GHV Infra Q3 FY26 surge: order book hits ₹12,000 crore

Why GHV Infra is back on investors’ radar

GHV Infra Projects Ltd has returned to the market’s focus after a string of contract wins and a sharp improvement in quarterly performance. The company reported a steep year-on-year rise in both revenue and profit in Q3 FY26, alongside a rapidly expanding order pipeline. It also disclosed new project awards through exchange filings, including a large road package in Maharashtra.

The key anchor for the current narrative is the order book. As of April 2026, GHV Infra’s order book crossed ₹12,000 crore, up from ₹3,400 crore in June 2025. Management has said this backlog provides revenue visibility for the next 3 to 4 years, and has guided for a 25% to 30% growth rate in the coming years based on the order pipeline.

FY2025 turnaround and a marquee expressway order

The company described FY2025 as a major turnaround year, supported by substantial order inflows. Among the highlighted wins was the ₹1,250 crore Jalna-Nanded expressway connector order. Large road projects of this type typically set the base for multi-quarter execution, billing, and working capital cycles, which can influence reported growth as project activity ramps up.

This order also signals that the company is participating in bigger-ticket infrastructure packages, rather than only smaller work orders. For investors tracking execution-led businesses, the size and cadence of such awards often matter as much as quarterly financial performance.

Q3 FY26 results: revenue up 646% YoY, PAT up 391.6% YoY

For Q3 FY26, GHV Infra reported revenue of ₹137.73 crore, a 646% year-on-year increase. Profit after tax (PAT) came in at ₹14.55 crore, up 391.6% year-on-year. The company linked the performance to a strong order book and ongoing execution.

In the same context, the company cited a robust ₹11,400 crore order book and noted strategic expansion into international markets such as the UAE and the USA. Separately, an April 2026 update put the order book at above ₹12,000 crore, indicating continued additions after the quarter.

Order book acceleration: from ₹3,400 crore to ₹12,000 crore

The jump in the order book from ₹3,400 crore in June 2025 to over ₹12,000 crore by April 2026 is one of the most material changes disclosed. The company said the backlog supports 3 to 4 years of revenue visibility. Management has also guided for sustained 25% to 30% growth, attributing it to the scale of the current order book.

For an EPC and civil construction company, a larger backlog can reduce near-term dependency on fresh tenders and smoothen visibility, but execution timelines, milestone certifications, and project mix still drive the pace at which order book converts into revenue.

Maharashtra road contract: ₹815 crore from APCO Infratech

GHV Infra is expected to remain in focus around April 16 after it secured a ₹815 crore road construction contract. The company informed the exchange that it entered into a construction contract with APCO Infratech Private Limited. The scope includes execution of road construction and related civil works in Maharashtra.

The announced project timeline is 30 months. Such fixed-duration road packages typically require steady mobilisation and working capital planning, and often become visible in quarterly revenue as execution moves from mobilisation to peak activity.

Railway infrastructure push: earthwork, bridges, and track linking

The company has expanded into railway infrastructure, focusing on earthwork, bridges, and track linking projects. It positioned this as support for the modernisation of India’s rail network. Alongside the broader push, reports also cited a ₹120 crore railway contract related to integrated redevelopment of a South Eastern Railway station in Jharkhand.

The railway sub-contract value was stated at about ₹120 crore, with completion within three years from the commencement date as per the contract. Railway projects can have distinct execution and approval cycles compared with highways, so the mix of orders becomes relevant when assessing revenue timing.

Solar and other civil orders add to diversification

GHV Infra also received a Letter of Award for a solar power project valued at ₹123 crore. The project involves supply and installation for 28.83 MWp grid-connected rooftop solar plants, and is intended to serve 14,416 SC and ST consumers.

Beyond roads and renewables, the company announced a work order worth ₹105 crore from GHV (India) Private Limited for infrastructure development works linked to expansion of capacity of the car shed at Kalwa. The disclosure stated the order value at approximately ₹105 crore excluding GST and a completion period of 24 months from the date of commencement.

Separately, the company informed exchanges through press or media releases about additional civil works including a ₹109 crore civil and MEP work order in Jamshedpur. There was also a reference to a ₹135 crore (₹1.35 billion) civil works order.

Key contracts and disclosed metrics at a glance

Market impact: what the numbers change for investors

The immediate market hook is the combination of sharp Q3 FY26 year-on-year growth and a fast-rising order book. A backlog above ₹12,000 crore, if executed on schedule, can keep utilisation high and provide a clearer line of sight on medium-term activity. The spread of awards across roads, railways, solar, and civil infrastructure also indicates a broader tender footprint.

At the same time, the company’s disclosures highlight the importance of execution discipline. With project timelines ranging from 24 months to three years, quarterly performance can be influenced by mobilisation speed, billing milestones, and the pace of certifications.

Analysis: why the order book quality matters as much as size

The scale-up from ₹3,400 crore to above ₹12,000 crore within about ten months changes the company’s operational ambition. But the composition of the backlog matters for conversion into revenue and cash flows. Road packages, station redevelopment, and rooftop solar projects have different approval cycles and working capital needs, and investors typically track how this mix impacts margins and collections.

The company also mentioned expansion into international markets such as the UAE and the USA. While this can widen the opportunity set, it can also add new compliance and execution layers depending on project type. For now, the clearest datapoints in the disclosures remain domestic order wins and time-bound execution schedules.

Conclusion: watch execution and further order updates

GHV Infra’s recent disclosures show a company in a stronger order cycle, with Q3 FY26 growth supported by a large backlog and multiple new awards. The order book crossing ₹12,000 crore, coupled with management guidance of 25% to 30% growth, places execution delivery at the centre of the next few quarters.

Near-term attention is likely to remain on progress in the ₹815 crore Maharashtra road project, timelines on the ₹120 crore railway contract, and conversion of the broader backlog into revenue as fresh updates continue through exchange announcements.