Any current/future new fundraising through debt or equity?

No indication of current or planned equity fundraising; the promoters currently hold a significant 45% stake and are focusing on shareholder value rather than increasing promoter holding. The company is comfortable with its current working capital and bank guarantee limits (~₹4400-4500 crores), which are revolving and allow rebidding on projects. The company is undergoing debt restructuring with banks, including signing an inter-creditor agreement (ICA) to reduce interest rates. They have availed moratoriums under RBI relief but are now up to date and expect to service loans comfortably. The m

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

The company is primarily focusing on being a pure EPC business, particularly in road and water projects. There is an emphasis on irrigation and water supply projects, with recent wins like a 1.4 billion rupees irrigation water supply project. No specific mention of new or large-scale capex/capital investments or strategic investments in the transcript. The management is concentrating on executing current order book projects and maintaining sustainable bidding to keep margins intact. Debt reduction and balance sheet strengthening are key strategic priorities rather than new capital investments.

Future growth expectations in sales/revenue/volumes?

Gayatri Projects Ltd aims to grow its topline by 15-20% over the next two to three years. The company plans to maintain an order inflow target of Rs. 30-40 billion annually. With a strong EPC order book of approximately Rs. 12,000-13,000 crore, the company has visibility for the next 2-3 years. Execution and revenue for FY21 are expected to be similar to FY20, with significant execution pick-up anticipated from H2 FY21 onwards. The focus remains primarily on EPC road projects and expanding water segment projects, including irrigation and water supply, which are seeing gradual uptick. The order

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

Gayatri Projects Ltd expects to maintain FY21 revenue at similar levels to FY20 despite Covid-related challenges. The company aims for EBITDA margins of at least 14-15%. Plans to achieve 15-20% topline growth over the next 2-3 years by winning new orders and maintaining a strong order book of ₹12,000-13,000 crores. Order inflow target for FY21 is ₹30-40 billion, focusing mainly on EPC road and water projects. Execution levels expected to return to pre-Covid normalcy by October 2020, boosting operating earnings. Strong EBITDA to free cash flow conversion and claims monetization expected to gene

Current/ Expected Orderbook/ Pending Orders?

Gayatri Projects Ltd has a pure play EPC order book of approximately ₹12,600 crores (126+ billion INR). The order book provides a book-to-bill ratio of about 4 times, offering high growth visibility over the next three years. Geographically diversified, with about 30% exposure in Uttar Pradesh (UP) and Maharashtra. Road EPC segment constitutes over 60% of the order book. The company aims for order inflow of ₹3,000-4,000 crores (30-40 billion INR) in FY21. Currently participating in bidding for EPC road projects worth about ₹22,000 crores. Over the next 2-3 months, bidding opportunities (NHIDCL

Gayatri Projects LtdQ1 FY21Construction

Gayatri Projects Ltd Q1 FY21 Earnings Call Analysis

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

Price: ₹22.4P/E: 8.5Market Cap: ₹1.1K CrSector: Construction

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Order

N/A

Capex

0 of 4 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

Gayatri Projects Ltd aims to grow its topline by 15-20% over the next two to three years.
The company plans to maintain an order inflow target of Rs. 30-40 billion annually.
With a strong EPC order book of approximately Rs. 12,000-13,000 crore, the company has visibility for the next 2-3 years.
Execution and revenue for FY21 are expected to be similar to FY20, with significant execution pick-up anticipated from H2 FY21 onwards.
The focus remains primarily on EPC road projects and expanding water segment projects, including irrigation and water supply, which are seeing gradual uptick.
The order book's diversification geographically, with about 30% exposure to UP and Maharashtra, provides a stable growth foundation.

Margin guidance

Category 3

Gayatri Projects Ltd expects to maintain FY21 revenue at similar levels to FY20 despite Covid-related challenges.
The company aims for EBITDA margins of at least 14-15%.
Plans to achieve 15-20% topline growth over the next 2-3 years by winning new orders and maintaining a strong order book of ₹12,000-13,000 crores.
Order inflow target for FY21 is ₹30-40 billion, focusing mainly on EPC road and water projects.
Execution levels expected to return to pre-Covid normalcy by October 2020, boosting operating earnings.
Strong EBITDA to free cash flow conversion and claims monetization expected to generate ₹400-600 crores cash over 8-12 months aimed at debt reduction.
De-leveraging and balance sheet strengthening are strategic priorities, with a goal to be debt-free in the next 12-18 months.
Overall, steady margin maintenance and controlled bidding strategy positioned for measured profit growth.

See what Gayatri Projects Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

No indication of current or planned equity fundraising; the promoters currently hold a significant 45% stake and are focusing on shareholder value rather than increasing promoter holding.
The company is comfortable with its current working capital and bank guarantee limits (~₹4400-4500 crores), which are revolving and allow rebidding on projects.
The company is undergoing debt restructuring with banks, including signing an inter-creditor agreement (ICA) to reduce interest rates.
They have availed moratoriums under RBI relief but are now up to date and expect to service loans comfortably.
The management aims to reduce long-term debt over the next 12-18 months via cash flows and claims monetization, targeting a debt-free status in 2-3 years.
No aggressive bidding is planned to increase order book with debt; they are maintaining disciplined bidding aligned with current financial strength.

Order book

Gayatri Projects Ltd has a pure play EPC order book of approximately ₹12,600 crores (126+ billion INR).
The order book provides a book-to-bill ratio of about 4 times, offering high growth visibility over the next three years.
Geographically diversified, with about 30% exposure in Uttar Pradesh (UP) and Maharashtra.
Road EPC segment constitutes over 60% of the order book.
The company aims for order inflow of ₹3,000-4,000 crores (30-40 billion INR) in FY21.
Currently participating in bidding for EPC road projects worth about ₹22,000 crores.
Over the next 2-3 months, bidding opportunities (NHIDCL, MORTH, NHAI) exceed ₹20,000-30,000 crores.
Has a comfortable working capital position with bank guarantee limits of ₹4,400-4,500 crores to rebid for new projects.

See what Gayatri Projects Ltd management said on order book — free account, 30 seconds.

Capex plans

The company is primarily focusing on being a pure EPC business, particularly in road and water projects.
There is an emphasis on irrigation and water supply projects, with recent wins like a 1.4 billion rupees irrigation water supply project.
No specific mention of new or large-scale capex/capital investments or strategic investments in the transcript.
The management is concentrating on executing current order book projects and maintaining sustainable bidding to keep margins intact.
Debt reduction and balance sheet strengthening are key strategic priorities rather than new capital investments.
Expectation to monetize existing assets (like power assets) to reduce debt, rather than investing fresh capital.
Focus is on growth through bidding in EPC projects, maintaining order inflows of INR 30-40 billion, and expanding within existing business segments rather than new capital expenditures.

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Gayatri Projects Ltd Q1 FY21 Earnings Call Analysis

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