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Highway awarding delays due to MCA modifications
View Risks →G R Infraprojects Limited — Q3 FY26
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.
bullish
medium
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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.
जी आर इंफ्राप्रोजेक्ट्स ने वित्त वर्ष 2025-26 की तीसरी तिमाही में अच्छा प्रदर्शन किया। कंपनी की कमाई 2,390 करोड़ रुपये रही, जो पिछले साल की समान तिमाही से 36% अधिक है। यह वृद्धि तेल-गैस, बिजली ट्रांसमिशन और रेलवे क्षेत्रों में काम बढ़ने से हुई। मुनाफा (कर के बाद) 232 करोड़ रुपये रहा, जो 37% ज्यादा है। इसमें 35 करोड़ रुपये का एकमुश्त लाभ भी शामिल है। कंपनी के पास 20,250 करोड़ रुपये के ऑर्डर हैं। प्रबंधन का अनुमान है कि चौथी तिमाही में कमाई 3,000 करोड़ रुपये और अगले वित्त वर्ष में 10-15% बढ़ोतरी होगी। लेकिन सरकारी नियमों में बदलाव के कारण नए हाईवे ऑर्डर मिलने में देरी हो सकती है, जो भविष्य के ऑर्डर को प्रभावित कर सकती है।
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Read Transcript →Quarter Snapshot
Order Book
₹20,250 crore
+0% QoQ
Order book remains stable; excludes ~₹500 crore of oil & gas orders.
Oil & Gas Revenue (Q3)
₹400 crore
New segment
First-time contribution from oil & gas EPC; management targets ₹1,000 crore for FY26.
Debt-to-Equity (Standalone)
0.03x
Improved from 0.03x
One of the best in the sector; company repaid ₹262 crore debt during the quarter.
Working Capital Days
93 days
-24 days vs FY25
Improved from 117 days at end of FY25, driven by lower SPV debtor days.
What Changed vs Last Quarter
NEW
Q4 FY26 revenue guidance of ~₹3,000 crore
Management expects Q4 revenue of approximately ₹3,000 crore, implying ~25% YoY growth, driven by oil & gas and power transmission.
NEW
FY27 capex guidance of ~₹125 crore
Management estimates capex of approximately ₹125 crore in FY27, compared to ₹98 crore in FY26.
UPDATED
FY27 revenue growth target of 10-15%
Management targets 10-15% revenue growth in FY27, supported by oil & gas (target ₹1,000 crore+), power transmission, and highway execution.
UPDATED
FY27 order inflow target of 20,000+ crore
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.
DROPPED
Standalone EBITDA Margin ~12% in FY26
Management guided standalone EBITDA margin to remain around 12% for FY26, with potential improvement in FY28.
NEW RISK
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.
NEW RISK
Margin pressure from oil & gas segment
Oil & gas EPC margins are targeted at ~10%, lower than historical highway margins, dragging overall EBITDA margin.
NEW RISK
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.
NEW RISK
MSRDC project cancellation risk
Two MSRDC projects worth ₹4,300 crore may be cancelled due to alignment changes; management has no further update.
RISK GONE
Execution Delays Due to Monsoon and Land Issues
Heavy monsoon rains and incomplete land acquisition are causing execution delays, which could impact revenue recognition.
RISK GONE
Margin Pressure from Aggressive Bidding
Intense competition in highway EPC may keep margins subdued; management expects margin improvement only by FY28.
RISK GONE
Contingent Liabilities from InvIT Transfer
Transferring HAM assets to InvIT may involve contingent liabilities due to scope changes or cost revisions, affecting compensation.
RISK GONE
Order Inflow Target Dependency on Government Awards
The ambitious ₹22,000 crore order inflow target relies on timely project awards from NHAI and other agencies, which have been slow historically.
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Guidance and risk preview
Management expects Q4 revenue of approximately ₹3,000 crore, implying ~25% YoY growth, driven by oil & gas and power transmission.
NHAI has awarded only ~30% of its FY26 target; shift to BOT model and MCA modifications are delaying project awards, impacting order book growth.
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