GHV Infra Projects Limited

Industrials — Engineering & Construction · BSE

₹229.50+₹3.65 (+1.62%)

DalalBaazaar Score

52 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

High

Driven by moderate debt load, negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:09 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of GHV Infra Projects Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

GHV Infra Projects Limited engages in the development of infrastructure facilities in India.

IndustryEngineering & Construction

SectorIndustrials

Employees101

Annual revenue₹612 Cr

How does it make money?

Turns over ₹612 Cr a year. Of every ₹100 of sales, about ₹8 reaches shareholders as profit, with ₹15 left at the operating level before interest, tax and depreciation. Each of its 101 employees supports ₹6.06 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin15.0%

Net margin8.0%

Revenue / employee₹6.06 Cr

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., ADANI PORT & SEZ LTD, SIEMENS LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

LARSEN & TOUBRO LTD.P/E 30.1x · ROE 15.2%

ADANI PORT & SEZ LTDP/E 29.9x · ROE 14.1%

SIEMENS LTDP/E 88.8x · ROE 10.5%

What is its competitive advantage?Some evidence

ROCE of 30.0% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

ROCE30.0%

ROE37.3%

Peer median ROE14.1%

DalalBaazaar Score

52/ 100

Moderate

Weighted across six categories. Every point is explained below.

• P/E of 33.8x already prices in growth
✗ P/E is 287% above its own historical median of 8.7x — expensive by its own standards
✗ P/B of 12.58x is a steep premium to book

Quality vs. Valuation

Company Quality

58/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

49/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

33.8x

1.3Y Median

8.7x

16 monthly readings · mean 15.7x · range 5.9x–44.1x

Sector Median

30.1x

median of 3 sector peers

⚠️Current valuation is approximately 287% above its 1.3y median of 8.7x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

🟡Against its sector it is priced broadly in line with the peer median of 30.1x.

vs. its own history

Expensive

8.7x median over 16 months · +287%

vs. sector peers

Fair

30.1x median of 3 peers · +12%

vs. generic bands

Fair

15x–35x

P/E (Trailing)

33.8x

P/B

12.58x

EV/EBITDA

22.1x

PEG

0.70

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well1

High return on capital employed
ROCE of 30.0% is the mark of a business that converts capital into profit efficiently.

🔴 What Needs Attention1

Valuation above its historical average
At 33.8x the stock trades 287% above its own median of 8.7x.

Red Flags

4 items require attention · 1 high · 3 watch

🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 22.2x to 3.6x.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹67 Cr in the latest year.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 1959% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 30.0% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.

🔴 Bear CaseWhat could go wrong?

The price already assumes success
The stock trades 287% above its own median multiple. At this level the business has to deliver just to stand still, and a stumble is repriced twice — lower earnings on a lower multiple.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 13%✓ 15.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA stays below 2x✗ 2.1x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
3Free cash flow remains positive✗ -₹67 Cr
Profit that never becomes cash eventually stops being profit.
4Interest cover stays above 3x✓ 3.6x
How much operating profit can fall before interest stops being comfortably covered.
5ROCE stays above 27%✓ 30.0%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

7 / 11 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 4 neutral · 2 weak

Market Cap

₹1,845 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

33.8x

Fair

Fairly valued against the generic band

P/B Ratio

12.58x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹6.8

Profitable

Profitable on a per-share basis

ROE

37.3%

Strong

Strong capital efficiency

ROCE

30.0%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

1.46x

Moderate

Moderate leverage

Revenue Growth (YoY)

172.0%

Healthy

Healthy top-line growth

Profit Growth (YoY)

48.3%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹67 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹229.5

Operating Margin

10.9%

Average

Average margins

Net Margin

6.8%

Average

Average bottom-line conversion

Current Ratio

1.46

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.03

Defensive

Steadier than the market

52W Range Position

29%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

256.4 / 272.1

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

11.1

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	—	—	₹183 Cr	₹612 Cr	—
EBITDA	-₹0 Cr	-₹0 Cr	₹24 Cr	₹92 Cr	—
EBITDA Margin	—	—	13.4%	15.0%	—
PAT (Net Profit)	-₹0 Cr	-₹0 Cr	₹17 Cr	₹49 Cr	—
EPS	₹-2.23	₹-6.21	₹35.47	₹6.59	—
ROE	—	—	40.3%	37.3%	—
ROCE	—	—	32.5%	30.0%	—
Total Debt	—	—	₹31 Cr	₹192 Cr	—
Free Cash Flow	—	₹0 Cr	-₹56 Cr	-₹67 Cr	—

🟢 EBITDA has turned positive, from -₹0 Cr to ₹92 Cr.

🟢 EBITDA Margin has risen from 13.4% to 15.0% over 3 years (+1.7 pts).

🟢 PAT (Net Profit) has turned positive, from -₹0 Cr to ₹49 Cr.

🟢 EPS has turned positive, from ₹-2.23 to ₹6.59.

🔴 ROE has fallen from 40.3% to 37.3% over 3 years (-3.0 pts).

🔴 ROCE has fallen from 32.5% to 30.0% over 3 years (-2.5 pts).

🔴 Free Cash Flow has turned negative, from ₹0 Cr to -₹67 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹593 Cr

Total Liabilities

₹462 Cr

Total Debt

₹192 Cr

Cash & Equivalents

₹9 Cr

Operating Cash Flow

-₹64 Cr

Capex

-₹3 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

78.9%

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
ADANI PORT & SEZ LTD	29.9x	14.1%
SIEMENS LTD	88.8x	10.5%

Recent News

2 positive1 mixed3 general

Multibagger small-cap stock trades green despite stock market sell-off

Livemint, 21 Jul

GHV Infra Projects Ltd Faces Technical Downshift Amid Weak Price Momentum

MarketsMojo, 13 Oct

GHV INFRA PROJECTS LIMITED Share Price

Upstox, 30 Dec

GHV Infra Projects slips after Q1 PAT declines 43% QoQ to Rs 11 cr

Business Standard, 11 AugResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

GHV Infra Projects Q1 Net Profit Surges 140% to ₹11.3 Crore

Sahi, 10 AugResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

GHV Infra Projects Q1FY26 profit falls 43% as revenue surges 172%

scanx.trade, 10 AugResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

🟡Business QualityAdequate12.8/20

🟡Financial HealthAdequate9.1/20

🟡GrowthModest10/20

🟢ProfitabilityStrong11.5/15

🔴ValuationDemanding4.5/15

🔴RiskHigh4/10

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 1 high-severity red flag sits above this conclusion and should be read first.

This thesis breaks if

✓EBITDA margin holds above 13%15.0%
✗Debt / EBITDA stays below 2x2.1x
✗Free cash flow remains positive-₹67 Cr
✓Interest cover stays above 3x3.6x
✓ROCE stays above 27%30.0%