CRISIL Reaffirms Credit Ratings of Ganesh Infraworld Limited; Long-Term Rating Set at BBB+/Stable

CRISIL Reaffirms Credit Ratings of Ganesh Infraworld Limited; Long-Term Rating Set at BBB+/Stable​

CRISIL Ratings Limited has reaffirmed the credit ratings for Ganesh Infraworld Limited (GIL) and its bank facilities, removing them from 'Rating Watch with Developing Implications'. The company received the affirmation in its rating letter dated June 23, 2026.

The rating reaffirms GIL’s commitment to maintaining a comfortable financial risk profile despite the acquisition of Kandoi Transport Limited (KTL). CRISIL granted a Stable outlook to the long-term rating.

Rating Status and Financial Overview​

The ratings were assigned following a thorough review of the company's consolidated performance, including its subsidiaries and joint ventures, such as KTL, Trivanta Resources Private Limited, and Ganesh Netsoft JV Networks. The reaffirmation reflects GIL's established market position and diversified business segments.

The current status of the ratings for the Total Bank Loan Facilities rated at Rs 196 Crore is detailed below:

Key Financial Indicators and Performance​

The rating rationale highlighted several strengths, including the promoters' decade-long experience in the civil construction industry and a healthy order book that ensures revenue visibility over the medium term. The company has expanded its presence beyond the civil segment into water infrastructure, civic utilities, mining, and transportation over the past two fiscal years.

Financial stability metrics have improved. Net worth increased to upwards of Rs 398 Crore as on March 31, 2026.

A comparison of key financial indicators shows a positive trend:


The company's capital structure is reflected by a gearing ratio of 1.24 times as on March 31, 2026, compared to 0.21 time in the previous year. Debt protection metrics remain comfortable, with interest coverage and net cash accruals reported at 11.71 times.

Operational Considerations​

While the rating was reaffirmed positively, CRISIL also noted certain operational challenges. The company’s operations remain working capital intensive, evidenced by Gross current asset (GCA) days standing at 320 as on March 31, 2026, up from 138 days in March 2025. This was attributed to an increase in debtor days from 87 days to 147 days, driven by higher revenue and the consolidation of KTL operations post-March 2026.

GIL operates in a tender-driven industry with low entry barriers, leading to heightened competitive intensity which may pressure operating margins. This risk is partially mitigated by the group’s diversified presence across multiple business segments.

Financial Instruments and Lenders​

The bank facilities rated amount to Rs 196 Crore (Long Term and Short Term combined). The company's current financing structure includes several banks:


GIL has acquired a 60% stake in Kandoi Transport Limited (KTL), which is engaged in the mining and transportation business.

GANESHIN Stock Price Movement​

Ganesh Infraworld Limited shares rallied today, closing at ₹101.05 after gaining 4.99% in post-market activity. The stock finished its session having traded in a range between a low of ₹97 and a high of ₹101.05, with 34,400 shares recorded in total trade volume.