G R Infraprojects (GRINFRA) Q4 25/26 earnings summary

Executive summary

• Revenue from operations in Q4 FY26 reached INR 2,521 crore, up 27% year-over-year, with annual revenue at INR 7,620 crore, up 17% year-over-year, driven by strong execution in oil & gas and power transmission projects.

• Standalone total income for Q4 FY26 was Rs 26,197 Mn, up 23.03% year-over-year, and consolidated revenue for FY26 was ₹8,39,861.89 lakhs, up from ₹7,39,470.41 lakhs in FY25.

• Robust order book stands at INR 26,470 crore (Rs 2,64,715 Mn) as of March 31, 2026, with INR 10,700 crore in new orders secured during the year and a diversified project and client mix.

• Board changes include appointment of a new Chairman, additional director, re-appointment and cessation of Independent Directors, and appointment of a Whole Time Director.

• Monetized four HAM assets to an InvIT trust for INR 321 crore, recording an exceptional gain of INR 253 crore, with further sales to Indus Infra Trust resulting in significant gains.

Financial highlights

• Standalone EBITDA margin for Q4 FY26 was 10.85%, down from 17.5% in Q4 FY25, mainly due to absence of one-time claims income; consolidated Q4 FY26 revenue was Rs 25,306.7 Mn, up 9.88% year-over-year.

• Standalone PAT for Q4 FY26 rose to INR 1,417 crore (includes INR 182 crore net exceptional gain), while consolidated PAT for Q4 FY26 was Rs 2,098.6 Mn, with a margin of 8.39%.

• Standalone revenue from operations for FY26 was ₹7,62,021.73 lakhs, up from ₹6,51,556.78 lakhs in FY25; standalone net profit for FY26 was ₹99,605.62 lakhs.

• Interim dividend of ₹2.50 per equity share declared and paid during the year.

• Standalone borrowing at INR 234 crore (debt/equity 0.03x); consolidated borrowing at INR 4,845 crore (debt/equity 0.52x).

Outlook and guidance

• Targeting 15% top-line growth in FY27 and new order wins of INR 20,000–22,000 crore, with continued focus on selective and disciplined bidding.

• Sectoral order inflow expected to grow 10–15% in FY27, with strong pipelines in roads, railways, power, tunnels, oil & gas, and logistics.

• Oil & gas sector revenue target for FY27 is INR 1,000–1,200 crore, with plans to bid directly in the next six months.

• CapEx planned at INR 300–400 crore for FY27, mainly for plant, machinery, and specialized equipment for new sectors.

• The company continues to monitor regulatory and tax matters and expects no material adverse impact.