GPT Infraprojects reported Q1 FY26 revenue of ₹321.5 Cr (+32.2% YoY) and PAT ₹23.5 Cr (+39.9% YoY) with a 10% interim dividend. Execution is on fire, margins are stable, and debt is reducing. But there’s a kicker – half of promoter holding (50.9%) is pledged, making investors sweat like they’re on a bridge GPT built. With a P/E of 20, the stock looks reasonably priced, but leverage overhang and working capital creep (93.9 days) keep it spicy.
Introduction
GPT Infraprojects, the Kolkata-based infra player, specializes in bridges, metro systems, and railway concrete sleepers. Over the years, it’s grown like a sleeper hit (pun intended), clocking 42% profit CAGR. Q1 FY26 confirmed the growth streak, but promoter pledging keeps investors biting their nails. It’s the kind of company where you love the earnings but hate the governance seasoning.
Business Model (WTF Do They Even Do?)
GPT operates in two main segments:
Infrastructure (95% Revenue) – Large-scale civil works: railway bridges, road projects, airport pavements, and metro construction.
Concrete Sleepers (5% Revenue) – Manufacturing and supplying railway concrete sleepers, a steady cash generator.
The infra segment has been scaling rapidly, thanks to government spending and contract wins. However, high working capital is a constant headache – payments take forever.
Financials Overview
Q1 FY26 Snapshot
Revenue: ₹321.5 Cr (+32.2% YoY)
EBITDA: ₹37 Cr (+30% YoY)
PAT: ₹23.5 Cr (+39.9% YoY)
EPS: ₹1.86
OPM: 12% (stable)
For FY25, GPT clocked ₹1,259 Cr revenue and ₹83 Cr PAT. Strong numbers, but cash flow lags due to project receivables.
