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

Executive summary

• Q1 FY26 standalone revenue from operations was INR 1,826.14 crore (₹189,654.39 lakhs), down from INR 1,896.54 crore YoY, with EBITDA margin at 12.65% and PAT margin at 11.82%.

• Consolidated Q1 FY26 revenue was INR 1,988 crore (₹198,778.99 lakhs), down 2% YoY, with EBITDA margin at 20.03% and PAT margin at 12.30%.

• Standalone PAT surged to INR 1,216 crore (₹21,580.03 lakhs) from INR 152 crore YoY; consolidated PAT rose to INR 244 crore (₹24,440.63 lakhs) from INR 156 crore YoY.

• Order book as of June 30, 2025, stood at INR 23,700 crore (Rs 1,94,104 Mn), with L1 status for projects worth Rs 42,960 Mn.

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

Financial highlights

• Standalone revenue declined 3.7% YoY; consolidated revenue declined 2% YoY.

• Standalone EBITDA margin at 12.65%; group EBITDA margin improved to 20% from 18% YoY.

• Standalone net worth at INR 8,105 crore; consolidated net worth at INR 8,749 crore as of June 2025.

• Standalone borrowings at INR 364 crore (debt/equity 0.04x); consolidated borrowings at INR 5,371 crore (debt/equity 0.61x).

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

Outlook and guidance

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

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

• Margin guidance for FY26 and FY27 in the 12-13% range, with upside if order inflow exceeds targets.

• Board aims to broaden business objects to enable expansion and flexibility in future operations.