GR Infraprojects Ltd.

•

grinfra.comBSE: 543317NSE: GRINFRA

Market Cap₹ 8,324 Cr.

Current Price

High / Low₹ 1,345 / 785

Stock P/E8.2

Book Value₹ 999

Price to Book0.83

Dividend Yield0.29 %

ROCE12.8 %

ROE10.1 %

Face Value₹ 5

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • BOT (Toll & Annuity): 65.2% • Construction & Engineering: 27.7% • Others: 7.1%

AI Sector View

AI GENERATED

Construction

Buy

Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.

Confidence

80%

View full sector analysis →

PROS

Company has consistently been profitable over the last 5 years
Latest quarter profit grew 46.4% YoY, showing strong momentum

CONS

Operating cash flow has been negative in recent years
Receivables are growing faster than sales - a possible quality concern
Recent results are weak - TTM profit is down 21.6% versus prior year
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -1.99x)
Free cash flow has been persistently negative
Company has delivered a poor profit growth of -1.1% over past five years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ConstructionInfrastructureEngineering - Construction

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	LT	3925.00	32.55	540027.44	0.97	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	207.00	47.98	43159.92	0.34	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1408.65	21.17	24055.87	0.78	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.07	24.14	23032.75	1.36	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1268.60	36.23	21792.97	0.24	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	273.15	19.58	15352.19	1.83	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	983.20	26.53	11434.57	0.71	93.33	-31.44	630.34	19.84	14.86	15.79
8.	WELENT	782.45	35.43	10830.19	0.38	56.36	-44.29	773.72	-8.44	16.44	19.49
9.	IRCON	115.10	20.67	10825.34	1.65	92.03	-43.92	1955.83	9.49	10.15	9.81
10.	KEC	392.85	18.89	10457.67	1.40	72.62	-41.72	5023.54	0.01	16.35	5.79
11.	AFCONS	274.30	69.72	10088.33	0.73	303.00	120.52	26710.00	692.49	12.88	9.42
12.	GRINFRA	860.25	8.19	8323.82	0.29	357.79	46.39	2784.11	40.06	12.76	18.75

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	2,478	1,883	2,134	2,485	2,030	1,394	1,694	2,276	1,988	1,602	2,308	2,500	2,784
	1,871	1,416	1,626	1,945	1,662	1,041	1,325	1,730	1,590	1,215	1,840	2,132	2,465
Operating Profit	607	467	508	540	368	353	370	545	398	387	468	368	319
OPM %	24.51%	24.81%	23.79%	21.74%	18.13%	25.32%	21.82%	23.96%	20.03%	24.16%	20.28%	14.73%	11.46%
	21	26	25	337	-28	37	103	72	40	24	49	64	-16
Interest	137	145	155	128	103	112	113	121	117	126	153	112	103
Depreciation	60	62	61	61	63	63	61	57	52	51	49	47	46
Profit before Tax	432	287	316	687	174	214	299	440	269	235	314	273	480
Tax %	28.24%	24.36%	23.21%	20.47%	38.09%	31.02%	29.36%	22.91%	28.56%	30.20%	31.08%	40.17%	25.42%
Net Profit	0	0	0	0	156	194	263	403	244	190	259	210	358
	32.05	22.45	25.10	57.29	16.08	19.99	27.06	41.75	25.23	19.91	26.79	21.39	36.93

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	3,268	3,179	5,283	6,373	7,844	8,458	9,482	8,980	7,395	8,399	9,195
	2,654	2,568	4,010	4,839	5,994	6,723	6,936	6,858	5,758	6,777	7,652
Operating Profit	614	611	1,273	1,534	1,850	1,735	2,546	2,122	1,636	1,622	1,543
OPM %	18.79%	19.21%	24.09%	24.07%	23.58%	20.52%	26.85%	23.63%	22.13%	19.31%	16.78%
	158	40	42	51	70	68	100	412	186	176	120
Interest	126	66	167	295	362	423	448	568	451	508	494
Depreciation	69	83	141	188	227	282	246	244	245	199	193
Profit before Tax	577	501	1,007	1,102	1,331	1,099	1,952	1,729	1,337	1,258	1,302
Tax %	-1.92%	18.96%	28.42%	30.88%	28.27%	24.29%	25.50%	23.48%	24.03%	28.23%	30.74%
Net Profit	588	406	721	762	955	832	1,454	1,323	1,015	903	902
EPS	60.73	41.20	74.31	78.59	98.48	86.04	150.42	136.90	104.85	93.31	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	11.92%	2.68%	—

COMPOUNDED SALES GROWTH

10 Years:: 15%
5 Years:: 1%
3 Years:: -4%

COMPOUNDED PROFIT GROWTH

10 Years:: 24%
5 Years:: -1%
3 Years:: -15%

STOCK PRICE CAGR

10 Years:: —
5 Years:: -12%
3 Years:: -12%
1 Year:: -34%

RETURN ON EQUITY

10 Years:: 28%
5 Years:: 17%
3 Years:: 14%
Last Year:: 10%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	48	48	48	48	48	48	48	48	48	48
Minority Interest	0	0	0	0	0	0	0	11	12	11
	1,083	1,494	2,219	2,978	3,932	4,763	6,217	7,536	8,435	9,319
	531	847	2,023	3,120	4,430	5,194	5,515	3,603	4,696	4,644
Trade Payables	229	326	522	561	729	721	846	797	875	1,105
	524	274	978	1,078	952	935	1,131	937	858	909
Total Liabilities	2,415	2,989	5,791	7,785	10,091	11,660	13,757	12,932	14,925	16,037
	384	615	902	1,031	1,345	1,485	1,438	1,309	1,088	1,026
Capital Work in Progress	17	48	43	28	55	59	72	76	147	106
	151	79	10	2	103	3	56	2,121	2,494	2,371
	221	301	614	769	1,058	1,022	884	768	538	986
	0	0	0	0	0	0	0	308	225	745
Cash & Bank	549	238	716	948	831	1,095	779	740	896	1,212
	1,094	1,708	3,506	5,008	6,699	7,996	10,526	7,609	9,537	9,591
Total Assets	2,415	2,989	5,791	7,785	10,091	11,660	13,757	12,932	14,925	16,037

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	796	-239	-37	-44	-172	478	-6	-1,590	-2,042	-2,811
Cash from Investing	353	-340	-718	-142	-735	-257	-9	946	422	1,623
Cash from Financing	-585	246	1,014	885	972	311	-20	1,120	1,735	1,523
	448	-465	22	476	-220	220	-393	476	115	334

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.74	74.71	74.70	74.70	74.70	74.69	74.69	74.69	74.69
	1.40	2.07	2.54	2.84	2.88	2.85	2.66	2.31	2.46
	20.50	20.12	19.77	19.17	19.28	19.41	19.53	19.62	19.48
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	3.36	3.09	2.97	3.29	3.14	3.05	3.11	3.38	3.38

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-26

Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company

2026-08-26 - G R Infraprojects Limited has informed the Exchange about Receipt of Show Cause Notice from GST Department.

2026-08-18

Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company

2026-08-18 - G R Infraprojects Limited has informed the Exchange about Update on Litigations of Nagaur Mukundgarh Highways Private Limited, a subsidiary of the Company.

2026-08-13

General Updates

2026-08-13 - G R Infraprojects Limited has informed the Exchange about Intimation of Letter of Award.

2026-08-10

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-10 - G R Infraprojects Limited has informed the Exchange about Transcript of an Earning Call held on 07th August 2026.

2026-08-07

General Updates

2026-08-07 - G R Infraprojects Limited has informed the Exchange emerging as successful Bidder for a project.

2026-08-07

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-07 - G R Infraprojects Limited has informed the Exchange about Link of Recording

2026-08-07

Copy of Newspaper Publication

2026-08-07 - G R Infraprojects Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-06

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-06 - G R Infraprojects Limited has informed the Exchange about Presentation

2026-08-06

Integrated Filing- Financial

2026-08-06 - Financial Results for the quarter ended 30th June 2026.

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