Limited currently has a market capitalization of ₹769 crore based on recent trading data. Since its listing, the stock has experienced significant volatility, with a 52-week high of Rs. 176.50 and a 52-week low of Rs. 108.50. Current valuation metrics include a PE ratio of 10.45 and a PB ratio of 0.30 as of recent trading sessions.
The company successfully completed its IPO, which was launched from November 29, 2024, to December 3, 2024. It was listed on NSE SME on December 6, 2024. The public issue was offered at ₹83.00 per share and listed at ₹157.70, yielding a significant listing gain of 90.00%. The IPO received an overwhelming investor response, with a subscription rate of 369.7X.
As per the last reported quarter, the shareholding pattern of Ganesh Infraworld Limited is as follows: Promoters held 59.1% of the total shares, Foreign Institutional Investors (FII) held 0.9%, Domestic Institutional Investors (DII) held 8.6%, and the Public held 31.4%.
In terms of key management, Mr. Vibhoar Agrawal serves as the Chairman, and Ms. Bharti Mundhra is the Company Secretary. Mr. Vibhoar Agrawal and Ms. Rachita Agrawal are the company's promoters.
Ganesh Infraworld is strategically well-positioned to capitalize on India's ambitious infrastructure development drive. The company stands to benefit significantly from the record INR 11.11 lakh crore infrastructure allocation in the Union Budget 2024-25 and a robust Public-Private Partnership (PPP) project pipeline projected over the next three years.
The company's strategic pivot towards water infrastructure aligns perfectly with major government initiatives such as the Jal Jeevan Mission and broader water management programs. Industry data confirms the immense potential in this sector, with over 80% of rural households now having tap water supply as of March 2025, a substantial increase from 16.71% in August 2019.
The management has provided optimistic guidance for continued growth, targeting 20–22% order conversion rates. The company is entering FY26 with a strong pipeline, aiming for an incremental INR 400-500 crore addition to its order book.
Despite strong growth, Ganesh Infraworld faces working capital challenges, which are common in the construction industry. Higher receivables have resulted in a negative operating cash flow (OCF) of INR 80.1 crore for FY25. Management has identified improving cash conversion cycles, tighter receivables management, and prudent working capital usage as key strategic priorities for FY26, given the sector's inherent high working capital intensity.
Operating margins for Q4 FY25 were 9.08%, a slight decrease from 10.91% in the previous year. This dip is mainly attributed to increased working capital intensity, primarily due to higher receivables, indicating the ongoing need for improved cash flow management.
With its strong order book, expanding presence in the high-growth water infrastructure sector, and strategic alignment with India's infrastructure development story, Ganesh Infraworld Limited represents an emerging player in the construction and infrastructure sector with significant growth potential. However, investors should closely monitor the company's working capital management and cash flow performance going forward.
