GRINFRA
G R Infraprojects share price & financials
- Price
- ₹891.75
- Market cap
- ₹8.5k Cr
- Sector
- Construction
- Calls analysed
- 7
G R Infraprojects Limited Q1 FY27
What went well
- Standalone revenue from operations grew 32.71% YoY to INR 2,423 crores in Q1 FY27.
- Consolidated revenue from operations grew 40% YoY to INR 2,784 crores in Q1 FY27.
- Consolidated Profit After Tax increased to INR 358 crores in Q1 FY27 from INR 244 crores in Q1 FY26, partly due to an exceptional gain of INR 46 crores.
What to watch
- Standalone EBITDA margin decreased to 11.01% in Q1 FY27 from 12.17% in Q1 FY26, primarily due to higher construction and material costs.
- Group level EBITDA margin decreased to 16.8% in Q1 FY27 from 20% in Q1 FY26.
What G R Infraprojects Limited does
G R Infraprojects Limited is an integrated engineering, procurement and construction (EPC) company that designs and builds large infrastructure assets, primarily national and state highways, bridges, flyovers and ROBs executed under EPC, BOT and Hybrid Annuity Model (HAM) contracts, and has expanded into railways and metro construction, tunnelling and hydro works, power transmission and distribution, telecom/IT infrastructure, multimodal logistics parks, oil & gas EPC and battery energy storage systems (BESS). It backward-integrates through in-house manufacturing units that produce bitumen emulsion, GFRP rebars, thermoplastic road-marking paint, road signage and metal crash barriers used on its own projects, reducing reliance on external suppliers. Completed HAM road and transmission concessions are periodically transferred (monetized) to the Indus Infra Trust InvIT, recycling capital back into new project bids.
Segments
- Highways and Bridges
- Railway and Metro
- Hydro and Tunnelling
- Power Transmission and Distribution
- Telecom and IT Infrastructure
- Multimodal Logistics Parks (MMLP)
- Oil and Gas
- BESS
- Manufacturing and Fabrication
- Geographic presence
- 24 states across India
- Manufacturing units
- 8
- Plant & equipment fleet
- 7,000+
- Employees
- 9,993
- Projects completed
- 100+
- Operational road/transmission concessions (BOT/HAM)
- 8
Guidance record · Q1 FY27
what the last two calls moved 19 tracked 2 delivered 4 missed 13 open- Revenue Growth delivered said Q3 FY25 Promised: 9-12% growth for FY26 Q1 FY27: Historical data, no new updates.
- Revenue Growth missed said Q3 FY25 Promised: Negative 10-12% growth for FY25 Q1 FY27: Historical data, no new updates.
- Project Execution Start delayed said Q1 FY26 Promised: Start execution in November or December 2025 Q1 FY27: Further delayed to Oct/Nov 2026 (Q3 FY27).
All 19 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 32.7%, net profit down 5.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,128 | 1,501 | 1,990 | 1,826 | 1,234 +9% | 2,039 +36% | 2,521 +27% | 2,423 +33% |
| EBITDA | 117 | 192 | 348 | 231 | 120 +3% | 205 +7% | 273 −22% | 267 +16% |
| Net profit | 115 | 169 | 371 | 216 | 131 +14% | 232 +37% | 417 +12% | 204 −6% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −33.7% 1Y
1Y: ₹1,290.6 on 10 Sept 2025 → ₹855.8. High ₹1,323.5 (19 Sept 2025), low ₹795.95 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −2.2%
- 7 Aug
- Q4 FY26
- −6.2%
- 12 May
- Q3 FY26
- −1.9%
- 10 Feb
- Q2 FY26
- −1.4%
- 11 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 5.4% a year over 3 years, FY23 to FY26. Operating margin narrowed to 10.9%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹9.0k Cr | ₹7.8k Cr | ₹6.5k Cr | ₹7.6k Cr |
| Operating profit | ₹2.2k Cr | ₹1.1k Cr | ₹904 Cr | ₹829 Cr |
| Operating margin | 24.1% | 14.6% | 13.9% | 10.9% |
| Interest | ₹349 Cr | ₹104 Cr | ₹85 Cr | ₹43 Cr |
| Depreciation | ₹245 Cr | ₹244 Cr | ₹244 Cr | ₹198 Cr |
| Net profit | ₹1.3k Cr | ₹2.0k Cr | ₹807 Cr | ₹996 Cr |
| Net margin | 13.9% | 25.4% | 12.4% | 13.1% |
| Cash from operations | ₹764 Cr | ₹848 Cr | ₹858 Cr | ₹19 Cr |
| Free cash flow | ₹495 Cr | ₹753 Cr | ₹828 Cr | ₹5 Cr |
| ROCE | 21.0% | 15.0% | 13.0% | 12.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹48 Cr | ₹48 Cr | ₹48 Cr | ₹48 Cr | ₹48 Cr | ₹48 Cr |
| Reserves | ₹3.6k Cr | ₹4.3k Cr | ₹5.2k Cr | ₹7.1k Cr | ₹8.9k Cr | ₹8.8k Cr |
| Borrowings | ₹1.4k Cr | ₹1.1k Cr | ₹1.1k Cr | ₹753 Cr | ₹5.6k Cr | ₹238 Cr |
| Other liabilities | ₹1.4k Cr | ₹1.2k Cr | ₹1.4k Cr | ₹1.4k Cr | ₹1.8k Cr | ₹1.9k Cr |
| Total liabilities | ₹6.4k Cr | ₹6.7k Cr | ₹7.7k Cr | ₹9.4k Cr | ₹16.3k Cr | ₹11.0k Cr |
| Fixed assets | ₹1.3k Cr | ₹1.5k Cr | ₹1.4k Cr | ₹1.3k Cr | ₹1.0k Cr | ₹1.0k Cr |
| Capital work in progress | ₹55 Cr | ₹59 Cr | ₹72 Cr | ₹74 Cr | ₹196 Cr | ₹30 Cr |
| Investments | ₹364 Cr | ₹324 Cr | ₹86 Cr | ₹2.6k Cr | ₹2.6k Cr | ₹3.3k Cr |
| Other assets | ₹4.6k Cr | ₹4.8k Cr | ₹6.1k Cr | ₹5.4k Cr | ₹12.5k Cr | ₹6.6k Cr |
| Total assets | ₹6.4k Cr | ₹6.7k Cr | ₹7.7k Cr | ₹9.4k Cr | ₹16.3k Cr | ₹11.0k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −0.42 pp while the public added +0.24 pp. The shareholder count shrank 6% to 60,541.
- Promoters
- 74.7%
- FIIs
- 2.5%
- DIIs
- 19.5%
- Public
- 3.4%
Since Jun 2025
- FIIs −0.42 pp
- Public +0.24 pp
- DIIs +0.20 pp
How it drifted, 12 quarters
Over this window promoters fell from 79.7% to 74.7% — −5.0 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 79.7%, FIIs 0.7%, DIIs 15.9%, Public 3.7%.Dec '23: Promoters 79.7%, FIIs 0.6%, DIIs 15.9%, Public 3.8%.Mar '24: Promoters 74.7%, FIIs 0.8%, DIIs 20.6%, Public 3.9%.Jun '24: Promoters 74.7%, FIIs 1.4%, DIIs 20.5%, Public 3.4%.Sep '24: Promoters 74.7%, FIIs 2.1%, DIIs 20.1%, Public 3.1%.Dec '24: Promoters 74.7%, FIIs 2.5%, DIIs 19.8%, Public 3.0%.Mar '25: Promoters 74.7%, FIIs 2.8%, DIIs 19.2%, Public 3.3%.Jun '25: Promoters 74.7%, FIIs 2.9%, DIIs 19.3%, Public 3.1%.Sep '25: Promoters 74.7%, FIIs 2.9%, DIIs 19.4%, Public 3.0%.Dec '25: Promoters 74.7%, FIIs 2.7%, DIIs 19.5%, Public 3.1%.Mar '26: Promoters 74.7%, FIIs 2.3%, DIIs 19.6%, Public 3.4%.Jun '26: Promoters 74.7%, FIIs 2.5%, DIIs 19.5%, Public 3.4%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Tata Aia Life Insurance Company Insurer newly disclosed 1.37% held
- UTI Mutual Fund Mutual fund +0.39 pp 2.05% held
- Mahendra Agarwal +0.37 pp 5.48% held
- Suman Agarwal +0.36 pp 6.52% held
- Ajendra Agarwal +0.36 pp 5.55% held
- Harish Kumar Agarwal +0.36 pp 3.94% held
- Purshottam Agarwal +0.36 pp 3.94% held
- Devki Nandan Agarwal +0.36 pp 3.53% held
The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of G R Infraprojects Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Lokesh Builders Private Limited | 31.80% | unchanged |
| Suman Agarwal | 6.52% | +0.36 pp |
| Ajendra Agarwal | 5.55% | +0.36 pp |
| Mahendra Agarwal | 5.48% | +0.37 pp |
| SBI Mutual Fund Mutual fund | 5.34% | −2.13 pp |
| Kotak Mutual Fund Mutual fund | 4.32% | unchanged |
| Harish Kumar Agarwal | 3.94% | +0.36 pp |
| Purshottam Agarwal | 3.94% | +0.36 pp |
| Devki Nandan Agarwal | 3.53% | +0.36 pp |
| Kiran Agarwal | 2.58% | unchanged |
| Sangeeta Agarwal | 2.58% | unchanged |
| HDFC Mutual Fund Mutual fund | 2.50% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in GRINFRA
Filings to Aug 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
- Held by funds
- ₹764 Cr
- 10 schemes
- Biggest holder
- SBI Large and Midcap Fund
- ₹198 Cr · 0.5% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Large and Midcap Fund SBI Mutual Fund | ₹198 Cr | held | Aug '21 |
| SBI Contra Fund SBI Mutual Fund | ₹158 Cr | held | Dec '23 |
| HDFC Small Cap Fund HDFC Mutual Fund | ₹132 Cr | held | Mar '24 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹104 Cr | held | Jan '23 |
| HDFC Infrastructure Fund HDFC Mutual Fund | ₹50 Cr | held | Dec '22 |
| SBI Conservative Hybrid Fund SBI Mutual Fund | ₹48 Cr | held | Sep '22 |
| SBI Infrastructure Fund SBI Mutual Fund | ₹44 Cr | held | Apr '26 |
| HDFC Business Cycle Fund HDFC Mutual Fund | ₹15 Cr | held | Apr '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
- Funds are sitting on
- -28%
- vs est. average cost
- Held by funds
- ₹764 Cr
- 10 schemes · ≈ 9.1% of the company
- Biggest holder
- SBI Large and Midcap Fund
- ₹198 Cr · 0.5% of that fund
Shares held by these funds −5%
Aug '23 86.93 L shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse G R Infraprojects Limited
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