GHV Infra Q2 FY27 Results (BSE: 505504)
Signal: Growth decelerated
The read
The operating trajectory is scaling but not yet showing margin expansion: Q2FY27 standalone revenue reached ₹300 Cr, up 63% YoY, EBITDA rose 59% to ₹35 Cr and EBITDA margin stayed at 12%, while PAT rose 64% to ₹18 Cr. The investment case now rests on converting the ₹19,094 Cr order book, including international projects representing approximately 55%, into revenue over the next couple of years and achieving the stated 14–15% operating-margin target; Q2 execution was held back by rainfall and the release does not provide consolidated figures.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹300 Cr | 63% | N/A |
| Net profit | ₹18 Cr | 64% | |
| EPS | ₹2.23 | 46.7% | |
| EBIT margin | 12% |
P&L walk
Consolidated P&L figures were not disclosed in the press release; the reported Q2FY27 and H1FY27 financial highlights are standalone.
Key positives
- Revenue from operations increased 63% YoY to ₹300 Cr despite rainfall-affected Q2 EPC execution, and management expects improved execution conditions in Q3 and Q4.
- Order book reached ₹19,094 Cr after ₹10,334 Cr of H1FY27 order intake, with a 29x TTM book-to-bill disclosed.
- International projects of approximately ₹10,485 Cr represent around 55% of the order book and could materially lift revenue as execution begins.
- EBITDA increased 59% YoY to ₹35 Cr and PAT increased 64% YoY to ₹18 Cr, maintaining positive earnings growth despite a flat 12% EBITDA margin.
Key concerns
- EBITDA margin remained at 12% YoY despite 63% revenue growth, so current results do not yet demonstrate the targeted 14–15% operating-margin expansion.
- Q2 execution was affected by rainfall, and the company expects a substantial share of revenue to be booked in the second half, increasing execution concentration and delivery risk.
- Diluted EPS grew 46.7% YoY to ₹2.23, materially below PAT growth of 64% to ₹18 Cr, indicating dilution or a higher minority-interest effect.
- Approximately 55% of the order book is tied to three international projects valued at approximately ₹10,485 Cr that are at an early stage or yet to commence, making conversion timing uncertain.
Research and educational content only. Not investment advice.