G R Infraprojects Ltd

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.

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.

Meeting Details

• Event: Earnings Conference Call for Q1 FY2027.
• Date: 07 August 2026.

Participants

• Key participants: management roles not disclosed.
• Organiser: not specified.

Purpose

• Purpose: discuss earnings for quarter ended 30 June 2026.

Additional Notes

• Audio recording available on the company website.

Business overview

• Integrated EPC group delivering roads, highways, bridges, tunnels, railways, power infra, telecom, tunneling, and logistics.
• 28-year track record with operations in 25 states.
• In-house design, manufacturing, and project management; strong vertical integration.
• Credit ratings: CRISIL AA (Stable) and CARE AA+ (Stable).
• Presence in 25 states; 7000+ plant and equipment.

Operational highlights

• Q1 FY27 standalone revenue Rs 24,234 mn; EBITDA Rs 2,671 mn; PAT Rs 2,036 mn.
• Consolidated revenue Rs 27,841 mn; PAT Rs 3,578 mn; PAT margin 12.85%.
• Standalone EBITDA margin 11.02% (adjusted 11.01%).
• Consolidated EBITDA margin 16.80%.
• Order book as on 30 Jun 2026: Rs 2,53,192 mn.
• HAM asset transfers: 13 HAM assets to Indus Infra Trust; 10 operational HAM assets.
• Consolidated debt Rs 54,123 mn; cash Rs 4,388 mn; current investments Rs 3,225 mn.

Financial performance

• Standalone revenue rose 32.71% YoY; QoQ -3.87%.
• Consolidated revenue up 11.35% QoQ; up 40.06% YoY.
• Consolidated PAT Rs 3,578 mn; margin 12.85%.
• Exceptional items in Consolidated P/L: Rs 612.14 mn.
• PAT margins: Standalone 8.40%; Consolidated 12.85%.

Capital structure & liquidity

• Total consolidated debt Rs 54,123 mn; cash Rs 4,388 mn.
• Current investments Rs 3,225 mn.
• Credit ratings: CRISIL AA (Stable); CARE AA+ (Stable).

Strategic priorities & outlook

• Emphasis on vertical integration to improve execution efficiency.
• In-house design and digital project management to sustain timely delivery.
• Backlog visibility supports revenue trajectory; focus on HAM/BOOT/BOT monetization.

Governance & leadership

• Chairman & MD: Ajendra Kumar Agarwal.
• Independent Directors: Kalpana Gupta; Rajendra Jain; Rajan Malhotra.

Risks & mitigations

• Execution risk on HAM/BOOT/BOOT projects; mitigated by in-house design, procurement, and governance.

Standalone results

• Revenue from operations: 2,42,342.22; total income: 2,48,753.17.
• Profit before tax: 27,396.03; PAT: 20,364.53.
• Basic EPS: 21.05; Diluted EPS: 21.05.
• No outstanding secured listed NCDs; proceeds fully utilized per annexure.
• Unaudited standalone results; Limited Review conducted.

Consolidated results

• Revenue from operations: 2,78,411.09; total income: 2,82,919.59.
• Profit before tax: 47,972.53; PAT: 35,779.09.
• Exceptional items: 6,121.44.
• Basic EPS: 36.93; Diluted EPS: 36.93.
• Segment revenue: EPC 89,220.93; BOT/Annuity 1,71,295.86; Others 17,894.30.
• Segment results: EPC 14,228.76; BOT 29,429.85; Others 2,216.04; Total 45,874.65.

Other disclosures & notable items

• Net worth (consolidated) 9,67,778.47 lakhs.
• Indus Infra Trust QIP caused 6,121.44 lakh exceptional gain; GRIL stake reduced to 31.58%.
• Acquired Rajgarh Neemach Power Transmission Limited for 1,888.04 lakhs.

Independent Director re-appointment

• Approved at the 30th AGM on 24 July 2026.
• Rajan Malhotra re-appointed as Independent Director.
• Term from 27 May 2027 to 26 May 2032.
• Reason: re-appointment; not liable to retire by rotation.
• Over 42 years in engineering and construction; led L&T Northern India construction.
• Former head of L&T construction; first CEO of L&T Qatar.
• Led marketing for Audco Valves; chaired Projects Export Promotion Council.
• Not related to any Directors.
• Not debarred from holding director office by SEBI or other authorities.

Appointment of Ashwin Agarwal

• Type: Appointment as Whole-Time Director and Director liable to retire by rotation.
• Effective date: Additional Director with effect from 11 May 2026.
• Term: Five years from 11 May 2026 to 10 May 2031.
• Shareholders approved appointment at AGM held on 24 July 2026.
• Brief profile: Expertise in business operations, project management, and strategic planning.
• Relationship: Not related to any Director.
• Debarment: Not debarred from holding office by SEBI or any authority.
• Date and term: Appointed Additional Director with effect from 11 May 2026; WTD term ends 10 May 2031.