Highway awarding delays due to MCA modifications
NHAI has awarded only ~30% of its FY26 target; shift to BOT model and MCA modifications are delaying project awards, impacting order book growth.
GRINFRA / Q3-FY26 / risks
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G R Infraprojects · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Margin pressure from oil & gas segment
Oil & gas EPC margins are targeted at ~10%, lower than historical highway margins, dragging overall EBITDA margin.
Execution risk in BOT projects (Ara project)
Appointed date for the Ara BOT project is delayed due to land compensation issues; revenue recognition may slip to Q1 FY27.
MSRDC project cancellation risk
Two MSRDC projects worth ₹4,300 crore may be cancelled due to alignment changes; management has no further update.