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GR Infraprojects
SectorConstruction
G R Infraprojects Limited is an Indian infrastructure company specializing in engineering, procurement, and construction (EPC) services for roads, highways, bridges, airports, railways, metros, power transmission, and tunneling. The company also develops and maintains infrastructure projects on Build-Operate-Transfer (BOT) and Hybrid Annuity Model (HAM) basis. Founded in 1995, it has expanded its operations across 16 states and 1 union territory in India. G R Infraprojects has diversified into railways, metro, and power transmission sectors. The company operates manufacturing units for bitumen, road-marking paint, signage, metal crash barriers, and electric poles. It also provides project management services and undertakes repair and maintenance of projects. The company was listed on the BSE and NSE in July 2021.
In the news
India's BESS Crisis: When ₹2 Bids Hit Reality
Electromech Infraprojects IPO files for ₹326 cr fresh issue
G R Infra gets appointed date for ₹4,263 cr Agra-Gwalior highway
GR Infraprojects Q1 profit surges 46% to ₹357.3 crore
SC Quashes Essel Infraprojects Insolvency Order Over AI-Generated Judgments
GIP-backed Pristine Logistics files for IPO via confidential route
GR Infraprojects jumps 6% on ₹1,898 cr railway project
Ola Electric misses FY26 revenue guidance, cuts losses
GR Infraprojects secures ₹1,898 cr railway contract
GR Infraprojects wins ₹1,454 cr NHAI highway project in Gujarat
G R Infraprojects wins ₹1,453 cr NHAI order, shares surge
G R Infraprojects secures ₹4,263 cr NHAI order, stock in focus
The Quarter story
The two most recent quarterly results, compared side-by-side.
Revenue and profits scale strongly as the order book expands, but rising input costs and slower collections pressure margins and working capital.
Revenue from operations grew from ₹16,021 in Q2 FY26 to ₹27,841 in Q1 FY27, confirming strong top-line scaling.
Consolidated EBITDA margin fell from 24.16% in Q2 FY26 to 16.80% in Q1 FY27, signaling margin erosion.
Order book expanded from ₹1,94,104 in Q1 FY26 to ₹2,53,192 in Q1 FY27, ensuring strong revenue visibility.
Receivable days stretched from 71 days in Q3 FY26 to 120 days in Q1 FY27, signaling collection delays.
Consolidated debt-to-equity ratio improved from 0.68x in Q3 FY26 to 0.52x in Q1 FY27, showing improved leverage.
Construction expenses rose from ₹8,855 in Q2 FY26 to ₹19,040 in Q1 FY27, signaling accelerating project costs.
Profit after tax surged from ₹1,895 in Q2 FY26 to ₹3,577 in Q1 FY27, showing strong earnings growth.
Net working capital days increased from 93 days in Q3 FY26 to 148 days in Q1 FY27, signaling cash conversion delays.
Company insights, generated from the most recent coverage.
A separate ₹321.60 Cr GST show-cause notice surfaced in the same filings as the NTPC termination. It is unrelated to BESS but adds to the contingency stack alongside the ₹91 Cr guarantee call.
GRIL won Mouda as lowest bidder at ₹487.78 Cr including GST in Jan-Apr 2026, then Chinese cell policy pushed battery prices up. A fixed-price EPC signed before the spike is a margin trap, and this is the most plausible driver of the stall.
GRIL separately flagged war-linked raw material volatility hurting power transmission margins with no client escalation allowed. Cost pass-through is absent across its power EPC book, so input swings land straight on margins.