Constructs and operates highways, expressways and bridges in India, primarily under Hybrid Annuity Mode (HAM) and Build-Operate-Transfer (BOT) models with government clients. The BOT/Annuity segment, which builds roads and then collects tolls or annuity payments from the government, is the largest at 65.2% of segment revenue (₹5,476.09 crore), followed by Engineering, Procurement and Construction (EPC) contracts at 27.7% (₹2,324.84 crore), and Others at 7.1% (₹597.68 crore). FY26 consolidated revenue was ₹8,398.62 crore with an EBITDA margin of 23.39%, while the standalone order book stood at ₹26,470 crore, of which ₹10,700 crore was added during the year. Five HAM projects received Provisional Completion Certificates in FY26, and four HAM assets were monetised to the Indus Infra Trust for ₹321 crore. The company is diversifying beyond road work into power transmission, tunnels, oil & gas, and logistics/warehousing. The biggest input cost is bitumen and diesel, which account for roughly 40% of road construction cost. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Build, Operate and Transfer (BOT)/ Annuity Projects (65%), Engineering, Procurement and Construction (EPC) (28%), Others (7%). Asset-heavy civil construction with a long-gestation hybrid annuity and toll-road portfolio
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 8,458 | 9,482 | 8,980 | 7,395 | 8,399 |
| EBITDA (ex other income) | 1,734 | 2,554 | 2,435 | 1,834 | 1,836 |
| margin % | 20.5 | 26.9 | 27.1 | 24.8 | 21.9 |
| Owners' profit | 832 | 1,454 | 0 | 1,015 | 903 |
| EPS, as reported (₹) | 86.04 | 150.42 | 136.90 | 104.88 | 93.31 |
| ROE % · ROCE % | 17.3 · 16.0 | 23.2 · 20.7 | 17.4 · 20.8 | 11.9 · 13.5 | 9.6 · 12.5 |
| Debt / equity (x) | 1.09 | 0.91 | 0.50 | 0.58 | 0.52 |
| Cash from operations | 148 | 184 | (1,592) | (2,032) | (2,811) |
| Capex | (435) | (297) | (118) | (156) | (232) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,394 | 1,695 | 2,276 | 1,988 | 1,602 | 2,308 | 2,500 | 2,784 |
| Profit before tax | 260 | 350 | 504 | 321 | 260 | 356 | 320 | 480 |
| Net profit | 194 | 263 | 403 | 244 | 190 | 259 | 210 | 358 |
| EPS (₹) | 19.99 | 27.06 | 41.75 | 25.23 | 19.91 | 26.79 | 21.39 | 36.93 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Engineering, Procurement and Construction (EPC) | 1,133 | 13.5 |
| Build, Operate and Transfer (BOT)/ Annuity Projects | 3,917 | 46.6 |
| Others | 598 | 7.1 |
| Engineering, Procurement and Construction | 1,192 | 14.2 |
| Build, operate and transfer (BOT)/ Annuity Projects | 1,559 | 18.6 |
| Total, before eliminations | 8,399 | 100.0 |
| Company | M.cap ₹ cr |
|---|
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 26 Aug 2026 · G R Infraprojects receives GST show cause notice | regulatory legal | high | — | — |
| 18 Aug 2026 · Subsidiary loses GST writ petition in Rajasthan High Court | regulatory legal | high | — | — |
| 13 Aug 2026 · G R Infraprojects gets Rs 91.60 Cr LoA for Varanasi MMLP | business updates | high | — | — |
| 10 Aug 2026 · Q1 FY27 earnings call: revenue up 32.7%, margins dip, order book at INR25,300 crores | investor communications | medium | — | — |
| 7 Aug 2026 · G R Infraprojects wins Rs.91.60 Cr MMLP Varanasi project on DBFOT basis | business updates | high | — | — |
| 7 Aug 2026 · Q1 FY27 earnings call audio recording uploaded on website | investor communications | low | — | — |
| 7 Aug 2026 · Newspaper publication of Q1 FY27 financial results filed with BSE and NSE | compliance | minimal | — | — |
| 6 Aug 2026 · GR Infra Q1 FY27 Results: Revenue up 28% YoY, Order Book at Rs 25,319 Cr | investor communications | medium | — | — |
| 6 Aug 2026 · GR Infra Q1 FY27: consolidated revenue up 40 percent, PAT up 46 percent on exceptional gain | results | high | — | — |
| 6 Aug 2026 · Q1 FY27: Revenue up 33% YoY at Rs 2,423 cr, PAT at Rs 204 cr standalone | results | high | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| P/E |
|---|
| P/B |
|---|
| EV/EBITDA |
|---|
| ROE % |
|---|
| ROCE % |
|---|
| Rev CAGR 5y % |
|---|
| EBITDA m. % |
|---|
| LARSEN & TOUBRO LTD. | 5,40,766 | 32.6 | 4.21 | 19.5 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 42,722 | 47.5 | 4.35 | 30.4 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 24,541 | 21.6 | 3.17 | 11.1 | 13.3 | 15.0 | 16.0 | 10.0 |
| IRB INFRA DEV LTD. | 23,770 | 18.2 | 1.13 | 10.5 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 22,383 | 30.3 | 6.96 | 18.8 | 23.1 | 29.7 | 13.5 | 9.6 |
| CEMINDIA PROJECTS LIMITED | 21,472 | 35.7 | 8.95 | 18.2 | 24.9 | 31.7 | 29.8 | 10.5 |
| ENGINEERS INDIA LTD | 15,144 | 19.3 | 4.81 | 16.9 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 11,339 | 26.3 | 2.73 | 18.6 | 11.4 | 12.4 | 29.6 | 20.4 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 8.1 | 14.9 | 24 of 107 | 78% |
| P/B | 0.9 | 1.4 | 23 of 86 | 74% |
| ROCE | 8.9 | 10.0 | 59 of 109 | 46% |
| ROE | 9.6 | 9.2 | 44 of 91 | 52% |
| Debt / Equity | 0.5 | 0.3 | 61 of 91 | 33% |
| EBITDA margin | 22.6 | 12.4 | 14 of 88 | 85% |
| Revenue growth | 40.1 | 6.2 | 15 of 86 | 84% |
| Profit growth | 46.4 | 2.7 | 20 of 84 | 77% |
| Market cap | 8248 | 485 | 15 of 108 | 87% |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
