Ganesh Infra.

- Ganesh Infraworld Limited currently maintains a prudent balance sheet with conservative leverage and a healthy debt-to-equity ratio of 0.21 as of FY25. - The company is not planning any significant capital expenditure and expects capex around INR 11 crores annually, primarily for rental fixed assets and some fixed asset purchase. - For funding growth, the company is utilizing unutilized IPO proceeds, with approximately INR 36 crores reserved for working capital investment. - There is no mention of any immediate or planned new fundraising through debt or equity in the call. - The company plans to maintain the current working capital cycle (~75 days) and expects to deploy existing funds rather than raise new capital in the near term.

- Current year capex was around INR 11 crores, primarily for project-specific fixed assets and rental assets. - Future capex plans anticipate similar levels (around INR 11 crores annually), with some fluctuation up or down. - No major or significant capex is planned; company follows a low-capex heavy model focusing on rental assets. - Capital investment is supported by a reserve of about INR 36 crores unutilized from IPO proceeds, mainly intended for working capital to support growth. - Strategic focus includes shifting from subcontracting to direct tenders, including exploring joint ventures with EPC players for bidding direct government projects. - Expansion of teams and departments (tender, planning, costing) supports the strategy toward direct bidding and improved margins.

- Ganesh Infraworld expects double-digit year-on-year revenue growth with a CAGR of 20%-25% over 5 to 7 years. - FY27 revenue target is INR 1,000 crores or more, with PAT expected around INR 90 crores. - Order book has grown significantly with strong momentum in the water infrastructure segment, which currently forms over 35% of the order book. - The company has bid for approximately INR 1,200 crores worth of projects, with over 80% in the water vertical. - Additional participation is expected in INR 2,000-3,000 crores worth of projects during FY26. - Growth is expected to be driven by shift towards higher-margin water infrastructure projects. - Business focus on converting bids to orders is strong, with a historical win rate of around 25%. - Expansion plans include increasing direct orders through joint ventures and own bidding.

- Ganesh Infraworld expects double-digit revenue growth year-on-year with a CAGR of approximately 20%-25% over the long term (5-7 years). - For FY27, the company targets revenues of INR1,000 crores with a PAT of around INR90 crores, reflecting improved profitability. - PAT margins are expected to improve from the current 7.4% to above 8%, potentially reaching 8.5%-9% by FY27 due to the increasing share of higher-margin water infrastructure projects. - The company anticipates margin expansion of about 4% if transitioning from subcontracting to direct government tenders through joint ventures and direct bidding. - Operating margins (EBITDA margin) stood at around 9.7% for FY25, with optimism to revive and improve post current scaling phase. - EPS growth will align with revenue and profit growth driven by strong order inflows and enhanced execution capabilities.

- Current order book stands at INR 891 crores: - Civil infrastructure: approx. INR 444 crores - Road and rail infrastructure: approx. INR 128 crores - Water infrastructure (key focus): approx. INR 318 crores (29x growth YoY) - Bid pipeline/order book for future projects is around INR 1,200 crores, with more than 80% in the water vertical. - The company expects to participate in bids worth INR 2,000 to INR 3,000 crores in FY '25-'26. - Average execution timeline for current orders is 12-18 months. - The company is targeting a revenue of INR 1,000 crores by FY27 with growth supported by continued order inflows and strategic focus on water infrastructure projects.