G R Infraprojects (GRINFRA) Q2 25/26 earnings summary

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.