GPT Infraprojects Ltd

- GPT Infraprojects Limited does not expect any equity fundraising at the moment. - The company has strong internal accruals and robust cash flow (cash flow to EBITDA almost 80%). - For executing the existing order book, some working capital debt may be required, including fund-based and non-funded bank guarantees. - The company plans to approach its consortium bankers for working capital debt facilities. - The recent acquisition of Alcon Builders will add incremental debt (~INR80 crores) due to working capital drawdowns but this is expected to be temporary and manageable via existing cash. - Interest costs are expected to reduce further going forward, currently anticipated below INR30 crores for the next year. - No dilution or equity fundraise is expected to finance growth or acquisition at this stage.

- Alcon acquisition is the key strategic investment, with a total deal value of INR154.19 crores; net acquisition cost is around INR100 crores after accounting for INR45 crores cash on Alcon's books. - Capital allocation for Alcon acquisition involves a payment of approximately INR125 crores within 45 days, funded through internal accruals, working capital lines, and investments. - HAM (Hybrid Annuity Model) projects will require INR45-50 crores in capital investment, partly funded by margins from EPC portions of HAM projects. - Traditional EPC requires the maximum capital allocation, while signaling EPC (Alcon) will require minimal additional capital beyond the acquisition. - No planned equity fundraising for FY '27; capital needs will be met through internal accruals and bank working capital lines. - Focus on strengthening balance sheet and improving return ratios alongside investments in signaling business and African operations.

- Alcon Builders, acquired recently, had revenues of nearly INR100 crores in FY '25 and is projected to reach INR130 crores in FY '26 and approximately INR140 crores in FY '27. - GPT Infra expects Alcon's revenue to double over the next 3 years to around INR200 crores. - GPT Infra's total revenue for FY '26 is targeted at around INR1,400 crores, with Q4 expected to generate close to INR480-500 crores. - The consolidated order book is at a record INR5,000 crores, expected to be executed by FY '29. - For FY '27, the company anticipates over 25% revenue growth, supported by a strong order book and new acquisitions. - Order inflow guidance for FY '26 has been increased from INR2,000 crores to INR2,500 crores. - Infrastructure segment and signaling business (via Alcon acquisition) are key growth drivers, aiming to maintain/improve EBITDA margins above 13%.

- GPT Infraprojects expects strong revenue growth, targeting approximately INR1,400 crores in FY '26, a ~18-20% increase over FY '25. - The company anticipates Q4 FY '26 revenues of INR480-500 crores, aiding full-year targets. - EBITDA margin guidance remains firm at over 13%, with potential improvement from Alcon acquisition and African operations. - PAT for 9 months FY '26 consolidated stands at INR65.4 crores, up from INR55.8 crores. - Alcon Builders acquisition is expected to double signaling EPC revenues from ~INR100 crores to INR200 crores in 3 years, with ~22% EBITDA margin and ~15% PAT margin. - FY '27 revenue expected to grow over 25%, propelled by a robust order book (~5x revenue ratio). - Order book execution spans over 3 years, projecting full execution by FY '29, supporting sustained growth. - No immediate equity fundraising planned; internal accruals and working capital lines adequate.

- As of December 31, 2025, the net unexecuted order book stands at INR 4,415 crores, excluding L1 orders, which is approximately 3.75 times the FY '25 revenues. - Recently declared L1 status in a large contract worth INR 1,201 crores (GPT's share being 40%, i.e., INR 480 crores). - Order inflow for the year till date is INR 1,770 crores, excluding L1 orders. - Order inflow guidance for the full year has been revised upward from INR 2,000 crores to INR 2,500 crores, the highest in company history. - Incremental orders received in the last 45 days amount to approximately INR 1,500 crores. - The entire current order book of around INR 5,000 crores is expected to be executed by FY '29. - The acquisition of Alcon Builders brings an additional order book of INR 200 crores related to signaling EPC, expected to grow substantially.