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

Executive summary

• Q4 FY25 revenue from operations was INR 2,129.30 crore, down from INR 2,310.35 crore in Q4 FY24, but some reports indicate strong Q4 FY25 growth and margin expansion year-over-year.

• FY25 consolidated revenue fell 17.66% year-over-year to INR 7,394.70 crore due to lower order intake, while the order book remained robust at INR 24,346 crore, with additional L1 projects potentially increasing it to INR 24,346.241 crore.

• EBITDA margin for Q4 FY25 was 17.51%, slightly lower than 17.69% in Q4 FY24, but improved sequentially; consolidated EBITDA margin for Q4 FY25 was 23.96%.

• Profit after tax at consolidated level decreased to INR 1,015.40 crore in FY25 from INR 1,322.97 crore in FY24, with significant exceptional gains from asset sales.

• Audited results for FY25 were approved with an unmodified opinion; board approved appointments and re-appointments of key auditors and directors.

Financial highlights

• Standalone revenue from operations for FY25 was INR 6,515.57 crore, down 16.34% year-over-year; consolidated revenue was INR 7,394.70 crore.

• Standalone EBITDA margin declined to 13.88% in FY25 from 14.58% in FY24; group EBITDA margin decreased to 22.13% in FY25 from 23.63% in FY24.

• Standalone profit after tax was INR 806.61 crore in FY25, down from INR 1,977.43 crore in FY24 (FY24 included INR 1,222 crore exceptional gain from asset transfer).

• 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.

Outlook and guidance

• Targeting an order pipeline of INR 1,800 crore for the next financial year, with double-digit revenue growth and margin recovery targeted for FY26 and similar or higher growth in FY27.

• Margins for FY26 and FY27 expected in the 12%-13% range, with potential upside to 14%-15%.

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

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