GHV Infra wins ₹1,250 cr EPC, order book ₹11,400 cr

Why GHV Infra is in focus

GHV Infra Projects is set to remain on investors’ radar after a fresh set of order wins, led by a large expressway EPC contract in Maharashtra. The company has reported multiple contract announcements in April, adding to order book visibility over the medium term. A key development is an agreement with APCO Infratech for road construction and related civil works in Maharashtra, with a stated project timeline of 30 months. Separately, the company has also disclosed an expressway connectors EPC contract between Jalna and Nanded. These announcements come alongside sharp year-on-year growth in reported nine-month financials for FY26. At the same time, the broader coverage around the stock highlights risks such as margin pressure and governance-related concerns.

April 16 update: ₹815 crore road construction agreement

On April 16, the stock was expected to be in focus after GHV Infra Projects secured a ₹815 crore road construction contract. The company said it entered into an agreement with APCO Infratech to execute road construction and related civil works in Maharashtra. The project timeline was disclosed as 30 months. The update adds another data point to April’s order flow for the company. While the announcement confirms the contract value and state, it does not add further details on scope beyond road and civil works. Investors typically track such releases for their impact on the executable backlog and cash flow cycle.

The headline win: ₹1,250 crore expressway connectors EPC

GHV Infra Projects said it secured a ₹1,250 crore EPC contract from APCO Infratech Private Limited for developing expressway connectors between Jalna and Nanded in Maharashtra. The company described the scope as end-to-end execution, covering surveying and investigation, design and engineering, procurement, construction, supply of plant and materials, maintenance, and other temporary and ancillary works. The execution timeframe was stated as 30 months. The company also said the contract is domestic and does not involve related-party transactions. Following the announcement, the stock was reported up over 3% to ₹318.90 in one market update.

Order book jump to about ₹11,400 crore

The company said the new ₹1,250 crore contract boosted its consolidated order book to approximately ₹11,400 crore, including GST. The same disclosure noted growth from ₹9,300 crore to about ₹11,400 crore, showing a material increase in reported backlog. Another update in the provided information stated that as of end-March 2026, the standalone order book stood at about ₹9,000 crore. Within this, around ₹8,500 crore was described as unexecuted and expected to be executed over the next 3 to 4 years. It also stated that civil construction and housing accounted for about 58% of the unexecuted order book.

Other recent wins: Ohio RNG and additional EPC orders

Beyond Maharashtra roads, GHV Infra Projects also secured an ₹840 crore EPC contract from Ductor Americas Inc. for a renewable natural gas (RNG) and fertilizer project in Versailles, Ohio. The company also reported that on April 14 it bagged the ₹1,250 crore EPC contract from APCO Infratech for the Maharashtra expressway connectors. Earlier, on April 9, it received a ₹105 crore work order (the source line is truncated in the provided material). In another, separate market item included in the text, GHV Infra Projects received a Letter of Intent from GHV (India) for a railway station redevelopment sub-contract in Jharkhand valued at approximately ₹120 crore, with a completion period of 3 years from the commencement date.

Financial snapshot: 9M FY26 surge in revenue and profit

GHV Infra reported strong financial performance for the nine months ended December 31, 2025 (9M FY26). Revenue from operations was reported at ₹401.95 crore, up about 1,960% year-on-year. Profit after tax (PAT) was reported at ₹31.00 crore, up about 880% year-on-year. The magnitude of growth was presented as year-on-year percentage changes in the provided content. These figures were cited alongside the order win narrative, positioning the backlog growth with a sharp reported improvement in operating scale.

Stock and valuation datapoints mentioned

The provided material includes multiple trading references across different dates. One market update stated the stock rose over 3% to ₹318.90 after the order announcement. Another trading snapshot said shares were at ₹316.00 at 10:45 IST on April 13, 2026, versus a previous close of ₹309.50, after opening at ₹324.95. A separate quote line stated a price of ₹294 on the NSE as of 13-Mar-2026 16:01:39, with a noted move of -2.05%. The text also cited a P/E ratio of 58.250504890508 and described it as high. Market capitalisation was cited at around ₹2,231 crore as of April 9, 2026 in one place, and ₹1,965.92 crore in another market item.

Key figures table

Governance and execution risks highlighted in coverage

The same set of notes also flags corporate governance and operating risks that investors may track. It mentions reliance on contracts from related entities, particularly GHV (India) Private Limited, and says the company has stated these are arm’s length transactions. It also references a July 2022 CBI probe into a bribery case involving representatives of GHV (India) Pvt Ltd and NHAI officials, which was cited as raising questions around governance. Separately, the text points to margin pressure, with profit margins cited as declining from 15.5% to 7.8%. These issues sit alongside typical EPC risks such as cost overruns and timeline slippages, especially on a 30-month execution schedule.

Market context: infrastructure capex tailwind

The broader backdrop cited includes a projected central government capital expenditure outlay of ₹12,20,000 crore for FY2026-27. The material also references a forecast of 8% CAGR for the Indian infrastructure market between 2026 and 2031. For EPC contractors, such a pipeline can support tendering and order inflows, but execution bottlenecks and tender slowdowns were also noted as sector challenges. In this context, GHV Infra’s near-term narrative is tied to how quickly it converts the announced backlog into billed revenue while protecting margins.

What matters next

Near-term attention is likely to remain on updates around the 30-month Maharashtra expressway execution and any disclosures on mobilisation, milestones, and working capital. Investors will also watch whether the company continues to add diversified orders beyond a concentrated set of counterparties. The company’s stated order book expansion to about ₹11,400 crore provides visibility on paper, but outcomes will depend on delivery against timelines and cost control. Further updates, including quarterly results and project progress disclosures, will be key reference points for the market.