GHV Infra Soars 5% on Securing Major ₹135 Crore Water Project in Haryana: Should We Invest?
February 11, 2026, Mumbai: GHV Infra Projects Ltd (BSE: 505504) has rapidly emerged as one of the market’s most electrifying—and debated—stories. The stock, which closed at ₹249.90 on February 10, has delivered a staggering 675% return over the past year, significantly outperforming the broader market. This meteoric rise follows the company’s strategic pivot from IT services to infrastructure development, culminating in a name change from Sindu Valley Technologies in November 2024. However, beneath the explosive growth lies a complex financial picture that demands a closer look from every discerning investor.
The Catalyst: A Mega Work Order
In a regulatory filing submitted to the BSE after market hours on February 10, GHV Infra Projects informed exchanges that it has received a substantial Work Order (WO) valued at approximately ₹135 crores.
The order has been awarded by MHK Buildcon LLP for the “Construction of a Water Storage Pond and other associated/miscellaneous works” in the state of Haryana. The project comes with a stringent timeline, requiring completion within 22 months.
The Fundamental Snapshot: Spectacular Growth, Lofty Multiples
The financials of GHV Infra tell a tale of two extremes: breakneck growth metrics contrasted with premium, some might say stretched, valuations. The company’s revenue and profit have exploded from virtually zero, marking a complete business transformation.
Table: GHV Infra Projects Ltd. – Key Financial & Market Metrics
Catalysts Fueling the Ascent: Order Book and Expansion
The recent surge is not without fundamental triggers. The company has been on a winning spree, securing projects that have built an enviable order book.
- Mega Order Book Expansion: The most compelling growth driver is the order book, which ballooned from approximately ₹3,400 crore in June 2025 to ₹8,500 crore by September 2025. This provides multi-year revenue visibility. The recent announcement of a ₹135 crore water storage project in Haryana (to be completed in 22 months) adds to this robust pipeline.
- Strong Quarterly Momentum: For Q2 FY26, the company reported a 128% jump in revenue and a 138% surge in Profit After Tax (PAT) compared to the previous quarter, showcasing accelerating execution.
- Strategic Corporate Actions: The company has actively restructured its capital through a bonus issue and a preferential allotment to strengthen its balance sheet for future bids. Furthermore, its expansion into the UAE via a subsidiary marks the first step towards international ambitions.
The Risk Matrix: What Lies Beneath the Surface
For all its promise, GHV Infra presents substantial risks that cannot be ignored.
- Cash Flow Conundrum: The most alarming signal is the deeply negative operating and free cash flow (₹-2,071 crore TTM). In the infrastructure business, where working capital cycles are long, this indicates that profits are not being converted into cash, potentially straining liquidity for new projects and day-to-day operations.
- Valuation at the Precipice: With a P/E of nearly 32, the stock is pricing in several years of flawless, high-speed growth. Any stumble in execution, project delays, or margin compression could lead to a severe de-rating of these lofty multiples.
- Execution and Governance Checks: A high debtor days figure of 264 suggests slow collection from clients. Coupled with high promoter pledging, these factors warrant close monitoring of corporate governance and operational efficiency.
The Verdict: A High-Stakes Bet on Flawless Execution
GHV Infra Projects is not for the faint-hearted.
From an investor’s perspective, the company represents a classic high-risk, high-reward proposition.
- For the Growth-Seeking Investor: If you have a high-risk appetite and believe the management can seamlessly execute the ₹8,500+ crore order book while improving cash conversion, the growth runway appears long. The company is a direct play on India’s infrastructure boom.
- For the Risk-Averse Investor: The combination of negative cash flows, premium valuation, and high promoter pledging forms a triad of significant risk. It would be prudent to wait for consistent quarterly evidence of improving cash flows and sustainable margins before considering an entry.
Bottom Line: GHV Infra Projects has successfully engineered a remarkable business turnaround and captured the market’s imagination. However, the current stock price seems to have sprinted ahead of the financial reality on the ground. The transition from a growth story to a profitable, cash-generating business is the crucial next chapter that remains to be written. Until the cash flow statement turns as convincingly green as the profit and loss account, the stock should be treated as a speculative bet rather than a core investment. Investors are advised to keep positions sized accordingly and monitor quarterly cash flows and order book additions with utmost diligence.
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