Ganesh Infraworld Limited

As per financial performance, Ganesh Infraworld Limited has posted total income / net profits of Rs 81.15 Cr / Rs 1.89 Cr (FY22), Rs 135.05 Cr / Rs 5.21 Cr (FY23), Rs 291.81 Cr / Rs 15.54 Cr (FY24) and Rs 212.33 Cr / Rs 15.37 Cr (H1 FY24). So as per previous financials data, company has shown good growth, and order book as on 31.08.24 is Rs 574.85/- Cr. Company has posted an average EPS of Rs 3.44 and average RoNW of 49.01% for last three fiscals. Issue is priced at a P/BV of 3.87 as per NAV of Rs 21.45/- as on 31.08.24. If we attribute latest earnings of FY23, FY24 and annualized FY25 on fully diluted equity post issue, then asking price is at a P/E of around 68.07, 22.81 and 9.61 respectively, which looks fully priced. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Vivro Financial Services Private Limited is associated with this SME IPO and handled two SME IPOs in last 3 years. From last two IPOs, all opened above issue price or at par on the day of listing. As of now from last two IPOs, all are trading above issue price or at par as on today. ( As on 26.11.24 ) As per financials, Ganesh Infraworld Limited has shown good growth, RoNW is 59.38% and P/E is respectively 68.07, 22.81 and 9.61 as per FY23, FY24 and annualized FY25 earnings. So, issue looks fully priced and current order book as on 31.08.24 is Rs 574.85/- Cr. Company is a construction company offering a range of construction and allied services across industrial civil projects, residential & commercial buildings, road construction, railway infrastructure projects, power projects and water distribution projects, which is highly competitive and fragmented business segment. So, we give SUBSCRIBE rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Vibhoar Agrawal
• 2 Rachita Agrawal