From Rs 6 to Rs 313! This penny stock delivered multibagger returns since last Diwali!

GHV Infra Projects Ltd (erstwhile Sindu Valley Technologies), a microcap stock with a market capitalisation of a mere Rs 2 crore last Diwali, jumped over 5,300 per cent in Samvat 2081, thanks to big orders wins following nil sales in the past few years.

Small investors, who own up to 2 lakh worth shares, account for just 1.36 per cent stake in this company that is engaged in civil engineering. In September this year, the stock got split from face value of Rs 10 into shares with face value of Rs 5. It also got ex-bonus in the ratio of 3:2. The penny stock stood at Rs 313.60 on Monday against Rs 5.83 apiece last Diwali. 

Data available with exchanges showed the company reported net profit of Rs 17.14 crore for the year ended March 31, 2025, while its net sales stood at Rs 184.88 crore during the same period. This is against nil sales for the past four years. 

The name of the company has been recently changed in December 2024, and a majority shares of the company were acquired by Jahidmohmed H Vijapura a promoter of GHV India, JHV Commercials LLP & Husena Musamji as person acting in concert (PAC). 

GHV Infra's latest annual report is available for FY24, where the company wrote that it was continuously focusing to explore and develop opportunities in the infrastructure sector. Due to slow growth rate in the infrastructure development, the company said it was doing investing activities and the management of the company was building up a team to improve its investment decisions and increases the value of the stakeholders.

GHV Infra said it was actively considering various options of commencing the business of manufacturing and/or marketing of paper and paper products. For that, it expected all the support from its holding company viz. Bhadra Paper Mills Limited.

For FY25 AGM, the company recently received approval from the Registrar of Companies, ROC Mumbai, under Section 96(1) of the Companies Act, 2013, for an extension of time to hold its Annual General Meeting (AGM) by a period of three months.

In September, it received a Letter of Intent (LOI) from GHV (India) Private Limited for Engineering and Construction of Integrated Redevelopment of Railway Station of South Eastern Railway, at Jharkhand. The sub-contract was valued at approximately Rs 120 crore and was to be completed within period of three years from the commencement date, as per the contract. 

Besides, in August 2025, the company received a Letter of Intent (LOI) from Valor Estate Limited for appointing as the engineering, procurement and construction partner for execution of the PAP & Police Housing Project at Malad (East), Mumbai. The project carried an initial scope of Rs 2,000 crore, with a targeted completion period of sixty 
months from commencement. 

In August also, GHV Infra Projects received Letter of Award (LOA) from Rana Exim FZ-LLC for Rs 2,645 crore contract for EPC Development of Industrial & Commercial Buildings at Erisha Smart Manufacturing Hub, Ras Al Khaimah Economic Zone (RAKEZ), UAE. 

The company logged nil sales for FY24 and FY23 and suffered losses of Rs 43.47 lakhs and Rs. 15.60 lakhs, respectively. It, however, hoped to generate revenues in the near future.

In the FY24 annual report, the company had noted that the timely availability of skilled and technical personnel was one of the key challenges.