Ganesh Infraworld Routes ₹568 Cr Mining Contract to Newly Acquired Subsidiary Kandoi Transport

Synopsis:-After acquiring a 60 percent equity stake in Kandoi Transport Limited and making it a subsidiary, Ganesh Infraworld Limited has transferred the balance unexecuted portion of its ₹708 crore mining contract worth Rs. 568.41 crore to Kandoi for direct execution, reducing the parent’s standalone order book while keeping the work within the group.

An internal restructuring at a fast-growing Eastern India infrastructure company has drawn attention to how ownership changes can recast the way projects are booked and executed. A ₹708 crore mining operations contract, originally secured in September 2025, is set to change hands within the same corporate group.The move reshapes the standalone order book while keeping the economic interest firmly within the group. 

With a market capitalization of approximately Rs. 367 crore, the shares of Ganesh Infraworld Limited were trading at Rs. 88.30 per share as of April 18, 2026, with a 52-week range of Rs. 279.80 to Rs. 66.40. It is trading at a P/E of 5.80. 

Order Update and Restructuring Rationale

Earlier on September 2, 2025, Ganesh Infraworld Limited had received a work for the operation and maintenance of heavy mining equipment at the Nigahi Mine in Singrauli, Madhya Pradesh, over 24 months from Kandoi Transport Limited.

Following the acquisition of a controlling 60 percent stake in Kandoi, thereby becoming a subsidiary of the company, management reviewed operations and decided that routing the remaining work through the acquired firm rather than through the parent on a subcontract basis would sharpen execution accountability. Of the total Rs. 708 crore, Ganesh Infraworld had executed Rs. 139.59 crore by the filing date, leaving Rs. 568.41 crore outstanding. 

The company confirmed this is a purely intra-group arrangement with no change in project scope and no third-party transaction. Ganesh Infraworld’s standalone order book will reflect a reduction of Rs. 568.41 crore, though the economic interest in the mining contract stays within the consolidated group.

Financial Performance

The restructuring comes at a point when the company’s finances are moving in the right direction. In Q3 FY26, Ganesh Infraworld posted revenue of Rs. 215.3 crore, up 44.3 percent year-on-year, and PAT of Rs. 19 crore, a 67.9 percent jump over the same period last year. For the nine months ended December 2025, revenue reached Rs. 606 crore, and PAT came in at Rs. 51.7 crore, broadly double the year-ago numbers.

EBITDA margins have also expanded, reaching 13.6 percent in Q3 FY26 against 10.7 percent a year earlier. The consolidated order book stood at Rs. 2,211.7 crore as of December 2025, with civil infrastructure, water, and mining each contributing meaningfully. The mining segment specifically delivered a 16.5 percent EBITDA margin in 9M FY26, the highest across all four business verticals.

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