GPT Infraprojects Limited has secured a major infrastructure contract worth ₹1201.36 crore in joint venture with Rail Vikas Nigam Limited (RVNL) for constructing a rail cum road bridge over River Ganga at Varanasi. The company announced on February 17, 2026, that its share in this joint venture amounts to 40%, translating to ₹480.54 crore.

Project Details and Specifications

The contract involves the design and construction of New Rail cum Road Bridge No 11 over River Ganga, positioned 50 meters downstream of the existing old Malviya Bridge near Kashi Railway Station. The bridge will feature a sophisticated dual-level design with four railway tracks on the lower deck and a six-lane road on the upper deck.

Joint Venture Structure

The project is being executed through a joint venture arrangement with Rail Vikas Nigam Limited, where GPT Infraprojects holds a 40% stake. This partnership structure allows the company to leverage RVNL's expertise while contributing its own infrastructure development capabilities to the project.

Comprehensive Infrastructure Scope

The project encompasses extensive infrastructure development beyond the bridge construction itself. The scope includes sub-structure and superstructure development, railway and road approaches as per General Arrangement Drawing (GAD), along with associated Overhead Equipment (OHE) works and general electrical installations in the Lucknow Division of Northern Railway.

Enhanced Order Book Position

This contract win significantly strengthens GPT Infraprojects' financial position and project pipeline. The company's outstanding order book now stands at ₹4,895 crore, with total order inflow for Fiscal 2026 reaching ₹2,250 crore. This robust order book provides strong revenue visibility and reinforces the company's position as a leading railway-focused infrastructure player.

Company Background

GPT Infraprojects Limited, incorporated in 1980, operates as the flagship company of GPT Group based in Kolkata. The company functions through two primary segments: Infrastructure and Sleeper manufacturing. In the infrastructure segment, it specializes in executing civil and infrastructure projects, particularly large bridges and railway over-bridges for government contracts. The sleeper segment involves manufacturing and supplying concrete sleepers for railways in India and Africa, with manufacturing units located at Panagarh (West Bengal), Ladysmith (South Africa), Tsumeb (Namibia), and Eshiem (Ghana).

GPT Infraprojects Limited has announced its unaudited financial results for the third quarter ended December 31, 2025, alongside significant corporate developments that mark strategic expansion into new business segments. The infrastructure major reported steady operational performance while making decisive moves to strengthen its market position through strategic acquisitions and business diversification.

Financial Performance Overview

The company's standalone financial results for Q3FY26 demonstrate consistent performance across key metrics. Revenue from operations stood at ₹27,327.35 crore for the quarter, while profit after tax reached ₹1,957.14 crore. For the nine-month period ended December 31, 2025, the company achieved revenue of ₹85,243.11 crore with profit after tax of ₹6,323.44 crore.

Management Commentary on Performance

During the earnings conference call held on January 29, 2026, Joint Managing Director and CFO Atul Tantia provided detailed insights into the company's performance. The management highlighted that Q3 execution was impacted by extended monsoon conditions lasting until mid-October and festival season disruptions, with approximately ₹45-50 crore of revenue deferred to Q4.

Despite quarterly challenges, the company maintains its full-year revenue guidance of ₹1,400 crore, representing 18-20% growth. Management expects Q4 revenue of ₹480-500 crore, supported by improved execution momentum and contributions from new acquisitions.

Strategic Acquisition in Railway Signaling

In a major strategic development, GPT Infraprojects approved the acquisition of 100% stake in Alcon Builders and Engineers Private Limited for a cash consideration of ₹154.19 crore. This acquisition represents GPT's entry into the high-margin railway signaling EPC segment, complementing the company's existing four-decade relationship with Indian Railways.

Alcon brings over three decades of proven execution experience in the Indian Railways ecosystem with an unexecuted order book of approximately ₹200 crore. The signaling EPC market is estimated at USD 1.5 billion, with Indian Railways planning capital outlay of nearly ₹1 trillion over the next six years for signaling modernization.

Order Book and Business Pipeline

The company achieved significant order inflow momentum during Q3FY26, receiving new orders worth approximately ₹1,072 crore and being declared L1 in a large contract worth ₹1,201 crore with GPT's 40% share of ₹480 crore. As of December 31, 2025, the net unexecuted order book stands at ₹4,415 crore, representing approximately 3.75 times FY25 revenues.

Management has upgraded the full-year order inflow target from ₹2,000 crore to ₹2,500 crore, which would represent the highest order inflow in any financial year for GPT Infraprojects.

Segment Performance Analysis

The Infrastructure segment continues to be the primary revenue driver, generating ₹25,609.45 crore in Q3FY26 and accounting for approximately 94% of total segment revenue. The Concrete Sleeper segment contributed ₹1,899.25 crore during the quarter, with operations expanding to Ghana contributing to future growth.

Dividend Declaration and Financial Outlook

The Board of Directors declared a second interim dividend of 7.5%, equivalent to ₹0.75 per equity share of face value ₹10 each for FY26. The record date has been fixed as February 3, 2026, with dividend payment expected by February 26, 2026. This brings the total dividend for FY26 to ₹1.75 per equity share.

Management expects FY27 revenue growth of more than 25% driven by the strong order book, while maintaining EBITDA margin guidance above 13%. The company does not anticipate equity fundraising, relying on strong internal accruals and working capital facilities for growth financing.