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

Executive summary

• Q3 FY26 revenue from operations rose 36% YoY to INR 2,039 crore, with profit before tax up 18% YoY to INR 274 crore, aided by exceptional gains from asset sales.

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

• Exceptional gain of INR 4,110 lakh (standalone) and INR 1,392.32 lakh (consolidated) from sale of subsidiary stake in Q3 FY26.

• 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 (up 36% YoY); consolidated revenue: INR 2,308 crore (up 36% YoY).

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

• Standalone PAT: INR 232 crore (up from INR 169 crore YoY); consolidated PAT: INR 259 crore (down from 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.

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 revised to INR 15,000 crore for FY26, with FY27 target above INR 20,000 crore.

• Equity infusion of INR 500 crore planned for Q4 FY26; INR 1,000 crore annually projected for FY27-28.

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