G R Infraprojects Limited held its Q4 FY26 Earnings Conference Call on May 12, 2026, with Chairman and Managing Director Mr. Ajendra Kumar Agarwal and Group CFO Mr. Anand Rathi presenting the company's financial and operational performance for the quarter and year ended March 31, 2026. The call was moderated by Mr. Aditya Sahu from HDFC Securities. Management highlighted resilient execution amid global geopolitical uncertainties, disciplined balance sheet management, and a broadening diversification strategy across infrastructure segments.

Financial Performance: Q4 and Full Year FY26

The company delivered steady revenue growth across both standalone and consolidated bases for the quarter and the full year. The following table summarises the key financial metrics:

The decline in standalone EBITDA margin for Q4 FY26 was primarily attributed to a one-time claims income of INR47.5 crores recognised in Q4 FY25, which inflated the prior-year base. For the full year, the margin compression reflected a one-time claim income of INR123 crores in FY25 and higher construction costs in FY26. The sharp increase in standalone PAT for Q4 FY26 included approximately INR182 crores (net of tax) as an exceptional gain from the sale of four subsidiaries to Indus Infra Trust.

Balance Sheet and Working Capital

The company maintained a strong balance sheet with continued debt reduction. Key balance sheet metrics are presented below:

During FY26, the company repaid debt of approximately INR262 crores, further improving its standalone debt-to-equity ratio to 0.03. The increase in working capital days from 117 to 128 was primarily on account of higher debtor days. Fixed asset additions during Q4 FY26 were approximately INR36 crores, and for the full year approximately INR133 crores. The net block of property, plant and equipment including work-in-progress and intangibles stood at approximately INR1,057 crores at the end of FY26. Investments in subsidiary companies in the form of loans and equity stood at INR2,271 crores as of March 2026.

Order Book and New Order Wins

The company secured new orders of INR10,700 crores during FY26. In Q4 FY26 alone, three new projects were secured — one tunnel project and two HAM road projects — aggregating to approximately INR5,500 crores. The appointed date for one DBFOT project worth approximately INR3,600 crores remains awaited. As of the date of the call, the total order book stood at approximately INR26,470 crores, with further bids aggregating to approximately INR13,500 crores yet to be opened.

During FY26, Provisional Certificate of Completion (PCOD) was received for five HAM projects. The company also monetised four HAM assets to Indus Infra Trust for a total consideration of INR321 crores, recording an exceptional gain of INR253 crores.

Sector Outlook and FY27 Targets

Management outlined sector-specific order inflow targets for FY27 across multiple infrastructure verticals:

For the transport sector, management noted that MoRTH and Railways received approximately INR6 lakh crores in the Union Budget for FY27, with a visible project pipeline of INR7.6 lakh crores comprising HAM, BOT, EPC and Railway projects. Order inflow in the transport sector is expected to grow by approximately 10% to 15% in FY27. In the power transmission segment, India's power sector is expected to attract investment potential of nearly INR45 lakh crores over the next seven years. The company is focusing on approximately 20% of the bid pipeline of INR1,20,000 crores. In tunnels and hydro, the government is targeting tunnel projects worth approximately INR3 lakh crores over the next decade, with a bid pipeline of INR87,000 crores and company focus on INR23,000 crores of bids.

Capital Expenditure, HAM Contributions and Logistics

For FY27, the company guided capex in the range of INR300 crores to INR350 crores, primarily for plant and machinery related to tunnel and power transmission projects. Management noted that depreciation is expected to remain broadly in a similar range due to recycling of older equipment alongside new additions.

The total promoter contribution required for operational HAM and BOT projects stands at INR3,486 crores, of which approximately INR1,000 crores is expected to be contributed in FY27. Total contribution already made stands at INR2,055 crores against a total requirement of approximately INR5,400 crores.

On the logistics and warehousing front, the company is targeting equity investment of INR600 crores to INR700 crores over the next three years across multi-modal logistics park (MMLP) and related facilities. The Indore MMLP project has already been bid with the government, while land acquisition discussions are ongoing for two other projects. Dark stores under the logistics vertical are operated on a lease model.

Management also indicated that cash flows from Indus Infra Trust are expected to be in the range of INR200 crores to INR250 crores, with the mix between dividend and capital return varying depending on asset acquisition activity by the InvIT. The company holds approximately INR2,400 crores worth of InvIT units on its balance sheet, with no concrete plan to divest a large portion at this stage.

Key Risks and Operational Challenges

Management highlighted several factors affecting near-term execution and margins:

• Geopolitical uncertainty: Volatility in crude oil prices — with Brent crude touching nearly USD126 per barrel in late April 2026 — is impacting fuel and bitumen costs, which account for approximately 40% of road construction costs.
• Land acquisition delays: Piecemeal land availability continues to constrain execution speed and increase project costs, particularly in states such as Bengal and Punjab.
• Appointed date delays: The Agra-Gwalior BOT project's appointed date remains pending; management expects it around September, with no indication of cancellation from NHAI so far.
• Oil and gas execution: Revenue from the oil and gas segment in Q4 FY26 was approximately INR400 crores to INR450 crores against an earlier expectation of approximately INR600 crores, due to price volatility and pending authority clarifications on price variation clauses.
• Income Tax search: A search conducted in October 2025 is ongoing; management stated that no material findings have emerged so far and the process is being followed as per statutory requirements.

For FY27, management guided for top-line growth in the range of 15%, while acknowledging that geopolitical developments and commodity price movements could influence margin outcomes. The company's FY27 revenue target for the oil and gas segment is approximately INR1,000 crores to INR1,200 crores.

G R Infraprojects Limited has announced that its wholly owned subsidiary, Munger Link Highway Private Limited, has executed a concession agreement with the National Highways Authority of India (NHAI) on 14th May 2026. The disclosure was made in compliance with the provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Project Overview

The agreement pertains to the construction of a 4-lane Greenfield section of National Highway 33 (NH-33), connecting Mokama (Design Ch. 0+000) to Munger (Design Ch. 82+400) in the state of Bihar. The project will be executed under the Hybrid Annuity Mode (HAM), a widely adopted framework for highway development in India that combines elements of Engineering, Procurement and Construction (EPC) and Build-Operate-Transfer (BOT) models. The total estimated project cost stands at ₹2440.87 crores (excluding GST), with a completion period of 910 days from the Appointed date.

Key Project Details

The following table outlines the key parameters of the project as disclosed by the company:

Subsidiary and Corporate Structure

Munger Link Highway Private Limited is a wholly owned subsidiary of G R Infraprojects Limited, incorporated specifically to execute this highway project. The concession agreement formalises the subsidiary's role as the project concessionaire, responsible for the construction and subsequent operation of the highway stretch as per the terms agreed with NHAI.

Disclosure and Compliance

The announcement was made by Company Secretary Sudhir Mutha on behalf of G R Infraprojects Limited, in compliance with applicable SEBI listing regulations. The company has requested the stock exchanges to take the disclosed information on record. G R Infraprojects Limited, formerly known as G.R. Agarwal Builders and Developers Limited, is headquartered at Gurugram, Haryana, with its head office in Udaipur, Rajasthan, and registered office in Ahmedabad, Gujarat.