G R Infraprojects (GRINFRA) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 saw strong revenue and profit growth, with revenue from operations rising 36% year-over-year to INR 2,039 crore, and significant gains from asset sales and operational excellence initiatives.

• Order book stood at approximately INR 20,250 crore (Rs 2,02,548 Mn) as of December 2025, with potential to reach Rs 2,49,648 Mn including L1 projects.

• Diversification into Oil & Gas EPC contributed INR 400 crore revenue in Q3, with expectations to exceed INR 1,000 crore in the next fiscal.

• Appointment of Mr. Vinod Kumar Agarwal as Chairman Emeritus and PricewaterhouseCoopers as Internal Auditor effective April 1, 2026.

• Board approved advancing loans/giving guarantees under Section 185, subject to shareholder approval.

Financial highlights

• Standalone revenue for Q3 FY26 was INR 2,039 crore (₹203,949.21 lakhs), up from INR 1,500 crore (₹150,053.46 lakhs) in Q3 FY25; consolidated revenue was INR 2,308 crore (₹230,827.68 lakhs), up from INR 1,695 crore (₹169,450.02 lakhs).

• Standalone PAT for Q3 FY26 was INR 232 crore (₹23,215.03 lakhs) vs INR 169 crore (₹13,084.00 lakhs) in Q3 FY25; consolidated PAT was INR 259 crore (₹25,874.93 lakhs) vs INR 263 crore (₹26,259.08 lakhs).

• Standalone EBITDA margin was 10.07% (Q3 FY26) vs 12.82% (Q3 FY25); consolidated EBITDA margin was 20.28% vs 21.82%.

• Net worth: Standalone INR 8,471 crore (₹841,790.79 lakhs); consolidated INR 9,200 crore (₹913,878.86 lakhs) as of Dec 2025.

• Debt-to-equity: Standalone 0.03x; consolidated 0.68x (0.69x).

Outlook and guidance

• Q4 FY26 revenue expected at INR 3,000 crore, with Oil & Gas contributing INR 500 crore.

• FY27 revenue growth targeted at 10%-15%, with order inflow for FY27 targeted at over INR 20,000 crore.

• EBITDA margin guidance remains at 10%-12%, with potential upside if order inflow exceeds INR 14,000-15,000 crore.

• CapEx for FY26 at INR 98 crore; FY27 estimated at INR 100-125 crore.

• Management notes continued compliance and no material adverse impact from recent regulatory events.