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

Executive summary

• Revenue from operations for Q3 FY26 rose 36% year-over-year to INR 2,039 crore, with strong profit growth and significant gains from asset sales; unaudited results confirmed by statutory auditors.

• Order book stands at INR 20,250 crore as of December 2025, with potential to reach INR 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 FY27.

• 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: INR 2,039 crore (up 36% YoY); consolidated revenue: INR 2,308 crore (up 36% YoY); standalone net profit: INR 232 crore (up from INR 169 crore YoY); consolidated net profit: INR 259 crore (down from INR 263 crore YoY).

• Standalone EBITDA margin: 10.07% (down from 12.82% YoY); group EBITDA margin: 20.28% (down from 21.82% YoY); adjusted EBITDA margin for Q3 FY26 was 11.02%.

• 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 for FY27: INR 20,000 crore+, with INR 10,000-15,000 crore from highways and INR 4,000-5,000 crore from Oil & Gas.

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

• Order book remains strong, with additional L1 projects expected to further boost backlog.

• Continued focus on expanding into new infrastructure segments and leveraging vertical integration for margin improvement.