Current/ Expected Orderbook/ Pending Orders?

Current order book stands at approximately INR 23,700 crores. As of the date, 24 projects worth around INR 15,000 crores are under execution. One DBFOT project worth INR 3,700 crores (spanning Rajasthan, UP, MP) is awaiting appointed date. Bids worth approximately INR 7,300 crores are yet to be opened, including 2 highway, 2 railway, and 1 power transmission project. Expected fresh order inflows for FY '26 are targeted at INR 22,000 crores. Order intake from transmission projects is expected in the range of INR 3,000 to 4,000 crores for FY '26. The company is optimistic about achieving order i

Any current/future new fundraising through debt or equity?

Outstanding equity commitment is around INR 2,600-2,700 crores mainly for operational HAM or BOT projects. For fiscal year 2026, the company expects to invest around INR 600-800 crores of this equity; the balance will be invested over the next two years. Outstanding consolidated borrowings at the end of fiscal 2025 were INR 5,371 crores with a debt-to-equity ratio of 0.61x. The company repaid INR 137 crores of debt in Q1 FY26, resulting in an improved debt-equity ratio of 0.04 on the standalone basis. No explicit announcements regarding new debt or equity fundraising were made, but the focus r

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

Planned capex for the full year FY26 is in the range of INR 100 crores. Current equity commitment outstanding is approximately INR 2,600-2,700 crores. So far in FY26, INR 300 crores of equity has been invested, with an expected further investment of INR 600-800 crores in the same year. The remaining equity commitments are expected to be invested over the next two years, at around INR 1,000 crores per year. The company is continuously exploring and investing in infrastructure projects, focusing on captive projects initially but open to monetizing or third-party projects as capacity allo

Future growth expectations in sales/revenue/volumes?

FY '26 revenue from operations was INR1,826 crores (stand-alone), a slight YoY decline due to new project execution ramp-up. Order inflow target for FY '26 is INR22,000 crores; FY '27 target is INR30,000 crores, indicating strong growth. Revenue growth for FY '27 is expected to be 15%-20%, with 10%-15% growth projected for FY '26. Execution ramp-up and new orders will likely lead to accelerated revenue growth by FY '28. The large project pipeline in highways (INR1.4 lakh crores focus), transmission (~INR3,000-4,000 crores), rail, metro, and hydro sectors is expected to support sustained top-li

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

Revenue growth is expected to be 15%-20% for FY '27, with potential for over 20% growth if good project orders continue. Current year (FY '26) revenue may see at least 10% to 15% growth. EBITDA margins are anticipated to remain in the 12%-13% to 15% range, with improvements possible beyond FY '27 if high growth and favorable order mix continue. Profit after tax at consolidated level increased significantly to INR244 crores in Q1 FY '26 from INR156 crores in Q1 FY '25, indicating improving profitability. The company expects steady order inflows (INR22,000 crores in FY '26 and a possible INR30,0

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G R Infraprojects LtdQ2 FY25Construction

G R Infraprojects Ltd Q2 FY25 Earnings Call Analysis

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

Price: ₹926P/E: 10.4Market Cap: ₹9.0K CrSector: Construction

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→FY '26 revenue from operations was INR1,826 crores (stand-alone), a slight YoY decline due to new project execution ramp-up.
→Order inflow target for FY '26 is INR22,000 crores; FY '27 target is INR30,000 crores, indicating strong growth.
→Revenue growth for FY '27 is expected to be 15%-20%, with 10%-15% growth projected for FY '26.
→Execution ramp-up and new orders will likely lead to accelerated revenue growth by FY '28.
→The large project pipeline in highways (INR1.4 lakh crores focus), transmission (~INR3,000-4,000 crores), rail, metro, and hydro sectors is expected to support sustained top-line growth.
→Expansion in transmission and T&D expected with order inflows of INR3,000-5,000 crores.
→Execution challenges like monsoon impact exist but are manageable.
→Overall, 20%+ top-line growth targeted beyond FY '26, driven by an improving order pipeline and market conditions.

Margin guidance

Category 3

→Revenue growth is expected to be 15%-20% for FY '27, with potential for over 20% growth if good project orders continue.
→Current year (FY '26) revenue may see at least 10% to 15% growth.
→EBITDA margins are anticipated to remain in the 12%-13% to 15% range, with improvements possible beyond FY '27 if high growth and favorable order mix continue.
→Profit after tax at consolidated level increased significantly to INR244 crores in Q1 FY '26 from INR156 crores in Q1 FY '25, indicating improving profitability.
→The company expects steady order inflows (INR22,000 crores in FY '26 and a possible INR30,000 crores in FY '27), supporting revenue expansion.
→Margin improvement is projected mainly in FY '28 as new projects mature and higher-margin orders are executed.
→InvIT dividend yield is targeted at about 12%-12.5%, contributing stable income.

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Fundraise plans

Yes

→Outstanding equity commitment is around INR 2,600-2,700 crores mainly for operational HAM or BOT projects.
→For fiscal year 2026, the company expects to invest around INR 600-800 crores of this equity; the balance will be invested over the next two years.
→Outstanding consolidated borrowings at the end of fiscal 2025 were INR 5,371 crores with a debt-to-equity ratio of 0.61x.
→The company repaid INR 137 crores of debt in Q1 FY26, resulting in an improved debt-equity ratio of 0.04 on the standalone basis.
→No explicit announcements regarding new debt or equity fundraising were made, but the focus remains on fulfilling outstanding equity commitments over the coming years.
→Discussions are ongoing regarding monetization of certain projects via InvIT to manage capital and possibly reduce funding needs.

Order book

→Current order book stands at approximately INR 23,700 crores.
→As of the date, 24 projects worth around INR 15,000 crores are under execution.
→One DBFOT project worth INR 3,700 crores (spanning Rajasthan, UP, MP) is awaiting appointed date.
→Bids worth approximately INR 7,300 crores are yet to be opened, including 2 highway, 2 railway, and 1 power transmission project.
→Expected fresh order inflows for FY '26 are targeted at INR 22,000 crores.
→Order intake from transmission projects is expected in the range of INR 3,000 to 4,000 crores for FY '26.
→The company is optimistic about achieving order inflow growth of 15-20%+ in FY '27, targeting INR 30,000 crores order intake.
→INR 4,300 crores L1 projects are expected to convert into firm orders around October 2025.

Capex plans

Yes

→Planned capex for the full year FY26 is in the range of INR 100 crores.
→Current equity commitment outstanding is approximately INR 2,600-2,700 crores.
→So far in FY26, INR 300 crores of equity has been invested, with an expected further investment of INR 600-800 crores in the same year.
→The remaining equity commitments are expected to be invested over the next two years, at around INR 1,000 crores per year.
→The company is continuously exploring and investing in infrastructure projects, focusing on captive projects initially but open to monetizing or third-party projects as capacity allows.
→Monetization strategy involves transferring completed projects to Indus Infra Trust to mobilize capital and reduce holding.
→No significant new strategic third-party EPC orders planned immediately; focus remains on captive projects and maximizing synergies.

How does G R Infraprojects Ltd rank vs peers in Construction?

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