GR Infraprojects Ltd.
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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 GENERATEDConstruction
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.
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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LT | 3925.00 | 32.55 | 540027.44 | 0.97 | 4988.03 | 15.51 | 67941.74 | 6.69 | 15.98 | 12.00 |
| RVNL | 207.00 | 47.98 | 43159.92 | 0.34 | 159.52 | 18.73 | 4321.23 | 10.55 | 10.81 | 4.41 |
| KPIL | 1408.65 | 21.17 | 24055.87 | 0.78 | 311.53 | 45.85 | 6407.97 | 3.84 | 18.95 | 8.77 |
| IRB | 19.07 | 24.14 | 23032.75 | 1.36 | 3062.70 | 1412.58 | 21372.72 | 918.25 | 7.72 | 53.93 |
| CEMPRO | 1268.60 | 36.23 | 21792.97 | 0.24 | 140.83 | 2.64 | 2720.92 | 7.02 | 33.53 | 10.09 |
| ENGINERSIN | 273.15 | 19.58 | 15352.19 | 1.83 | 157.94 | 141.49 | 819.84 | -5.80 | 30.94 | 20.61 |
| TECHNOE | 983.20 | 26.53 | 11434.57 | 0.71 | 93.33 | -31.44 | 630.34 | 19.84 | 14.86 | 15.79 |
| WELENT | 782.45 | 35.43 | 10830.19 | 0.38 | 56.36 | -44.29 | 773.72 | -8.44 | 16.44 | 19.49 |
| IRCON | 115.10 | 20.67 | 10825.34 | 1.65 | 92.03 | -43.92 | 1955.83 | 9.49 | 10.15 | 9.81 |
| KEC | 392.85 | 18.89 | 10457.67 | 1.40 | 72.62 | -41.72 | 5023.54 | 0.01 | 16.35 | 5.79 |
| AFCONS | 274.30 | 69.72 | 10088.33 | 0.73 | 303.00 | 120.52 | 26710.00 | 692.49 | 12.88 | 9.42 |
| GRINFRA | 860.25 | 8.19 | 8323.82 | 0.29 | 357.79 | 46.39 | 2784.11 | 40.06 | 12.76 | 18.75 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-26 - G R Infraprojects Limited has informed the Exchange about Receipt of Show Cause Notice from GST Department.
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 - G R Infraprojects Limited has informed the Exchange about Intimation of Letter of Award.
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 - G R Infraprojects Limited has informed the Exchange emerging as successful Bidder for a project.
2026-08-07 - G R Infraprojects Limited has informed the Exchange about Link of Recording
2026-08-07 - G R Infraprojects Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-06 - G R Infraprojects Limited has informed the Exchange about Presentation
2026-08-06 - Financial Results for the quarter ended 30th June 2026.
News
Recent coverage and analyst commentary for GRINFRA
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