GRINFRANSENovember 11, 2025

G R Infraprojects Limited

8,569words

204turns

12analyst exchanges

1executives

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Management on call

Parikshit Kandpal

HDFC SECURITIES

Key numbers — 40 extracted

INR1,234 crore

by question-and-answer session. Revenue from operation in second quarter of fiscal 2026 stood at INR1,234 crores as against INR1,128 crores in the corresponding period in previous financial year. The EBITDA ma

INR1,128 crore

sion. Revenue from operation in second quarter of fiscal 2026 stood at INR1,234 crores as against INR1,128 crores in the corresponding period in previous financial year. The EBITDA margin excluding other income

9.76%

revious financial year. The EBITDA margin excluding other income for the current quarter stood at 9.76%, as against 10.39% in the corresponding period in previous financial year. During the quarter,

10.39%

year. The EBITDA margin excluding other income for the current quarter stood at 9.76%, as against 10.39% in the corresponding period in previous financial year. During the quarter, the company has rep

INR262 crore

nding period in previous financial year. During the quarter, the company has repaid the debt of INR262 crores, which has resulted in improved debt-equity ratio of 0.03, one of the best in the sector. The co

INR3,136 crore

of the best in the sector. The company has won one power transmission and distribution project of INR3,136 crores and one highway project of INR246 crores. As of today, two road projects of INR4,300 crores, a

INR246 crore

n one power transmission and distribution project of INR3,136 crores and one highway project of INR246 crores. As of today, two road projects of INR4,300 crores, approximately are having L1 status. As on

INR4,300 crore

of INR3,136 crores and one highway project of INR246 crores. As of today, two road projects of INR4,300 crores, approximately are having L1 status. As on the date, the order book stood at INR21,000 crores ap

INR21,000 crore

s of INR4,300 crores, approximately are having L1 status. As on the date, the order book stood at INR21,000 crores approximately. As on the date, one DBFOT project of INR3,700 crores appointment date is awaiting

INR3,700 crore

ate, the order book stood at INR21,000 crores approximately. As on the date, one DBFOT project of INR3,700 crores appointment date is awaiting and – of INR4,300 crores approximately, which are to be opened. It

INR6 lakh crore

uncement for the construction of 25 Greenfield expressways, spanning 10,000 kilometer and costing INR6 lakh crores, including BoT projects of INR1.25 lakh crores. Total national highway tol

INR1.25 lakh crore

ld expressways, spanning 10,000 kilometer and costing INR6 lakh crores, including BoT projects of INR1.25 lakh crores. Total national highway toll collections are projected to surpass INR80,00

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Guidance — 20 items

Ajendra Agarwal

opening

“The company has won one power transmission and distribution project of INR3,136 crores and one highway project of INR246 crores.”

Ajendra Agarwal

opening

“As on the date, one DBFOT project of INR3,700 crores appointment date is awaiting and – of INR4,300 crores approximately, which are to be opened.”

Ajendra Agarwal

opening

“It has taken a big leap now and from this year onwards, roughly 3-gigawatts of PSP will be added on average every year as per the Central Electricity Authority.”

Ajendra Agarwal

opening

“By 2032, the target is somewhere around 50 gigawatt capacity coming from the hydro-pumped storage.”

Anand Rathi

opening

“Balance promoter contribution required to be made for our operational or under construction HAM BOT or power transmission project is INR3,205 crores, which we are expecting contribution of almost INR500 crores in the second half of the fiscal 2026.”

Shravan Shah

“Sir, first, a couple of questions on the guidance and then maybe have a detail on that.”

Ajendra Agarwal

“We will grow 5-10% in the revenue in the second half.”

Ajendra Agarwal

“Shravan bhai, so that guidance in terms of inflow for the current year remains the same what we have given in the past.”

Ajendra Agarwal

“Now the issue is only thing is that project awarding or bidding is getting delayed.”

Ajendra Agarwal

“What we are targeting for the current year, what we have target INR20,000 to INR25,000 crores new project we will try to win.”

Risks & concerns — 7 flagged

If you look at our planning now, then the biggest challenge for us is the highway.

— Ajendra Agarwal

Because even in this year, what we are expecting is that in the current year, we will not de-grow.

— Ajendra Agarwal

Even if we consider the current backlog, if those orders also receive the appointed, then also 15% should not be a challenge.

— Vaibhav Shah

So, yes, there is a possibility of Chandrapur, but even Pune Ring Road E6 can be cancelled due to this challenge on technical grounds?

— Vaibhav Shah

So, it is very difficult as of now to tell about that what kind of order we will be getting in next year.

— Ajendra Agarwal

But there is a network and technical criteria we can say that after the bidding starts 50% people will be able to stay but who will be able to stay who will be able to participate, it is difficult to say.

— Anand Rathi

And this last one question to Ajendra ji on a broader infra theme, so sir last two years we have seen a slowdown in the sector, now Government's focus is on GST cuts along with consumption and the pipelines which are being pushed out, especially on the NHI which has been one of the large ordering segment.

— Parikshit

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Q&A — 12 exchanges

Thank you, sir. Sir, first, a couple of questions on the guidance and then maybe have a detail on that. So now in the 1H on the revenue front, we have done just 1.2%, and we were looking at 10% to 15% growth this year. So that means 18% to 28% kind of ask rate is needed in the second half. So just wanted how now we are looking at the revenue for FY '26 and also in terms of the order inflow. So, excluding the GST till now, how much we have received? And how much more are we targeting this year?

Ajendra Agarwal

We will grow 5-10% in the revenue in the second half. We have not been able to start any projects since some time, so the growth that was expected due to that has not happened. We have done the expected execution on the projects that have started. But due to the delay in the appointed date from the government side, there is a slight delay. And as far as the new projects are concerned, the guidelines of the government are still very robust. But till now the working has not been done on the ground. So, we are expecting that if not in the third quarter, then this growth should be good in the four

Yes go ahead.

Shravan Shah

No issues, no issues. Thank you.

Thanks for the opportunity. My question is on the status of orders where we are L1 we were expecting LOA, and also, the Agra project where appointed date is pending. So, what are the challenges that we are facing? When can we expect it to be converted into LOA and execution to start?

Ajendra Agarwal

The Agra project should be appointed within the next 1-2 months, that is, in the next quarter. And as far as the question is concerned, there is a discussion on these two projects, the state projects of the Maharashtra government, whether these projects will be in re-bidding or will be awarded. There is still no clarity from the government. There is a discussion on changing the size of the project or on the scope of the project. There is a technical issue. If the technical issue is resolved, if it remains the same, then the project will be awarded. If something has to be technically changed, t

Thank you.

Management

Hi. Good afternoon, sir. Sir, I have a question. Sir, you said that in oil and gas, you were talking about an amount of INR1,500 crores. You are talking about INR1,500 crores per annum. And for this, sir, how can we do business in oil and gas in the near term

Ajendra Agarwal

Now we are talking about EPC business -- talking three year business. Now in three years it will come to this level. INR1,500 crores. Per annum in third year. Sir, the question is, what can we do, sir? Pipeline. Can you just quantify the kind of work which we can do? Yes. Pipeline and the EPC business, we are working in that. Platform, piling. Understood, sir. And, sir, look at this, sir. This is the last year, sir. You have won. We have a project in Agra. And, sir, we have a large project in Staff Mission. Both together are a project of INR8,000 crores. I think. If I am not mistaken. If I am

Yes. Hi, sir. So, my question was regarding two projects. One is the BAMNI one and the other one is Anjar-Bhuj. So, I think they passed due their completion date. So, is there any update on those?

Ajendra Agarwal

BAMNI and Anjar-Bhuj? Yes. Let me come back. Your question is with respect to the state of those projects, right? Yes, the completion date. I think they passed their completion date. The – completion date. The cylinder construction. For BAMNI, I think it’s June 26. June 2026. BAMNI project is COD. Scheduled COD is June 26. June 26. Right? Okay. And Anjar-Bhuj, April 2026. Anjar-Bhuj is April 2026. That is maybe with an announcement, right? So, this is the status. Okay. And sir, my next question is regarding to the maintenance capex that we are expecting in the H2 and also maybe the next, if yo

Yes. Thank you, sir. Sir, in terms of equity requirements, so what will be the number for FY26, 27 and 28?

Anand Rathi

The total outstanding equity which has to be infused so far is now INR3,200 crores over the next three years. So, maybe on yearly basis, it would be around INR1,000 crores. How much you have infused in first half of this year? Ajendra Kumar Agarwal: Equity contribution in the first half. I have to check. I will come back. Sure. Sir, what is our capex guidance for the entire year? The entire year capex won't be in the range of INR100 crores. So far, we have put in almost INR50 crores. Sir, I missed the number for HAM Data. It is around INR1,500 odd crores. Right. INR1,500 crores. Okay. For this

Hi, good afternoon and thanks for taking my question. A couple of questions from my side. The transmission project that we won this quarter, what would be the EPC cost of that particular project? Ajendra Kumar Agarwal: EPC cost we have considered for this in our order book is around INR1,700 crores or INR1,800 odd crores. So, the project size was around INR3,100 crores. So, for SPV, it is around INR3,250 crores and rest is basically material directly procured by SPV.

Parvez Qazi

Sir, you said the HAM debtors were about INR1,520 crores, right? Ajendra Kumar Agarwal: INR1,525 crores, Yes. And lastly, of our INR21,000 crores order book, what is the quantum of projects where you are yet to get the appointed rate? Ajendra Kumar Agarwal: It is only one, because transmission is effectively is getting -- I mean the project has taken a start as and when the company is handed over to us. So, the last two projects, which we have got is transmission one and Agra one. So, Agra is yet to be declared appointed date but yes, technically, it is only Agra project for, which appointed d

Hello, sir. Thank you for taking my question. The question is how much amount of dividend, or an interest have we received from the InvIT in this particular quarter?

Ajendra Agarwal

So far, I think we have received total income from InvIT is around -- just hold on. I’m just checking. INR320 crores for the first half. INR93 crores in first half and INR320 crores overall total. INR93 crores is basically… In first half of this year. The total income so far we have received from the InvIT in the first half. What is last? That bifurcation is still pending. I mean, in terms of dividend and interest separately, but total amount, which we have received is INR93 crores. INR93 crores in first quarter, right? First half. First half, okay. And regarding one of the railway project tha

Hi, sir. Sir, this dividend and interest, I mean, INR93 crores that we have received in the first half, so for the full year, we were looking at INR230 crores, INR240 crores earlier, but it seems that Q1 had INR40 crores, now in Q2 it is INR53 crores. So, will the run rate increase now and wow can we see it in full year? How can we see it in next year?

Ajendra Agarwal

Generally, what guidance we have got from the InvIT team is that overall distribution would be in the range of 11%, 12%, right. So, depending on, I mean, because our investment is around INR2,000 crores, so we can reasonably expect that INR225 crores or INR230 crores would be the total income from InvIT. Okay. That is kind of a recurring even 2027-2028 also, the similar number should be there. Yes. Subject to, we keep -- we continue our investment. But if we are transferring more, this number will keep on increasing, right? Right, right. Okay, okay. And sir had said something in the beginning,

Sir, I wanted some details on the O&G business. In oil and gas what actually are we, what works are we targeting? And have we done any hiring, any team build up internally?

Ajendra Agarwal

We are building up a team we have done hiring internally and that's why we are getting some sort of confidence that we will get some work. And, what, I think… What segments are we targeting within Oil & Gas? What revenue? Which all works are we targeting? We are targeting the platforms and the pipelines. In offshore we are targeting offshore activities like pipeline laying or platform modification, platform erection, installation we will target all these activities. Sir, are you looking at domestic or are you open for international? No, domestic. We will start with domestic once we get some ex

Hi, sir. I have a couple of questions. So, first is on the transmission segment. Now, we have INR2,700 crores of order books. So just wanted to understand, first of all, that how much equity has been invested, total pending equity in these assets? And, on the capability-wise, are we now confident that we can start taking some of the EPC projects independently, like some of the peers of ours do to build diversification?

Ajendra Agarwal

Total equity, I will tell you. But, EPC, see, generally, why we are not that basically, you know, aggressive in terms of taking other players' EPC, right? Because we are getting enough food for us within our company, right? I mean, let's say, if we are targeting INR5,000 crores of revenue and we'll be able to get, let's say, these kind of projects, probably we'll be able to, you know, do in-house only. And, may not be, you know, we may not be going, looking outward also. But, if we are not getting, but because we are building EPC capabilities over there and so far we have, you know, built enou

Speaking time

Ajendra Agarwal

Shravan Shah

Parikshit

Anand Rathi

Mohit Kumar

Moderator

Vaibhav Shah

Management

Vaibhav

Abhinav

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Opening remarks

Parikshit Kandpal

Thank you, Rashi. Without taking further time, I’ll now hand the floor to Ajendra ji for his opening remarks on the industry and the financial updates. Thank you, and over to you, sir.

Ajendra Agarwal

Thank you, Mr. Parikshitji. Dear all, a very good afternoon. I welcome you all to earning call of GR Infraprojects Limited for Q2 Financial Year ’26. I also have with us on call Mr. Anand Rathi, the CFO, and Mr. Ankit Maheshwari, the Deputy CFO of the company. First, let me provide the key highlights on our Q2 performance, followed by recent developments in the infrastructure sector, followed by question-and-answer session. Revenue from operation in second quarter of fiscal 2026 stood at INR1,234 crores as against INR1,128 crores in the corresponding period in previous financial year. The EBITDA margin excluding other income for the current quarter stood at 9.76%, as against 10.39% in the corresponding period in previous financial year. During the quarter, the company has repaid the debt of INR262 crores, which has resulted in improved debt-equity ratio of 0.03, one of the best in the sector. The company has won one power transmission and distribution project of INR3,136 crores and one

Anand Rathi

Good afternoon. Thank you, sir. The key highlights of the quarter two performance of the company. Our standalone revenue from operation was INR1,234 crores approximately in quarter ended September 2025, which is increased by 9.36% year-on-year basis. This was primarily on account of the higher execution of the projects. Our consolidated revenue from the operation was INR1,602 crores in quarter ended September 2025, which is increased by almost 15% year-on-year basis compared to INR1,394 crores in quarter ended September 2024. Our stand-alone EBITDA margins stood at 9.76% in quarter ended September 2025 from 10.39% in quarter ended September 2024. This decrease is primarily due to one-time claim income recognized of INR21 crores in quarter ended September 2024. Consequently, our EBITDA margin at gross level also has margin decreased to 24% in quarter ended September 2025 from 25% quarter ended September 2024. Profit after tax at stand-alone level increased to INR131 crores in quarter en

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