GHV Infra Projects Limited receives Rs 92 crore Kurla order

GHV Infra Projects Limited disclosed on November 5, 2026 that it had received a domestic Kurla carshed expansion work order worth approximately Rs 92 crore excluding goods and services tax (GST), due within 24 months of commencement; it also classified the order from GHV (India) Private Limited as an arm’s-length related-party transaction.

What work will GHV Infra Projects perform at Kurla?

GHV Infra Projects will construct various infrastructure-development works to expand capacity at the Kurla carshed under the work order disclosed on November 5, 2026. The filing describes the assignment as a domestic work order from GHV (India) Private Limited, rather than an international contract or a supply arrangement.

The announced scope is limited to various infrastructural development works for the capacity expansion of the carshed. GHV Infra Projects did not disclose a bill of quantities, construction milestones, commencement date or separate values for individual elements of the Kurla project in its November 5, 2026 filing.

The order is therefore a construction mandate with a stated 24-month execution period beginning on the date of commencement. That mechanism is relevant because the filing does not state that the 24 months run from November 5, 2026, meaning the public disclosure date and the contractual start date may not be the same.

How much is the Kurla work order worth and when is it due?

The Kurla work order is valued at approximately Rs 92 crore excluding GST and is to be completed within 24 months from its commencement date. GHV Infra Projects presented the same Rs 92 crore amount in the annexure setting out the commercial consideration and the significant terms of the contract.

The Rs 92 crore figure is the contract amount before GST, so the filing does not state a tax-inclusive value. It also does not provide payment milestones, advances, retention terms, escalation clauses, margins or the share of the amount that may be recognised in a particular financial period.

Compared with the page 1 narrative, the annexure gives a more internally consistent statement of the value: its numeric figure and amount written in words both say Rs 92 crore. The annexure also repeats the 24-month period, providing the clearest disclosed basis for the order’s value and execution time frame.

Is the Kurla order a related-party transaction?

Yes, GHV Infra Projects identifies the Kurla work order as a related-party transaction and states that it was conducted on an arm’s-length basis. The November 5, 2026 disclosure names GHV (India) Private Limited as the awarding entity and expressly answers yes to whether the contract falls within related-party transactions.

The disclosed connection centres on Mr. Jahidmohmed Vijapura. GHV Infra Projects says he is its deemed promoter, is a designated partner or partner in JHV Commercials LLP, and is also a director and shareholder of GHV (India) Private Limited. The filing further says JHV Commercials LLP holds a major stake in GHV Infra Projects.

The arm’s-length statement is GHV Infra Projects’ disclosed characterisation of the transaction. The November 5, 2026 announcement does not provide a tender process, independent valuation, benchmarking exercise, board-approval details, shareholder-approval details or the percentage stake held by JHV Commercials LLP.

Why does the order-value wording require attention?

The filing’s principal disclosed value is approximately Rs 92 crore excluding GST, but one sentence on page 1 contains an inconsistency between the numeric amount and the amount written in words. That sentence prints Rs 92 crore numerically while the parenthetical words refer to Rs 105 crore.

The annexure does not explain the page 1 wording mismatch or state whether it was a clerical error, but it repeats Rs 92 crore in both numerical and written form. Therefore, Rs 92 crore is the value supported consistently by the detailed annexure and by the commercial-consideration field.

GHV Infra Projects made the November 5, 2026 disclosure under Regulation 30 of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Regulations, 2015. The company also cited a SEBI master circular dated January 30, 2026 as the basis for the contract details supplied in Annexure I.

Conclusion

GHV Infra Projects has disclosed a domestic Kurla carshed capacity-expansion assignment valued at approximately Rs 92 crore before GST, awarded by GHV (India) Private Limited. The order combines a defined construction scope and a 24-month delivery requirement with a disclosed promoter-linked relationship, which the company says was handled on an arm’s-length basis.

The next disclosed milestone to watch is commencement, because the 24-month completion clock begins from that date rather than from the November 5, 2026 announcement. GHV Infra Projects has not disclosed a start date, payment schedule, project milestones or a clarification of the Rs 105 crore wording in the page 1 parenthetical amount.