CRISIL Reaffirms Ratings of Ganesh Infraworld Limited; Assigns Stable Outlook

CRISIL Reaffirms Ratings of Ganesh Infraworld Limited; Assigns Stable Outlook​

Crisil Ratings has reaffirmed the credit ratings of Ganesh Infraworld Limited, stating that the company’s financial risk profile remains comfortable despite its acquisition of Kandoi Transport Limited (KTL). The rating affirmation was communicated following a letter dated April 14, 2026.

The reaffirmation sees Ganesh Infraworld Limited (GIL) maintaining specific ratings on its bank facilities, which total Rs. 196 Crore.

Details of the rated bank loan facilities are as follows:


Crisil Ratings removed the rating of GIL’s bank facilities from ‘Rating Watch with Developing Implications’ and reaffirmed the ratings. The agency noted that the company's strong market position, diversified business segments, and comfortable financial risk profile underpinned this decision.

Operational Strengths and Market Standing​

GIL has expanded its presence beyond civil construction into various high-growth sectors, including water infrastructure, civic utilities, mining, and transportation over the last two fiscal years. This diversification has helped reduce susceptibility to cyclical downturns in any single segment.

The group benefits from a decades-long experience of its promoters in the civil construction industry, enabling them to build deep market knowledge and strong relationships with key clients such as Welspun Enterprises Limited, Adani, and Shapoorji Pallonji.

Operational highlights include:

• Revenue Growth: Revenue grew by nearly 55% in fiscal 2026 to Rs 836 Cr, driven by a healthy unexecuted order book of Rs 1715 Cr as of March 31, 2026.
• Profitability: Operating profitability improved, with margins reaching 12.59% in fiscal 2026, up from 9.74% in the previous fiscal year.

Financial Comfort and Risk Factors​

The ratings reflect GIL's established market presence and comfortable financial risk profile. The company holds a healthy net worth of Rs 398 Cr as of March 31, 2026. However, the rating assessment also identified areas requiring mitigation, primarily concerning working capital intensity and sensitivity to competition.

GIL’s operational processes are noted to be working capital intensive. Gross current asset (GCA) days stand at 320 days as of March 31, 2026, up from 138 days in the previous fiscal year. This rise was linked to an increase in debtor days, which moved from 87 days to 147 days as on March 31, 2026.

The company operates in a highly competitive and tender-driven industry with relatively low entry barriers. This market structure may exert pressure on operating margins, though this risk is partially mitigated by its diversified business operations.

Consolidated Financial Performance (as of March 31)​

The following table presents key consolidated financial indicators for Ganesh Infraworld Limited across the last two fiscal years:


GIL has acquired a 60% stake in Kandoi Transport Limited (KTL), which operates in mining and transportation business, contributing to the addition of debt reflected in the gearing ratio. The company’s liquidity remains moderate, with an average bank limit utilization rate of 69% over the last twelve months ending March 2026.

GANESHIN Stock Price Movement​

Today, Ganesh Infraworld Limited shares edged higher to close at ₹101.05 after posting a 4.99% gain in trading today. The stock finished strong, closing near its daily high and having traded within a range of ₹97 to ₹101.05.