GPT Infraprojects Limited (GPTINFRA)
₹125.60 +0.67% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, GPT Infraprojects' revenue was ₹302 Cr (-3.5% year on year, -27.2% on the previous quarter), and net profit ₹24.6 Cr (-1.5% year on year); the operating margin was 15.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹302 | -3.5% | -27.2% |
| Operating profit | ₹47.5 | +28.5% | -19.4% |
| Net profit | ₹24.6 | -1.5% | -17.9% |
| EPS (₹) | 1.95 | +4.8% | -22.6% |
| Operating margin | 15.7% | — | — |
GPTINFRA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 70.33% of the GPTINFRA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 46.02%. That is higher than usual for this stock. Turnover was only ₹98 lakh, so a handful of trades can move this figure. Volume was 0.2 times its average, well below normal.
Delivery in the last 5 sessions: 40.5% · 51.8% · 53.6% · 54.4% · 70.3%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
GPT Infraprojects Limited announced that its wholly-owned subsidiary, Alcon Builders and Engineers Private Limited, has secured a railway contract worth ₹149.50 crore including GST (₹126.70 crore excluding GST) from CSTE, Western Railway. The project involves signaling works across 18 stations in the Bhavnagar Division, to be executed over a 730-day period. This win represents roughly 11.7% of the company's TTM revenue of ₹1,280 crore. Following this contract, the company's net outstanding order book stands at ₹5,538 crore, with total order inflows for Fiscal 2027 reaching ₹1,364 crore.
- Contract value stands at ₹149.50 crore including GST (₹126.70 crore excluding GST)
- Execution timeline is 730 days from the appointed date
- Net outstanding order book expands to ₹5,538 crore
- Fiscal 2027 total order inflows reach ₹1,364 crore
- Scope covers signaling and telecom replacement across 18 stations for Western Railway
GPT Infraprojects Limited has issued a notice convening meetings of its Equity Shareholders, Secured Creditors, and Unsecured Creditors on November 13, 2026, pursuant to an NCLT Kolkata order dated September 15, 2026. The meeting is called to approve the Scheme of Amalgamation of Alcon Builders and Engineers Private Limited and Jogbani Highway Private Limited into GPT Infraprojects, with an appointed date of April 1, 2026. Remote e-voting for equity shareholders will run from November 10 to November 12, 2026, with the cut-off date set as November 6, 2026.
- NCLT Kolkata directed convening of meetings on November 13, 2026, for shareholders and creditors
- Scheme involves amalgamation of Alcon Builders and Jogbani Highway with GPT Infraprojects
- Appointed date of the proposed amalgamation is set as April 1, 2026
- Remote e-voting window opens November 10, 2026 (09:00 AM IST) and closes November 12, 2026 (05:00 PM IST)
GPT Infraprojects Limited submitted its quarterly Reconciliation of Share Capital Audit Report under Regulation 76 of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The company's total issued and listed capital stood unchanged at 12,63,64,600 equity shares with a face value of Rs 10 each. Of the total shares, 88.91% are held in dematerialized form with NSDL, 11.09% with CDSL, and only 12 shares remain in physical form. No differences or pending demat requests over 21 days were reported.
- Total issued and listed capital confirmed at 12,63,64,600 equity shares of face value Rs 10
- NSDL holds 11,23,46,471 shares representing 88.91% of total capital
- CDSL holds 1,40,18,117 shares representing 11.09% of total capital
- Physical holding stands at just 12 shares (0.00%)
- Zero demat requests pending or confirmed beyond 21 days during the quarter
GPT Infraprojects Limited submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, issued by Registrar & Transfer Agent MUFG Intime India Private Limited on October 3, 2026, confirms that security certificates received for dematerialisation were duly processed, mutilated, and cancelled. This is a standard quarterly regulatory submission with no operational or financial impact on the company.
- Regulation 74(5) compliance confirmed for the quarter and half-year ended September 30, 2026
- Certificate issued by RTA MUFG Intime India Private Limited dated October 3, 2026
- Filing submitted to BSE and NSE on October 8, 2026
GPT Infraprojects Limited's wholly owned subsidiary, Alcon Builders and Engineers Private Limited, has emerged as the lowest bidder (L1) for a contract valued at Rs 149.49 Crore. Awarded by Western Railway (DYCSTE-W-RJT-S AND T), the project entails replacement of signaling and telecom equipment across 18 stations in the Bhavnagar Division. The order value represents approximately 11.7% of the company's TTM revenue of Rs 1,280 Crore. This adds healthy revenue visibility to its existing infrastructure execution portfolio.
- Subsidiary Alcon Builders and Engineers declared L1 for an order valued at Rs 149.49 Crore
- Order size represents ~11.7% of GPT Infra's TTM revenue of Rs 1,280 Crore
- Contract awarded by DYCSTE-W-RJT-S AND T/Western Railway
- Scope covers design, supply, installation, programming, testing, and commissioning across 18 stations in Bhavnagar Division
GPT Infraprojects Limited's wholly-owned subsidiary, Alcon Builders and Engineers Private Limited, has secured a ₹21.21 crore order (including GST) from Western Railway, Ahmedabad Division. The project involves the design, supply, installation, programming, testing, and commissioning of an Electronic Interlocking system to be executed within 18 months. The contract represents approximately 1.7% of GPTINFRA's TTM revenue of ₹1,280 crore. Following this win, the company's total order book stands at ₹5,395 crore, with FY27 order inflows reaching ₹1,221 crore.
- Order value is ₹21.21 Crore including GST (₹17.97 Crore excluding GST)
- Execution timeline is set at 18 months from Letter of Award (LOA)
- Contract awarded by Western Railway, S & T, Ahmedabad Division for Electronic Interlocking system
- Company's outstanding order book increases to ₹5,395 Crore with FY27 inflows reaching ₹1,221 Crore
GPT Infraprojects Limited's wholly owned subsidiary, Alcon Builders and Engineers Private Limited, has been declared the lowest bidder (L1) for a railway contract valued at Rs 134.11 Crore. The project is awarded by CSTE, Western Railway, covering automatic block signalling, electronic interlocking, and digital axle counter works across multiple sections of the Ratlam division. The order value accounts for approximately 10.5% of GPT Infra's TTM revenue of Rs 1,280 Crore, reinforcing its order book visibility.
- Declared L1 bidder for an order valued at Rs 134.11 Crore
- Contract awarded to wholly owned subsidiary Alcon Builders and Engineers Private Limited
- Client is CSTE, Western Railway, for signalling and electronic interlocking works in Ratlam division
- Order size represents ~10.5% of GPT Infra's TTM revenue of Rs 1,280 Crore
GPT Infraprojects' South African subsidiary, GPT Concrete Products South Africa (Pty) Limited, has bagged a contract valued at ZAR 660 Million (approx. ₹385 Crore plus VAT) from Transnet Freight Rail. The order is for manufacturing and supplying railway concrete sleepers from its Ladysmith factory over a 5-year execution period. The win represents roughly 30% of GPTINFRA's TTM revenue of ₹1,280 Crore. With this addition, the company's total order book reaches ₹5,377 Crore, including FY27 inflows of ₹1,203 Crore.
- Subsidiary bags railway concrete sleeper contract worth ZAR 660 Million (approx. ₹385 Crore plus VAT)
- Contract awarded by Chief Procurement Officer, Transnet Freight Rail, South Africa
- Execution tenure spread across 5 years from the Ladysmith, KZN, South Africa unit
- Total outstanding order book rises to ₹5,377 Crore, with FY27 order inflows reaching ₹1,203 Crore
GPT Infraprojects Limited's wholly owned subsidiary, Alcon Builders and Engineers Private Limited, has been declared the lowest bidder (L1) for a contract valued at Rs 21.21 crore. The project is awarded by Western Railway's Ahmedabad Division for the design, supply, installation, testing, and commissioning of an Electronic Interlocking (E.I) system. Against the company's TTM revenue of Rs 1,280 crore, this contract is relatively small at ~1.7%, representing routine order inflow. The project adds to the company's railway signalling and infrastructure execution pipeline.
- Subsidiary declared L1 bidder for a contract valued at Rs 21.21 Crore
- Client is Western Railway, S and T Ahmedabad Division
- Scope covers design, supply, installation, programming, testing, and commissioning of Electronic Interlocking (E.I) system
- Announcement date is September 22, 2026
GPT Infraprojects has secured a major contract worth ₹483.72 crore (including GST; ₹409.94 crore excluding GST) from Rail Vikas Nigam Limited (RVNL), Bhubaneshwar. The contract is for the construction of an Open Web Steel Girder bridge over the Mahanadi river for the East Coast Railway, to be executed in 1,095 days. This single order represents approximately 37.8% of the company's TTM revenue of ₹1,280 crore. With this win, total order inflow for Fiscal 2027 reaches ₹818 crore, pushing the outstanding order book to ₹4,992 crore.
- Received contract valued at ₹483.72 crore (₹409.94 crore excluding GST) from RVNL Bhubaneshwar
- Scope involves construction of Bridge 544 (32x65.84m) Open Web Steel Girder over Mahanadi river
- Execution timeline set at 1,095 days from the Appointed Date
- Total order inflow for Fiscal 2027 stands at ₹818 crore
- Outstanding order book now stands at ₹4,992 crore (nearly 3.9x TTM revenue)
The NCLT Kolkata Bench has issued directions regarding the Scheme of Amalgamation of two wholly-owned subsidiaries, Alcon Builders and Engineers Private Limited and Jogbani Highway Private Limited, into GPT Infraprojects Limited. The Tribunal ordered convening meetings of GPT Infraprojects' equity shareholders, secured creditors, and unsecured creditors within 90 days from September 15, 2026. Shareholder meetings for both transferor subsidiaries and creditor meetings for Jogbani Highway have been dispensed with. This procedural step advances the internal restructuring to consolidate operations into the parent entity.
- NCLT Kolkata Bench pronounced the order on September 15, 2026 (uploaded September 16, 2026)
- Meetings of equity shareholders, secured creditors, and unsecured creditors of GPT Infra to be convened within 90 days
- Shareholder meetings of both wholly-owned subsidiaries dispensed with
- No meeting needed for secured creditors of Jogbani Highway Private Limited as it has no secured creditors
GPT Infraprojects Limited announced that its wholly owned subsidiary, Alcon Builders and Engineers Private Limited, has secured a ₹85.53 crore contract (including GST; ₹72.48 crore excluding GST) from CSTE Con, Eastern Railway, Kolkata. The scope covers auto signalling and electronic interlocking works across a 25 km section for the Dedicated Freight Corridor in Asansol Division, with a 12-month execution period. The order represents ~6.7% of GPTINFRA's TTM revenue of ₹1,280 crore and raises its total order book to ₹4,473 crore. Total order inflows for FY27 to date stand at ₹300 crore.
- Contract value of ₹85.53 Crore including GST (₹72.48 Crore excluding GST)
- Execution timeline of 12 months from the Letter of Acceptance (LOA)
- Awarded by CSTE Con, Eastern Railway for Dedicated Freight Corridor auto-signalling work
- Brings total FY27 order inflows to ₹300 Crore, pushing the outstanding order book to ₹4,473 Crore
GPT Infraprojects' wholly owned subsidiary, Alcon Builders and Engineers Private Limited, has secured a railway contract valued at ₹114.82 crore (₹97.31 crore excluding GST) from Northeast Frontier Railway, Guwahati. The project covers electronic interlocking and signalling works across 10 stations on the Katihar Division and is scheduled for execution over 730 days. The order value represents approximately 9.0% of the company's TTM revenue of ₹1,280 crore. Following this win, GPTINFRA's outstanding order book reaches ₹4,400 crore, with FY27 order inflows totalling ₹227 crore.
- Contract value is ₹114.82 crore inclusive of GST (₹97.31 crore excluding GST)
- Execution timeline is 730 days from the Appointed Date
- Awarded by PCSTE Office, Northeast Frontier Railway, Guwahati for signalling works across 10 stations
- Brings total FY27 order inflows to ₹227 crore and takes the total order book to ₹4,400 crore
GPT Infraprojects Limited has been declared the lowest bidder (L1) for a major railway bridge contract valued at Rs 483.7 crore (inclusive of GST) or Rs 410 crore (excluding GST) from Rail Vikas Nigam Limited (RVNL). The contract involves the construction of an Important Bridge (32x65.84m Open Web Steel Girder) over the Mahanadi river in East Coast Railway's Khurda Road Division. This order represents approximately 37.8% of GPTINFRA's TTM revenue of Rs 1,280 crore, providing strong medium-term revenue visibility.
- Declared L1 for an order valued at Rs 483.7 crore inclusive of GST (Rs 410 crore plus GST)
- Client for the project is Rail Vikas Nigam Limited (RVNL)
- Scope includes construction of Bridge 544 (32x65.84m) Open Web Steel Girder over river Mahanadi
- Order size represents ~37.8% of GPTINFRA's TTM revenue of Rs 1,280 crore
GPT Infraprojects Limited announced that its wholly owned subsidiary, Alcon Builders and Engineers Private Limited, has been declared the lowest (L1) bidder for an order valued at Rs 97.31 crore. The contract, awarded by Northeast Frontier Railway, entails the provision of Electronic Interlocking across 10 railway stations in the Katihar Division. The order size represents approximately 7.6% of the company's TTM revenue of Rs 1,280 crore, providing additional revenue visibility for its railway infrastructure vertical.
- Subsidiary declared L1 bidder for an order valued at Rs 97.31 crore
- Contract awarded by Office of the General Manager, Northeast Frontier Railway, Maligaon
- Scope covers Electronic Interlocking at 10 stations on the HDN/HUN route of Katihar Division
- Order value constitutes ~7.6% of TTM revenue (Rs 1,280 crore)
Financial Performance
Revenue Growth by Segment
The Infrastructure segment reported revenue of INR 543 Cr for H1 FY26, contributing 94% of total revenue. The Sleeper segment generated INR 35.9 Cr in H1 FY26. Consolidated revenue for H1 FY26 reached INR 591.3 Cr, an 11.7% increase from INR 529.3 Cr in H1 FY25.
Geographic Revenue Split
The company primarily operates in India, with domestic infrastructure projects contributing the vast majority of revenue. It is expanding internationally, specifically mentioning a contract in Ivory Coast to capture higher margins.
Profitability Margins
Consolidated PAT for H1 FY26 was INR 45.3 Cr, growing 31.7% from INR 34.4 Cr in H1 FY25. The PAT margin improved to 7.7% in H1 FY26, a 50 bps increase from 7.15% in Q1 FY26.
EBITDA Margin
Consolidated EBITDA margin for H1 FY26 was 14.7%, a 220 bps increase from 12.5% in H1 FY25. Management guides for a long-term sustainable EBITDA margin between 13% and 14%.
Capital Expenditure
The company recently set up a steel girder fabrication workshop with a capacity of 10,000 metric tons, requiring an outlay of INR 25 Cr. Capex is generally driven by specific contract requirements.
Credit Rating & Borrowing
Liquidity is rated as 'Strong' with fund-based limit utilization at 65%. Expected annual cash accruals of INR 90-150 Cr are sufficient to meet term debt repayments of INR 15 Cr per annum. Interest costs for H1 FY26 were INR 14.1 Cr, down 9.6% YoY.
Operational Drivers
Raw Materials
Key raw materials include steel, cement, and concrete, primarily used for bridge construction and the manufacturing of concrete sleepers.
Capacity Expansion
Current expansion includes a new steel girder fabrication workshop with a 10,000 MT capacity. The company also received an order for 142,400 concrete sleepers for the South Eastern Railway.
Raw Material Costs
Raw material costs are managed through embedded price escalation clauses in contracts, allowing the company to pass through price hikes and sustain an improved operating margin of 13% over the medium term.
Manufacturing Efficiency
Efficiency is driven by executing projects ahead of schedule and achieving economies of scale. ROCE is expected to be around 25% over the medium term.
Strategic Growth
Expected Growth Rate
20%
Growth Strategy
Growth will be achieved through the execution of a healthy order book of INR 3,600 Cr (as of Sept 2024) providing 2-3 years of visibility. Strategy includes bidding for larger integrated projects via JVs, such as the INR 1,739.49 Cr L1 bid, and expanding into higher-margin international markets like Ivory Coast.
Products & Services
Infrastructure construction (roads and bridges), concrete sleepers for railways, and steel girders.
Brand Portfolio
GPTINFRA, GPT Group.
New Products/Services
Expansion into steel girder fabrication (10,000 MT capacity) and other railway track items and fittings to diversify the revenue base.
Market Expansion
Targeting international expansion in regions like Ivory Coast for higher-margin (18-20%) projects and increasing domestic presence in railway infrastructure.
Strategic Alliances
RPS-GPT (JV) was declared L1 for a project valued at INR 1,739.49 Cr.
External Factors
Industry Trends
The industry is seeing higher investments in railways and roads. GPTINFRA is positioning itself for larger integrated contracts and higher-margin niche railway components.
Competitive Landscape
Operates in a competitive sector against larger players and local competitors; bidding success is critical for revenue sustenance.
Competitive Moat
Moat is sustained by 30 years of promoter experience, established relationships with government clients, and a leadership position in concrete sleepers.
Macro Economic Sensitivity
Highly sensitive to Indian government infrastructure spending; revenue depends on the ability to bid successfully for government tenders.
Consumer Behavior
Not applicable as the primary customers are government and institutional entities.
Geopolitical Risks
Expansion into Ivory Coast introduces regional geopolitical risks, though these projects are targeted for higher margins.
Regulatory & Governance
Industry Regulations
Operations are governed by government tender terms, technical specifications from the Ministry of Railways, and NHAI standards.
Taxation Policy Impact
Tax expenses for H1 FY26 were INR 15.8 Cr, representing an effective tax rate of approximately 25.4% on a PBT of INR 62.1 Cr.
Risk Analysis
Key Uncertainties
Key risks include the ability to bid successfully for new tenders as current contracts are 2-3 years in duration, and potential delays in project execution timelines.
Geographic Concentration Risk
94% of revenue is derived from the domestic Infrastructure segment, primarily within India.
Third Party Dependencies
High dependency on government agencies (NHAI, Indian Railways) for order flow and payment realizations.
Technology Obsolescence Risk
Low risk in civil construction; however, the company is modernizing through SAP implementation to improve operational efficiency.
Credit & Counterparty Risk
Counterparty risk is primarily with government entities; while default risk is low, payment delays can stretch the working capital cycle to 200 GCA days.
