GHV Infra Q2 FY27: consol PAT +55% YoY to ₹17.4 Cr, revenue +63%; UAE loss trims margin

GHV Infra Projects (formerly Sindu Valley Technologies) reported consolidated PAT of ₹17.38 Cr for Q2 FY27, up 55% year-on-year from ₹11.22 Cr (standalone basis, since no consolidated comparative exists for the year-ago quarter), on revenue from operations of ₹300.08 Cr, up 63% YoY and 37% sequentially from ₹218.60 Cr in Q1 FY27. Standalone PAT grew faster, +64% YoY to ₹18.38 Cr, almost exactly tracking the revenue growth rate — the gap to the consolidated print is explained entirely by scope: GHV Infra FZ-LLC and GHV Infra Inc., the company's two overseas subsidiaries (unreviewed, per the auditor's note), posted a combined net loss after tax of ₹1.10 Cr for the quarter. Consolidated net profit margin came in at 5.79%, down 31 bps from 6.10% a year ago even as it expanded sharply from 3.36% in Q1 FY27 — so the YoY softness is a consolidation-scope effect, not a deterioration in the core standalone business, where margins were flat YoY.

The quarter's most consequential development outside the P&L is the termination of the EPC contract for the Erisha Smart Manufacturing Hub at RAKEZ, UAE, held through subsidiary GHV Infra FZ-LLC — concluded in the fourth week of September 2026 after prolonged approval delays and geopolitical uncertainty in West Asia. Management has booked no provision, stating the financial implications "cannot presently be determined with reasonable certainty," which keeps this a live contingency to track into Q3. Separately, the paid-up equity base rose from ₹36.04 Cr to ₹40.20 Cr after the promoter entity JHV Commercials LLP converted the balance of its ₹50 Cr warrant allotment (16.17 lakh warrants into 83.33 lakh shares), which dilutes the read-through from PAT growth to EPS growth — consolidated diluted EPS of ₹2.11 is up from ₹0.97 in Q1 FY27 but the share count is now larger than a year ago.

The stock went into the print at ₹239.4, down 14.5% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters; revenue is at a 6-quarter high.

Results day also brought a CFO transition — Mr. Salim Yahoo, a 30-year finance veteran (ex-CRISIL, HDFC Bank, Axis Bank), was appointed CFO on October 22, 2026, a day after the prior CFO's resignation, alongside the resignation of independent director Ravi Kumar Seth. We hold no prior formal guidance or concall read for this company and found no published Street estimates specific to this quarter, so vsGuidance and vsStreet are both unknown; management's own results press release was not available for this filing.