NSE: GRINFRA · BSE: 543317
G R INFRAPROJECTS LIMITED
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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Segment revenue, FY26
| 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 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,04,226 | 30.4 | 3.92 | 18.4 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 37,739 | 42.0 | 3.84 | 27.2 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 22,629 | 19.9 | 2.93 | 10.3 | 13.3 | 15.0 | 16.0 | 10.0 |
| CEMINDIA PROJECTS LIMITED | 20,566 | 34.2 | 8.57 | 17.5 | 24.9 | 31.7 | 29.8 | 10.5 |
| IRB INFRA DEV LTD. | 19,228 | 14.7 | 0.92 | 9.4 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 19,035 | 25.7 | 5.92 | 15.5 | 23.1 | 29.7 | 13.5 | 9.6 |
| ENGINEERS INDIA LTD | 14,062 | 17.9 | 4.47 | 15.7 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 9,758 | 22.6 | 2.35 | 16.0 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.2 | 13.5 | 24 of 101 | 77% |
| P/B | 0.8 | 1.2 | 25 of 85 | 71% |
| ROCE | 8.9 | 10.0 | 58 of 107 | 46% |
| ROE | 9.6 | 9.1 | 41 of 87 | 54% |
| Debt / Equity | 0.5 | 0.4 | 57 of 87 | 35% |
| 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 | 7354 | 465 | 14 of 107 | 88% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · G R Infraprojects: High Court Quashes GST Show Cause Notice | regulatory legal | high | — | — |
| 15 Oct 2026 · Subsidiary executes concession agreement for MMLP Varanasi project worth Rs 91.60 Cr | business updates | high | — | — |
| 14 Oct 2026 · Two executives re-categorised as Senior Management Personnel | management changes | medium | — | — |
| 6 Oct 2026 · Quarterly compliance certificate for dematerialisation of securities | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 till Q2 FY26 results are declared | compliance | minimal | — | — |
| 25 Sept 2026 · G R Infraprojects challenges GST show cause notice in MP High Court | regulatory legal | high | — | — |
| 18 Sept 2026 · G R Infraprojects gets appointed date for Rs 4,263 cr NHAI highway project | business updates | high | — | — |
| 17 Sept 2026 · NTPC invokes about Rs 91 crore guarantees against G R Infra | business updates | high | — | — |
| 16 Sept 2026 · GR Infraprojects terminates NTPC BESS EPC contract at Mouda | business updates | high | — | — |
| 26 Aug 2026 · G R Infraprojects receives GST show cause notice | regulatory legal | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | 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 |
Sources, method and disclosures
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.