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 is almost debt free
- Company has a healthy return on capital (ROCE) of 21.7%
- Company comfortably covers its interest (31.1x coverage)
- Company generates healthy free cash flow
CONS
- A large part of profit comes from other income (35.4% of PBT)
- Recent results are weak - TTM profit is down 18.4% versus prior year
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.46x)
- Company has delivered a poor sales growth of 1.0% over past five years
- Company has delivered a poor profit growth of 5.0% over past five years
- Operating margins have contracted to 10.9% from 18.4%
* 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
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,152 | 1,574 | 1,806 | 2,255 | 1,897 | 1,128 | 1,501 | 1,990 | 1,826 | 1,234 | 2,039 | 2,521 | 2,423 | |
| 1,838 | 1,380 | 1,578 | 1,856 | 1,650 | 1,011 | 1,308 | 1,642 | 1,595 | 1,113 | 1,834 | 2,247 | 2,214 | |
| Operating Profit | 315 | 194 | 228 | 399 | 247 | 117 | 192 | 348 | 231 | 120 | 205 | 273 | 210 |
| OPM % | 14.62% | 12.31% | 12.62% | 17.69% | 13.00% | 10.38% | 12.82% | 17.51% | 12.65% | 9.76% | 10.07% | 10.85% | 8.66% |
| 51 | 61 | 66 | 1,427 | 59 | 167 | 122 | 176 | 116 | 118 | 169 | 311 | 64 | |
| Interest | 27 | 28 | 24 | 25 | 28 | 21 | 21 | 15 | 12 | 11 | 10 | 10 | 13 |
| Depreciation | 60 | 62 | 61 | 61 | 63 | 63 | 61 | 57 | 52 | 51 | 49 | 46 | 44 |
| Profit before Tax | 279 | 166 | 209 | 1,740 | 214 | 199 | 233 | 452 | 283 | 176 | 315 | 529 | 274 |
| Tax % | 25.44% | 25.57% | 25.51% | 14.31% | 29.00% | 42.38% | 27.53% | 17.87% | 23.74% | 25.84% | 26.29% | 21.06% | 25.67% |
| Net Profit | 208 | 123 | 155 | 1,491 | 152 | 115 | 169 | 371 | 216 | 131 | 232 | 417 | 204 |
| 21.51 | 12.75 | 16.07 | 154.18 | 15.72 | 11.87 | 17.43 | 38.37 | 22.31 | 13.52 | 24.00 | 43.13 | 21.05 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,170 | 3,105 | 4,950 | 6,028 | 7,244 | 7,919 | 8,148 | 7,788 | 6,516 | 7,620 | 8,218 | |
| 2,629 | 2,530 | 3,942 | 4,786 | 5,934 | 6,638 | 6,843 | 6,653 | 5,611 | 6,790 | 7,408 | |
| Operating Profit | 541 | 575 | 1,008 | 1,242 | 1,310 | 1,281 | 1,305 | 1,135 | 905 | 830 | 809 |
| OPM % | 17.07% | 18.51% | 20.36% | 20.60% | 18.09% | 16.18% | 16.02% | 14.58% | 13.88% | 10.90% | 9.85% |
| 159 | 52 | 67 | 94 | 127 | 132 | 194 | 1,609 | 527 | 714 | 662 | |
| Interest | 54 | 63 | 106 | 146 | 140 | 130 | 107 | 107 | 89 | 43 | 45 |
| Depreciation | 64 | 81 | 138 | 187 | 227 | 282 | 246 | 244 | 245 | 198 | 190 |
| Profit before Tax | 583 | 483 | 831 | 1,003 | 1,071 | 1,002 | 1,146 | 2,393 | 1,098 | 1,303 | 1,294 |
| Tax % | -0.08% | 17.29% | 28.32% | 31.33% | 27.14% | 24.06% | 25.68% | 17.36% | 26.53% | 23.55% | 23.96% |
| Net Profit | 583 | 399 | 596 | 689 | 781 | 761 | 852 | 1,977 | 807 | 996 | 984 |
| EPS | 120.27 | 41.17 | 61.44 | 71.03 | 80.51 | 78.69 | 88.09 | 204.51 | 83.38 | 102.94 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 14.99% | 2.43% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 15%
- 5 Years:
- 1%
- 3 Years:
- -2%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 25%
- 5 Years:
- 5%
- 3 Years:
- 5%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- -12%
- 3 Years:
- -12%
- 1 Year:
- -34%
RETURN ON EQUITY
- 10 Years:
- 27%
- 5 Years:
- 18%
- 3 Years:
- 18%
- Last Year:
- 12%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 1,090 | 1,491 | 2,092 | 2,779 | 3,556 | 4,315 | 5,167 | 7,140 | 7,831 | 8,809 | |
| 395 | 615 | 973 | 1,015 | 1,286 | 1,045 | 912 | 694 | 482 | 229 | |
| Trade Payables | 226 | 325 | 519 | 557 | 723 | 717 | 841 | 792 | 844 | 1,073 |
| 696 | 586 | 783 | 792 | 745 | 588 | 763 | 720 | 594 | 816 | |
| Total Liabilities | 2,455 | 3,065 | 4,416 | 5,191 | 6,358 | 6,713 | 7,731 | 9,395 | 9,800 | 10,974 |
| 383 | 615 | 902 | 1,032 | 1,345 | 1,485 | 1,438 | 1,309 | 1,075 | 955 | |
| Capital Work in Progress | 17 | 48 | 43 | 28 | 55 | 59 | 72 | 74 | 137 | 27 |
| 202 | 229 | 257 | 255 | 364 | 324 | 86 | 2,588 | 2,993 | 3,310 | |
| 221 | 301 | 614 | 768 | 1,058 | 1,022 | 884 | 768 | 538 | 739 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,723 | 1,842 | 2,372 | |
| Cash & Bank | 539 | 237 | 606 | 840 | 542 | 445 | 242 | 411 | 585 | 667 |
| 1,093 | 1,635 | 1,993 | 2,267 | 2,994 | 3,379 | 5,008 | 2,522 | 2,629 | 2,904 | |
| Total Assets | 2,455 | 3,065 | 4,416 | 5,191 | 6,358 | 6,713 | 7,731 | 9,395 | 9,800 | 10,974 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 492 | 120 | 838 | 1,006 | 689 | 826 | 1,058 | 848 | 858 | 19 | |
| Cash from Investing | 123 | -632 | -906 | -319 | -925 | -237 | -646 | -265 | -267 | 564 |
| Cash from Financing | -18 | 166 | 273 | -45 | 159 | -381 | -126 | -424 | -427 | -350 |
| 482 | -469 | 19 | 467 | -346 | -57 | -8 | 158 | 164 | 233 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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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