G R Infraprojects / Q3-FY26

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Positive2026-02-10Back to GRINFRA

Revenue

₹2,308 Cr

verified against source

Revenue YoY

36%

reported change

EBITDA

Pending

latest reported figure

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Revenue (₹ Cr)PositiveWatchNegative
2 actual records
Actual quarterly Revenue (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q1 FY26: 1,988 · Watch source sentiment · 2025-08-07Q1 FY26Q3 FY26: 2,308 · Positive source sentiment · 2026-02-10Q3 FY262,3081,988
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

G R Infraprojects reported a strong Q3 FY26 with revenue of ₹2,390 crore, up 36% YoY, driven by execution in oil & gas, power transmission, and railways. EBITDA margin contracted to 10.07% (down 275 bps YoY) due to a one-time claims income in the base quarter and lower-margin oil & gas revenue. PAT (standalone) rose to ₹232 crore (+37% YoY), including an exceptional gain of ₹35 crore. The order book stands at ₹20,250 crore, with an additional ₹3,700 crore of HAM projects awaiting appointed date. Management guided Q4 revenue of ~₹3,000 crore and FY27 revenue growth of 10-15%, with order inflows of 20,000+ crore. Key risk: continued delays in highway awarding due to MCA modifications for BOT model could pressure order book replenishment.

Colored figures show movement against the previous available record.

Guidance to track

  • Management expects Q4 revenue of approximately ₹3,000 crore, implying ~25% YoY growth, driven by oil & gas and power transmission.
  • Management targets 10-15% revenue growth in FY27, supported by oil & gas (target ₹1,000 crore+), power transmission, and highway execution.
  • Management targets order inflows of over ₹20,000 crore in FY27, including 10,000-15,000 crore from highways, 4,000-5,000 crore from oil & gas, and 3,000 crore from power transmission.
  • Management estimates capex of approximately ₹125 crore in FY27, compared to ₹98 crore in FY26.

Risks flagged

  • NHAI has awarded only ~30% of its FY26 target; shift to BOT model and MCA modifications are delaying project awards, impacting order book growth.
  • Oil & gas EPC margins are targeted at ~10%, lower than historical highway margins, dragging overall EBITDA margin.
  • Appointed date for the Ara BOT project is delayed due to land compensation issues; revenue recognition may slip to Q1 FY27.
  • Two MSRDC projects worth ₹4,300 crore may be cancelled due to alignment changes; management has no further update.

Key quotes

  • We are targeting a growth of 10 to 15% of revenue.
  • So far we have received only 4,000 cr... probably on a highway front we may add up another 10,000 cr if things go as we believe.
  • The EBITDA margin at group level has marginally decreased to 20.28% in quarter ended December 25 from 21.82% in quarter ended December 24.

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