The National Company Law Tribunal (NCLT) Kolkata Bench has pronounced its order approving the scheme of amalgamation involving GPT Infraprojects and its wholly-owned subsidiaries.

The tribunal’s order, dated September 15, 2026, and uploaded on September 16, 2026, sanctions the merger of Alcon Builders and Engineers Private Limited and Jogbani Highway Private Limited into the parent company.

Regulatory Directions

Under the order, the company must convene meetings of equity shareholders, secured creditors, and unsecured creditors within 90 days from the date of pronouncement. The specific date and time will be decided by the Chairperson in consultation with the transferee company.

Several meetings have been dispensed with under the tribunal’s directions:

• Equity shareholders of both transferor companies
• Preference shareholders of Jogbani Highway Private Limited
• Unsecured creditors of Jogbani Highway Private Limited

Additionally, no meeting of secured creditors is required for Jogbani Highway Private Limited as it has no secured creditors.

Scheme Details

The scheme falls under Sections 230 to 232 of the Companies Act, 2013. It involves the amalgamation of:

This development follows the Board of Directors’ approval of the scheme on May 20, 2026. The full order is available on the company’s website.

Gpt Infraprojects has secured a significant order valued at ₹85.53 crore from Cste Con, Eastern Railway, Kolkata. The contract involves commissioning auto signaling work using MSDAC for continuous track circuiting and electronic interlocking at New Mugma and Mugma Yard in the Asansol Division. The company disclosed the win on September 12, 2026.

Order Details

The scope covers auto signaling work using MSDAC for continuous track circuiting and electronic interlocking at New Mugma (EI) and Mugma Yard (PI to EI) in between the section Pradhankunta and Mugma (25 km approx). This work is for the Dedicated Freight Corridor in connection with Sonnagar to Andal multitracking work. The awarding entity is classified as a domestic entity. The order is categorized as Significant due to its value magnitude. The time period for completion is 12 months from LOA.

Gpt Infraprojects has now received orders from multiple domestic railway entities, including Cao con Eastern Railway, Pcmm Eastern Railway, Office of the General Manager Northeast Frontier Railway, Rail Vikas Nigam Limited, Pcste Office Northeast Frontier Railway, and Cste Con Eastern Railway.

Order History

Order in Financial Context

The ₹85.53 crore order adds to the company's recent inflow. Total disclosed order inflow across the last three fiscal quarters stands at ₹1,099.65 crore across 8 orders as per filings. This new order brings the total disclosed recent wins higher. The order book coverage remains robust relative to average quarterly revenue of ₹322.27 crore.

Company Order Track Record

The quarterly order inflow summary below is based on pre-computed exchange filing data. The new Cste Con Eastern Railway order falls within Q2FY27.

Execution and Revenue Quality

Revenue generation has remained consistent across recent quarters. Operating profit margins have improved sequentially, as shown in the table below.

Revenue Growth: Order Wins Translating to Revenue

As Gpt Infraprojects has sustained order wins, its annual revenue has grown from ₹813.70 crore in FY23 to ₹1,304.30 crore in FY26, representing year-on-year growth of 9.2% based on the latest annual data.

Working Capital and Execution Capacity

The balance sheet provides adequate liquidity for ongoing operations, with a current ratio of 1.59x. Total Liabilities/Equity stands at 1.31x, which includes trade payables and other non-debt liabilities, not just interest-bearing debt. Operating cashflow was positive at ₹64.30 crore in FY26, resulting in a free cashflow proxy of ₹9.60 crore after capital expenditures.

What to Watch

• Execution rate: With substantial backlog coverage, monitor acceleration in new order wins to sustain revenue continuity in H2FY27.
• OPM trajectory: Monitor whether the 15.74% OPM achieved in Q1FY27 is sustainable on new large infrastructure contracts.
• Client diversification: The latest Cste Con Eastern Railway order adds another major domestic entity to the disclosed order book, reducing concentration risk.
• Cash conversion: Ensure operating cashflows remain positive as receivables from railway clients can sometimes stretch working capital cycles.

Key Observations

• Backlog signal: Order book coverage of 3.41 quarters of average quarterly revenue, or 0.85 years of annual revenue at current run-rate, based on ₹1,099.65 crore total disclosed order inflow across the last three fiscal quarters.
• Valuation check (as of 12 Sep 2026): P/E of 14.9x against ROCE of 20.98%. P/E is price-derived and will change; ROCE is from audited financials.
• Return ratios (FY26): ROCE of 20.98% and ROE of 16.35%.