G R Infraprojects (GRINFRA) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 standalone revenue was INR 1,826.14 crores, with consolidated revenue at INR 1,987.79 crores; standalone PAT rose to INR 1,216 crores and consolidated PAT to INR 244 crores, both up year-over-year.

• Standalone EBITDA margin was 12.65% and group/consolidated EBITDA margin was 20.03%, both showing improvement year-over-year.

• Order book as of June 30, 2025, stood at INR 23,700 crores, with L1 status for projects worth INR 4,500 crores, potentially raising the order book to INR 23,700 crores.

• Board approved unaudited financial results and recommended alteration of the object clause in the MOA to support business diversification and growth.

Financial highlights

• Standalone revenue declined 3.7% year-over-year; consolidated revenue fell 2%.

• Standalone net worth at June 2025 was INR 8,105 crores; consolidated net worth was INR 8,749 crores.

• Standalone borrowings at fiscal year-end were INR 364 crores (debt/equity 0.04x); consolidated borrowings INR 5,371 crores (debt/equity 0.61x).

• Working capital days increased to 121 from 117, mainly due to higher inventory in power and road projects.

• CapEx for the quarter was INR 33.3 crores; full-year CapEx planned at INR 100 crores.

Outlook and guidance

• Targeting order inflow of INR 22,000 crores for FY26 and INR 30,000 crores for FY27.

• Revenue growth of 10-15% expected for FY26, with potential for 15-20% in FY27.

• Margin guidance for FY26 and FY27 remains in the 12-15% range.

• Board aims to broaden and reframe business objects to enable expansion and flexibility in future operations, subject to shareholder approval.