G R Infraprojects Limited filed its Business Responsibility and Sustainability Report (BRSR) for the financial year 2025-26 with BSE Limited and National Stock Exchange of India Limited. The disclosure, submitted by Company Secretary Sudhir Mutha, outlines the company's environmental, social, and governance (ESG) performance and adherence to the National Guidelines on Responsible Business Conduct (NGRBC). The report highlights a total workforce of 11,729 workers and a turnover of ₹8,08,126.48 Lakhs for the period.

The company operates primarily in the infrastructure development sector, executing projects through Engineering Procurement and Construction (EPC), Built Operate and Transfer (BOT), and Hybrid Annuity Mode (HAM) models. Its portfolio includes roads, railways, metros, tunnels, power transmission, and ropeways. The report confirms that the disclosures are made on a standalone basis and that the company has appointed an ESG committee to oversee sustainability-related issues.

Workforce and Operations

G R Infraprojects reported a total of 11,729 workers as of the end of the financial year. The workforce includes 6,374 permanent workers and 5,354 other than permanent workers. The company noted that low gender diversity, with women constituting 8.83% of the total workforce, may be attributed to the physical demands and safety concerns of certain roles. The company employs 10 differently abled workers, all of whom are permanent employees.

Material Issues and Governance

The report identifies Occupational Health and Safety and Climate Change and Emissions as material responsible business conduct issues presenting risks to the business. To mitigate these risks, the company enforces strict safety norms, conducts periodic training, and adopts sustainable construction practices such as the use of solar power and electric vehicles. The company also maintains a zero-tolerance policy towards corruption and bribery, with no fines or penalties reported for FY 2025-26.

Governance structures include a Corporate Social Responsibility Committee and an Environmental, Social and Governance Committee. The company has policies covering all nine NGRBC principles, approved by the Board. Independent assessment of these policies was carried out by Deloitte Touche Tohmatsu India LLP. The company reported that it is in the process of defining specific targets and goals aligned with its sustainability commitments.

G R Infraprojects Limited delivered a resilient operating performance in FY 2025-26, demonstrating execution discipline and strategic diversification amid an evolving infrastructure landscape. The company recorded standalone revenue from operations of ₹7,62,021.73 lakh, a year-on-year increase of 16.95%, while maintaining a healthy balance sheet with standalone net worth rising to ₹8,86,899.68 lakh and a debt-to-equity ratio of approximately 0.03x.

Financial Performance Overview

The company's financial results for FY 2025-26 reflect broad-based growth on both standalone and consolidated bases. The following table summarises the key financial metrics:

The decline in consolidated profit after tax was primarily attributable to the changing composition of the consolidated entity following the transfer of HAM subsidiaries to Indus Infra Trust. During the year, the company transferred four wholly owned subsidiaries holding HAM projects to Indus Infra Trust, resulting in a profit of ₹21,695.18 lakh (net of tax), disclosed as an exceptional item in the standalone financial statements.

Order Book and New Project Wins

The company secured 9 new projects during FY 2025-26, with total order inflows of ₹9,70,537.06 lakh. As on 31st March 2026, the order book stood at ₹26,47,153.88 lakh, providing healthy execution visibility. The following table details the new project wins during the year:

The order book distribution by segment reflects the company's diversified project mix, with highways and bridges continuing to anchor the portfolio:

Capital Structure and Asset Monetisation

The company's capital management remained prudent during the year. The authorised share capital stood at ₹8,900 lakh as on 31st March 2026, divided into 17,80,00,000 equity shares of ₹5 each. The issued, subscribed and paid-up capital at year-end was ₹4,838.04 lakh. During the year, 20,222 equity shares of ₹5 each were allotted at an issue price of ₹1,000 per share under the Employee Stock Option Scheme-2021.

The Board of Directors declared an interim dividend of ₹2.50 per equity share in February 2026, distributed in March 2026, resulting in a total dividend payout of ₹24.19 crore. No final dividend was recommended for FY 2025-26.

The asset monetisation strategy progressed through the transfer of 4 HAM assets to Indus Infra Trust during the year, with 13 operational HAM assets cumulatively transferred. This strategy strengthened liquidity and enhanced balance sheet flexibility.

Operational Highlights and Diversification

As on 31st March 2026, the company had a portfolio of 43 projects, comprising 21 HAM, 1 BOT-Annuity, 5 BOOT, 1 DBFOT (logistics), 1 DBFOT (Toll), 1 DBOT (OFC) and 13 EPC projects. Of these, 9 projects were operational, 31 were under construction and 3 were awaiting appointed dates.

The company's integrated business model is supported by eight strategically located manufacturing units in Udaipur, Guwahati, Sandila and Ahmedabad, producing bitumen emulsions, thermoplastic road-marking paints, road signage, metal crash barriers and electric poles. With over 9,993 employees and a fleet of 7,000+ equipment and machinery, the company continued to deliver complex infrastructure projects.

Key strategic developments during the year included:

• Entry into offshore EPC through an associate partnership
• Participation in Battery Energy Storage Systems (BESS) with one project secured
• Expanded telecom presence through an optical fiber cable project worth ₹1,06,500.00 lakh
• Adoption of a 'source-to-pay' platform to enhance procurement visibility and accountability
• Introduction of the Project Linked Incentive Plan (PLIP) to align employee rewards with project outcomes

CSR and Sustainability

The company's total CSR obligation for FY 2025-26 was ₹2,098.39 lakh, based on an average net profit of ₹1,04,919.26 lakh. Total CSR spending during the year amounted to ₹587.35 lakh, with the unspent balance of ₹1,511.04 lakh towards ongoing projects transferred to a separate unspent CSR account in accordance with applicable provisions.

CSR initiatives were focused on education, healthcare, rural development and sports promotion across Rajasthan, Karnataka, Maharashtra, Gujarat and other states. Notable projects included the construction of Smt. Shakuntala Devi Government College in Sidhmukh, Churu, Rajasthan, which enrolled 875 students including 432 female students, and the establishment of the Smt. Durga Devi Jagannath Saraogi Government Community Health Centre, which served more than 53,000 patients during FY 2024-25 and FY 2025-26.

Credit Ratings and Governance

The company's credit ratings were reaffirmed during FY 2025-26 with no revision:

The statutory auditors M/s S R B C & Co LLP issued an unmodified opinion on the financial statements for the year ended 31st March 2026. The Board has proposed the appointment of M/s B S R and Co, Chartered Accountants (FRN: 128510W) as Statutory Auditors for a period of five consecutive years from the conclusion of the 30th Annual General Meeting. The 30th Annual General Meeting of the company is scheduled for 24th July 2026 through Video Conferencing.