Press Release July 29, 2026 GHV INFRA PROJECTS LIMITED Rating Assigned and Reaffirmed

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	190.00	ACUITE A | Stable | Assigned	-	RBI
Bank Loan Ratings	0.00	50.00	ACUITE A | Stable | Reaffirmed	-	RBI
Bank Loan Ratings	0.00	610.00	-	ACUITE A1 | Assigned	RBI
Bank Loan Ratings	0.00	150.00	-	ACUITE A1 | Reaffirmed	RBI
Total Outstanding	0.00	1000.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-

Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Rating Rationale

Acuité has reaffirmed its long-term rating to 'ACUITE A' (read as ACUITE A) and short-term rating to 'ACUITE A1' (read as ACUITE A one) on the Rs. 200.00 crore bank facilities of GHV Infra Projects Limited (GHV Infra). The outlook is ‘Stable’. Additionally, Acuité has also assigned its long-term rating to 'ACUITE A' (read as ACUITE A) and short-term rating to 'ACUITE A1' (read as ACUITE A one) on the Rs. 800.00 crore bank facilities of GHV Infra Projects Limited (GHV Infra). The outlook is ‘Stable’.  Rationale for rating The rating reflects the GHV Group’s established presence in the infrastructure sector, supported by its strong execution capabilities, diversified project portfolio and experienced management. The group’s healthy order book of Rs. 20,726.65 crore provides sound revenue visibility, with improving diversification across geographies and segments. The group’s operational performance is expected to improve going forward, aided by pick-up in execution of key projects and increasing direct order inflows to GHV Infra, along with improved profitability driven by operational efficiencies. The rating also factors in the group’s healthy financial risk profile, marked by a healthy net worth base, moderate leverage and demonstrated ability to mobilise resources to support growth. Furthermore, the liquidity position remains adequate, supported by steady cash accruals, moderate utilisation of working capital limits and financial flexibility within the group. However, these strengths are partially offset by the group’s intensive working capital operations and significant exposure to group SPVs, with ongoing funding commitments towards road hybrid annuity model (HAM) projects. The rating is further constrained by the competitive and tender-driven nature of the infrastructure sector, exposing the group to execution and margin risks.

About The Company

GHV Infra Projects Limited was formed in December 2024, post-acquisition of a listed entity named Sindu Valley Technologies Limited (incorporated in March 1976) by the promoters of GHV Group. The company is headquartered in Mumbai. The promoter shareholding of company as on date is with JHV Commercials LLP (58.78%) and Husena Akbarali Musamji (5.20%). The company is a BSE listed entity holding a market capitalisation over Rs.1500 Cr as on June 29, 2025. The current directors of the company are Mr. Ajay Hans, Mr. Reby Thomas Elsan, Mr. Samrathdan Zula, Mrs. Kavita Akshay Chhajer and Mr. Shivrudrappa Anandappa Hanjage

About the Group

­GHV (India) Private Limited (GHV India) GHV India is a flagship entity of the GHV group engaged into construction of roads, airport runways, railways, dam construction and hospitality business. It was established as a partnership firm in 1965 under the name ‘G H Vijapura & Company’, by Mr. G H Vijapura. The firm was later reconstituted as a private limited company under the name ‘GHV (India) Private Limited’. The company is currently promoted by Mr. Jahidmohamed H Vijapura and his brothers. GHV Infra FZ-LLC  GHV Infra FZ-LLC is a wholly owned subsidiary of GHV Infra Projects Ltd. It was incorporated in the Ras Al Khaimah Economic Zone (RAKEZ), United Arab Emirates, to pursue infrastructure, construction, and engineering opportunities in the Middle East and other international markets. GHV Infra Projects – RKS- TCIPL  GHV Infra Projects–RKS–TCIPL is a joint venture engaged in the execution of infrastructure and water supply projects in India. The JV is currently involved in the construction and long-term operation & maintenance of a 24x7 drinking water supply scheme for Goalpara Town, Assam.

Unsupported Rating

­Not Applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

Acuite has taken a consolidated view on the business and financial risk profile of GHV Group comprising of the below mentioned entities. GHV India Private Limited GHV Infra Projects Limited GHV Infra FZ-LLC GHV Infra Projects - RKS - TCIPL The consolidation is on account of similar business operation, shared brand name, common promoter holdings, operational & financial flexibility from GHV India to GHV Infra. The consolidation also factors management’s intent of transferring its infrastructure business from GHV India to GHV Infra in a phased manner over the near to medium term.

Key Rating Drivers

Strengths

Established presence with demonstrated execution capabilities and experienced management GHV Group, established in 1965, has a long and proven track record in infrastructure development, executing a wide range of projects including bridges, dams, irrigation systems and airport runways, with core expertise in road construction through its flagship entity, GHV India. The group currently has six HAM projects, of which three have achieved commercial operation date (COD), two are at mid stage of construction (50–60% completed) and one has been recently awarded. It has demonstrated strong execution capabilities through a diversified project portfolio across domestic and international markets. The group’s execution strength is supported by adequate manpower and timely availability of machinery, enabling efficient delivery of complex projects across new construction segments. The operations are led by Mr. Jahidmohamed H. Vijapura, who has over three decades of experience in infrastructure development, providing strategic direction and operational stability to the group. Healthy orderbook supporting revenue visibility and improved profitability As on March 31, 2026, the group reported a strong unexecuted order book of Rs. 20,726.65 crore, of which Rs. 16,137.79 crore pertains to GHV Infra, and balance attributable to GHV India. Since its incorporation, GHV Infra has secured sizeable contracts, significantly augmenting and diversifying the group’s order book. This has enabled the group to expand beyond its traditional focus on road construction, while also reducing geographic concentration in Maharashtra and Gujarat and enhancing its presence across India and select overseas markets. At present, the group has three international orders—one each in the UAE, Cameroon and USA, which have been awarded on a cost-plus fixed margin basis, further supporting price variations during the order tenure. The group reported an operating income of Rs. 2,502.45 crore in FY26 (Prov.), as compared to Rs. 2,430.81 crore in FY25. The relatively modest growth was primarily due to delays in key project approvals, namely the CC Road project and Coastal Road project. However, with execution now underway, the group is expected to witness a healthy ramp-up in operations in FY27, supported by its robust order book. Additionally, during FY26, GHV Infra largely executed projects subcontracted from GHV India. Going forward, with direct project awards to GHV Infra, the entity is expected to scale up its execution significantly, thereby driving a notable improvement in the overall scale of operations of the group. Profitability improved significantly during the year, with operating margins increasing to 14.31 percent in FY26 (Prov.) from 9.74 percent in FY25, driven by higher contribution from GHV Infra, along with some moderation in raw material costs observed across the group. Further, the group has multiple entities that act as backward integration units, enabling timely procurement of raw materials while also supporting the operating margins. Consequently, net profit margins also improved to 6.42 percent in FY26 (Prov.) as against 3.88 percent in FY25. Strong resource mobilisation capability In FY26, GHV Infra strengthened its capital structure through effective resource mobilisation, raising approximately Rs. 38.5 crore via warrants and Rs. 163.97 crore through optionally convertible debentures (OCDs). Acuité has treated the outstanding OCDs as quasi-equity, considering their expected conversion into equity in FY27, as indicated by management. Furthermore, the promoters are planning additional equity infusion along with incremental debt tie-ups in GHV Infra from various lenders to support its increasing working capital requirements and future growth plans. Healthy financial risk profile The group’s financial risk profile is supported by a strong net worth base and moderate leverage levels. Net worth increased significantly to Rs. 1,213.34 crore as on March 31, 2026 (Prov.), from Rs. 849.10 crore as on March 31, 2025, driven by accretion of profits to reserves and the treatment of OCDs as quasi-equity in FY26. The overall gearing improved and remained low at 0.29 times as on March 31, 2026 (Prov.), compared to 0.42 times as on March 31, 2025. The group’s debt levels remained largely stable. However, the same is expected to increase going ahead. Further, the TOL/TNW also improved to 1.10 times as on March 31, 2026 (Prov.), from 2.09 times as on March 31, 2025. Debt protection metrics also remained comfortable, with interest coverage ratio and debt service coverage ratio at 3.27 times and 2.48 times, respectively, in FY26 (Prov.).

Weaknesses

Intensive working capital operations The group’s working capital operations remained intensive, as reflected by GCA days of 291 days in FY26 (Prov), improving from 307 days in FY25. The elevated GCA levels are primarily driven by high other current assets, largely comprising loans and advances to group companies particularly to its HAM SPVs, mobilisation advances and advances to suppliers. However, debtor days and inventory days declined compared to FY25, supported by easing challenges in fund receipts from various government authorities. Meanwhile, creditor days remained largely stable at 99 days in FY26 (Prov.) against 98 days in FY25. Further the bank limit utilizations for the group remained below 90% over the last 12 months ended May 2026. Significant exposure to group companies GHV India has a considerable exposure to its wholly owned and step-down subsidiaries through equity investments as well as loans and advances, primarily towards its road HAM special purpose vehicles (SPVs). As on March 31, 2026, nearly 40 percent of the group’s net worth remains invested in these SPVs. Additionally, the group has committed further funding of approximately Rs. 33 crore towards two ongoing HAM projects and expects to infuse around Rs. 100 crore into a newly awarded HAM project. While there has been partial recovery through upstreaming of funds, supported by refinancing at the SPV level, any incremental support beyond planned commitments, potentially impacting the group’s liquidity—will remain a key rating sensitivity. Exposure to intense competition and tender-based operations The infrastructure industry is a fragmented industry with a presence of large players pan India where subcontracting & project specific partnerships for technical/financial reasons are common. The revenue and profitability for tendering-based operations depends entirely on the ability to win tenders wherein entities face intense competition, thus requiring them to bid aggressively to procure contracts. However, high entry barriers in terms of technical qualifications and past track record of the company in execution of similar projects mitigates the risk to a certain extent. Moreover, susceptibility of raw material pricing keeps profitability margins vulnerable, however, it is mitigated to some extent with price escalation clauses in every order. Furthermore, there exists project execution risk inherent in infrastructure projects owing to delays such as timely land acquisition, approvals from regulatory bodies. Going forward, the company's ability to sustain its order inflow, timely execution and sustaining profitability amid a competitive industry shall remain a key rating monitorable.

Rating Sensitivities

Potential triggers (individual or collective) for an upward rating action:

Growth in operating performance with timely project execution leading to generation of net cash accruals above Rs 300-350 Cr. Improvement in working capital intensity with reduction in GCA days

Potential triggers (individual or collective) for a downward rating action:

Delay in order execution or slowdown in orderbook growth leading to generation of net cash accruals below Rs 150 Cr. Significant increase in debt levels impacting the financial risk profile Significant elongation in working capital intensity

Liquidity Position

Adequate

The group’s liquidity position is adequate, supported by healthy net cash accruals of Rs. 200.83 crore in FY26 (Prov.) against relatively lower repayment obligations of Rs. 13.74 crore. Going forward, net cash accruals are expected to remain strong in the range of Rs. 230–290 crore, comfortably covering modest repayment obligations of less than Rs.25 crores over the same period. The group has planned a debt-funded capital expenditure of around Rs.50 crores for FY27 towards procurement of key equipment for new projects awarded. Additionally, it has funding commitments of approximately Rs. 133 crores towards its HAM projects over the next two years, which are expected to be supported by internal accruals. Current ratio stood at 1.65 times as on March 31, 2026 (Prov.) with average fund-based bank limit utilisation of below 90 percent over the past 12 months ended May 2026. While GHV India is rationalising, its consortium working capital limits from around Rs. 1,000 crores in FY24 to approximately ~Rs.746.18 crores for FY27, GHV Infra is simultaneously seeking enhancement in its working capital facilities to support its scale-up in operations. The liquidity is further supported by cash and cash equivalents of Rs. 85.22 crore as on March 31, 2026 (Prov.).

Outlook - Stable

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Other Factors affecting Rating

­None

Key Financials (Consolidated)

­ Particulars Unit   FY 26 (Provisional)       FY 25 (Actual)   Operating Income         Rs. Cr.           2502.45 2430.81 PAT Rs. Cr. 160.60 94.29 PAT Margin (%) 6.42 3.88 Total Debt/Tangible Net Worth Times 0.29 0.42 PBDIT/Interest Times 3.27 3.27

Status of non-cooperation with previous CRA (if applicable)

­Not Applicable

Any Other Information

­None

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm

Note on complexity levels of the rated instrument

­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 30 Jun 2026 Proposed Long Term Bank Facility Long Term 1.00 ACUITE A | Stable (Upgraded from ACUITE BBB- | Stable) Cash Credit Long Term 24.00 ACUITE A | Stable (Upgraded from ACUITE BBB- | Stable) Term Loan Long Term 25.00 ACUITE A | Stable (Upgraded from ACUITE BBB- | Stable) Bank Guarantee (BLR) Short Term 150.00 ACUITE A1 (Upgraded from ACUITE A3) 16 May 2025 Proposed Bank Guarantee Short Term 150.00 ACUITE A3 (Assigned) Proposed Cash Credit Long Term 50.00 ACUITE BBB- | Stable (Assigned)

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*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

­ Sr. No. Company Name  1. GHV (India) Projects Limited 2. GHV Infra Projects Limited 3. GHV Infra FZ-LLC (Wholly Owned Dubai subsidiary of GHV Infra) 4. GHV Infra Projects – RKS- TCIPL (Joint Venture)

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Parth Patel Senior Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

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