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1 — At a Glance
G R Infraprojects builds roads and highways, and the June quarter’s talk ranged well beyond them.
Consolidated revenue for the three months to June 2026 was ₹2,784 crore, against ₹1,988 crore a year earlier. That is a rise of 40% on the same three months of last year. Operating profit came in at ₹468 crore, against ₹398 crore. Net profit was ₹357 crore, against ₹244 crore a year earlier. That is a rise of 46%, and inside it sits an exceptional gain of ₹61 crore. The gain was recognised when the Group’s stake in associate Indus Infra Trust fell from 43.56% to 31.58%. The fall followed the trust’s placement of new shares with institutions. A smaller slice of a larger pizza, and the accounts book the difference as a gain.
The standalone numbers, which cover the parent company alone, move differently. Standalone revenue rose 32.71% to ₹2,423 crore. Operating margin before interest, tax and depreciation was 11.02%, against 12.65% a year earlier. Standalone net profit was ₹204 crore, against ₹216 crore. Management attributed the margin move to higher construction and material costs.
Working capital days measure the gap between paying for work and being paid for it. They rose to 148 days from the 128 recorded at the previous year end. Management attributed that to higher debtors and inventory, naming oil and gas receivables as a driver.
A road builder has spent the quarter discussing transmission towers, tunnels, oil pipelines and warehouses. The order book stood at roughly ₹25,300 crore as of 1 July 2026. Management held revenue growth guidance for the year to March 2027 at 15–20%. Standalone margin guidance stayed at 10–11%.
2 — Introduction
G R Infraprojects was incorporated in 1995 and builds roads for a living. It is an integrated road engineering, procurement and construction firm, with design-and-build work across several Indian states. The core is civil construction on EPC and BOT terms in the road sector. EPC means designing, buying and building for a fee. BOT means building a road, collecting toll for years, then handing it back. That description has introduced the company for three decades and now covers less of it.
The revenue mix for the year to March 2026 shows the shift. BOT and annuity work was 65% of revenue, against 79% the year before. EPC was 28%, against 15%. Other work made up the remaining 7%. The order book at the end of March 2026 was ₹26,471 crore, against ₹19,179 crore a year earlier. Roads were 69% of it, against 74%. Transmission was 8%, against 7%. Tunnel work was 7%, against 1%. CARE, a credit rating agency, put road concentration in the standalone order book at about 58% as on September 2025. Its January 2026 report says the same figure was about 75% a year earlier.
The filings desk has been busy. The board approved the audited results for the year to March 2026 in May. It named Ajendra Kumar Agarwal as Chairman and Ashwin Agarwal as Whole-Time Director. Shareholders approved the second appointment in July, for five years from 11 May 2026. Subsidiaries signed NHAI concessions in May, one for the Mokama-Munger project at ₹2,440.87 crore. The other covers a 60.21 km upgrade of NH-56, at ₹1,453.57 crore. West Central Railway declared the appointed date in June for the Sidhi-Singrauli railway job, worth ₹1,897.51 crore. Completion certificates arrived for the Bandikui-Jaipur expressway spur, a project costing ₹1,368 crore. More arrived for the Punjab NH-754A and NH-731A projects.
On 25 June 2026 the company told the exchanges of the death of Mr Vinod Kumar Agarwal, founder promoter and Chairman Emeritus.
The company listed on the BSE and NSE on 19 July 2021. It has since moved 13 operational hybrid annuity roads into Indus Infra Trust. Four went across in the year to March 2026, for a combined ₹333 crore and a stated profit of ₹217 crore.
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3 — Business Model: WTF Do They Even Do?
The plain version first: G R Infraprojects builds highways and bridges for government bodies. It contracts on EPC, HAM and BOT terms, and on DBFOT and BOOT terms as well. HAM, or hybrid annuity, means the government funds part of the build and repays the rest in instalments. Clients include NHAI, the roads ministry MoRTH, MSRDC and NHPC. NTPC, RVNL, BSNL and East Coast Railway are on the list too, along with Bangalore Metro Rail. NHAI alone accounts for 64% of the June 2026 order book by client. Roads are 70% of the project mix.
The segment list has since collected hobbies. There are railways and metro work, tunnelling, ropeways for last-mile connectivity, and multi-modal logistics parks. Hydro head-race tunnels come with pressure shafts and transformer caverns. Telecom and information technology infrastructure, power transmission and distribution, and battery energy storage round it out. The company was the lowest bidder for its first battery storage project in 2026. It also broke through the 4,185 metre T4 tunnel on the
