G R Infraprojects reported strong Q3 FY26 revenue growth of 36% YoY, reaching ₹2,039 crores, largely driven by new sector entries. The company significantly deleveraged, achieving a standalone debt-equity ratio of 0.03x. While EBITDA margins saw a slight dip, management provided optimistic guidance for Q4 revenue and FY27 order inflows, particularly from highways and new segments like oil & gas, despite current year order inflow challenges and project delays.
vs Q4 FY26
| Metric | Value | YoY |
|---|---|---|
| Revenue from Operations (Standalone) | ₹2.0K Cr | +36.0% YoY |
| Revenue from Operations (Consolidated) | ₹2.3K Cr | +36.0% YoY |
| EBITDA Margin (Standalone) | 10.07% | — |
| EBITDA Margin (Group Level) | 20.28% | — |
| Profit Before Tax | ₹274 Cr | +18.0% YoY |
| PAT (Standalone) | ₹232 Cr | — |
| Metric | Latest | Trend |
|---|---|---|
| Standalone Revenue from Operations(crores) | 1234 | |
| Consolidated Revenue from Operations(crores) | 1602 | |
| Standalone EBITDA Margin | 9.76% | |
| Standalone PAT(crores) | 131 | |
| Consolidated PAT(crores) | 189.5 | |
| Working Capital Days(days) | 128 |
Total Value
₹ 20,250 crores
as of 2025-12-31
Inflow this qtr
₹ 414 crores
Composition
Pipeline
qualified rfpBids yet to be opened in highway, railway tunnel and other business units
Cancellations / Deferrals
"Management acknowledges current year order inflow is muted but expects significant pick-up in next fiscal year, driven by highway and new sectors, with a shift towards BOT projects."
| Category | Headline | |
|---|---|---|
Capex | Capex disclosed | |
Debt | Debt disclosed | |
Liquidity | Liquidity disclosed Working capital days improved to 93 days from 117 days, primarily due to a decrease in SPV debtor days. |
| Category | Target | Priority |
|---|---|---|
| Revenue | Q4 FY26 Revenue→INR3,000 crores | Medium |
| Revenue | FY27 Revenue Growth→10-15% | Medium |
| Revenue | Oil & Gas EPC Revenue (Q4 FY26)→INR500 crores | Medium |
| Revenue | Oil & Gas EPC Revenue (FY27)→>INR1,000 crores | Medium |
| Revenue | BharatNet Project Revenue (FY27)→INR400 crores | Medium |
| Revenue | BharatNet Project Revenue (FY28)→INR600 crores | Medium |
| Order Inflow | Oil & Gas EPC Orders (FY27)→INR1,000-1,500 crores | Medium |
| Order Inflow | Highway Sector Orders (FY27)→INR10,000-15,000 crores | Medium |
| Order Inflow | Total Order Inflow (FY27)→>INR20,000 crores | Medium |
| Order Inflow | Total Order Inflow (FY26)→<INR15,000 crores | Medium |
| Equity Infusion | HAM/BOT Equity Infusion (Q4 FY26)→INR500 crores | High |
| Equity Infusion | Annual Equity Investment (FY27-28)→INR1,000 crores | Medium |
| EBITDA Margin | Overall EBITDA Margin→10-12% | Medium |
| EBITDA Margin | Oil & Gas Sector EBITDA Margin→10% | High |
| Capex | FY27 Capex→INR100-125 crores | High |
| InvIT Transfer | Assets for InvIT Transfer (Q4 FY26)→3 assets | High |
| InvIT Transfer | Assets for InvIT Transfer (FY27)→4-5 assets | High |
| # | Metric | |
|---|---|---|
| 01 | Q4 FY26 Revenue Achievement | |
| 02 | MCA Modification Completion & BOT Project Awards | |
| 03 | Agra BOT Project Appointed Date & Revenue Booking | |
| 04 | Oil & Gas EPC Revenue Contribution | |
| 05 | BharatNet New Construction Start |
| Severity | Risk |
|---|---|
medium | Slowdown in NHAI project awarding NHAI awarding has shown a significant slowdown, impacting current year order inflow targets. Management |
medium | Delays in MCA modification for BOT projects Model Concession Agreement for BOT projects is under modification, causing delays in project tendering and awards. Management |
high | Land acquisition issues for BOT projects Agra BOT project delayed due to land compensation issues; company is cautious to ensure 100% ROW before appointed date to avoid future hindrances. Management |
medium | Potential cancellation of MSRDC projects Two MSRDC projects worth ₹4,300 crores are expected to be cancelled and retendered due to new alignment, impacting current order book. Management |
medium | Short timelines for BOT projects Government-assigned timelines (2.6 years) for new BOT projects (₹5,000-6,000 crores) are considered too short, requiring engagement with authorities. Management |
medium | ROW issues delaying BharatNet new construction New construction for the BharatNet project has not started due to Right of Way (ROW) issues, though O&M activities are ongoing. Management |
G R Infraprojects reported a robust 36% year-on-year growth in standalone revenue from operations, reaching ₹2,039 crores for Q3 FY26. Consolidated revenue also grew by 36% to ₹2,308 crores. Profit before tax increased by 18% to ₹274 crores. However, the standalone EBITDA margin saw a decline to 10.07% from 12.82% in the prior year, primarily attributed to a one-time📎 claims income of ₹37.7 crores in Q3 FY25 and growth not being fully commensurate with available resources this quarter. Consolidated PAT stood at ₹259 crores, a slight decrease from ₹263 crores in Q3 FY25.
The company significantly strengthened its balance sheet, repaying ₹262 crores of debt during the quarter, resulting in an impressive standalone debt-equity ratio of 0.03x. Consolidated borrowings stood at ₹6,281 crores with a debt-equity ratio of 0.68x. Working capital management improved, with working capital days reducing to 93 days from 117 days at the end of FY25, mainly due to a decrease in SPV debtor days. Standalone net worth increased to ₹8,471 crores, reflecting financial prudence.
The current order book stands at approximately ₹20,250 crores. A new Battery Energy Storage System project for NTPC worth ₹414 crores was secured this quarter. Management highlighted a strategic pivot towards diversification, with significant entry into the Oil & Gas EPC sector, which contributed around ₹400 crores in Q3 FY26 and is targeted to reach ₹500 crores in Q4 and over ₹1,000 crores in FY27. The company is also targeting ₹20,000 crores in bids for this sector in FY27, expecting to win ₹1,000-1,500 crores. The BharatNet project's O&M activities have commenced, with new construction expected to start in March 2026, targeting ₹400 crores revenue in FY27 and ₹600 crores in FY28.
Despite the strong Q3 performance, the company acknowledged a slowdown in order inflow for the current fiscal year, with expectations to fall short of the initial ₹22,000 crores target, revising it downwards to less than ₹15,000 crores. This is largely due to muted project awards from NHAI and ongoing modifications to the Model Concession Agreement (MCA) for BOT projects. The Agra BOT project, valued at ₹3,700 crores, is awaiting an appointed date due to land acquisition issues, with revenue booking expected from Q1 FY27. Additionally, two MSRDC projects worth ₹4,300 crores are likely to be cancelled and retendered due to new alignment.
Management guided for a Q4 FY26 revenue of approximately ₹3,000 crores and a 10-15% revenue growth for FY27. They anticipate significant order inflows in FY27, targeting ₹10,000-15,000 crores from the highway sector and over ₹20,000 crores overall, including new sectors. The company plans an annual equity investment of ₹1,000 crores for HAM/BOT projects in FY27-28. Capex for FY26 is ₹98 crores, with an estimate of ₹100-125 crores for FY27. The overall EBITDA margin is expected to remain in the 10-12% range, with the oil & gas sector specifically targeting a 10% margin.