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 consolidated revenue at INR 1,602 crores, a 15% increase year-over-year; standalone income reached Rs 19,424 Mn, up 30.39% YoY.

• PAT margin improved to 11.82% in Q2 FY26, with standalone PAT at Rs 2,158 Mn, up 39.37% YoY; consolidated PAT for Q2 FY26 was Rs 1,895.66 Mn.

• Robust order book of INR 21,000 crores (Rs 2,11,149 Mn) as of September 30, 2025, with potential to reach Rs 2,54,108 Mn including L1 projects.

• Chairman Vinod Kumar Agrawal resigned due to health reasons after decades of leadership.

• Unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, were approved on November 10, 2025.

Financial highlights

• Standalone EBITDA margin rose to 12.65% in Q2 FY26 from 9.76% in Q1 FY26; adjusted EBITDA margin for Q2 FY26 was 9.75%.

• Consolidated revenue from operations for H1 FY26 was ₹3,58,992.95 lakhs, up from ₹3,42,462.97 lakhs in H1 FY25.

• Net working capital days improved to 98 days in Sep 2025 from 153 days in Sep 2024.

• Standalone borrowing at September 2025 was INR 240 crores (debt-to-equity 0.03); consolidated borrowing INR 5,995 crores (debt-to-equity 0.67).

• Dividend and interest income from InvIT was INR 93 crores in H1, with full-year guidance of INR 225–230 crores.

Outlook and guidance

• FY26 revenue growth expected at 5–10%, with 10–15% 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.

• Margins expected in the 11–13% range, depending on order mix and volume.

• Order book diversification across roads, metro, transmission, and other infrastructure segments.

• No material adverse impact is expected from the recent Income Tax Department search; business operations continued undisrupted.