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

Executive summary

• Revenue from operations for Q3 FY26 was INR 2,039 crore, up 36% year-over-year, driven by execution in Oil & Gas, power, transmission, and roadways projects.

• Standalone and consolidated financial results for Q3 FY26 were approved, with no material misstatements per statutory auditors.

• Profit before tax rose 18% YoY to INR 274 crore; standalone PAT increased to INR 232 crore, aided by exceptional gain on sale of subsidiaries.

• Order book stands at INR 20,250 crore as of December 2025, with potential to reach INR 24,964.8 crore including L1 projects.

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

Financial highlights

• Standalone revenue for Q3 FY26: INR 2,039 crore (+36% YoY); consolidated revenue: INR 2,308 crore (+36% YoY).

• Standalone EBITDA margin: 10.07% (vs. 12.82% YoY); group EBITDA margin: 20.28% (vs. 21.82% YoY).

• Standalone PAT: INR 232 crore (vs. INR 169 crore YoY); consolidated PAT: INR 259 crore (vs. INR 263 crore YoY).

• Standalone net worth: INR 8,471 crore; consolidated net worth: INR 9,200 crore.

• Standalone borrowings: INR 244 crore (debt-to-equity 0.03x); consolidated borrowings: INR 6,281 crore (debt-to-equity 0.68x).

• Working capital cycle improved to 93 days from 117 days at FY25-end.

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 Oil & Gas revenue expected to exceed INR 1,000 crore.

• Order inflow guidance for FY27: over INR 20,000 crore, with INR 10,000-12,000 crore from highways, INR 4,000-5,000 crore from Oil & Gas, and INR 3,000 crore from power transmission.

• EBITDA margin expected to remain in the 10%-12% range, with potential upside if order inflow exceeds INR 14,000-15,000 crore.

• No material adverse impact from regulatory or tax matters; continued compliance noted.