GR Infraprojects logo

GR Infraprojects

GRINFRA NSE

Key Fundamentals

MicrocapCivil ConstructionConstruction
Market Cap
₹8,176 Cr
Volatility
Moderate
P/E Ratio
8.15
EBITDA
₹1,750 Cr
Return on Equity
9.61%
Debt to Equity
0.52
Book Value
₹969.37
EPS
₹98.89
52W High
₹1,345
52W Low
₹785

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Stock is trading at 0.88 times its book value

Weaknesses

4
  • The company has delivered a poor sales growth of 1.38% over past five years.
  • Company has a low return on equity of 12.0% over last 3 years.
  • Contingent liabilities of Rs.2,558 Cr.
  • Dividend payout has been low at 4.87% of profits over last 3 years

Growth Rate

Revenue Growth
12.35% higher than 3Y
Net Income Growth
-11.11% higher than 3Y
Cash Flow Change
-37.69% higher than 3Y
ROE
-19.51% lower than 3Y
ROCE
-7.41% higher than 3Y
EBITDA Margin (Avg.)
-14.92% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 44d ago
AI opinion · based on fundamentals
Risk high

G R Infraprojects Ltd is a mid-cap construction company trading at a P/E of 9.6x and 0.92x book value, with a robust order book of ~INR 26,470 crore as of March 2026. However, the company has seen a compounded profit decline of -17% over 3 years and ROE has deteriorated from a 10-year average of 20% to 9% in the last year, while standalone debt remains low at 0.04-0.07x debt-to-equity.

Bull Case 8
  • Stock trades at 0.92x price-to-book value, offering a margin of safety below replacement cost of assets
  • Low standalone debt-to-equity ratio of 0.04-0.07x provides significant financial flexibility and balance sheet strength
  • Order book of INR 26,470 crore as of March 2026 provides revenue visibility of approximately 2.8x annual revenue
  • Attractive valuation at P/E of 9.6x compared to construction sector peers typically trading at 20-30x earnings
  • Diversification into railways, tunnelling, power transmission, and ropeways reduces dependence on roads sector (NHAI ~78% of order book)
  • Monetized four HAM assets to InvIT trust for INR 321 crore, recording exceptional gain of INR 253 crore, demonstrating asset-light pivot capability
  • TTM revenue growth of 14% shows operational momentum recovering after 3-year compounded sales decline of -4%
  • 10-year compounded profit growth of 24% and 10-year compounded sales growth of 15% demonstrate long-term execution capability
Bear Case 8
  • Compounded profit has declined at -17% CAGR over 3 years, indicating sustained earnings deterioration
  • ROE has fallen sharply from 20% (10-year average) to 9% in the last year, reflecting poor capital efficiency
  • Stock has declined -27% over 1 year and -12% CAGR over 3 and 5 years, showing persistent value destruction for shareholders
  • Compounded sales growth of just 1.38% over past 5 years despite an infrastructure boom in India signals execution challenges
  • Consolidated debt-to-equity stands at 0.59-0.61x due to HAM/BOT project-level borrowings, significantly higher than standalone figure
  • Dividend payout of only 4.87% of profits over last 3 years with a yield of just 0.28% offers negligible income return
  • High client concentration with NHAI accounting for ~78% of order book creates government policy dependency risk
  • Net working capital days increased to 117 days in FY25, tying up more capital and pressuring cash flows

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 42d ago
Positives 3
  • NH-731A project completion certified Jul 21

    Subsidiary received Provisional Completion Certificate for NH-731A highway project, declared fit for commercial operations on June 23, 2026.

  • Rajasthan expressway completed Jul 4

    Subsidiary completed a ₹1,368 crore expressway project in Rajasthan with commercial operations begun on 01 Oct 2025.

  • Dividend and board changes approved Jul 25

    Shareholders approved ₹2.50 per share final dividend and key appointments including Ashwin Agarwal as Whole-time Director at the 30th AGM on July 24, 2026.

Neutral 2
  • Q4 earnings call scheduled Aug 7 Aug 1

    Earnings call for Q4FY26 results scheduled for August 7, 2026, led by MD Ajendra Kumar Agarwal and Group CFO Anand Rathi.

  • Independent Director re-appointed Jul 27

    Shareholders approved re-appointment of Rajan Malhotra as Independent Director for a five-year term effective May 27, 2027.

TL;DR: GR Infraprojects is executing well on project delivery with two major highway projects reaching completion milestones and returning capital to shareholders via a ₹2.50 dividend. No visible headwinds in the recent news flow. The trend is stable-to-positive, with the upcoming Q4FY26 earnings call on Aug 7 likely to provide the next catalyst for direction.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
2,478
1,883
2,134
2,485
2,030
1,394
1,694
2,276
1,988
1,602
2,308
2,500
2,784
Expenses
1,871
1,416
1,626
1,945
1,662
1,041
1,325
1,730
1,590
1,215
1,840
2,132
2,316
Operating Profit
607
467
508
540
368
353
370
545
398
387
468
368
468
OPM %
25%
25%
24%
22%
18%
25%
22%
24%
20%
24%
20%
15%
17%
Other Income
21
26
25
343
20
82
154
136
92
50
91
110
161
Interest
137
145
155
128
103
112
113
121
117
126
153
112
103
Depreciation
60
62
61
61
63
63
61
57
52
51
49
47
46
PBT
432
287
316
694
222
260
350
504
321
260
356
320
480
Tax %
28%
24%
23%
20%
30%
26%
25%
20%
24%
27%
27%
34%
25%
Net Profit
310
217
243
553
156
194
263
403
244
190
259
210
358
EPS in Rs
32.05
22.46
25.1
57.29
16.08
19.98
27.05
41.75
25.23
19.91
26.79
21.39
36.93
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,047
2,020
3,189
3,141
5,283
6,373
7,844
8,458
9,482
8,980
7,395
8,399
9,195
Expenses
870
1,708
2,576
2,534
3,999
4,786
5,991
6,723
6,928
6,858
5,758
6,777
7,504
Operating Profit
177
311
613
607
1,284
1,587
1,853
1,735
2,554
2,122
1,636
1,622
1,691
OPM %
17%
15%
19%
19%
24%
25%
24%
21%
27%
24%
22%
19%
18%
Other Income
8
9
159
43
43
51
67
65
87
415
393
343
411
Interest
88
105
126
66
170
295
362
420
443
565
448
508
494
Depreciation
44
50
69
83
149
189
227
282
246
244
245
199
193
PBT
52
165
577
501
1,008
1,154
1,331
1,099
1,952
1,729
1,337
1,258
1,416
Tax %
40%
38%
-2%
19%
29%
31%
28%
24%
26%
23%
24%
28%
—
Net Profit
31
102
588
406
717
801
955
832
1,454
1,323
1,015
903
1,016
EPS in Rs
12.16
40.76
118
40.82
72.06
80.53
96.01
86.04
150
137
105
93.31
105
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
12%
3%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
25
25
48
48
48
48
48
48
48
48
48
48
Reserves
410
513
1,083
1,494
2,181
2,979
3,932
4,763
6,217
7,543
8,443
9,331
Borrowings
920
979
531
847
2,141
3,210
4,525
5,282
5,697
3,817
4,971
4,872
Other Liabilities
301
561
855
723
1,458
1,546
1,586
1,567
1,795
1,524
1,463
1,786
Total Liabilities
1,656
2,077
2,517
3,112
5,829
7,783
10,091
11,660
13,757
12,932
14,925
16,037
Fixed Assets
547
698
384
615
930
1,029
1,345
1,485
1,439
1,309
1,088
1,103
CWIP
73
28
17
48
43
28
55
59
72
76
150
109
Investments
41
55
151
79
10
2
103
3
56
2,121
2,494
2,371
Other Assets
996
1,297
1,966
2,370
4,846
6,725
8,588
10,113
12,190
9,425
11,193
12,454
Total Assets
1,656
2,077
2,517
3,112
5,829
7,783
10,091
11,660
13,757
12,932
14,925
16,037
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
—
—
680
-371
-244
-267
-457
166
-363
-1,590
-2,042
-2,811
Investing
—
—
353
-340
-784
-144
-735
-257
-9
793
422
1,623
Financing
—
—
-585
246
1,004
884
972
311
-20
1,120
1,735
1,523
Net Cash Flow
—
—
448
-465
-24
473
-220
220
-393
323
115
334
Free Cash Flow
—
—
962
-654
-710
-552
-966
-256
-633
-1,687
-2,095
-2,929
CFO/OP
—
—
130
-39
-1
-3
-9
28
0
-60
-109
-150
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
67
52
64
39
38
17
23
24
17
13
11
32
Inventory Days
105
40
—
—
—
—
—
—
—
—
—
—
Days Payable
73
89
—
—
—
—
—
—
—
—
—
—
Cash Conversion Cycle
98
3
64
39
38
17
23
24
17
13
11
32
Working Capital Days
-26
8
27
112
102
70
47
84
105
124
99
146
ROCE %
11%
19%
44%
28%
35%
27%
23%
16%
22%
17%
14%
12%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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63 extracted metrics + investor summaries across FY15–FY26.

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Shareholding Pattern

Others1.44%Promot.74.68%Public1.94%FIIs2.45%DIIs19.49%As ofJun 2026

Documents

Frequently Asked Questions about GR Infraprojects

What does G R Infraprojects Ltd do?
Incorporated in the year 1995, G R Infraprojects Ltd is an integrated road Engineering, Procurement, Construction company (EPC) with experience in the design and construction of various road/highway projects across 15 States in India. It mainly undertakes civil construction projects under the EP...
Where is G R Infraprojects Ltd (GRINFRA) listed?
G R Infraprojects Ltd trades as GRINFRA on the NSE and under code 543317 on the BSE.
Which sector does G R Infraprojects Ltd belong to?
G R Infraprojects Ltd is classified under the Construction sector, in the Civil Construction industry.
What is the market capitalisation of G R Infraprojects Ltd?
G R Infraprojects Ltd has a market capitalisation of ₹8,176 Cr, which places it in the Mid Cap band.
What is the PE ratio of G R Infraprojects Ltd?
G R Infraprojects Ltd trades at a PE ratio of 8.15, on earnings per share of ₹98.89, against a book value of ₹969.37 per share.
What is the 52-week high and low of G R Infraprojects Ltd?
Over the last 52 weeks G R Infraprojects Ltd has traded between ₹785 and ₹1,345.
Does G R Infraprojects Ltd pay dividends?
G R Infraprojects Ltd has a dividend yield of 0.29%.
What is the Return on Equity (ROE) of G R Infraprojects Ltd?
G R Infraprojects Ltd reported a return on equity of 9.61%. Its debt-to-equity ratio is 0.52.

Company Information

Incorporated in the year 1995, G R Infraprojects Ltd is an integrated road Engineering, Procurement, Construction company (EPC) with experience in the design and construction of various road/highway projects across 15 States in India. It mainly undertakes civil construction projects under the EPC and BOT (Build Operate Transfer) basis in the road sector. [1]

Website grinfra.com
CEO Mr. Ajendra Kumar Agarwal
Employees 10,940
Listed 2021-07-19
Face Value ₹ 5
Issued Size 9,67,60,529

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