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

CapEx incurred in 9 months FY20: approximately ₹59 crores. Guidance for FY21 CapEx: minimal at present since no new projects have been won yet. Future CapEx plans depend on winning new projects; once new projects are secured, additional CapEx will be considered. Currently, as of the call, no new significant CapEx or strategic investments have been planned or incurred for FY21.

Future growth expectations in sales/revenue/volumes?

FY21 revenue guidance is around INR 4000 crores (Page 3). The company targets an order inflow of INR 4000 to 5000 crores in FY21 to support 20-30% top-line growth (Page 12). Bids worth INR 4000-5000 crores already submitted for road projects; another INR 4000-5000 crores expected before March (Page 12). Order book stands at INR 14,000 crores, with a book-to-bill ratio of 3.8, providing revenue visibility over next 2-3 years (Page 3). Execution has improved post-monsoon with projects like Lucknow Purvanchal Expressway and Nagpur-Mumbai progressing well (Page 4). Irrigation projects in Telangana

Any current/future new fundraising through debt or equity?

No explicit mention of any current or immediate new fundraising through debt or equity during the call. The company has focused on deleveraging by repaying long-term debt using proceeds from stake sale and arbitration award monetization. FY21 guidance indicates no significant CapEx planned, implying limited need for fresh funding unless new projects are won. They are actively working on monetizing arbitration awards and claims to reduce long-term debt to zero rather than raising fresh debt. Promoter pledged shares largely support current company loans, with no mention of new debt from promoter

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

For FY21, Gayatri Projects Ltd is targeting revenues of around INR 4000 crores. The company has an EPC order book of INR 14,000 crores, providing 2-3 years of revenue visibility. Revenue growth for the nine-month period was 9%, but EBITDA growth was limited to around 2%, mainly due to provisioning for credit losses. PAT was impacted by exceptional loss on investment diminution in Sembcorp stake. Execution is expected to improve from Q4 FY20 onwards, especially in irrigation projects in Telangana and Andhra Pradesh, which were previously stalled. The company expects to monetize arbitr

Current/ Expected Orderbook/ Pending Orders?

As of the 3QFY20 earnings call, Gayatri Projects' EPC order book stands at INR 141 billion (INR 14,100 crores), translating into a book-to-bill ratio of 3.8. For FY20, the company aimed to add inflows of approximately INR 2,000 crores in orders. For FY21, the target order inflow is between INR 4,000 to 5,000 crores, consistent with historical trends. The company has submitted tenders worth INR 4,000 to 5,000 crores as of February 2020 and expects to submit an additional INR 4,000 to 5,000 crores before March 2020. The company’s strategy is to bid for orders that enable a top-line growt

Gayatri Projects LtdQ3 FY20Construction

Gayatri Projects Ltd Q3 FY20 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 2

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

1 of 4 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 2

FY21 revenue guidance is around INR 4000 crores (Page 3).
The company targets an order inflow of INR 4000 to 5000 crores in FY21 to support 20-30% top-line growth (Page 12).
Bids worth INR 4000-5000 crores already submitted for road projects; another INR 4000-5000 crores expected before March (Page 12).
Order book stands at INR 14,000 crores, with a book-to-bill ratio of 3.8, providing revenue visibility over next 2-3 years (Page 3).
Execution has improved post-monsoon with projects like Lucknow Purvanchal Expressway and Nagpur-Mumbai progressing well (Page 4).
Irrigation projects in Telangana and Andhra Pradesh have started gaining momentum after prior delays due to fund crunch (Page 4).

Margin guidance

Category 3

For FY21, Gayatri Projects Ltd is targeting revenues of around INR 4000 crores.
The company has an EPC order book of INR 14,000 crores, providing 2-3 years of revenue visibility.
Revenue growth for the nine-month period was 9%, but EBITDA growth was limited to around 2%, mainly due to provisioning for credit losses.
PAT was impacted by exceptional loss on investment diminution in Sembcorp stake.
Execution is expected to improve from Q4 FY20 onwards, especially in irrigation projects in Telangana and Andhra Pradesh, which were previously stalled.
The company expects to monetize arbitration awards and claims worth INR 1900 crores, which will reduce long-term debt and improve financial health.
Economic interest from power stake sale in Sembcorp could provide upside in the future monetization events.
Overall, the company is focused on deleveraging and improving cash flows to support future growth.

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

Fundraise plans

Yes

No explicit mention of any current or immediate new fundraising through debt or equity during the call.
The company has focused on deleveraging by repaying long-term debt using proceeds from stake sale and arbitration award monetization.
FY21 guidance indicates no significant CapEx planned, implying limited need for fresh funding unless new projects are won.
They are actively working on monetizing arbitration awards and claims to reduce long-term debt to zero rather than raising fresh debt.
Promoter pledged shares largely support current company loans, with no mention of new debt from promoters.
Order book additions are expected to be around ₹4,000-5,000 crore in FY21, financed through existing limits and cash flow.
Bank guarantees utilization is already high (~90% of non-fund based limits), which may restrict fresh non-fund based borrowings in the near term.

Order book

As of the 3QFY20 earnings call, Gayatri Projects' EPC order book stands at INR 141 billion (INR 14,100 crores), translating into a book-to-bill ratio of 3.8.
For FY20, the company aimed to add inflows of approximately INR 2,000 crores in orders.
For FY21, the target order inflow is between INR 4,000 to 5,000 crores, consistent with historical trends.
The company has submitted tenders worth INR 4,000 to 5,000 crores as of February 2020 and expects to submit an additional INR 4,000 to 5,000 crores before March 2020.
The company’s strategy is to bid for orders that enable a top-line growth of 20-30%.

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

Capex plans

CapEx incurred in 9 months FY20: approximately ₹59 crores.
Guidance for FY21 CapEx: minimal at present since no new projects have been won yet.
Future CapEx plans depend on winning new projects; once new projects are secured, additional CapEx will be considered.
Currently, as of the call, no new significant CapEx or strategic investments have been planned or incurred for FY21.

Track Gayatri Projects Ltd — get its next earnings analysis in your feed

How does Gayatri Projects Ltd rank vs peers in Construction?

Pro feature

ThisGayatri Projects Ltd

Rev 2Mar 3

See where Gayatri Projects Ltd sits in ConstructionSee which companies these are, and every other name in the sector.Open rankings

How does Gayatri Projects Ltd rank in Construction?

Compare Gayatri Projects Ltd against every Construction company (Q3 FY20) on revenue, margins and earnings-call signals.

View Construction leaderboard →

What Gayatri Projects Ltd's management said in earlier quarters

Others in Construction this season

Goel Construction Company Ltd (Q4 FY26)
Revenue for FY 2026: ₹657.3 Crores, an 11% year-on-year increase. Key concall takeaways from Goel Construction Company Ltd's Q4 FY26 earnings call — and how it…
E to E Transportation Infrastructure Ltd (Q1 FY27)
EBITDA for the quarter:** ₹ 445 crore, up 43% year-on-year. Key concall takeaways from E to E Transportation Infrastructure Ltd's Q1 FY27 earnings call — and…
Central Mine Planning & Design Institute Ltd (Q1 FY27)
Net Sales for Q1 FY 2026-27: ₹481.37 Crore, up 18% from ₹409.25 Crore in Q1 FY 2025-26. Key concall takeaways from Central Mine Planning & Design Institute…
Central Mine Planning & Design Institute Ltd (Q4 FY26)
826.88 Crores (Q4 25-26) vs Rs. Key concall takeaways from Central Mine Planning & Design Institute Ltd's Q4 FY26 earnings call — and how it ranks against…

Compare:vs Larsen & Toubro Ltd vs Rail Vikas Nigam Ltd vs Kalpataru Proj.

🔎 Who's planning the most growth?

Companies ranked by management's own guidance — revenue, margins, capex and order book, from every earnings call in India.

See rankings →