G R Infraprojects Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript G R Infraprojects Ltd filed with BSE on 16 May 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 Q4 FY26 standalone revenue of approximately Rs 2,521 crore, up 27% year-on-year, while adjusted EBITDA margin declined to about 11% from 15.5% in the year-ago quarter. The company secured new orders of Rs 10,700 crore during the year and reduced debt by approximately Rs 262 crore, improving its standalone debt-equity ratio to 0.03. Management outlined targets for order inflow and revenue growth across roads, power transmission, tunnels, oil and gas and other segments for FY27.
2 statements from this call are not shown because their supporting quotes could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue from operations (standalone): INR2,521 crores (Q4 FY26)
p. 3
“During Q4 Financial Year '26, the company recorded revenue from operations of approximately INR2,521 crores, representing a growth of 27% compared to the corresponding quarter of the previous financial year.”
Ajendra Agarwal, page 3 of the filed PDF · View the filing
Adjusted EBITDA margin: 11% (Q4 FY26)
p. 3
“Adjusted EBITDA margin stood at 11% approximately for the quarter as against 15.5% in the corresponding period last year.”
Ajendra Agarwal, page 3 of the filed PDF · View the filing
Debt repaid: INR262 crores (FY26)
p. 3
“During the year, the company repaid debt amounting to approximately INR262 crores, resulting in further improvement in our debt-equity ratio to 0.03, which continues to remain among the best in the sector.”
Ajendra Agarwal, page 3 of the filed PDF · View the filing
New orders secured: INR10,700 crores (FY26)
p. 3
“During the year, the company has secured new orders amounting to INR10,700 crores, of which in Q4 the company has secured three new projects comprising one tunnel project and two HAM road projects, aggregating to approximately INR5,500 crores.”
Ajendra Agarwal, page 3 of the filed PDF · View the filing
Order book: INR26,470 crores (as on date)
p. 4
“As on date, our order book stands at approximately INR26,470 crores.”
Ajendra Agarwal, page 4 of the filed PDF · View the filing
Standalone revenue from operations: INR7,620 crores (FY26)
p. 5
“The standalone revenue from operations was INR7,620 crores in the year ended March 2026, which has increased by 17% year-over-year compared to INR6,515 crores in the year ended March 2025.”
Ankit Maheshwari, page 5 of the filed PDF · View the filing
Consolidated revenue from operations: INR8,398 crores (FY26)
p. 5
“The consolidated revenue from operations was INR8,398 crores in the year ended March 2026, which has increased by 13.5% year-over-year compared to INR7,395 crores in the year ended March 2025.”
Ankit Maheshwari, page 5 of the filed PDF · View the filing
Standalone EBITDA margin: 10.85% (Q4 FY26)
p. 5
“The standalone EBITDA margin stood at 10.85% in the quarter ended March 2026 from 17.5% in the quarter ended March 2025.”
Ankit Maheshwari, page 5 of the filed PDF · View the filing
Group EBITDA margin: 19.31% (FY26)
p. 6
“The EBITDA margin at group level has decreased to 19.31% in the year ended March 2026 from 22.13% in the year ended March 2025.”
Ankit Maheshwari, page 6 of the filed PDF · View the filing
Profit after tax (standalone): INR1,417 crores (Q4 FY26)
p. 6
“Profit after tax at standalone level increased to INR1,417 crores in the quarter ended March 2026 as compared to INR371 crores in the quarter ended March 2025.”
Ankit Maheshwari, page 6 of the filed PDF · View the filing
Profit after tax (consolidated): INR209.86 crores (Q4 FY26)
p. 6
“Profit after tax at consolidated level decreased to INR209.86 crores in the quarter ended March 2026 as compared to INR403 crores in the quarter ended March 2025.”
Ankit Maheshwari, page 6 of the filed PDF · View the filing
Standalone net worth: INR8,869 crores (end of March 2026)
p. 6
“The standalone net worth stood at INR8,869 crores at the end of March 2026; it was INR7,888 crores at the end of fiscal 2025.”
Ankit Maheshwari, page 6 of the filed PDF · View the filing
Consolidated borrowing outstanding: INR4,845 crores (end of fiscal 2026)
p. 6
“The consolidated borrowing outstanding at the end of fiscal 2026 is INR4,845 crores with a debt-to-equity of 0.52x.”
Ankit Maheshwari, page 6 of the filed PDF · View the filing
Working capital days: 128 days (end of March 2026)
p. 6
“Working capital in days at the end of March 2026 is 128 days as compared to 117 days at the end of fiscal 2025 and the increase is primarily on account of the debtors' days.”
Ankit Maheshwari, page 6 of the filed PDF · View the filing
Exceptional gain on HAM asset monetization: INR253 crores (FY26)
p. 4
“We also successfully monetized four HAM assets to Indus Infra Trust for a total consideration of INR321 crores and recorded an exceptional gain of INR253 crores.”
Ajendra Agarwal, page 4 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 — 15% · FY27
stated as an aspiration by Ajendra Agarwal
p. 5
“As we enter Financial Year 2027, considering the economic and geopolitical situation, we remain optimistic about the opportunities ahead and expect to grow our top lines in the range of 15%”
Ajendra Agarwal, page 5 of the filed PDF · View the filing
New order wins — INR20,000 crores to INR22,000 crores · FY27
stated as an aspiration by Ajendra Agarwal
p. 5
“strengthen the order book with the target of new wins by INR20,000 crores to INR22,000 crores approximately, while continuing to remain selective and disciplined in our project bidding approach”
Ajendra Agarwal, page 5 of the filed PDF · View the filing
Transport BU new order book — INR12,000 crores to INR14,000 crores · FY27
stated as an aspiration by Ajendra Agarwal
p. 4
“We target a new order book of INR12,000 crores to INR14,000 crores in current Financial Year 2027.”
Ajendra Agarwal, page 4 of the filed PDF · View the filing
Power transmission new order book — INR5,000 crores · FY27
stated as an aspiration by Ajendra Agarwal
p. 4
“Our focus would be on 20% of the bid pipeline of INR1,20,000 crores with a target new order book of INR5,000 crores in Financial Year 27.”
Ajendra Agarwal, page 4 of the filed PDF · View the filing
Tunnel and hydro new order book — INR2,000 crores to INR3,000 crores · Financial Year 2027
stated as an aspiration by Ajendra Agarwal
p. 4
“We are targeting a new order book of INR2,000 crores to INR3,000 crores worth of projects in Financial Year 2027.”
Ajendra Agarwal, page 4 of the filed PDF · View the filing
Oil and gas new order book — INR2,000 crores to INR3,000 crores · Financial Year 2027
stated as an aspiration by Ajendra Agarwal
p. 4
“The bid pipeline remains healthy and we target a new order book of INR2,000 crores to INR3,000 crores in Financial Year 2027.”
Ajendra Agarwal, page 4 of the filed PDF · View the filing
Capital expenditure — INR300 crores to INR350 crores · FY27
stated firmly by Ajendra Agarwal
p. 8
“As far as capital investment is concerned, it will be INR300 crores to INR350 crores, but about the return of Indus, Anand and Ankit will tell you.”
Ajendra Agarwal, page 8 of the filed PDF · View the filing
Revenue growth — 15% to 20% · FY27
stated conditionally by Ajendra Agarwal
p. 8
“I mean, we will have inflow in such a way that we will see at least 15% to 20% growth this year and 20% growth next year.”
Ajendra Agarwal, page 8 of the filed PDF · View the filing
Promoter contribution to HAM/BOT projects — approximately INR1,000 crores · FY27
stated firmly by Ankit Maheshwari
p. 6
“The balance promoter contribution required to be made for our operational HAM and BOT projects is INR3,486 crores, of which we are expecting a contribution of approximately INR1,000 crores in the current fiscal 2027.”
Ankit Maheshwari, page 6 of the filed PDF · View the filing
Oil and gas sector revenue target — INR1,000 to INR1,200 crores · FY27
stated as an aspiration by Anand Rathi
p. 10
“For '27, our target for this sector is around INR1,000, INR1,200 crores target for this particular sector.”
Anand Rathi, page 10 of the filed PDF · View the filing
Direct bidding on oil and gas pipeline projects — next six months
stated as an aspiration by Anand Rathi
p. 10
“So maybe in the next six months of time, we'll be able to bid directly as well.”
Anand Rathi, page 10 of the filed PDF · View the filing
Logistics and warehousing equity investment — INR500 crores to INR700 crores · next three years
stated as an aspiration by Anand Rathi
p. 11
“So investment in, what is it, other than multi-modal logistics, our target is to invest in terms of equity INR500 crores to INR700 crores of equity which we are targeting in next.”
Anand Rathi, page 11 of the filed PDF · View the filing
Oil and gas project margins — 8% to 10%
stated as an aspiration by Anand Rathi
p. 19
“See, our target is to have at least 10%, 8% to 10% kind of margin, but what has happened is because we are the, you know, new entrant into the sector, so we have to learn through this process.”
Anand Rathi, page 19 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 said NHAI's outlook is stressed on BOT and the company will remain present in both HAM and BOT, with about 70-80% of the announced INR6 lakh crores pipeline expected to be achieved.
Answered by Ajendra Agarwal
Asked by Shravan Shah: Given NHAI's slower activity, will FY27 order inflow be weighted toward HAM/BOT or spread evenly, and how much will NHAI award?
p. 7
“They have given an outlook of approximately INR6 lakh crores. Now, no doubt in the last 2 years, they haven't done as much as they said. But now it seems that they should achieve some 70%, 80% of the INR6 lakh crores.”
Ajendra Agarwal, page 7 of the filed PDF · View the filing
Management said margin depends heavily on unpredictable geopolitical disturbance affecting fuel and bitumen costs, and no firm number could be given.
Answered by Ajendra Agarwal
Asked by Shravan Shah: What is the margin outlook for FY27/28 given competition and geopolitical disturbance?
p. 8
“A lot will depend on this for the margin because our commodity in road particularly, fuel and bitumen petroleum products, has a lot of dependency.”
Ajendra Agarwal, page 8 of the filed PDF · View the filing
Management cited delayed appointed dates and post-March geopolitical disturbance, plus pricing clarity issues, as reasons for slower execution.
Answered by Anand Rathi
Asked by Abhinav: Why did oil and gas execution fall short of the expected INR600 crore in Q4?
p. 9
“In this quarter, we have done almost 400, 450 we have done around 400 in this quarter. And largely, see, because of change in prices, I mean there is a drastic change in the prices, both increase in the prices actually resulted in slow execution.”
Anand Rathi, page 9 of the filed PDF · View the filing
Management said termination risk appeared minimal since no such indication had come from NHAI, and the appointed date was expected around September.
Answered by Anand Rathi
Asked by Abhinav: Is there any risk of the Agra-Gwalior BOT project being cancelled?
p. 9
“So, one year has already passed, but these kind of indications so far we haven't received from the authority.”
Anand Rathi, page 9 of the filed PDF · View the filing
Management explained that piecemeal land availability and provisional appointed dates have slowed execution, and said the rate should be assumed at the same level rather than improving.
Answered by Anand Rathi
Asked by Girija Ray: Why has the execution rate relative to order book declined, and will it improve going forward?
p. 18
“Execution rate we have to assume at same level. I don't think it is going to increase.”
Anand Rathi, page 18 of the filed PDF · View the filing
Management said about 40% of cost is impacted by fuel-related items, and that pass-through exists in normal conditions but is currently strained.
Answered by Anand Rathi
Asked by Sudeep Bora: What percentage of highway project cost is impacted by crude/fuel prices, and is there a pass-through mechanism?
p. 19
“So if we talk about highway sector, road sector, or transport sector, it is almost 40% of the cost.”
Anand Rathi, page 19 of the filed PDF · View the filing
Management said no material findings had emerged so far and the process, covering up to seven years, would continue with show-cause notices expected.
Answered by Anand Rathi
Asked by Mudit Bhandari: Any update on the Income Tax search from October 2025?
p. 21
“So far, nothing material probably which I would say we have found out, right?”
Anand Rathi, page 21 of the filed PDF · View the filing
Risks flagged
Global geopolitical tensions and tariff-related measures creating volatility and pressure on supply chains and commodity prices
p. 3
“Global uncertainties arising from geopolitical tensions, ongoing conflicts, changing trade dynamics, and tariff-related measures continue to create challenges across sectors and economies.”
Ajendra Agarwal, page 3 of the filed PDF · View the filing
Volatility in crude oil prices impacting the energy market and project costs
p. 4
“In oil and gas, Brent crude price touched nearly USD126 per barrel during late April 2026 amid high geopolitical tension, creating volatility in the energy market.”
Ajendra Agarwal, page 4 of the filed PDF · View the filing
Escalation mechanisms not fully passing through abnormal increases in bitumen and diesel costs
p. 20
“Compared to, I mean, the wholesale price index or labor index, it becomes quite high, then it is not fully passed through.”
Ajendra Agarwal, page 20 of the filed PDF · View the filing
Piecemeal land availability delaying execution and raising costs
p. 17
“Land aggregation is the biggest challenge in the sector.”
Anand Rathi, page 17 of the filed PDF · View the filing
Delay in ROW clearance for BSNL project due to election period
p. 13
“because of that, you know, election, because of that election era, right, I mean this—that was the reason that ROW also got delayed by another one, one and a half months.”
Anand Rathi, page 13 of the filed PDF · View the filing
Two MSRDC projects (Pune Ring Road and Nagpur-Chandrapur) cancelled and sent for re-bid
p. 20
“In this, one was of Pune Ring Road and one was of Nagpur-Chandrapur.”
Ajendra Agarwal, page 20 of the filed PDF · View the filing
Delay in payments visible across projects in the sector
p. 20
“No, delay in payment is visible on any project.”
Ajendra Agarwal, page 20 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.