Infra Stock in Focus After Bagging ₹7,000 Cr International EPC Order in Cameroon

Synopsis:-In a contract that dwarfs its entire trailing twelve-month revenue, GHV Infra Projects Limited has received a Letter of Intent from Cameroon Tyres Factory Project SA for the EPC construction of a greenfield tyre manufacturing plant in Cameroon, valued at €630 million (approximately Rs.7,000 crore) excluding taxes, with a 36-month execution window.

A Mumbai-based infrastructure EPC player has landed an international contract that dwarfs everything it has built so far: a Letter of Intent for constructing a greenfield tyre manufacturing plant in Cameroon. The scale of the mandate relative to the company’s existing size raises an obvious question: Is this a genuine inflection point in its growth trajectory or an execution challenge that will test the limits of its operational bandwidth? 

With a market capitalization of  Rs. 1,929 crore, the shares of GHV Infra Projects Limited were trading at Rs. 268 per share on BSE, with a 52-week range of Rs. 368.50 to Rs. 97.17. It is trading at a P/E of approximately 67x 

The Cameroon Contract: What the LOI Says

The contract covers Engineering, Procurement and Construction of a greenfield tyre manufacturing plant for Cameroon Tyres Factory Project SA at Bekoko, in the Littoral Region of Douala, on a Lump Sum Turnkey (LSTK) basis. The plant is designed to produce 7.6 million tyres per annum, with a total project consideration of €630 million (approximately Rs.7,000 crore excluding taxes) and a completion window of 36 months from the Notice to Proceed.

The LSTK structure deserves attention. Under this model, GHV Infra takes on full design and execution accountability at a fixed price, concentrating both the execution upside and cost-overrun risk squarely within the company. That is a meaningful bet for a company whose total standalone revenue for the nine months ended December 2025 stood at Rs.391.93 crore, meaning this single contract is worth roughly 18 times that figure.

If executed successfully, the upside is transformative. A Rs.7,000 crore international EPC contract would reposition GHV Infra from a domestic mid-scale infrastructure player into a credible cross-border project executor, opening doors to future African and emerging-market mandates. It would also bring sustained revenue visibility across three fiscal years, given the 36-month execution timeline.

The harder question is execution readiness: whether the company’s project management bandwidth, procurement depth, and balance sheet strength can absorb a contract of this magnitude without operational strain. That is the variable investors should be watching most closely.

Business Overview

GHV Infra Projects Limited, formerly known as Sindu Valley Technologies Limited, is a Mumbai-based infrastructure and construction company incorporated in 1976. It operates across transportation infrastructure, water management, building construction, industrial development, and energy sectors, with a growing international footprint through its wholly owned UAE subsidiary, GHV Infra FZ-LLC.

For Q3 FY26, the company reported standalone revenue from operations of Rs.127.71 crore against Rs.18.45 crore in the year-ago quarter, a sharp acceleration reflecting order execution picking up pace. Net profit stood at Rs.6.48 crore, up from Rs.2.96 crore in Q3 FY25, while profit before tax came in at Rs.8.53 crore. On a nine-month basis, standalone revenue reached Rs.391.93 crore against Rs.19.51 crore in 9M FY25, with PAT for the period at Rs.22.42 crore.

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