G R Infraprojects Ltd Q4 FY26 Earnings Analysis

- For Q4 fiscal 2026, revenue is expected around INR3,000 crores, marking over 20% YoY growth mainly due to ramp-up in oil and gas sector. - FY 2027 revenue growth is targeted at 10-15%, supported by diversification and execution momentum. - Oil and gas sector revenue is expected to exceed INR1,000 crores in FY 2027, up from around INR500 crore in Q4 FY 2026. - Order inflow target for FY 2027 is over INR20,000 crores, including INR4,000-5,000 crores from oil and gas, INR10,000-15,000 crores from highway projects, and about INR3,000 crores from power transmission and other sectors. - Execution in ongoing projects like Pune MSRDC and BharatNet are expected to pick up, contributing to revenues. - The company is focusing on broadening participation across infrastructure sectors to sustain growth.

- FY '27 revenue growth targeted at 10-15% driven by diversified sectors including oil & gas, highway, power transmission, and hydro tunnelling. - Q4 FY '26 revenue guidance at around INR3,000 crores with anticipated strong execution momentum. - Oil & gas sector expected to contribute over INR1,000 crores revenue in FY '27, up from INR500-600 crores in current year. - Order inflows for FY '27 expected above INR20,000 crores, with INR4,000-5,000 crores from oil & gas, INR10,000-15,000 crores from highways, plus power transmission and other sectors. - EBITDA margin targeted to remain stable at 10-12%, with possibility of reaching ~13% next year. - Profit after tax expected to benefit from strong execution and sectoral diversification. - Equity infusion around INR1,000 crores yearly over next 2-3 years to support growth. - Execution of large projects, new sector entries, and government infrastructure push to drive growth in earnings and EPS.

- No immediate capex planned for new machinery in oil & gas sector; currently leasing equipment until order visibility improves (Page 15). - Total capex for FY '26 is about INR98 crores; estimated capex for FY '27 ranges between INR100 crores to INR125 crores (Page 11). - Equity investment of INR967 crores needed in T&D over next 2 years, with INR10-15 crores in FY '26 and about 40% (around INR400 crores) in FY '27, remaining 60% in FY '28 (Page 15). - Overall equity infusion of around INR500 crores targeted in Q4 FY '26, including T&D, HAM, BESS, and ropeway projects (Page 11). - Post this infusion, approximately INR2,500 crores equity investment remains, with an expectation of about INR1,000 crores equity infusion yearly over next 2-3 years (Page 11).

- The company plans equity infusion of approximately INR500 crores in Q4 of the current fiscal year (FY '26). - A further INR1,000 crores equity infusion is expected annually over the next 2 to 3 years. - Equity infusion includes investments for T&D, HAM, BESS, ropeway, and other projects. - The total balance equity contribution required from HAM/BOT projects is INR3,044 crores. - No specific new debt fundraising is mentioned; the company has reduced debt by INR262 crores recently, achieving a low debt-to-equity ratio of 0.03 at stand-alone level. - Capex for the current and next year is estimated between INR98 crores to INR125 crores annually, primarily funded through internal accruals or leasing. - No immediate plans for capex-related equity issuance unless order visibility improves.

- Current order backlog as of December (excluding oil and gas): approx. INR20,000 crores (includes INR400-500 crores of additional oil and gas orders) - Total order inflow expected for FY '27: over INR20,000 crores, including - INR10,000 to INR15,000 crores from highway sector - INR4,000 to INR5,000 crores from oil and gas - INR3,000 crores from power transmission, hydro tunneling, metro projects, and others - Oil and gas current order book: close to INR2,000 crores, targeting INR4,000-5,000 crores in FY '27 - Order inflow target for FY '26: around INR10,000 crores (with some delays due to modified contracts and environment) - Pipeline of projects visible pipeline > INR60,000 crores expected to be bid over next months (mostly highway and railway) - Equity infusion planned: around INR500 crores in Q4 FY '26, INR1,000 crores annually thereafter for new orders and projects