G R Infraprojects Ltd

G R Infraprojects Ltd trading window closed from 01 October 2026 till 48 hours after the declaration/announcement of the Financial Results for the quarter ending 30 September 2026.

Filing Status

• GR Infraprojects filed a writ petition against an August 25, 2026 GST show cause notice.
• Proceedings are pending before the Madhya Pradesh High Court, Indore.
• Annexure-A discloses the status under Regulation 30 of SEBI LODR.

Appointment and project scope

• Appointed Date for the project: 7 September 2026; NHAI letter dated 18 September 2026.
• Project scope: Agra-Gwalior Greenfield Road, 6-lane, DBFOT BOT Toll.
• Section-1 covers Deori to Susera across UP, Rajasthan, MP.
• Section-2 overlays on NH-44 from 1058.00 to 1148.00.
• Estimated project cost: INR 4,262.78 crore (GST-inclusive).
• Timeline: 910 days from Appointed Date for completion.
• Mode: DBFOT at BOT Toll under NH(O) scheme.

Event details

• NTPC invoked mobilization advance bank guarantee of Rs 49,52,59,040.
• Three insurance performance bonds totalling Rs 41,33,70,998 were invoked.
• Total encashment exposure equals Rs 90,86,30,038.
• Communication received on 17 September 2026.
• Company terminated related contracts on 15 September 2026.
• Impact limited to encashed amounts; no material disruption to operations.

EPC termination with NTPC for Mouda BESS

• GR Infraprojects terminated EPC agreements for Mouda BESS with NTPC, effective immediately.
• Reason cited: ongoing force majeure, war risk, and contractual issues; disputes invoked.
• Financial impact of termination is currently being assessed.
• Execution date of the contracts was 23 April 2026.
• Parties to the contracts are GR Infraprojects Limited and NTPC Limited.

GST Show Cause Notice

• GR Infraprojects received GST DRC-01 show-cause notice dated Aug 25, 2026.
• Tax period April 2020 to March 2021; proposed demand Rs 321.60 crore; response being prepared.

Litigation status update

• subsidiary Nagaur Mukundgarh Highways Private Limited filed writ petitions challenging GST on annuity payments.
• High Court dismissed the petitions on August 17, 2026.
• Aggregate amount involved is approximately ₹69.79 crore.
• Company evaluating appropriate legal remedies with its advisors.

LOA for MMLP Varanasi project

• LOA dated 13 August 2026 from Varanasi MMLP Limited for MMLP Varanasi PPP.
• Contract value Rs 91.60 crores.
• Awarded under DBFOT model (Design, Build, Finance, Operate, Transfer).
• Construction period 1 year from appointed date; concession period 45 years.
• Awarding entity domestic: Varanasi MMLP Limited.
• No promoter/promoter group interest in awarding entity.
• Not a related party transaction.
• Company will update on further developments.

Financial Performance

• Q1 FY27 standalone revenue INR 2,423 crore; up 32.71% YoY.
• Consolidated revenue INR 2,784 crore; up 40% YoY.
• Standalone EBITDA margin 11.01%; YoY decline from 12.17%.
• Group EBITDA margin 16.8% vs 20% YoY.
• Standalone PAT INR 203.63 crore; consolidated PAT INR 358 crore; includes INR 46 crore exceptional gain.
• Standalone net worth INR 9,074 crore; consolidated net worth INR 9,750 crore.
• Standalone borrowings INR 239 crore; debt-equity 0.03x; consolidated borrowings INR 5,286 crore; 0.55x.
• Working capital days 148; trade receivables standalone INR 2,655 crore; unbilled revenue 938 crore.

Order Book and Pipeline

• Order book stands at INR 25,300 crore as of 1 July 2026.
• Bids worth INR 32,000 crore yet to be opened.
• Appointed date for three projects totaling INR 7,250 crore awaits.
• PCOD received for Amritsar Bathinda and Yamuna Bridge projects.
• Growth strategy includes metro, power, logistics and storage sectors.

Guidance and Outlook

• FY27 standalone revenue growth guidance around 15-20%.
• FY28 growth around 20% depending on order inflows.
• Margin guidance 10-11%; macro factors may cause slight variation.
• Order inflows guidance around INR 20,000-22,000 crore; +/-10%.
• Road sector inbound orders targeted around INR 14,000 crore; BOT/HAM mix; capacity 15,000-18,000

Balance Sheet and Liquidity

• Standalone net worth INR 9,074 crore; consolidated net worth INR 9,750 crore.
• Standalone borrowings INR 239 crore; debt-equity 0.03x.
• Consolidated borrowings INR 5,286 crore; debt-equity 0.55x.
• Fixed-asset additions INR 22 crore; net block INR 1,019 crore.
• Investments in subsidiaries; HAM/BoT equity INR 3,346 crore; expects INR 900-1,000 crore this year.

Projects and Capex

• Capex guidance: current year ~INR 300 crore; next year INR 200-250 crore.
• Agra-Gwalior HAM: appointed date targeted Oct-Nov; other HAMs in December.
• BharatNet: FY27 revenue around INR 400 crore; O&M around INR 400 crore; total ~INR 1,000 crore.
• BharatNet ROW delays; O&M started; capex to begin in second half.
• Warehousing capex deployment ~INR 130 crore; FY27 plan ~INR 450-500 crore.

Q&A Highlights

• O&G quarterly revenue INR 270 crore; full-year target ~INR 1,000 crore.
• T&D quarterly revenue ~INR 110 crore; three sectors contribute in Q1.
• Hydrogen Rail program not pursued; company not exploring that sector.
• Order inflows target around INR 20,000-22,000 crore; +/-10%.
• InvIT distributions ~INR 70 crore this quarter; 3-4 assets to InvIT this year.

MMLP Varanasi award details

• GR Infraprojects declared successful bidder for MMLP Varanasi PPP project.
• Contract awarded by Varanasi MMLP Limited under DBFOT PPP framework.
• Total size of the contract is Rs 91.60 crore.
• Construction period is one year from the appointed date.
• Concession period extends 45 years from commencement.
• Domestic entity awarding the contract; no related party involvement noted.
• Insider trading window to close 48 hours after announcement.