GR Infraprojects Limited has achieved a significant milestone with the provisional completion of a major highway upgradation project in Gujarat. The company announced that its wholly owned subsidiary, GR Bhimasar Bhuj Highway Private Limited, has received the Provisional Completion Certificate for the NH-341 highway project.

Project Details and Scope

The completed project involves the upgradation to four lanes with paved shoulder of NH-341 from Bhimasar, Junction of NH-41 to Anjar-Bhuj up to Airport Junction. The highway project spans a total distance of 65.478 kilometers in the State of Gujarat and is being executed under the hybrid annuity mode.

Completion Timeline and Certification

The Independent Engineer issued the Provisional Completion Certificate, officially declaring the project fit for entry into commercial operation. The project has been deemed commercially operational, indicating that the highway is now ready for public use.

Regulatory Compliance and Corporate Structure

GR Infraprojects Limited has fulfilled its regulatory obligations by notifying both BSE Limited and National Stock Exchange of India Limited about this project completion under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The project execution was carried out through GR Bhimasar Bhuj Highway Private Limited, which operates as a wholly owned subsidiary of the parent company.

Strategic Significance

This highway project represents a substantial infrastructure development initiative in Gujarat, connecting key locations from Bhimasar to the airport junction in the Bhuj region. The four-lane upgradation with paved shoulders is designed to enhance connectivity and transportation efficiency in the region. The hybrid annuity mode of execution demonstrates the company's capability to handle complex infrastructure projects under public-private partnership frameworks.

GR Infraprojects Limited , a leading infrastructure development company, has reported a 9.36% year-on-year increase in standalone revenue for the second quarter of fiscal year 2026, reaching INR 1,234.00 crores. The company's performance, however, was marked by a slight decline in EBITDA margin and a significant leadership change.

Financial Performance

The company's Q2 FY26 financial results show:

The EBITDA margin declined by 63 basis points compared to the same period last year, indicating some pressure on profitability.

Leadership Change

In a significant development, Chairman Vinod Kumar Agarwal has resigned from his position due to health reasons. Mr. Agarwal's departure marks the end of a three-decade-long association with the company, during which he played a pivotal role in shaping GR Infraprojects' growth trajectory.

Business Outlook

Despite the leadership change, GR Infraprojects maintains an ambitious outlook for the current fiscal year:

• The company is targeting new project wins in the range of INR 20,000.00-25,000.00 crores for FY26.
• As of the latest update, the order book stands at approximately INR 21,000.00 crores.
• The company has secured one power transmission and distribution project worth INR 3,136.00 crores and a highway project valued at INR 246.00 crores.
• Two road projects totaling about INR 4,300.00 crores are currently in L1 status.

Sector Diversification

GR Infraprojects is actively pursuing diversification strategies:

• The company is evaluating opportunities in the EPC business within the oil and gas sector.
• It aims to generate an annual revenue contribution of INR 1,000.00-1,500.00 crores from the offshore stream over the next three years.

Investor Conference Call Highlights

During the recent earnings call, management provided additional insights:

• The company expects to maintain a 5-10% revenue growth in the second half of FY26.
• For FY27, GR Infraprojects is targeting a 15% growth, contingent on securing INR 20,000.00 crores of new orders in the current year.
• The company plans to invest INR 400.00-500.00 crores as equity in ongoing projects during H2 FY26.
• In the power transmission sector, GR Infraprojects has invested INR 275.00 crores in equity so far, with an additional INR 1,100.00 crores planned.

The infrastructure sector in India continues to present significant opportunities, with the government's focus on quality improvements and land acquisition issues being addressed. GR Infraprojects remains committed to participating in India's growth story, focusing on domestic projects across highways, power transmission, and railways.

As the company navigates through this transitional phase, investors will be keenly watching how GR Infraprojects maintains its growth momentum and executes its diversification strategy in the coming quarters.