NSE: GPTINFRA · BSE: 533761
GPT INFRAPROJECTS LTD
Builds civil infrastructure for Indian railways and highways under engineering, procurement and construction (EPC) and hybrid annuity (HAM) contracts, with a smaller concrete sleeper manufacturing line. The Infrastructure segment, which contributed 93.7% of FY26 segment revenue at Rs 1,150.85 crore, covers railway bridges, elevated corridors, signalling works and highway projects executed for government clients such as NHAI, Indian Railways and PGCIL; the Concrete Sleeper segment, at 6.3% of segment revenue and Rs 77.4 crore, supplies pre-stressed concrete (PSC) sleepers to railway divisions in India and from a facility in Ghana. FY26 inflow was a record Rs 2,422 crore and the closing order book stood at Rs 4,476 crore, roughly 3.5x FY26 revenue. The order book spans railway, highway and power EPC work, with new wins covering railway bridges, sleeper supplies and a Power EPC entry via a PGCIL contract. Material inputs are the largest cost line at 39.8% of FY26 revenue, followed by other operating expenses at 40.9%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Infrastructure (94%), Concrete Sleeper (6%). Asset-heavy civil construction and EPC contractor with railway focus
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 675 | 809 | 1,018 | 1,188 | 1,290 |
| EBITDA (ex other income) | 84 | 87 | 121 | 136 | 174 |
| margin % | 12.5 | 10.8 | 11.9 | 11.4 | 13.5 |
| Owners' profit | 23 | 30 | 56 | 80 | 97 |
| EPS, as reported (₹) | 8.37 | 5.40 | 9.94 | 6.55 | 7.70 |
| ROE % · ROCE % | 8.9 · 19.4 | 10.7 · 20.5 | 18.5 · 31.0 | 14.3 · 21.2 | 16.4 · 20.9 |
| Debt / equity (x) | 0.98 | 0.88 | 0.63 | 0.25 | 0.50 |
| Cash from operations | 72 | 119 | 113 | 29 | 64 |
| Capex | (13) | (57) | (13) | (61) | (55) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 278 | 381 | 313 | 279 | 284 | 415 | 302 | 291 |
| Profit before tax | 27 | 29 | 33 | 29 | 27 | 41 | 32 | 23 |
| Net profit | 21 | 22 | 25 | 21 | 20 | 30 | 24 | 18 |
| EPS (₹) | 1.71 | 1.93 | 1.86 | 1.72 | 1.60 | 2.52 | 1.95 | 1.44 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Infrastructure | 1,183 | 91.5 |
| Concrete Sleeper | 109 | 8.5 |
| Total, before eliminations | 1,292 | 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. | 5,66,554 | 31.7 | 4.25 | 23.1 | 8.2 | 6.5 | 16.0 | 8.7 |
| RAIL VIKAS NIGAM LIMITED | 40,312 | 44.9 | 4.11 | 58.1 | 8.9 | 7.5 | 5.8 | 4.3 |
| KALPATARU PROJECT INT LTD | 23,345 | 19.7 | 2.70 | 11.2 | 7.0 | 8.5 | 16.0 | 8.3 |
| CEMINDIA PROJECTS LIMITED | 23,262 | 37.3 | 8.88 | 23.1 | 10.4 | 13.3 | 29.8 | 9.7 |
| NBCC (INDIA) LIMITED | 21,060 | 26.6 | 6.18 | 28.5 | 10.8 | 13.5 | 13.5 | 6.6 |
| IRB INFRA DEV LTD. | 20,581 | 15.9 | 0.97 | 10.1 | 2.7 | 1.6 | 7.6 | 55.6 |
| ENGINEERS INDIA LTD | 16,440 | 18.3 | 4.92 | 23.5 | 10.6 | 10.9 | 4.6 | 21.0 |
| TECHNO ELEC & ENG CO. LTD | 10,828 | 25.1 | 2.60 | 23.5 | 11.4 | 12.4 | 29.6 | 15.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.7 | 13.5 | 55 of 102 | 47% |
| P/B | 2.3 | 1.3 | 61 of 85 | 29% |
| ROCE | 6.5 | 6.3 | 48 of 98 | 52% |
| ROE | 6.8 | 6.4 | 39 of 84 | 54% |
| Debt / Equity | 0.5 | 0.4 | 55 of 87 | 37% |
| EBITDA margin | 14.2 | 10.3 | 34 of 105 | 68% |
| Revenue growth | 4.6 | 7.5 | 46 of 86 | 47% |
| Profit growth | (17.9) | 17.3 | 56 of 83 | 33% |
| Market cap | 1396 | 509 | 39 of 107 | 64% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 5 Nov 2026 · GPT Infra shares Q2 and H1 FY27 earnings call recording | investor communications | low | — | — |
| 5 Nov 2026 · GPT Q2 profit Rs 19.95 crore; Rs 1 interim dividend declared | compliance | minimal | — | — |
| 4 Nov 2026 · Interim dividend of Rs 1 per share declared for FY2026-27 | corporate actions | high | — | — |
| 4 Nov 2026 · Q2 FY27 order book reaches Rs 5,373 crore as first-half profit falls | investor communications | medium | — | — |
| 4 Nov 2026 · Q2 FY27 profit falls 16.3% as revenue rises 4.6% and backlog reaches Rs 5,373 crore | compliance | low | — | — |
| 4 Nov 2026 · Standalone September 2026 quarter: revenue up 2%, profit after tax down 5%, margin widens | results | high | — | — |
| 4 Nov 2026 · Q2 results approved; 10% interim dividend declared | board shareholder meetings | low | — | — |
| 2 Nov 2026 · Investor call set for November 5 to discuss Q2 and H1 FY27 results | board shareholder meetings | low | — | — |
| 27 Oct 2026 · Board to approve Q2 and half-year results on November 4, 2026 | results | low | — | — |
| 27 Oct 2026 · GPT Infraprojects appoints Cygnus Partners as investor relations adviser | general | low | — | — |
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.