G R Infraprojects Limited reported strong execution momentum for Q3 FY’26. Consolidated revenue grew 36% YoY to INR 2,308 crores. EBITDA margin stood at 20.28%. The company repaid INR 262 crores of debt, improving the debt-to-equity ratio to 0.03x. The order book remains robust at approximately INR 20,250 crores, excluding the newly entered Oil & Gas EPC sector.
Q3 FY’26 Financial Performance Review
The earnings conference call for G R Infraprojects Limited’s Q3 FY’26 results, held on February 10, 2026, highlighted significant year-over-year growth driven by improved project execution.
Standalone and Consolidated Revenues
- Standalone revenue from operations reached INR 2,039 crores in Q3 FY’26, marking a 36% increase from INR 1,500 crores in Q3 FY’25. This was attributed to execution commencing across various units, including Oil & Gas and Power Transmission.
- Consolidated revenue increased by approximately 36% to INR 2,308 crores, up from INR 1,695 crores in the corresponding quarter last year.
Profitability and Balance Sheet Health
- Standalone Profit After Tax (PAT) rose to INR 232 crores compared to INR 169 crores in Q3 FY’25.
- Consolidated PAT slightly decreased to INR 259 crores from INR 263 crores in Q3 FY’25, primarily due to the net tax effect of an exceptional gain on a subsidiary sale recognized previously.
- Standalone EBITDA margin stood at 10.07% (down from 12.82% YoY, due to a one-time claim income in the prior year).
- Group-level EBITDA margin marginally decreased to 20.28% from 21.82% YoY.
- The company repaid INR 262 crores of debt during the quarter, resulting in an improved standalone debt-to-equity ratio of 0.03x.
Order Book and Sector Focus
Management provided updates on the current order pipeline and strategic diversification efforts.
Key Book Metrics
- The current order book stands at approximately INR 20,250 crores.
- One DBFOT toll project valued at INR 3,700 crores is awaiting the appointed date.
- The company has approximately INR 20,000 crores worth of bids awaiting opening across highway, railway tunnel, and other units.
Sector Outlook
Management noted the government’s strong commitment to infrastructure, with increased public capital expenditure planned.
Oil and Gas EPC Expansion
The company is actively entering the Oil and Gas EPC space, focusing on subsea pipeline laying, platform modification, and erection. While initial execution involves partnering with existing awardees (currently accounting for INR 2,000 crores execution value), the company plans to directly bid for approximately INR 20,000 crores in the next financial year. The margin target for this sector is set at a minimum of 10% EBITDA margin.
Highway Sector Transition
There is a noted shift from the HAM model towards the BOT (Build-Operate-Transfer) toll model, causing temporary delays as the Model Concession Agreement (MCA) is modified. Management expects significant highway order inflow of INR 10,000 crores to INR 15,000 crores next fiscal year once the tendering pipeline clears.
Guidance Revisions
The Q4 revenue guidance was significantly increased to approximately INR 3,000 crores, up from an earlier projection of 5% growth. This increase is primarily due to successfully entering the Oil & Gas sector, expected to contribute INR 1,000 crores in revenue for the current fiscal year.
Capital Allocation and InvIT
Regarding equity infusion targets, the company expects to deploy approximately INR 500 crores in Q4 across T&D, HAM, BESS, and Ropeway projects, completing the expected equity deployment for the current fiscal year. Total investment required for the T&D segment stands at INR 967 crores over the next two years, with 40% potentially deployed in FY’27.
Regarding the BharatNet project, execution of the existing O&M contract commenced a few months prior, but new construction is pending resolution of ROW issues, expected to be cleared by March. The revenue target for BharatNet in the next fiscal year is estimated around INR 400 crores, rising to INR 600 crores thereafter.
Source: BSE
