GHV Infra Projects505504Quarterly results

Board approves Q2 and H1 results, appoints CFO; Independent Director resigns

Board meeting on October 22, 2026 approved unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026; the auditors' limited review found nothing suggesting any material misstatement.

By ScoutQuest · Fri 23 Oct 2026, 9:42 AM IST · 3 min read

Standalone · ₹ lakh · EPS in ₹
Line item	Latest	Year ago	YoY	Prev qtr	QoQ
Revenue from operations	30,008.29	18,376.60	+63.3%	21,859.93	+37.3%
Total income	30,038.36	18,382.47	+63.4%	21,888.25	+37.2%
Profit before tax	2,206.98	1,584.73	+39.3%	1,552.75	+42.1%
Profit after tax	1,838.43	1,122.20	+63.8%	1,125.48	+63.3%
Total comprehensive income	1,838.24	1,121.07	+64%	1,125.29	+63.4%
Basic EPS	2.44	1.56	+56.4%	1.56	+56.4%

Profit after tax YoY growth: +63.8%
Period: September 30, 2026 (Unaudited)

Also decided at the meeting

Appointed Mr. Salim Yahoo as Chief Financial Officer (Key Managerial Personnel) w.e.f. October 22, 2026.
Noted resignation of Mr. Ravi Kumar Seth (DIN:02427404) as Independent Director w.e.f. close of business hours on October 22, 2026; he ceases to be member of Audit and NRC committees.
Approved changes in KMPs authorized under Regulation 30(5) w.e.f. October 22, 2026.

Auditor's review

Conclusion: Unmodified

Notes to the results

Received balance consideration of Rs. 5,000.01 lakhs from JHV Commercials LLP for conversion of 16,16,667 warrants; 83,33,335 equity shares of Rs. 5 allotted; 21,83,333 warrants pending conversion.
EPC contract for Erisha Smart Manufacturing Hub at RAKEZ, UAE (wholly owned subsidiary GHV Infra FZ-LLC) concluded; outcome contingent, no provision or adjustment recognised.
AGM on September 25, 2026 approved reclassification of Mrs. Husena A. Musamji (37,50,000 shares, 5.20%) from promoter group to public.

Board meeting outcome

GHV Infra Projects Ltd's board met on October 22, 2026 and approved the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026, together with the statement of assets and liabilities and the cash flow statement. The statutory auditors, Manubhai & Shah LLP, concluded in their limited review report that nothing came to their attention that causes them to believe the statement contains any material misstatement. A limited review is narrower in scope than a full audit and is not an audit opinion.

Management changes at the top

Mr. Salim Yahood was appointed Chief Financial Officer (Key Managerial Personnel) with effect from October 22, 2026, on the recommendation of the Nomination and Remuneration Committee and the Audit Committee.
Mr. Ravi Kumar Seth resigned as Independent Director with effect from close of business hours of October 22, 2026. Consequent to his resignation, he also ceases to be a member of the Audit Committee and the Nomination and Remuneration Committee.
The board approved the Key Managerial Personnel authorised for the purposes of the Listing Regulations: Mr. Ajay Hans (Managing Director), Mr. Reby Thomas Elsan (Whole Time Director), Mr. Salim Yahood (Chief Financial Officer) and Mr. Daksh Tulsibhai Mewada (Company Secretary and Compliance Officer).

Standalone results, line items as printed (Rs in lakhs)

Revenue from operations: 30,008.29 for the quarter ended September 30, 2026, against 18,376.60 for the quarter ended September 30, 2025.
Net Profit After Tax: 1,838.43 for the quarter, against 1,122.20 in the same quarter a year earlier.
For the half year ended September 30, 2026: Revenue from operations 51,868.22 and Net Profit After Tax 2,963.91.

Capital and shareholding notes

The company received the balance consideration of Rs. 5,000.01 lakhs from JHV Commercial LLP, a promoter, towards conversion of convertible warrants, and allotted 83,33,335 fully paid equity shares, following the sub-division of the face value of its equity shares and a subsequent bonus issue. Warrants remained pending for conversion as at September 30, 2026.
Members approved the reclassification of Mrs. Husena A. Musamji's shareholding from the 'Promoter and Promoter Group' category to the 'Public' category.

UAE EPC contract concluded

The EPC Contract for the Eriska Smart Manufacturing Hub at RAKEZ, Ras Al Khaimah, UAE, entered into between Rana Exim FZ-LLC and the company's wholly owned subsidiary GHV Infra FZ-LLC, was concluded in the fourth week of September 2026, citing prolonged delays in obtaining Project and Master Plan approvals from the Employer and continuing uncertainties arising from the geopolitical situation in West Asia.
The company says the matter remains contingent and its outcome depends on ongoing discussions and related legal proceedings; no provision or adjustment has been recognised as at September 30, 2026, and any financial impact will be recognised in the period in which the outcome becomes reasonably ascertainable.

How to read this

This is a combined board outcome: the numbers for the quarter and half year, a change of chief financial officer, and the resignation of an independent director on the same day.
The auditor's review conclusion is unmodified, so nothing in the reviewed standalone statement drew a qualification or adverse remark from the auditors.
Items a shareholder may want to track separately: the exit of an independent director who was on the audit and nomination committees, and the conclusion of the UAE subsidiary's EPC contract, which the company has flagged as contingent.

Rs. 5,000.01 lakhsBalance consideration received from promoter JHV Commercial LLP

Net Profit After Tax, quarter ended Sep 30, (standalone1,838.43 lakhs

Profit before tax, year-ago quarter1,584.73 (Rs in Lakhs)

Profit before tax, quarter1,552.75 (Rs in Lakhs)

Balance consideration received from promoter JHV Commercial LLP Rs. 5,000.01 lakhs: Net Profit After Tax, quarter ended Sep 30, (standalone 1,838.43 lakhs, Profit before tax, year-ago quarter 1,584.73 (Rs in Lakhs), Profit before tax, quarter 1,552.75 (Rs in Lakhs).

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