G R Infraprojects Limited (GRINFRA)
₹777.35 +0.25% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, G R's revenue was ₹2,784 Cr (+40.0% year on year, +11.4% on the previous quarter), and net profit ₹358 Cr (+46.6% year on year); the operating margin was 16.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹2,784 | +40.0% | +11.4% |
| Operating profit | ₹468 | +17.5% | +27.1% |
| Net profit | ₹358 | +46.6% | +70.4% |
| EPS (₹) | 36.93 | +46.4% | +72.7% |
| Operating margin | 16.8% | — | — |
GRINFRA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 43.7% of the GRINFRA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 45.84%. That is close to its usual level. Turnover was only ₹81 lakh, so a handful of trades can move this figure. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 56.4% · 75.5% · 37.9% · 57.0% · 43.7%
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
G R Infraprojects Limited announced that the Hon’ble High Court of Madhya Pradesh, Indore, has quashed the Show Cause Notice issued by the GST department. The notice was originally issued on 25th August 2026 in Form GST DRC-01 by the Joint Commissioner of State Tax, Ratlam Division under Section 74 of the CGST/MPGST Act. Following a writ petition filed by the company, all proceedings initiated under the notice have been set aside. This removes an overhang of potential tax liabilities without any reported settlement payout or penalty.
- Madhya Pradesh High Court (Indore bench) quashed the GST Show Cause Notice dated 25th August 2026
- Proceedings under Form GST DRC-01 initiated under Section 74 of the CGST and MPGST Act stand dismissed
- Earlier intimations on this matter were submitted on 26th August 2026 and 25th September 2026
- No penalty or settlement amount was required to be paid by the company
G R Infraprojects announced that its wholly-owned subsidiary, Fourwrd MMLP Varanasi Private Limited, executed a concession agreement with Varanasi MMLP Limited on October 15, 2026. The contract entails the development, operation, and maintenance of a Multi Modal Logistics Park (MMLP) in Varanasi, Uttar Pradesh, under the DBFOT model. The project consideration is ₹91.60 crore (excluding GST), which is relatively small compared to GR Infra's TTM revenue of ₹9,194 crore (~1%). The construction period is set for 1 year, followed by a total concession period of 45 years from the appointed date.
- Project consideration of Rs. 91.60 (excluding GST) under DBFOT mode
- Concession period of 45 Years, including construction, from the appointed date
- Construction period stipulated at 1 (one) year from the Appointed Date
- Execution of agreement completed on 15th October 2026 via subsidiary Fourwrd MMLP Varanasi Private Limited
G R Infraprojects Limited has approved the categorisation of two existing internal leaders as Senior Management Personnel (SMP) effective October 14, 2026. Mr. Archit Agarwal, currently Business Unit Head for Tunnels and Hydro (with over 11 years of experience), and Mr. Bharat Bhushan Aggarwal, President of HR, Administration & Corporate Communication (with over 35 years of experience), have been designated as SMPs. The internal re-categorisation reflects formal compliance under SEBI Listing Regulations without any reported changes in operational structure or financial commitments.
- Effective date of Senior Management Personnel categorisation is October 14, 2026.
- Mr. Archit Agarwal brings over 11 years of EPC execution experience and leads the Tunnelling, Underground EPC, and Logistics platforms.
- Mr. Bharat Bhushan Aggarwal brings over 35 years of human resources and organizational development experience.
- Both individuals are existing full-time employees, resulting in no new executive hiring costs.
G R Infraprojects Limited has filed a writ petition before the Hon’ble High Court of Madhya Pradesh, Indore, challenging a show cause notice (DRC-01) issued under Section 74 of the CGST and MPGST Acts. The notice was originally received from the Joint Commissioner of State Tax, Ratlam Division, Indore, on 25th August 2026. The financial demand or penalty amount involved in the notice was not disclosed in this filing. The company is seeking legal relief to quash or stay the department's notice.
- Writ petition filed before the Hon’ble High Court of Madhya Pradesh, Indore against GST department notice
- Challenges Show Cause Notice (DRC-01) issued under Section 74 of CGST & MPGST Act, 2017
- Originates from the Office of the Joint Commissioner of State Tax, Ratlam Division, dated 25th August 2026
- Tax/penalty amount disputed not disclosed in the filing
G R Infraprojects has received an intimation from the NHAI declaring September 7, 2026, as the Appointed Date for the Agra-Gwalior Greenfield Road project. The project has an estimated cost of ₹4,262.78 crore (inclusive of GST) and is executed under the DBFOT pattern on a BOT (Toll) mode. The completion timeline is set at 910 days from the appointed date. At ~46.4% of the company's TTM revenue of ₹9,194 crore, this project represents a major execution milestone that clears the path for construction kickoff and billing.
- NHAI declared the Appointed Date as September 7, 2026, via a letter dated September 18, 2026
- Estimated project cost is ₹4,262.78 crore (inclusive of GST), representing ~46.4% of TTM revenue
- Execution mode is DBFOT pattern at BOT (Toll) under the NH(O) scheme
- The project completion period is 910 days from the Appointed Date
NTPC Limited has sought invocation of a Mobilization Advance Bank Guarantee of ₹49.53 crore and three Insurance Performance Surety Bonds totaling ₹41.34 crore, aggregating to ₹90.86 crore. This action relates to three contracts where G R Infraprojects had recently issued a termination notice on September 15, 2026. The total invoked amount represents approximately 8.9% of the company's TTM PAT of ₹1,017 crore and under 1.0% of TTM revenue. The company stated it is evaluating legal remedies and reported no immediate material operational disruptions.
- NTPC invoked Mobilization Advance Bank Guarantee of ₹49,52,59,040 issued by HDFC Bank
- Three Insurance Performance Surety Bonds totaling ₹41,33,70,998 issued by Bajaj General Insurance were also invoked
- Total invoked guarantees and surety bonds aggregate to ₹90.86 crore
- The invocation follows a termination notice issued by GR Infraprojects on September 15, 2026 across three contracts
G R Infraprojects has issued a notice of termination with immediate effect to NTPC Limited for the EPC Package contract covering Battery Energy Storage Systems (BESS) at the Mouda Super Thermal Power Station. The contract was executed on 23rd April 2026 across three contract agreements. The company cited ongoing Force Majeure, War Risk circumstances, and contractual issues as the reasons for termination. GR Infraprojects has invoked dispute resolution mechanisms, while the overall financial impact is presently being assessed.
- Issued notice of termination with immediate effect on 16th September 2026 to NTPC Limited
- Contract agreements were previously executed on 23rd April 2026
- Pertains to 3 contract agreements (CS-9575-171 A-9-FC-COA-7978, SC-COA-7979, TC-COA-7980)
- Termination attributed to continuing Force Majeure, War Risk circumstances, and contractual issues
- Financial impact is presently under assessment with dispute resolution mechanisms invoked
G R Infraprojects Limited has received a Show Cause Notice (DRC-01) from the Joint Commissioner of State Tax, Ratlam Division, Madhya Pradesh, proposing an aggregate demand of ₹321.60 crore. The demand comprises tax, interest, and penalty under Section 74 of the CGST/MPGST Act for the period April 2020 to March 2021. The notice cites alleged ineligible/excess Input Tax Credit (ITC) availment and mismatches between e-way bills and GSTR-3B filings. The proposed demand represents ~31.6% of TTM PAT (₹1,017 crore), though the company stated it has strong grounds to defend the matter.
- Proposed aggregate demand of ₹321.60 crore including tax, interest, and penalty.
- Issued by Joint Commissioner of State Tax, Ratlam Division, MP under Section 74 of CGST/MPGST Act.
- Relates to tax period April 2020 to March 2021 regarding ITC and e-way bill data mismatches.
- Matter is at the Show Cause Notice stage; company is preparing its formal response.
The Rajasthan High Court has dismissed writ petitions filed by G R Infraprojects' subsidiary, Nagaur Mukundgarh Highways Private Limited. The petitions challenged the applicability of CBIC Circular No. 150/06/2021-GST and the levy of GST on annuity payments received under concession agreements. The aggregate disputed amount involved is approximately Rs 69.79 crore, which represents ~6.9% of the company's TTM PAT (Rs 1,017 crore). The company is currently evaluating available legal remedies with its legal advisors.
- Rajasthan High Court dismissed writ petitions filed by subsidiary Nagaur Mukundgarh Highways Pvt Ltd
- Dispute pertains to GST levy on annuity payments and CBIC circular dated June 17, 2021
- Aggregate litigation exposure stands at approximately Rs 69.79 crore
- Judgment dated August 17, 2026 was received by the company on August 18, 2026
G R Infraprojects Limited (GRINFRA) has received a formal Letter of Award (LOA) for the development and operation of the Multi-Modal Logistics Park (MMLP) in Varanasi, Uttar Pradesh. The project, valued at Rs 91.60 crore, will be executed on a Design, Build, Finance, Operate and Transfer (DBFOT) basis. While the order value is relatively small at ~1.09% of TTM revenue, it represents a strategic step in the company's stated goal to diversify into non-road infrastructure segments. The project features a short 1-year construction window followed by a long-term 45-year concession period.
- Order value of Rs 91.60 Crores for the Varanasi MMLP project
- Long-term concession period of 45 years including construction time
- Short construction timeline of 1 year from the Appointed Date
- Project awarded by Varanasi MMLP Limited under a PPP DBFOT model
- Order represents approximately 1.09% of the company's TTM revenue of Rs 8,398 Cr
G R Infraprojects reported a strong 32.7% YoY growth in standalone revenue to ₹2,423 crore for Q1 FY27. However, standalone EBITDA margins compressed to 11.02% from 12.65% due to higher material costs and competitive bidding. The order book remains robust at ₹25,300 crore, providing approximately 3x TTM revenue visibility, with an additional ₹32,000 crore in pending bids. A significant portion of the order book, approximately ₹7,250 crore, is currently awaiting 'appointed dates' to begin execution.
- Standalone revenue increased 32.71% YoY to ₹2,423 crore in Q1 FY27.
- Order book reached ₹25,300 crore as of July 1, 2026, representing 3.01x TTM revenue.
- Standalone EBITDA margin declined by 163 bps to 11.02% due to higher construction costs.
- Three major projects totaling ₹7,250 crore are currently stalled awaiting appointed dates.
- Management is targeting a bidding pipeline of ₹32,000 crore to sustain growth momentum.
G R Infraprojects Limited (GRINFRA) has been declared the successful bidder for the development and maintenance of the Varanasi Multi Modal Logistics Park (MMLP) in Uttar Pradesh. The project, valued at Rs 91.60 Crores, will be executed on a Design, Build, Finance, Operate, and Transfer (DBFOT) basis. While the order value is relatively small at ~1.1% of TTM revenue, it marks a strategic entry into the logistics park segment. The project features a short 1-year construction window followed by a long-term 45-year concession period.
- Awarded project value of Rs 91.60 Crores by Varanasi MMLP Limited
- Construction period is set for 1 year from the appointed date
- Total concession period of 45 years including the construction phase
- Project to be executed under the Public Private Partnership (DBFOT) model
- Aligns with the company's strategy to diversify into non-road segments like MMLP
G R Infraprojects has released the audio recording of its Q1 FY2027 earnings conference call held on August 7, 2026. The call provides management commentary on the company's performance for the quarter ended June 30, 2026, and its current order book of Rs 23,706 Cr. Investors can access the recording to understand the strategy for achieving the 15% growth target for FY27 amidst margin pressures. The company is currently navigating a competitive landscape where operating margins have moderated to the 13-15% range.
- Earnings conference call held on August 7, 2026, for the quarter ended June 30, 2026
- Order book stands at Rs 23,706 Cr as of June 30, 2025, providing 3.6x revenue visibility
- Management targeting 15% revenue growth in FY27 based on current bidding momentum
- Operating margins moderated from 18% to 13-15% due to increased competitive intensity
- Capital recycling continues with 9 HAM projects transferred to InvIT across FY24 and FY25
G R Infraprojects reported strong Q1 FY27 results with consolidated revenue growing 40.06% YoY to Rs 2,784.11 Cr. Consolidated PAT increased 46.39% YoY to Rs 357.79 Cr, supported by a robust order book of Rs 25,319.2 Cr, which provides high revenue visibility at approximately 3x TTM sales. However, standalone EBITDA margins moderated to 11.02% from 12.65% YoY, and net working capital days stretched significantly to 148 days from 109 days a year ago.
- Consolidated Revenue from operations increased by 40.06% YoY to Rs 2,784.11 Cr in Q1 FY27.
- Order book as of June 30, 2026, stands at Rs 25,319.2 Cr, representing 3.01x TTM revenue.
- Consolidated PAT grew 46.39% YoY to Rs 357.79 Cr, despite standalone margin compression.
- Net Working Capital cycle stretched to 148 days in June 2026, up from 109 days in June 2025.
- NHAI remains the dominant client, accounting for 64% of the total order book distribution.
G R Infraprojects reported a robust Q1 FY27 with consolidated revenue from operations rising 40% YoY to ₹2,784.11 Cr. Profit Before Tax (PBT) increased by 49.4% YoY to ₹479.73 Cr, supported by a ₹61.21 Cr exceptional gain. The BOT/Annuity segment remains the largest contributor, generating ₹1,712.96 Cr in revenue, while the EPC segment saw a sharp recovery in profitability. The company also confirmed the full utilization of ₹215 Cr raised through private placement of NCDs.
- Consolidated revenue from operations increased 40.06% YoY to ₹2,784.11 Cr from ₹1,987.79 Cr.
- Profit Before Tax (PBT) rose 49.39% YoY to ₹479.73 Cr, including an exceptional gain of ₹61.21 Cr.
- EPC segment results jumped significantly to ₹142.29 Cr compared to ₹16.59 Cr in the year-ago quarter.
- BOT/Annuity segment revenue grew to ₹1,712.96 Cr, representing 61.5% of total quarterly revenue.
- Total assets increased to ₹16,963.63 Cr as of June 30, 2026, from ₹16,048.13 Cr in March 2026.
Financial Performance
Revenue Growth by Segment
Standalone revenue from operations was INR 6,515.57 Cr, a decrease of 16.34% YoY. Consolidated revenue was INR 7,394.70 Cr, down 17.66% YoY. The decline is attributed to a lower execution base following two fiscals of degrowth.
Geographic Revenue Split
The order book is geographically diversified across 17 states in India. Specific percentage contribution per region is not disclosed in available documents.
Profitability Margins
Standalone PAT margin stood at 12.07% for FY25, up from 9.70% in FY24. Consolidated PAT margin was 13.73% in FY25. Profitability has moderated from historical averages of 18% to 13-15% due to increased competitive intensity.
EBITDA Margin
Standalone EBITDA margin (net of other income) was 13.88% in FY25, a decrease of 4.78% YoY from 14.58%. Consolidated EBITDA margin was 22.13%, down 6.79% YoY from 23.63%.
Capital Expenditure
Historical fixed assets turnover ratio was 5.51 in FY25. The company maintains a strong fleet of owned equipment and vehicles to support operating efficiency, though specific planned INR Cr for future capex is not disclosed.
Credit Rating & Borrowing
The company maintains a stable outlook. Interest coverage ratio was healthy at over 11 times during fiscal 2025. Standalone finance costs decreased 17.45% to INR 85.69 Cr.
Operational Drivers
Raw Materials
Key raw materials include bitumen, steel, and cement, which are standard for road construction. Specific percentage of total cost for each is not disclosed.
Capacity Expansion
Current order book stands at INR 23,706 Cr as of June 30, 2025, providing an order-to-revenue ratio of 3.6x. The company is expanding into Transmission & Distribution (T&D), tunnels, ropeways, and multi-modal logistics parks (MMLP).
Raw Material Costs
Cost of materials consumed was INR 302.52 Cr for FY25. Procurement is supported by backward integration into manufacturing and processing capacities of various inputs to maintain 13-15% margins.
Manufacturing Efficiency
Operating efficiency is supported by backward integration. Fixed asset turnover ratio was 5.51 in FY25, slightly down from 5.74 in FY24.
Strategic Growth
Expected Growth Rate
15%
Growth Strategy
Growth will be achieved through the execution of large orders awarded in H2 FY25 and diversification into higher-margin segments like T&D, tunnels, and ropeways. The company is targeting 15% growth in FY27 based on current order bidding momentum.
Products & Services
Hybrid Annuity Model (HAM) road projects, EPC services for highways, Transmission & Distribution (T&D) lines, tunnels, ropeways, and Multi-Modal Logistics Parks (MMLP).
Brand Portfolio
G R Infraprojects Limited (GRIL).
New Products/Services
Entry into Transmission & Distribution (T&D), tunnels, ropeways, and MMLP segments, which are expected to provide marginally higher margins (targeting 15%) compared to standard road projects.
Market Expansion
Expansion into 17 states and diversification into non-road infrastructure sectors to reduce sector-specific concentration.
Strategic Alliances
Transfer of operational HAM projects to Indus Infra Trust (InvIT) to recycle capital. Profit of INR 62.54 Cr was earned on the transfer of two subsidiary companies in FY25.
External Factors
Industry Trends
The industry is seeing increased competition from smaller players. GRIL is positioning itself for the future by diversifying into T&D and Ropeways to maintain margins above 13%.
Competitive Landscape
Key competitors include smaller players entering the road sector due to relaxed bidding norms, leading to margin compression.
Competitive Moat
Moat is built on backward integration and a large owned equipment fleet, which provides cost leadership. This is sustainable but being tested by aggressive bidding from new entrants.
Macro Economic Sensitivity
Highly sensitive to Government of India infrastructure spending and NHAI awarding momentum.
Consumer Behavior
N/A as the primary clients are government agencies.
Geopolitical Risks
Primarily domestic operations; risks are limited to changes in Indian government regulations and tax laws.
Regulatory & Governance
Industry Regulations
Operations are governed by NHAI bidding guidelines and Ministry of Road Transport regulations. Changes in government regulations or tax laws are cited as key risk factors.
Environmental Compliance
CSR expense for FY25 was INR 1.93 Cr.
Taxation Policy Impact
Standalone tax expense was INR 291.32 Cr in FY25, representing an effective tax rate of approximately 26.5% on PBT.
Legal Contingencies
Three employees were arrested in June 2022 on charges of bribery involving INR 4 lakh by the CBI. Raids were conducted at the promoter's residence, but no top management or family members were implicated.
Risk Analysis
Key Uncertainties
Execution risk of large projects could impact revenue by 5-10%. Competitive intensity in the road sector remains a primary uncertainty for margin sustainability.
Geographic Concentration Risk
Diversified across 17 states, reducing regional risk.
Third Party Dependencies
Low dependency on third-party suppliers due to high levels of backward integration in input manufacturing.
Technology Obsolescence Risk
Low risk given the nature of civil construction, but the company is adopting new technologies in T&D and tunnel segments.
Credit & Counterparty Risk
Low counterparty risk as 75% of the order book is from Central Government agencies/PSUs.
