Ganesh Infraworld reports ₹32.14 crore Starwing loan balance

Ganesh Infraworld Limited reported a ₹32.14 crore payable loan balance to Starwing Realtors Private Limited at September 30, 2026, up from ₹30.60 crore at March 31, 2026. Ganesh Infraworld also reported a ₹16.55 crore security deposit given to Kiwi Reality Private Limited, an entity identified as related through common directors.

What did Ganesh Infraworld disclose about the Starwing loan?

Ganesh Infraworld disclosed that it had a ₹32.14 crore payable balance under a loan taken from Starwing Realtors at September 30, 2026. Starwing Realtors was identified as a related party because it has common directors with Ganesh Infraworld, and the balance appeared in the related-party transactions filing submitted on November 13, 2026.

The transaction schedule recorded ₹1.53 crore of interest on the Starwing loan for the half year ended September 30, 2026, including ₹77.14 lakh in the September quarter. Ganesh Infraworld also reported ₹7.14 lakh of half-year rent expense to Starwing Realtors, including ₹3.57 lakh in the quarter, with ₹2.57 lakh payable for rent at the September reporting date.

How did the Starwing loan balance change from March 2026?

Ganesh Infraworld's Starwing loan payable increased by ₹1.54 crore, from ₹30.60 crore at March 31, 2026 to ₹32.14 crore at September 30, 2026. The filing reports the two period-end balances but does not break down the movement between fresh borrowing, repayments, accrued interest or other adjustments.

The ₹32.14 crore Starwing loan was the largest disclosed balance with an entity classified through common directors or common designated partners. It exceeded the ₹16.55 crore security deposit given to Kiwi Reality and the ₹2.16 crore security deposit given to Bhairavkripa Properties LLP, although these balances have different stated transaction natures.

What was Ganesh Infraworld's Kiwi Reality balance?

Ganesh Infraworld reported a ₹16.55 crore security deposit given to Kiwi Reality at both September 30, 2026 and March 31, 2026. Kiwi Reality was classified as a related party because of common directors, and the unchanged balance indicates that the disclosure reported no movement in this specific deposit between the two dates.

Ganesh Infraworld separately reported ₹53 lakh as debtors or advance from customer payable to Kiwi Reality at September 30, 2026, compared with a ₹11.52 lakh receivable at March 31, 2026. Thus, the reported customer-related position moved from receivable to payable or customer advance, while the security deposit remained ₹16.55 crore.

Bhairavkripa Properties, identified through common designated partners, had ₹1.92 crore of debtors at September 30, 2026 and no corresponding March debtor balance listed. Ganesh Infraworld reported ₹1.65 crore of sales to Bhairavkripa for the half year ended September 30, 2026, while the September-quarter transaction column showed no sales amount.

What were Ganesh Infraworld's balances with its joint venture and subsidiaries?

Ganesh Infraworld reported ₹8.76 crore of debtors from Ganesh Netsoft JV Networks at September 30, 2026, down from ₹9.78 crore at March 31, 2026. The joint venture's loans and advances given balance, including accrued interest, rose to ₹24.29 lakh from ₹16.78 lakh, while Ganesh Infraworld's investment balance remained ₹60,000 at both dates.

Sales to Ganesh Netsoft JV Networks were ₹10.67 crore in the half year ended September 30, 2026, of which ₹5.08 crore was recorded in the September quarter. Ganesh Infraworld also reported ₹1.15 lakh of half-year interest income from the joint venture, including ₹55,000 in the September quarter.

Tykoon Mines GK Limited had a ₹101.04 crore investment balance at September 30, 2026, compared with ₹98.84 crore at March 31, 2026. Ganesh Infraworld's results notes state that it exercises control through a 60% equity interest in Tykoon Mines, and the related-party schedule showed ₹6.19 crore of loans and advances given, including accrued interest, at September 30 versus no reported closing balance at March 31.

Which half-year related-party transactions did Ganesh Infraworld report?

Ganesh Infraworld reported ₹6 crore of loans and advances given to Tykoon Mines in the half year ended September 30, 2026, all recorded in the September quarter. It also disclosed ₹2.21 crore of investment in Tykoon Mines during the half year and ₹19.35 lakh of interest income, likewise recorded in the September quarter.

The schedule included remuneration and sitting fees for key management personnel and directors. Chairman and Managing Director Vibhoar Agrawal received ₹58.59 lakh in remuneration for the half year, Chief Financial Officer Sudhir Kumar Ojha received ₹9.50 lakh, and Company Secretary Beas Moitra received ₹6.03 lakh.

Ganesh Infraworld reported combined sitting fees of ₹6.05 lakh for three directors in the half year ended September 30, 2026. Golock Chandra Sahoo and Rupal D Haria each received ₹1.95 lakh, while Manisha Khandelwal received ₹2.15 lakh; the related-party disclosure covered both the September quarter and half year.

Conclusion

Ganesh Infraworld's September 30, 2026 filing shows a ₹32.14 crore payable loan to Starwing Realtors, a ₹16.55 crore Kiwi Reality security deposit and a ₹101.04 crore investment in Tykoon Mines under distinct related-party arrangements. The Starwing payable rose ₹1.54 crore over six months, while the Kiwi deposit was unchanged from March 31, 2026.

The next reporting date will indicate whether the Starwing payable and Kiwi security deposit change from their September balances. Ganesh Infraworld also said subscription to the share capital of Dubai-incorporated GRV Global L.L.C-FZ remained pending at September 30, 2026; the company intends to subscribe to 100% of its share capital, after which the entity would become a wholly owned subsidiary and be consolidated.