GHV Infra Projects Limited delivered a robust start to FY27, with revenue from operations surging 171.67% year-on-year to ₹218.59 crore for the quarter ended June 30, 2026. The infrastructure development and EPC company’s profit after tax (PAT) more than doubled, rising 138.35% to ₹11.25 crore from ₹4.72 crore in Q1FY26. This performance underscores the company’s expanding execution scale and its ability to convert business momentum into stronger profitability amidst India’s growing infrastructure cycle.

The filing was submitted under Regulation 30 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, to BSE Limited on August 11, 2026. The unaudited financial results were certified by the company’s statutory auditors. Alongside the financial update, GHV Infra announced the appointment of three Additional Independent Directors to strengthen its governance framework: Manoj Aggarwal, Dhanraj O. Tawade, and Swarup Dasgupta.

Financial Performance Highlights

The company’s top-line growth was accompanied by significant improvements in operating margins. EBITDA more than tripled to ₹28.05 crore, up 235.93% from ₹8.35 crore in the corresponding quarter of the previous year. This expansion drove the EBITDA margin higher by 245 basis points to 12.83%, compared to 10.38% in Q1FY26. Profit before tax (PBT) also witnessed a robust 145.73% increase to ₹15.53 crore from ₹6.32 crore.

Strategic Governance Enhancements

In a move to bolster strategic oversight, the Board appointed three eminent professionals as Additional Independent Directors:

• Manoj Aggarwal: Former Managing Director of GIDC and GMDC, with over 45 years of experience in public administration and infrastructure development.
• Dhanraj O. Tawade: Former Member (Technical) at NHAI, bringing 37 years of expertise in civil engineering and highway development.
• Swarup Dasgupta: Former Executive Director of Bank of India, with over four decades of experience in banking, corporate credit, and risk management.

These appointments aim to enhance the company’s capabilities in navigating complex infrastructure projects and improving corporate governance standards.

What the Numbers Show

While revenue and EBITDA saw explosive growth exceeding 170% and 235% respectively, PAT growth at 138.35% was comparatively lower. This divergence suggests that while operating efficiencies improved significantly (evidenced by the 245 bps expansion in EBITDA margin), other income or tax expenses may have moderated the bottom-line impact relative to the top-line surge. The diluted EPS of ₹1.48 reflects this solid but measured translation of operational gains into shareholder value for the period.

GHV Infra Projects reported a standalone net profit of ₹112.55 lakh for the quarter ended June 30, 2026, marking a 43% decline from ₹198.38 lakh in the same period of FY25. Despite the drop in profitability, revenue from operations expanded significantly by 172% year-on-year to ₹2,185.99 lakh, up from ₹804.60 lakh in Q1FY25. The divergence highlights margin compression as the company scales operations, with costs rising faster than top-line growth. This performance matters to investors as it signals aggressive business expansion at the cost of immediate earnings quality.

The Board of Directors approved these unaudited financial results on August 10, 2026, alongside the appointment of three new Non-Executive Independent Directors. Statutory Auditors Manubhai & Shah LLP issued a limited review report on the standalone and consolidated financial statements pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results were prepared in compliance with Ind AS 34 "Interim Financial Reporting".

Key Financial Metrics

Total income for the quarter stood at ₹2,188.83 lakh, driven primarily by the surge in operational revenue. Total expenses increased to ₹2,033.55 lakh from ₹741.49 lakh in the prior year period, reflecting higher sub-contracting charges and cost of materials consumed associated with increased project activity.

Consolidated Performance

On the consolidated front, net profit attributable to owners of the company was ₹73.64 lakh, compared to ₹490.18 lakh in FY25. Consolidated revenue from operations was ₹2,185.99 lakh. The Group’s share in loss after tax from joint ventures amounted to ₹16.71 lakh. One subsidiary, GHV Infra Inc., and one joint venture, GHV Infra Projects-BIL, have not commenced operations and thus had no financial impact.

Board Appointments

The Board appointed three additional directors designated as Non-Executive Independent Directors for a term of five years, effective August 10, 2026, subject to shareholder approval at the ensuing Annual General Meeting:

• Swarup Dasgupta: A seasoned banking professional with over four decades of experience, currently serving as Advisor – Corporate Credit with Punjab & Sind Bank.
• Manoj Aggarwal: A retired Indian Administrative Service (IAS) Officer of the Gujarat Cadre, 1990 Batch, with extensive experience in public administration and infrastructure development.
• Dhanraj Onduji Tawade: A civil engineering professional with 37 years of experience in the Government of India, retired as Member (Technical) from the National Highways Authority of India (NHAI).

What the Numbers Show

The divergence between revenue growth and net profit decline highlights margin compression during this phase of operational scaling. While revenue more than doubled year-on-year, costs rose at a steeper pace, particularly in sub-contracting charges which jumped from ₹490.53 lakh to ₹1,269.79 lakh. This suggests that the current revenue expansion is heavily reliant on outsourced execution, impacting immediate profitability despite higher top-line figures.