G R Infraprojects (GRINFRA) Q4 24/25 earnings summary

Executive summary

• Q4 FY25 saw robust revenue and profit growth, with Q4 standalone revenue at INR 2,129.30 crore and consolidated revenue at INR 2,275.57 crore, supported by margin expansion and operational excellence.

• FY25 standalone revenue was INR 6,515.57 crore, consolidated revenue INR 7,394.70 crore, and net profit INR 1,49,077.64 lakh (standalone) and INR 1,01,539.53 lakh (consolidated).

• Order book at FY25 end stood at INR 24,346 crore, with additional L1 projects potentially increasing it to INR 24,346.241 crore.

• Profit after tax for FY25 was INR 806.61 crore (standalone), down from INR 1,977.43 crore in FY24, which included an exceptional gain of INR 1,222 crore.

• Audited results for FY25 were approved with an unmodified opinion from statutory auditors.

Financial highlights

• Q4 FY25 EBITDA margin was 17.51%; FY25 standalone EBITDA margin was 13.88%-17.56%; group EBITDA margin was 22.13%-23.63%.

• Debt-equity ratio improved to 0.05-0.07x (standalone) and 0.59x (consolidated); net working capital days increased to 117.

• Standalone net worth at FY25 end was INR 7,887.74 crore; consolidated net worth was INR 8,503.20 crore.

• Standalone EPS for FY25 was INR 204.51; consolidated EPS was INR 136.90.

• Inventory reduced to INR 538.01 crore at FY25 end (from INR 767.65 crore YoY).

Outlook and guidance

• Targeting INR 20,000 crore in new orders for FY26, excluding INR 4,000 crore L1 position.

• Double-digit revenue growth expected in FY26, with margins in the 12%-13% range.

• CapEx planned at INR 100-125 crore for FY26, with INR 40-50 crore for corporate office.

• Equity infusion of INR 1,000 crore each in FY26 and FY27 for ongoing projects.

• Management notes ongoing regulatory and legal matters and recent acquisitions in power transmission.