Current/ Expected Orderbook/ Pending Orders?

As of May 2026, the order book stands at approximately INR 26,470 crores. Bids aggregating to approximately INR 13,500 crores are yet to be opened. The company targets new order wins of INR 20,000 crores to INR 22,000 crores for Financial Year 2027. Sector-wise targets for new orders in FY27: - Roads: INR 12,000 crores to INR 14,000 crores - Ropeway, Telecom, Renewables: INR 1,000 crores to INR 2,000 crores - Power Transmission: INR 5,000 crores - Tunnels and Hydro: INR 2,000 crores to INR 3,000 crores - Oil and Gas: Included as part of overall targets; order book as of March 2026 in

Any current/future new fundraising through debt or equity?

No explicit mention of planned new fundraising through debt or equity in the recent discussion. The company appears comfortable managing working capital without heavy reliance on bank limits. Equity investment plans of INR600-700 crores over three years are mentioned for logistics/warehousing and other sectors, but primarily funded internally. No concrete plans disclosed for large-scale equity raisings or large debt issuances. There is discussion of selective divestment (e.g., InvIT units) that might bring in some liquidity (INR100-200 crores range possible as piecemeal sell-offs). The managem

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

Target capex for FY27 is in the range of INR 300-350 crores, mainly for plant, machinery, and specialized equipment for tunneling and power transmission projects. Capex in FY28 is uncertain but likely lower than FY27, dependent on new sector growth. Strategic investment plans include equity investments of approximately INR 600-700 crores over the next three years in logistics and warehousing sectors. Current investments in logistics involve multi-modal logistics projects, with ongoing discussions for land acquisition in Guwahati and Sambhajinagar. No concrete plans yet to monetize InvI

Future growth expectations in sales/revenue/volumes?

Targeting new order inflows of INR 20,000 to 22,000 crores in FY27. Expected revenue growth of 15% to 20% in FY27. Potential for 25% to 30% growth in FY28, driven by order book build-up and execution of backlog. Diversification into sectors like roads (INR 12,000-14,000 crores), power transmission (~INR 5,000 crores), tunnel hydro (~INR 2,500 crores), oil & gas, renewable energy, and telecom. Execution rates expected to remain stable at current levels, with land acquisition challenges influencing pace. Optimistic outlook despite geopolitical uncertainties, focusing on long-term infrastructure

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

Revenue growth guidance for FY27: 15% to 20%, with potential increase depending on order inflows. New order inflows targeted at INR 20,000 to 22,000 crores in FY27, including INR 12,000-14,000 crores from roads and additional orders in power transmission, tunneling, telecom, and other sectors. Execution growth expected to reflect the inflows with possible upside beyond 15-20% if awarding picks up. Margins maintained around 10.5%-12%, with cautious optimism; geopolitical issues may impact commodity costs affecting margins. EBITDA margin at standalone level dropped to ~11% in FY26 due to

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G R Infraprojects LtdQ1 FY26Construction

G R Infraprojects Ltd Q1 FY26 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 4

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→Targeting new order inflows of INR 20,000 to 22,000 crores in FY27.
→Expected revenue growth of 15% to 20% in FY27.
→Potential for 25% to 30% growth in FY28, driven by order book build-up and execution of backlog.
→Diversification into sectors like roads (INR 12,000-14,000 crores), power transmission (~INR 5,000 crores), tunnel hydro (~INR 2,500 crores), oil & gas, renewable energy, and telecom.
→Execution rates expected to remain stable at current levels, with land acquisition challenges influencing pace.
→Optimistic outlook despite geopolitical uncertainties, focusing on long-term infrastructure opportunities in India.
→Growth uplift expected with new order inflows impacting revenues mainly in the following fiscal year.

Margin guidance

Category 4

→Revenue growth guidance for FY27: 15% to 20%, with potential increase depending on order inflows.
→New order inflows targeted at INR 20,000 to 22,000 crores in FY27, including INR 12,000-14,000 crores from roads and additional orders in power transmission, tunneling, telecom, and other sectors.
→Execution growth expected to reflect the inflows with possible upside beyond 15-20% if awarding picks up.
→Margins maintained around 10.5%-12%, with cautious optimism; geopolitical issues may impact commodity costs affecting margins.
→EBITDA margin at standalone level dropped to ~11% in FY26 due to one-time incomes last year and higher construction costs, expected to stabilize.
→Profit after tax at standalone rose significantly in FY26; management aims to sustain profitability with selective and disciplined bidding.
→Capex planned at INR 300-350 crores for FY27, supporting diversification and growth in new sectors.
→No explicit EPS guidance, but with revenue growth and margin stability, operating earnings and profits are expected to improve moderately going forward.

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Fundraise plans

Yes

→No explicit mention of planned new fundraising through debt or equity in the recent discussion.
→The company appears comfortable managing working capital without heavy reliance on bank limits.
→Equity investment plans of INR600-700 crores over three years are mentioned for logistics/warehousing and other sectors, but primarily funded internally.
→No concrete plans disclosed for large-scale equity raisings or large debt issuances.
→There is discussion of selective divestment (e.g., InvIT units) that might bring in some liquidity (INR100-200 crores range possible as piecemeal sell-offs).
→The management is focused on prudent financial discipline and business continuity, implying cautious approach towards new capital raising.
→Overall, fundraising is expected through internal accruals, selective asset sales, and judicious equity investments rather than fresh large-scale debt or equity.

Order book

→As of May 2026, the order book stands at approximately INR 26,470 crores.
→Bids aggregating to approximately INR 13,500 crores are yet to be opened.
→The company targets new order wins of INR 20,000 crores to INR 22,000 crores for Financial Year 2027.
→Sector-wise targets for new orders in FY27:
→ - Roads: INR 12,000 crores to INR 14,000 crores
→ - Ropeway, Telecom, Renewables: INR 1,000 crores to INR 2,000 crores
→ - Power Transmission: INR 5,000 crores
→ - Tunnels and Hydro: INR 2,000 crores to INR 3,000 crores
→ - Oil and Gas: Included as part of overall targets; order book as of March 2026 includes around INR 250 crores in oil and gas.
→The company is selective and disciplined in project bidding due to the current economic and geopolitical environment.

Capex plans

Yes

→Target capex for FY27 is in the range of INR 300-350 crores, mainly for plant, machinery, and specialized equipment for tunneling and power transmission projects.
→Capex in FY28 is uncertain but likely lower than FY27, dependent on new sector growth.
→Strategic investment plans include equity investments of approximately INR 600-700 crores over the next three years in logistics and warehousing sectors.
→Current investments in logistics involve multi-modal logistics projects, with ongoing discussions for land acquisition in Guwahati and Sambhajinagar.
→No concrete plans yet to monetize InvIT units substantially, though small piecemeal divestments (INR 100-200 crores) are possible.
→Equity investment contribution for HAM and transmission projects is estimated at INR 1,000 crores in FY27, with total remaining at around INR 3,486 crores.

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

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