G R Infraprojects (GRINFRA) Q1 26/27 earnings summary

Executive summary

• Standalone revenue from operations for Q1 FY27 was INR 2,423 crore (₹24,234.22 Mn), up 32.71% YoY; consolidated revenue was INR 2,784 crore (₹27,841.09 Mn), up 40% YoY, with robust order book and diversified project portfolio.

• Adjusted EBITDA margin declined to 11.01% from 12.17% YoY; group EBITDA margin fell to 16.8% from 20%.

• Standalone PAT for Q1 FY27 was INR 203.63 crore (₹2,036 Mn), down YoY; consolidated PAT rose to INR 358 crore (₹3,551 Mn), up 45.29% YoY, including a one-time gain from dilution in associates.

• Recognized with multiple industry awards for project execution, safety, and innovation.

• Unaudited standalone and consolidated financial results for Q1 FY27 were approved by the Board on 6 August 2026.

Financial highlights

• Standalone net worth at June 2026 was INR 9,074 crore; consolidated net worth was INR 9,750 crore.

• Standalone borrowings at INR 239 crore (debt/equity 0.03x); consolidated borrowings at INR 5,286 crore (debt/equity 0.55x).

• Working capital days increased to 148 from 128, mainly due to higher debtor and inventory days.

• Standalone EPS for Q1 FY27 was ₹21.05; consolidated EPS was ₹36.93.

• CapEx guidance for FY27 is INR 300 crore; FY28 expected at INR 200–250 crore.

Outlook and guidance

• FY27 revenue growth guidance maintained at 15–20%; FY28 targeted at 20% growth, reaching INR 11,000–12,000 crore.

• EBITDA margin expected in the 10–11% range, with potential for marginal improvement depending on macroeconomic factors.

• Order inflow target for FY27 is INR 20,000–22,000 crore, with ±10% variation depending on bid outcomes.

• Order book as of June 30, 2026 stands at INR 25,300 crore (₹253,192 Mn), supporting future revenue visibility.

• Continued expansion into new segments including metro, railway, power transmission, logistics, warehousing, tunnel, battery energy storage, telecom, oil & gas, and ropeways.