G R Infraprojects Ltd(GRINFRA)

NSE: GRINFRABSE: 543317

₹ 794.85+4.46%refreshed 23 Oct, 03:51 pm ISTMarket cap: ₹ 7,691 crWebsite: www.grinfra.comUpdated: 24 Oct 2026

About

G R Infraprojects Ltd is an Indian civil construction company executing highways, tunnels, power transmission, oil & gas EPC, and telecom infrastructure projects. In FY26, consolidated revenue reached INR8,398.62 cr, with an order book of INR26,470 cr at year-end. The company operates across three reported segments - BOT/Annuity, EPC, and Others - and monetises completed road assets through its InvIT vehicle, Indus Infra Trust.^[1][2][3]

Business segments

BOT/Annuity Projects: 65.2% of consolidated revenue (INR5,476.09 cr) in FY26, with EBIT margin of 21.6%.^[3]
EPC segment: 27.7% of consolidated revenue (INR2,324.84 cr) in FY26, with EBIT margin of 12.6%; its share fell 36.4 percentage points over FY2022 - FY2026.^[3]
Others segment: 7.1% of consolidated revenue (INR597.68 cr) in FY26, with EBIT margin of 18.2%.^[3]

Order book and inflows

Order book stood at ~INR25,300 cr as of 1 July 2026, with bids of ~INR32,000 cr yet to be opened (transportation INR28,000 cr, hydro/tunnel INR4,000 cr).^[4]
FY26 total new order inflows were INR10,700 cr; Q4 FY26 contributed ~INR5,500 cr (one tunnel project and two HAM road projects). The transport BU order book grew ~25% during FY26.^[2]
FY27 total order inflow target is INR20,000 - 22,000 cr, with roads/transport component ~INR14,000 cr.^[4]

Key operating numbers

Standalone revenue from operations: INR2,423 cr in Q1 FY27, up 32.71% YoY vs INR1,826 cr in Q1 FY26; full-year FY26 standalone was INR7,620 cr, up 17% YoY.^[4][2]
Standalone EBITDA margin: 11.02% in Q1 FY27, down from 12.65% in Q1 FY26; FY26 full-year was ~11% (10.90%), down from 13.88% in FY25.^[4][2]
Net working capital days: 148 days at June 2026, up from 128 days at March 2026 and 109 days at June 2025; rise driven by oil & gas trade receivables released only on project completion.^[4]
Standalone debt-to-equity: 0.03x in Q1 FY27; consolidated debt-to-equity: 0.55x in Q1 FY27.^[4]

Segment operations - highways and tunnels

Five HAM projects received Provisional Certificate of Completion (PCOD) in FY26. Three projects - Agra-Gwalior DBFOT, Mokama-Mugerlink HAM, and Umarpada-Malotha HAM - were still awaiting appointed dates as of the Q4 FY26 call.^[2]
Remaining equity commitment to HAM/BOT/T&D SPVs stood at INR3,346 cr as of Q1 FY27; FY27 SPV equity infusion is targeted at INR900 - 1,000 cr.^[4]

Segment operations - power transmission & distribution

T&D segment revenue: ~INR110 cr in Q1 FY27, up from ~INR75 cr in Q1 FY26.^[4]
Company won a power transmission and distribution project of INR3,136 cr in Q2 FY26 and a Battery Energy Storage System project of INR414 cr for NTPC in Q3 FY26.^[5][6]
Transmission tower manufacturing facility is being expanded in-house to address supply chain delays.^[4]

Segment operations - oil & gas EPC

Oil & gas EPC (offshore pipeline laying, platform modification) reported INR270 cr in Q1 FY27; full-year FY27 target is INR1,000 cr+. Segment contributed ~INR400 - 450 cr in Q4 FY26.^[4][2]
Two oil & gas projects are under execution as of Q1 FY27; trade receivables from these are released only upon project completion, expected May 2027.^[4]

HAM asset monetisation via InvIT

13 operational HAM assets have been transferred to Indus Infra Trust as of Q1 FY27. Four transfers occurred in FY26 for total consideration of INR321 cr, recording an exceptional gain of INR253 cr.^[4][2]
Q1 FY27 InvIT distribution received was ~INR70 cr (as capital repayment). Annual distribution income from InvIT is expected at INR200 - 250 cr per year.^[4][2]
Management targets at least 3 - 4 further HAM asset transfers to Indus Infra Trust in FY27.^[4]

Expansion and capex

FY27 standalone capex (excluding SPV equity) is guided at ~INR300 cr, a step-up from prior ~INR100 cr, driven by tunnelling and power transmission equipment.^[2]
Warehousing/logistics: planning INR450 - 500 cr equity deployment in FY27; INR130 cr already deployed as of Q1 FY27. Total INR600 - 700 cr equity investment in MMLP assets planned over three years.^[4][2]
BharatNet OFC project: O&M activities have started, but new capex work is pending Right-of-Way approvals expected in October 2026; management targets ~INR400 cr revenue in FY27 (INR300 cr capex-side + O&M).^[4]

Market Cap

₹7,691 Cr

High / Low

₹1,209 / 738

Stock P/E

7.5

Price / Book

0.8

Book Value

₹969

EPS

₹93.3

No. of Shares

9.68 Cr

ROCE

12.4%

ROE

10.1%

OPM

20.2%

Debt / Equity

0.52

Sales

₹8,399 Cr

Net Profit

₹903 Cr

Promoter holding

74.7%

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G R Infraprojects Ltd(GRINFRA)

About

Business segments

Order book and inflows

Key operating numbers

Segment operations - highways and tunnels

Segment operations - power transmission & distribution

Segment operations - oil & gas EPC

HAM asset monetisation via InvIT

Expansion and capex

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