G R Infraprojects Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript G R Infraprojects Ltd filed with BSE on 10 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
G R Infraprojects reported standalone revenue from operations of approximately INR2,423 crores for Q1 FY27, up 32.71% year-on-year, while adjusted EBITDA margin declined to 11.01% from 12.17% a year earlier. Management said the order book stood at approximately INR25,300 crores with a further INR32,000 crores of bids yet to be opened, and cited higher construction and material costs, including a bitumen and diesel price impact, as the reason for the margin decline. Management maintained its FY27 revenue growth guidance of 15% to 20% despite the strong first-quarter print and discussed order inflow targets, capex plans, and the status of several projects including BharatNet, BESS, and Agra-Gwalior.
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Numbers mentioned
Revenue from operations (standalone): INR2,423 crores (Q1 FY27)
p. 3
“During Q1 FY27, the company reported revenue from operations of approximately INR2,423 crores, representing a growth of 32.71% compared to corresponding quarter of the previous financial year on a stand-alone basis.”
Ajendra Agarwal, page 3 of the filed PDF · View the filing
Adjusted EBITDA margin: 11.01% (Q1 FY27)
p. 3
“Adjusted EBITDA margin stood at 11.01% for the quarter as against 12.17% in the corresponding period last year.”
Ajendra Agarwal, page 3 of the filed PDF · View the filing
Order book: approximately INR25,300 crores (as of 1 July 2026)
p. 3
“As of 1st July 2026, our order book stands at approximately INR25,300 crores.”
Ajendra Agarwal, page 3 of the filed PDF · View the filing
Bids pending opening: approximately INR32,000 crores
p. 3
“Further, bids aggregating to approximately INR32,000 crores are yet to be opened.”
Ajendra Agarwal, page 3 of the filed PDF · View the filing
Consolidated revenue from operations: INR2,784 crores (Q1 FY27)
p. 5
“The consolidated revenue from operations was INR2,784 crores in quarter ended June 2026, which has increased by 40% year-over-year compared to INR1,988 crores in quarter ended June 2025.”
Ankit Maheshwari, page 5 of the filed PDF · View the filing
EBITDA margin (group level): 16.8% (Q1 FY27)
p. 5
“The EBITDA margin at group level has decreased to 16.8% in quarter ended June 2026 from 20% in quarter ended June 2025.”
Ankit Maheshwari, page 5 of the filed PDF · View the filing
Profit after tax (standalone): INR203.63 crores (Q1 FY27)
p. 5
“Profit after tax at standalone level decreased to INR203.63 crores in quarter ended June 2026 as compared to INR216 crores in quarter ended June 2025.”
Ankit Maheshwari, page 5 of the filed PDF · View the filing
Profit after tax (consolidated): INR358 crores (Q1 FY27)
p. 5
“Profit after tax at consolidated level increased INR358 crores in quarter ended June 2026 compared to INR244 crores in quarter ended June 2025.”
Ankit Maheshwari, page 5 of the filed PDF · View the filing
Debt-to-equity (standalone): 0.03x (as of June 2026)
p. 6
“The total standalone borrowings outstanding at the end of June 2026 is INR239 crores with debt-to-equity of 0.03x.”
Ankit Maheshwari, page 6 of the filed PDF · View the filing
Debt-to-equity (consolidated): 0.55x (as of June 2026)
p. 6
“The total consolidated borrowings, outstanding at the end of June 2026 is INR5,286 crores with debt-to-equity of 0.55x.”
Ankit Maheshwari, page 6 of the filed PDF · View the filing
Working capital days: 148 days (as of June 2026)
p. 6
“Working capital days at the end of June 2026 is 148 days as compared to 128 days at the end of fiscal 2026, the increase is primarily on account of increase in debtor and inventory days.”
Ankit Maheshwari, page 6 of the filed PDF · View the filing
T&D vertical revenue: approximately INR110 crores (Q1 FY27)
p. 9
“So, the T&D vertical first quarter revenue was approximately INR110 crores.”
Ankit Maheshwari, page 9 of the filed PDF · View the filing
O&G revenue: INR270 crores (Q1 FY27)
p. 9
“O&G revenue this quarter is INR270 crores.”
Ankit Maheshwari, page 9 of the filed PDF · View the filing
Trade payable (standalone): INR1,073 crores (as of June 2026)
p. 14
“Trade payable as on June is INR1,073 crores, standalone level.”
Ankit Maheshwari, page 14 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth (standalone, FY27) — 15% to 20% · FY27
stated firmly by Ankit Maheshwari
p. 6
“But for the year, our guidance remains the same, around 15% to 20%.”
Ankit Maheshwari, page 6 of the filed PDF · View the filing
Revenue growth (FY28) — closer to 20% · FY28
stated conditionally by Ankit Maheshwari
p. 7
“depending upon the order inflow, et cetera, we expect that, yes, we can reach closer to 20% of the growth.”
Ankit Maheshwari, page 7 of the filed PDF · View the filing
EBITDA margin — 10% to 11%
stated conditionally by Ankit Maheshwari
p. 7
“I mean, if you see current scenario, 10% to 11% would be the range. But let's see how the macroeconomic factors evolve after some time.”
Ankit Maheshwari, page 7 of the filed PDF · View the filing
Order inflow (road sector) — around INR14,000 crores · FY27
stated conditionally by Anand Rathi
p. 8
“what we are targeting for the current year in our road sector, around INR14,000 crores in the total order book, that incoming order which is our BOT, right?”
Anand Rathi, page 8 of the filed PDF · View the filing
O&G revenue target — approximately INR1,000 crores plus · FY27
stated as an aspiration by Ankit Maheshwari
p. 9
“Entire year the target is approximately INR1,000 crores plus.”
Ankit Maheshwari, page 9 of the filed PDF · View the filing
Capex guidance — approximately INR300 crores · FY27
stated firmly by Ankit Maheshwari
p. 12
“So for the current year, the capex guidance is of approximately INR300 crores.”
Ankit Maheshwari, page 12 of the filed PDF · View the filing
Capex guidance (next year) — INR200 crores to INR250 crores · FY28
stated firmly by Ankit Maheshwari
p. 12
“And for the next year, it shall remain INR200 crores to INR250 crores.”
Ankit Maheshwari, page 12 of the filed PDF · View the filing
Equity contribution to HAM/BoT projects — approximately INR900 crores to INR1,000 crores · FY27
stated firmly by Ankit Maheshwari
p. 6
“of which we are expecting contribution of approximately INR900 crores to INR1,000 crores in the fiscal 2027.”
Ankit Maheshwari, page 6 of the filed PDF · View the filing
Total equity investment plan — around INR3,300 crores · next 3 years
stated firmly by Anand Rathi
p. 8
“See, total equity investment for the next 3 years is around INR3,300 crores, we have planned for the next 3 years, which is already committed”
Anand Rathi, page 8 of the filed PDF · View the filing
Agra-Gwalior appointed date — October-November · October-November 2026
stated conditionally by Anand Rathi
p. 8
“So, I think we are confident we'll be getting that appointed date in the month of October-November for Agra-Gwalior”
Anand Rathi, page 8 of the filed PDF · View the filing
Warehousing capex plan — around INR450 crores to INR500 crores · FY27
stated firmly by Ankit Maheshwari
p. 14
“and for this current financial year '27, we have a plan of around INR450 crores to INR500 crores.”
Ankit Maheshwari, page 14 of the filed PDF · View the filing
BharatNet revenue expectation — around INR400 crores · FY27
stated conditionally by Ankit Maheshwari
p. 15
“Current year business. So in the FY '27 we are expecting around INR400 crores from BharatNet for access...”
Ankit Maheshwari, page 15 of the filed PDF · View the filing
FY28 revenue target — INR11,000 crores to INR12,000 crores · FY28
stated as an aspiration by Anand Rathi
p. 16
“FY '28, we are targeting -- if we target 20% growth, probably it would be in the range of INR12,000 crores, INR11,000 crores, INR12,000 crores kind of revenue, which we are targeting for FY '28.”
Anand Rathi, page 16 of the filed PDF · View the filing
Railway project execution (MP) — not more than 15% · this year
stated firmly by Anand Rathi
p. 15
“I mean, 30% -- initially in first year, we should not target more than I would say, 15%. Yes, right.”
Anand Rathi, page 15 of the filed PDF · View the filing
Agra-Gwalior execution — 10% · this year
stated conditionally by Anand Rathi
p. 15
“Yes, yes. Very much.”
Anand Rathi, page 15 of the filed PDF · View the filing
International expansion — next 1 to 2 years
stated as an aspiration by Ajendra Agarwal
p. 17
“Right now, in the next 1 to 2 years, we do not have any focus on international business as of yet.”
Ajendra Agarwal, page 17 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management kept FY27 guidance at 15-20% and said FY28 could approach 20% growth depending on order inflow.
Answered by Ankit Maheshwari
Asked by Shravan Shah: Given Q1 growth of 32-33%, can FY27 revenue guidance be raised, and can FY28 execution reach 20% plus?
p. 6
“But for the year, our guidance remains the same, around 15% to 20%.”
Ankit Maheshwari, page 6 of the filed PDF · View the filing
Management said 10-11% remains the right range though marginal improvement is possible depending on macro factors.
Answered by Ankit Maheshwari
Asked by Shravan Shah: Can EBITDA margin improve beyond the 10.5-11% earlier guided range given Q1 came in at 11%?
p. 7
“But let's see how the macroeconomic factors evolve after some time. Marginally, things can improve also, but we think that 10% to 11% would be the right range.”
Ankit Maheshwari, page 7 of the filed PDF · View the filing
Management said bitumen cost increases are compensated via a government circular over and above the contract escalation clause, but diesel cost increases are not compensated.
Answered by Anand Rathi
Asked by Veenit: Are raw material cost increases, particularly for crude/bitumen, being compensated by escalation clauses?
p. 10
“Because the price jump in bitumen is so I mean it was so high, right, which could not be, you know, covered through escalation, and they came up with the direct circular”
Anand Rathi, page 10 of the filed PDF · View the filing
Management said the second half depends on how quickly appointed dates are received and that monsoon delays construction start to November, though 25% growth is possible if things go well.
Answered by Anand Rathi
Asked by Sudeep Bora: Given the strong Q1 growth and order book, why is FY27 guidance only 15-20% rather than 25-30%?
p. 16
“So we are practically starting on ground in the month of November, right? All construction related activity is already -- generally getting started in the month of November.”
Anand Rathi, page 16 of the filed PDF · View the filing
Management said the government is still finalizing new BOT and BOT-plus-HAM concession policies and that once finalized more projects should come, though it has been slow for two years.
Answered by Ajendra Agarwal
Asked by Parikshit Kandpal: Why has road sector ordering not picked up despite years of discussion about a large bid pipeline?
p. 18
“But no doubt, I have been watching reality for the last 2 years, so it is not happening that much.”
Ajendra Agarwal, page 18 of the filed PDF · View the filing
Risks flagged
Volatility in aluminium and copper prices for power transmission projects due to geopolitical/speculative factors
p. 11
“the volatility was there, and it was very much -- I mean, the price variation was very high, right?”
Anand Rathi, page 11 of the filed PDF · View the filing
No escalation compensation from client for optical fiber cable cost increases in BharatNet project
p. 14
“But theoretically, yes, I mean there is no escalation which we are getting from our client, and we also are not supposed to pay any escalation to our vendor.”
Anand Rathi, page 14 of the filed PDF · View the filing
Delay in appointed dates for HAM/BoT projects due to monsoon and approvals could slow second-half execution
p. 16
“But if there is any delay then probably we may not have that kind of -- and that monsoon also, the pattern of monsoon, which we have seen in the last 2, 3 years, this is running up to the month of October.”
Anand Rathi, page 16 of the filed PDF · View the filing
Slow government award activity and low project pipeline in the near term
p. 7
“But in the current scenario improvement, if we look, there are many projects in BoT pipelines. So it should improve, but until now the project pipelines have been low and government awarding has been low”
Ajendra Agarwal, page 7 of the filed PDF · View the filing
BESS project delayed pending stabilization of battery prices and dollar-rupee movement
p. 15
“So we are just waiting for the time to where all those external factors comes to, I would say, which -- I mean it comes to in favor maybe next 3 months time, we will be ordering batteries and all that probably”
Anand Rathi, page 15 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.