Ganesh Infraworld Limited mining and water drive revenue

Ganesh Infraworld Limited reported Rs 693.59 crore of revenue for the half year ended September 30, 2026, with Mining Development Operations and Water Infrastructure contributing a combined Rs 463.65 crore. Mining was the largest segment at Rs 256.23 crore, while transportation added Rs 83.64 crore after no reported revenue in the comparable first half.

Which segments led Ganesh Infraworld’s first-half revenue?

Mining Development Operations led Ganesh Infraworld’s revenue in the half year ended September 30, 2026, at Rs 256.23 crore, followed by Water Infrastructure at Rs 207.42 crore. Civil and Electrical Infrastructure supplied Rs 128.76 crore, Transportation Rs 83.64 crore, Civic Utilities Rs 15.17 crore and Equipment Rental & Leasing Rs 2.37 crore.

Mining and water together represented 66.9% of the Rs 693.59 crore total, calculated from the segment disclosure. Mining accounted for 36.9% and water for 29.9%, while Civil and Electrical Infrastructure accounted for 18.6%. The company reported no inter-segment revenue, meaning total segment revenue reconciled with income from operations.

The quarterly sequence also showed mining and water as the two largest segments, although both declined from the June 2026 quarter. Mining revenue was Rs 118.58 crore for the quarter ended September 30, 2026, versus Rs 137.64 crore in the quarter ended June 30, 2026. Water revenue was Rs 89.16 crore, versus Rs 118.26 crore, as consolidated quarterly revenue fell to Rs 314.83 crore from Rs 378.77 crore.

How did Ganesh Infraworld’s revenue mix change from last year?

Ganesh Infraworld’s revenue mix shifted towards mining, water and transportation, as first-half revenue rose to Rs 693.59 crore from Rs 390.63 crore in the half year ended September 30, 2025. Mining revenue increased from Rs 35.21 crore to Rs 256.23 crore and water revenue increased from Rs 126.04 crore to Rs 207.42 crore.

Civil and Electrical Infrastructure moved in the opposite direction, declining to Rs 128.76 crore from Rs 217.30 crore a year earlier. It had been the largest segment in the comparable first half, but mining became the largest contributor in the latest period. Civic Utilities increased to Rs 15.17 crore from Rs 12.07 crore, remaining a smaller contributor to the total.

Transportation recorded Rs 83.64 crore in the latest first half after no reported revenue in the prior-year period. The company had reported Rs 0.62 crore of transportation revenue for the year ended March 31, 2026, compared with Rs 83.64 crore in the six months to September 2026. Equipment Rental & Leasing also appeared as a revenue-generating segment, reporting Rs 2.37 crore after no comparable revenue a year earlier.

The filing identifies six reportable segments under Accounting Standard 17, or AS 17: Civil and Electrical Infrastructure, Civic Utilities, Water Infrastructure, Mining Development Operations, Transportation, and Equipment Rental & Leasing. The company says the categories reflect the nature of operations and its internal reporting system for performance evaluation and resource allocation.

What did Ganesh Infraworld’s segment profits show?

Mining Development Operations produced the largest segment result before finance costs, depreciation and tax, described as EBITDA, at Rs 46.47 crore in the half year ended September 30, 2026. Water Infrastructure followed at Rs 36.11 crore, while Civil and Electrical Infrastructure generated Rs 15.83 crore and Transportation generated Rs 10.78 crore.

Total segment EBITDA was Rs 113.60 crore, compared with Rs 48.01 crore in the prior-year first half. Mining EBITDA increased from Rs 5.11 crore and water EBITDA from Rs 18.27 crore, while Civil and Electrical Infrastructure EBITDA declined from Rs 23.00 crore. Transportation and Equipment Rental & Leasing had no reported segment EBITDA in the comparable first half.

After depreciation, aggregate segment earnings before interest and tax, or EBIT, were Rs 84.84 crore, against Rs 46.31 crore a year earlier. Mining reported EBIT of Rs 28.22 crore and water reported Rs 35.10 crore. Equipment Rental & Leasing reported EBITDA of Rs 2.37 crore but an EBIT loss of Rs 6.19 crore; the filing provides no further explanation for the difference.

Finance costs increased to Rs 28.58 crore from Rs 2.31 crore in the comparable six months. Consolidated profit before tax was Rs 52.48 crore, compared with Rs 43.68 crore, while net profit after tax and share of profit or loss on associate was Rs 38.68 crore, versus Rs 32.67 crore. Profit attributable to owners of the parent was Rs 31.81 crore in the latest first half.

What balance-sheet and cash-flow movements accompanied the new mix?

Ganesh Infraworld reported total assets of Rs 1,408.98 crore at September 30, 2026, compared with Rs 1,153.30 crore at March 31, 2026. Mining Development Operations held Rs 519.08 crore of segment assets and Water Infrastructure held Rs 251.55 crore, while Equipment Rental & Leasing and Transportation held Rs 170.69 crore and Rs 168.34 crore respectively.

Mining segment assets increased from Rs 390.96 crore at March 31, 2026 to Rs 519.08 crore at September 30, while water assets increased from Rs 143.14 crore to Rs 251.55 crore. Equipment Rental & Leasing had no reported segment assets at March 31, 2026 but reported Rs 170.69 crore at September 30. Transportation assets declined from Rs 281.26 crore to Rs 168.34 crore over the same period.

Cash used in operating activities was Rs 81.86 crore in the half year ended September 30, 2026, compared with Rs 29.68 crore used a year earlier. The cash-flow statement recorded increases of Rs 42.06 crore in trade receivables, Rs 27.23 crore in inventories and Rs 75.73 crore in short-term loans and advances. Cash generated from financing activities was Rs 81.84 crore, including Rs 58.81 crore of net short-term borrowings and Rs 33.19 crore of net long-term borrowings.

Closing cash and bank balances were Rs 3.17 crore at September 30, 2026, down from Rs 11.70 crore at the beginning of the half year. Long-term borrowings increased to Rs 179.27 crore from Rs 146.08 crore at March 31, and short-term borrowings increased to Rs 407.13 crore from Rs 348.33 crore. The company also reported Rs 117.69 crore of fixed assets acquired on credit during the period.

Conclusion

Ganesh Infraworld’s first-half segment disclosure shows that mining and water became the main revenue drivers, contributing Rs 463.65 crore of the Rs 693.59 crore total. Transportation emerged as a material additional business line with Rs 83.64 crore of revenue, while Civil and Electrical Infrastructure declined from its comparative-period position. Higher revenue and segment EBITDA were accompanied by higher finance costs, expanded assets and an operating cash outflow.

The next results will indicate whether transportation sustains its Rs 83.64 crore first-half revenue and whether Equipment Rental & Leasing can move from its Rs 6.19 crore EBIT loss into positive EBIT. The company also disclosed that its subscription to GRV Global L.L.C-FZ’s share capital remained pending at September 30, 2026; completion would make the Dubai entity a wholly owned subsidiary.