GR Infraprojects Ltd is an integrated road Engineering, Procurement, Construction company (EPC) incorporated in 1995 with experience in the design and construction of various road/highway projects across 15 States in India. The company has evolved into one of the fastest growing organizations in the Indian infrastructure sector, with nearly three decades of legacy. Their approximately 11,000 passionate employees, best-in-class assets, latest technology, and 24/7 project execution capability enables them to deliver projects before or on-time with highest standards of quality, safety, financial discipline, and governance.
The equity shares were listed on BSE Limited (BSE) and National Stock Exchange of India Limited (NSE) on July 19, 2021. The company was formerly known as G.R. Agarwal Builders and Developers Limited and changed its name to G R Infraprojects Limited in August 2007, originally incorporated in 1995 and headquartered in Udaipur, India.
GR Infraprojects' primary business operations are broadly segmented into four categories: Engineering Procurement and Construction (EPC) and Project Management services for Roads & Highways, Bridges, Airport Runway, Railways & Metro, Tunneling & Hydro, Power Transmission, Multi Modal Logistic Park (MMLP) and Optical Fiber Cable (OFC).
The company operates development, operations and maintenance of roads and highways on a Build Operate and Transfer (BOT) and Hybrid Annuity Model (HAM) basis. It executes projects on EPC, Build, Operate, and Transfer (BOT), Hybrid Annuity Model (HAM), Design, Build, Finance, Operate, and Transfer (DBFOT), and Build, Own, Operate, and Transfer (BOOT) models.
The company has diversified its portfolio beyond traditional road construction. GR Infraprojects diversified into Ropeways, tunnel works, and development of Multi Model Logistics Parks. The company's diversification strategy has led it into the Power Transmission sector. Manufacturing activities include Bitumen Emulsions, GFRP Rebar, Thermoplastic Paint, Road Signages, and Equipments.
As of the latest available data, GR Infraprojects has a market capitalization of ₹12,932 Crore, with revenue of ₹7,395 Crore and profit of ₹1,015 Crore. The company maintains a promoter holding of 74.7%.
The company's consolidated net profit increased 7.82% to ₹261.71 Crore on a 20.6% slide in revenue from operations to ₹1,694.50 Crore in Q3 FY25 over Q3 FY24. GR Infraprojects' net profit jumped 7.82% since last year same period to ₹261.71 Crore in Q3 FY2024-2025, with a 35.4% jump in net profits on a quarterly growth basis since the last 3-months.
Revenue from operations declined 8.43% YoY to ₹2,275.57 Crore in the quarter ended March 31, 2025. On a segmental revenue basis, revenue from build, operate and transfer (BOT)/annuity projects decreased by 3.29% YoY to ₹1,825.51 Crore, while revenue from engineering, procurement and construction dropped 42.62% YoY to ₹70.21 Crore in the fourth quarter of FY25.
Profit before exceptional items and tax jumped 24.39% YoY to ₹481.99 Crore in Q4 FY25. EBITDA rose marginally to ₹545.29 Crore in Q4 FY25, compared to ₹540.29 Crore in the corresponding quarter of the previous year. The EBITDA margin improved to 23.96% in Q4 FY25 from 21.74% in Q4 FY24.
- TTM Profit: ₹1,164 Crore
- Market Cap: ₹12,799 Crore
- P/E Ratio: 8.93 times as of May 6, 2025, a 59% discount to peers' median range of 21.68 times.
- P/B Ratio: 1.27 times as of May 6, 2025, a 52% discount to peers' median range of 2.62 times.
GR Infraprojects is a leading player in the roads and highways sector with an overall order book size of ₹17,005.6 Crore. The order book as of June 30, 2022, stood at ₹17,005.7 Crore, majorly contributed by Roads- HAM (82%), Roads- EPC (12%), Railways (4%), and Transmission (2%) sector.
Despite financial pressures, a robust order book and a targeted order inflow of ₹20,000 Crore for the upcoming fiscal year signal optimism, particularly in the highway sector driven by government initiatives. The company has guided for overall order inflows of approximately ₹15,000 Crore during FY23, to be driven by a strong order pipeline in roads segment and growing opportunities in other infrastructure verticals such as metros, ropeways, and power transmission sector.
GR Infraprojects received provisional completion certificate for the project of GR Bandikui Jaipur Expressway Private Limited, a wholly-owned subsidiary of the company, with the provisional completion of ₹1,368 Crore expressway project and commercial operation from June 1, 2025.
The company announced that after receipt of consideration from Indus Infra InvIT, a wholly-owned subsidiary namely GR Galgalia Bahadurganj Highway (GGBHPL) has been successfully transferred to Indus Infra InvIT on March 28, 2025. With effect from the aforesaid date, GGBHPL would cease to be a wholly-owned subsidiary of the Company.
Management is focused on diversifying its portfolio and enhancing operational efficiency, while also anticipating substantial growth opportunities in the power transmission sector, supported by a strong pipeline of projects. GR Infraprojects currently manages a portfolio of 10 operational assets, including one National Highways Authority of India (NHAI) annuity project, one state HAM project, and eight additional NHAI HAM projects.
The company faces both opportunities and challenges in the current market environment. The company faced a notable decline in revenue, with operational challenges reflected in a decrease in EBITDA margins, yet it improved its debt-to-equity ratio through significant debt repayments. However, cash flow remains a concern due to increased working capital tied up in long-term receivables from Hybrid Annuity Model projects.
The company has delivered 26.6% revenue CAGR during FY16-22, well-complemented by 33.6% EBITDA CAGR and 39% PAT CAGR. Overall, the company is strategically positioned to leverage market conditions for future revenue generation, despite current liquidity challenges.
Investment Consideration: According to analyst recommendations, GR Infraprojects shares have a "Buy" rating for the long term. The company's established market position, diverse project portfolio, and strong order book provide a foundation for potential growth, though investors should consider the current revenue challenges and working capital constraints in their investment decisions.
