🟨 At a Glance
GPT Infraprojects Ltd isn’t your average infra player. While L&T builds airports and IRB collects tolls, GPT quietly mints profits by manufacturing railway sleepers and executing rail+bridge projects across India. With a ₹1,628 Cr market cap, 42% 5Y profit CAGR, 22% ROCE, and a 47% dividend payout — it might just be the smallest profitable infra stock you’veneverpaid attention to.
1. 🪝 Introduction: Can Sleeper Stocks Wake Up?
If infrastructure is the spine of a growing economy, GPT Infraprojects is the chiropractor — aligning railway bridges, metro contracts, and concrete sleepers so that everything runs smoothly.
Yet here’s the irony: despite growing faster than many large infra peers, GPT trades at a P/E of just 22. And nobody’s really talking about it.
- 5Y Revenue Growth: ✅ ₹675 Cr → ₹1,188 Cr (76% growth)
- 5Y PAT Growth: ✅ ₹23 Cr → ₹74 Cr (3.2x)
- Debt Reduction: ✅ ₹262 Cr → ₹129 Cr
- Order Book: ✅ ₹3,486 Cr (nearly 3x FY25 revenue)
So what’s the catch? Let’s break it down.
2.
🧱 WTF Do They Even Do?
GPT’s business can be split into 2 concrete (heh) segments:
🏗️ Infra Projects (95% of revenue in 9M FY25)
- Railway bridges, metro corridors, highways, riverine bridges, airport pavements
- Clients: Railways, NHAI, Metro authorities
- Execution-led revenue model — L1 game, but profitable when managed tightly
🛏️ Concrete Sleeper Manufacturing
- Manufactures and supplies concrete sleepers for Indian Railways
- Used for track laying and renewals
- Also has export presence in Africa (Mozambique, Ghana)
Fun Fact:Sleeper manufacturing gives GPT annuity-like cash flows in a capex-heavy infra biz — think of it as infra’s version of passive income.
3. 💰 Financials Overview – Profits, Margins, ROE, Growth
| Metric | FY20 | FY23 | FY25 |
|---|---|---|---|
| Revenue | ₹618 Cr | ₹809 Cr | ₹1,188 Cr |
| PAT | ₹13 Cr | ₹30 Cr | ₹74 Cr |
| OPM | 13% | 11% | 11% |
| ROCE | 13% | 14% | 22% |
| ROE | 13% | 14% | 18% |
📈EPS Growth: From ₹1.29 (FY20) → ₹6.34 (FY25). That’s not growth — that’s compounding on creatine.
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