G R Infraprojects (GRINFRA) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 standalone revenue from operations rose 63.66% YoY to ₹20,191.01 Mn and PAT increased 23.08% to ₹1,610.36 Mn.

• Consolidated revenue from operations grew 45.14% YoY to ₹23,254.18 Mn and PAT rose 53.14% to ₹2,903.03 Mn.

• Order book stood at ₹245,766 Mn as of September 30, 2026; FY27 revenue growth expectation was raised to near 20%.

Financial highlights

• Standalone EBITDA was ₹1,915.79 Mn, up 59.10% YoY; EBITDA margin eased to 9.49% from 9.76%.

• Consolidated EBITDA was ₹4,332.07 Mn, up 11.93% YoY; EBITDA margin declined to 18.63% from 24.16%.

• H1 consolidated revenue reached ₹510,952.87 lakh and PAT ₹64,809.34 lakh; standalone revenue was ₹444,252.33 lakh and PAT ₹36,468.16 lakh.

• Standalone PAT margin was 7.98% versus 10.61% YoY; consolidated PAT margin was 12.48% versus 11.83%.

Outlook and guidance

• FY27 revenue growth is expected near 20%, versus earlier guidance of ~15%; ~₹5,000 crore revenue is expected across business units for the remaining year.

• Next fiscal growth target is ~15%, subject to order inflows and execution; FY27 capex is guided at ₹200–250 crore, including ₹83 crore spent in H1.

• Three projects were listed as awaiting appointed dates; two projects worth ₹3,562 crore remained pending, while Agra–Gwalior received its appointed date.

• Agra–Gwalior revenue targets are ₹250 crore in FY27 and ₹1,200–1,400 crore next year; oil and gas revenue is expected at ₹1,200 crore in FY27.