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G R Infraprojects (GRINFRA) investor relations material
G R Infraprojects Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue from operations in Q2 FY26 was INR 1,234 crores, up from INR 1,128 crores year-over-year, with total standalone income reaching Rs 19,424 Mn, a 30.39% YoY increase.
Standalone profit after tax rose to INR 131 crores from INR 115 crores YoY; consolidated PAT for Q2 FY26 was Rs 1,895.66 Mn, with a margin of 11.83%.
Robust order book of approximately INR 21,000 crores (Rs 2,11,149 Mn), with potential to reach INR 25,410.8 crores (Rs 2,54,108 Mn) including L1 projects.
Unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, were approved on November 10, 2025.
Chairman Vinod Kumar Agrawal resigned due to health reasons after decades of service.
Financial highlights
Standalone revenue grew 9.36% YoY; consolidated revenue for H1 FY26 was ₹3,58,992.95 lakhs, up from ₹3,42,462.97 lakhs in H1 FY25.
Standalone EBITDA margin at gross sale was 24%, down from 25% YoY; Q2 FY26 standalone EBITDA margin rose to 12.65% from 7.38% in Q2 FY25.
Consolidated net profit for H1 FY26 was ₹43,396.93 lakhs, compared to ₹34,964.50 lakhs in H1 FY25.
Working capital days reduced to 98 from 170 at FY25 end; net working capital days improved to 98 in Sep 2025 from 153 in Sep 2024.
Dividend and interest income from InvIT in H1 was INR 93 crores; full-year guidance is INR 225–230 crores.
Outlook and guidance
FY26 revenue growth expected at 5–10%, with at least 10% targeted for FY27 if order inflow targets are met.
Order inflow target for FY26 is INR 20,000–25,000 crores, with highways as the largest segment and diversification across roads, metro, and transmission.
Margins expected in the 11–13% range, depending on order mix and volume.
No material adverse impact is expected from the recent Income Tax Department search; business operations continued undisrupted.
Equity infusion of INR 400–500 crores planned for H2 FY26; total outstanding equity to be infused over next three years is INR 3,200 crores.
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