Ganesh Infraworld, one of the fastest growing infrastructure company of Eastern India, has delivered a fantastic Q4 and FY25, solidifying its position as a serious player in EPC space in India, especially in water infrastructure.
Ganesh Infraworld Q4 FY25 and Full Year Performance
In Q4, Ganesh Infraworld’s net profit grew 194.18% to INR 11.62 crore from INR 3.95 crore last year. Revenue from operations jumped 210.75% to INR 158.64 crore from INR 51.05 crore a year ago, due to strong project execution and aggressive expansion.
For the full year, Ganesh Infraworld reported 913.92% growth in net profit to INR 40.05 crore from INR 3.95 crore in FY24. Sales grew 954.30% to INR 538.22 crore from INR 51.05 crore.
Operating margins for Q4 FY25 was 9.08%, slightly down from 10.91% last year, due to increase in working capital intensity, mainly due to higher receivables. But management is focused on optimizing cash flows and working capital cycles in FY26.
Record Execution and Growing Order Book
FY25 has proven to be a transformational year for Ganesh Infraworld. The company delivered its highest-ever revenue, EBITDA, PBT, and PAT, supported by superior execution across 28 ongoing projects and the successful completion of 67 projects to date.
Key operational highlights include:
- Order Book Expansion: Standing at approximately INR 891 crore as of March 2025, with a sectoral bifurcation favoring Civil & Electrical (50%), Water Infrastructure (36%), and Road & Rail (14%).
- Water Infrastructure Focus: Order book in the water segment jumped 29x from INR 11 crore in FY24 to INR 319 crore in FY25, affirming the company’s strategic shift towards high-growth, government-backed water projects.
- Leverage Position: Debt-to-equity remains comfortable at 0.21x, providing headroom for future expansion.
The management has guided for 20–22% order conversion rates and is entering FY26 with a strong pipeline, targeting an incremental INR 400-500 crore addition to its order book.
Strategic Realignment and Sectoral Tailwinds
Ganesh Infraworld’s pivot towards water infrastructure aligns perfectly with India’s massive investment drive under the Jal Jeevan Mission and broader water management initiatives. As per industry data, over 80% of rural households now have tap water supply as of March 2025, a sharp rise from 16.71% in August 2019 — offering long-term, structural demand for companies like Ganesh Infraworld.
The company also benefits from India’s record INR 11.11 lakh crore infrastructure allocation in the Union Budget 2024-25, and a robust PPP (Public-Private Partnership) project pipeline over the next three years.
Ganesh Infraworld Post-IPO Performance
Ganesh Infraworld IPO was launched on 29 November 2024, with an issue size of INR 98.58 crore. The IPO got an overwhelming response from investors which led the subscription to 369.7X. The listing performance was as stellar as the subscription, the IPO listed with 99.46% returns on listing day.
However, post listing Ganesh Infraworld IPO was trading in consolidation phase. It made an all-time high of INR 207.60 on 25 April 2025, reflecting a ~150% return from the allotment price of INR 83 per share.
Receivables and Negative Operating Cash Flow
While Ganesh Infraworld’s top and bottom line growth is strong, there are concerns on the balance sheet side. Higher receivables have resulted in negative operating cash flow (OCF) of INR 80.1 crore for FY25.
Management said improving cash conversion cycles, tighter receivables management and prudent working capital usage will be key strategic priorities for FY26 given the sector’s high working capital intensity.
Investors and analysts will be watching closely how the company navigates this in H1FY26, any reversal of this trend will de-risk the growth story.
Conclusion
With strong revenue growth, expanding margins (despite near term compression), focus on water infrastructure and a good execution track record, Ganesh Infraworld is a small-cap EPC play to watch.
The recent IPO, strong client relationships, pan India presence and a good leadership team under founder Mr. Vibhoar Agrawal puts the company in good stead for long term growth.
But prudent investors would do well to keep a close watch on the company’s receivables management and working capital discipline in the coming quarters to see how the growth story unfolds.
Ganesh Infraworld’s Q4 and FY25 numbers do make it look like a company at the cusp of a growth phase — but one that will demand operational and financial discipline going forward. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.