Ganesh Infraworld Delivers Breakout Q2 FY26 Performance with Double-Digit Growth and Strategic Diversification

Kolkata, November 14th, 2025 Ganesh Infraworld Ltd., a rapidly expanding infrastructure company, has reported an exceptionally strong performance for the second quarter and first half of the financial year 2026. The company announced its unaudited financial results for the period ending September 30, 2025, showcasing significant growth across its four key verticals: civil & electrical infrastructure, water infrastructure, civic utilities, and mining. This quarter's results underscore the company's robust execution capabilities, strategic diversification, and prudent financial management.

In Q2 FY26, Ganesh Infraworld recorded a revenue from operations of ₹210.0 crore, marking an impressive 121% year-on-year growth. This strong top-line performance was complemented by a substantial increase in profitability, with EBITDA reaching ₹25.7 crore, a 171.1% increase year-on-year. The EBITDA margin improved by 230 basis points to 12.3%. Profit After Tax (PAT) also saw a significant jump of 155.8% to ₹18.1 crore, with the PAT margin expanding to 8.6%. For the first half of FY26, the company's revenue stood at ₹390.6 crore, up nearly 70% year-on-year, with H1 EBITDA at ₹46.4 crore (110% YoY growth) and H1 PAT at ₹32.7 crore (91% YoY growth). The company's order book remains robust at ₹2,262.3 crore as of September 30, 2025, providing strong revenue visibility for the coming quarters.

Strategic Expansion and Diversification Drive Growth

The quarter was marked by several strategic milestones, most notably the company's entry into the mining operations vertical. Ganesh Infraworld secured its largest-ever contract, valued at ₹708 crore, for comprehensive operation and maintenance of heavy mining equipment at the Nigahi Mine in Singrauli, Madhya Pradesh. This move not only diversifies the company's business portfolio but also positions it to participate in large-scale mining infrastructure opportunities, aligning with India's growing demand for critical minerals.

Furthermore, Ganesh Infraworld strengthened its presence in the water infrastructure segment, securing two sewerage treatment plant projects in Jammu & Kashmir worth ₹105.77 crore. These projects involve survey, design, execution, and 5-year operations & maintenance, reinforcing the company's role in national water and sanitation development programs. The water infrastructure segment has shown remarkable growth, with its order book expanding 13.46x year-on-year.

In a strategic move to enhance its railway infrastructure capabilities, the company formed 'Ganesh Netsoft JV Networks'. This joint venture secured a ₹62.12 crore EPC order for rail communication modernization, marking Ganesh Infraworld's first technology-partnered foray. This initiative integrates engineering and network systems, opening new avenues for growth.

Below is a financial summary of Ganesh Infraworld's performance:

Operational Excellence and Financial Discipline

The company's strong performance is a testament to its operational excellence and financial discipline. The management highlighted that the shift from being primarily a subcontractor to taking on direct contracts through JVs has significantly improved margin profiles. This strategic change allows the company to retain a larger share of project value and enhances its pre-qualification eligibility for more complex projects. The company's credit rating was also upgraded by Infomerics Valuation and Rating Pvt. Ltd. to IVR BBB+/Stable and IVR A2, reflecting its strong financial health, robust order pipeline, and disciplined working capital management. This upgrade will facilitate access to bank funding at competitive terms, supporting future growth.

Management also addressed concerns regarding working capital, explaining that the new mining projects, being operational expenditure (OpEx) in nature, have a significantly shorter working capital cycle of 45-50 days, compared to typical infrastructure projects. This helps mitigate the risk of capital blockage often associated with government projects. While cash flow from operations is currently negative due to investments in initial mobilization for growth, management anticipates it will turn positive from H2 FY27 as projects mature.

Outlook and Future Strategy

Ganesh Infraworld is well-positioned to leverage the robust tailwinds in the Indian infrastructure sector, driven by significant government capital investment and initiatives. The company's strategy focuses on strengthening execution capabilities, expanding technical expertise, and building a future-ready organization. By broadening its sectoral footprint and diversifying revenue streams, Ganesh Infraworld aims to sustain its growth momentum and deliver long-term value to all stakeholders. The management's proactive approach to identifying high-growth segments like mining and focusing on high-value niche projects in water infrastructure demonstrates a clear vision for continued success.