Any current/future new fundraising through debt or equity?

The company expects a total equity infusion of around Rs. 2,000 crores for ongoing projects, with Rs. 600 crores expected to be invested in the current year (Q1 FY25). No explicit mention of new fundraising through debt or equity is made beyond this planned equity infusion. The total standalone borrowing outstanding at the end of June 2024 stands at Rs. 840 crores, with a low debt-to-equity ratio of 0.11x. Consolidated borrowing is around Rs. 4,528 crores with debt-to-equity of 0.58x. No additional debt or equity fundraising plans are stated in the call for FY25; focus seems on managing existi

Any current/future capex/capital investment/strategic investment?

Q1 FY25 CAPEX done: ~Rs. 21 crores. Full year FY25 CAPEX target: Not more than Rs. 150 crores. Rs. 100-150 crores of this CAPEX expected to be for office building construction, possibly spread over 1-2 years. Depending on construction speed, total CAPEX on the building may increase to Rs. 150-200 crores. No immediate plans for CAPEX beyond existing machinery; relying on current machinery for upcoming revenue growth. Equity infusion expected: Rs. 600 crores in current year towards ongoing HAM projects; total equity needed around Rs. 2,000 crores. No fixed bidding strategy yet for projects, but

Future growth expectations in sales/revenue/volumes?

FY '25 revenue expected to be flattish, with possible +/- 5% growth depending on EPC projects start timings. FY '26 revenue growth guidance is broadly 10% to 20%, with 10%-15% mentioned specifically. Growth contingent on receipt and start of new orders, especially EPC projects and appointed dates (e.g., MSRDC project). From Rs. 7,000 crores of orders awaiting appointed date, approximately 30%-35% could convert to revenue in FY '26. Executable order book of Rs. 8,500 crores expected to be completed by FY '26. Order inflow target for FY '25 is Rs. 20,000 crores, including Rs. 5,000-7,000 crores

Future growth expectations in earnings/operating earnings/profits/EPS?

**Revenue Growth:** Expected flattish revenue for FY25 with potential 5% positive growth if new EPC projects start early; targeting double-digit growth (10%-20%) in FY26 depending on project inflows and timing. **EBITDA Margin:** Current quarter standalone margin at 13%, down from 14.62%; expected to remain around 12%-13% in near term; potential to return to 14%-15% range with growth resumption. **Order Inflow:** Targeting Rs. 20,000 crores in orders for FY25, with Rs. 5,000-7,000 crores from non-road sectors; new Rs. 7,000 crores order book awaiting appointed dates with ~30%-35% convertin

Current/ Expected Orderbook/ Pending Orders?

Current order book as of June 30, 2024: Approximately Rs. 19,075 crores, including two EPC road projects in Maharashtra with L1 status. Out of this, Rs. 7,000 crores worth of seven projects are awaiting appointed dates, expected by Q2 or Q3 FY25. About Rs. 4,000 crores of projects are at L1 stage but not yet started. Total pending projects (awaiting appointed date + L1) roughly Rs. 11,000-11,400 crores. The company is targeting total order inflow of Rs. 20,000 crores for FY25. Rs. 2.6 lakh crores pipeline exists across highway, railway, metro, transmission, tunnel, hydro, multimodal logistics.

G R Infraprojects LtdQ1 FY25Construction

G R Infraprojects Ltd Q1 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹790P/E: 8.4Market Cap: ₹7.9K CrSector: Construction

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

Capex

Yes

2 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3

FY '25 revenue expected to be flattish, with possible +/- 5% growth depending on EPC projects start timings.
FY '26 revenue growth guidance is broadly 10% to 20%, with 10%-15% mentioned specifically.
Growth contingent on receipt and start of new orders, especially EPC projects and appointed dates (e.g., MSRDC project).
From Rs. 7,000 crores of orders awaiting appointed date, approximately 30%-35% could convert to revenue in FY '26.
Executable order book of Rs. 8,500 crores expected to be completed by FY '26.
Order inflow target for FY '25 is Rs. 20,000 crores, including Rs. 5,000-7,000 crores from non-road sectors.
Growth depends on bidding success and timing of appointed dates; delays may reduce growth.
Focus on diversifying portfolio (road, railway, metro, transmission) to sustain double-digit growth over the medium term.

Margin guidance

Category 3

Revenue Growth: Expected flattish revenue for FY25 with potential 5% positive growth if new EPC projects start early; targeting double-digit growth (10%-20%) in FY26 depending on project inflows and timing.
EBITDA Margin: Current quarter standalone margin at 13%, down from 14.62%; expected to remain around 12%-13% in near term; potential to return to 14%-15% range with growth resumption.
Order Inflow: Targeting Rs. 20,000 crores in orders for FY25, with Rs. 5,000-7,000 crores from non-road sectors; new Rs. 7,000 crores order book awaiting appointed dates with ~30%-35% converting to revenue in FY26.
Other Income: Expecting Rs. 300-350 crores in other income (including InvIT dividends) annually.
EPS and Profit: Profit margins slightly pressure due to delayed projects but aim to maintain steady PAT margins; growth in EPS expected with order execution in FY26 and beyond.
Strategic Focus: Diversifying into railway, transmission, ropeways, and tunneling to improve margins and growth quality.

See what G R Infraprojects Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

The company expects a total equity infusion of around Rs. 2,000 crores for ongoing projects, with Rs. 600 crores expected to be invested in the current year (Q1 FY25).
No explicit mention of new fundraising through debt or equity is made beyond this planned equity infusion.
The total standalone borrowing outstanding at the end of June 2024 stands at Rs. 840 crores, with a low debt-to-equity ratio of 0.11x.
Consolidated borrowing is around Rs. 4,528 crores with debt-to-equity of 0.58x.
No additional debt or equity fundraising plans are stated in the call for FY25; focus seems on managing existing capital and equity infusion for HAM projects.
Future capital expenditure is planned around Rs. 150-200 crores for office building and machinery, to be funded internally.

Order book

Current order book as of June 30, 2024: Approximately Rs. 19,075 crores, including two EPC road projects in Maharashtra with L1 status.
Out of this, Rs. 7,000 crores worth of seven projects are awaiting appointed dates, expected by Q2 or Q3 FY25.
About Rs. 4,000 crores of projects are at L1 stage but not yet started.
Total pending projects (awaiting appointed date + L1) roughly Rs. 11,000-11,400 crores.
The company is targeting total order inflow of Rs. 20,000 crores for FY25.
Rs. 2.6 lakh crores pipeline exists across highway, railway, metro, transmission, tunnel, hydro, multimodal logistics.
Of Rs. 7,000 crores awaiting appointed date projects, 30%-35% expected to convert to revenue in FY26.
Executable order book of Rs. 8,500 crores expected to be completed by FY26.

See what G R Infraprojects Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Q1 FY25 CAPEX done: ~Rs. 21 crores.
Full year FY25 CAPEX target: Not more than Rs. 150 crores.
Rs. 100-150 crores of this CAPEX expected to be for office building construction, possibly spread over 1-2 years.
Depending on construction speed, total CAPEX on the building may increase to Rs. 150-200 crores.
No immediate plans for CAPEX beyond existing machinery; relying on current machinery for upcoming revenue growth.
Equity infusion expected: Rs. 600 crores in current year towards ongoing HAM projects; total equity needed around Rs. 2,000 crores.
No fixed bidding strategy yet for projects, but targeted order inflow around Rs. 20,000 crores expected, including both road and non-road projects.
Strategic diversification into other sectors underway, with cautious initial bidding to understand new sector dynamics.

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G R Infraprojects Ltd Q1 FY25 Earnings Call Analysis

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