G R Infraprojects Limited (GRIL) has released its Investor Presentation detailing the financial results for the quarter ended December 31, 2025 (Q3 FY26). The standalone results show Total Income growing 60.29% QoQ to ₹21,671 Mn. The company maintained strong profitability metrics, with the standalone PAT Margin at 11.24% for the quarter, supported by a robust order book of ₹2,02,548 Mn.
Q3 FY26 Standalone Financial Highlights
G R Infraprojects Limited announced its financial performance for the third quarter of the Financial Year 2025-26 (ending December 31, 2025). The standalone results indicate robust sequential growth:
- Total Income (QoQ): Increased by 60.29%, growing from ₹13,520 Mn in Q2 FY26 to ₹21,671 Mn in Q3 FY26.
- EBITDA (QoQ): Showed significant improvement, rising 70.60% QoQ from ₹1,204 Mn to ₹2,054 Mn.
- PAT (QoQ): Increased by 50.51% QoQ, reaching ₹1,969 Mn.
- PAT Margin: Stood at 9.66% in Q3 FY26.
Year-over-Year (YoY) comparisons for Q3 FY26 vs Q3 FY25 also show healthy growth, with Total Income up 33.54% and PAT up 16.81%.
Key Operational Metrics and Capital Structure
The presentation highlighted improvements in working capital management and debt structure as of December 31, 2025:
- Net Working Capital Days: Improved significantly to 93 days in December 2025 from 124 days in December 2024.
- Standalone Debt to Equity Ratio: Further reduced to 0.06, down from 0.10 in the previous fiscal year.
- Consolidated Total Debt: Stood at ₹63,578.20 Mn, with 95% attributed to Project Loans.
Robust Order Book Position
The company maintains a strong pipeline of projects. The order book as on 31st December 2025 is valued at ₹2,02,548 Mn. This figure is set to increase to ₹2,49,648 Mn once the three Road projects worth ₹47,100 Mn, for which the company has been declared L1, are officially awarded.
The Project Mix is heavily weighted towards Roads (62%), followed by Railway & Metro (12%). Client-wise, NHAI accounts for 52% of the order book. Geographically, Uttar Pradesh (30%) and Maharashtra (21%) represent the largest concentrations of current projects.
Company Capabilities and Milestones
GRIL emphasizes its integrated business model built on vertical integration, leveraging in-house capabilities in Design & Engineering, Construction Equipment ownership, and Manufacturing facilities across India (e.g., Udaipur, Sandila, Guwahati). The company highlights its commitment to Quality Execution, evidenced by ISO 9001, 14001, and 45001 certifications, and its human capital of over 10,057 employees.
Recent key milestones include the breakthrough of the longest Tunnel – T4 (4185 m) of the Dibang Project in 2025, and the successful monetization of 9 HAM assets to Indus Infra Trust in 2024. The company also emerged as the L-1 Bidder for its first BESS Project in 2026.
Source: BSE
