G R INFRAPROJECTS LIMITED

Recommendation history

• 2026-05-12HoldHold: Q3 revenue rose 36% to INR2,039 crore and the order book was about INR20,250 crore, but standalone EBITDA margin fell to 10.07% and consolidated PAT declined to INR259 crore. The oil-and-gas entry is lifting growth, yet highway awards have materially slipped and the next order cycle depends on delayed BOT rules and execution.
• 2026-02-10HoldHold: Q2 standalone revenue rose 9.4% to INR1,234 crore and consolidated revenue rose 15% to INR1,602 crore, but consolidated PAT fell to INR189.5 crore and standalone EBITDA margin declined to 9.76%. The INR21,000 crore order book and near-zero standalone leverage are positives, yet execution is being delayed by appointed dates and bidding, while FY26 growth is now only about 5%-8% and requires substantial H2 awards.
• 2025-11-11HoldHold: Q1 FY26 standalone revenue fell 3.7% year over year to INR1,826 crore and EBITDA margin slipped to 12.65% from 13%, while the INR23,700 crore order book and 0.04x standalone debt/equity provide support. The upside case depends on converting L1 awards and a large bid pipeline into execution; working capital rose to 121 days and the company still has about INR2,600 crore of equity commitments.
• 2025-08-04HoldHold: FY25 consolidated revenue fell 17.66% to INR7,394.70 crore and standalone revenue fell 16.34%, while the INR24,346 crore order book supports management's FY26 10%-15% revenue-growth target. The bull case is execution recovery and low standalone leverage at 0.07x; the tension is that normalized EBITDA margin is about 13%, consolidated operating cash flow was negative INR2,032 crore, and INR2,875 crore of project equity remains to be funded.
• 2025-05-16HoldHold: Q3 revenue fell to INR1,500.53 crore from INR1,806.42 crore, while standalone EBITDA margin improved only to 12.82% and FY25 revenue is now expected to decline 10%-12%. The INR19,971 crore order book and 0.07x standalone debt support the bull case, but delayed appointed dates, 124 working-capital days, revised FY26 growth of 9%-12%, and FY26 margin guidance of 10%-12% keep this from being a clean buy.
• 2025-02-03HoldHold: Q2 revenue fell 28% year over year to INR1,128 crore and standalone EBITDA margin dropped to 10.39%, while order book was INR20,680 crore and debt-to-equity was 0.10x. The recovery case depends on converting pending appointed dates and INR15,000 crore of hoped-for FY25 inflow; the near-term execution and margin outlook remains too uncertain for a buy.
• 2024-11-08HoldHold: Q1 revenue fell 12% to Rs. 1,897 crores and consolidated PAT fell 35.5% to Rs. 199.8 crores, despite a Rs. 19,075 crore order book. The bull case is execution of Rs. 7,000 crores awaiting appointed dates and Rs. 4,000 crores of L1 work, but near-term growth is only flattish to +/-5% and working capital has worsened.