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1 — At a Glance
Consolidated revenue for the June 2026 quarter came in at ₹2,784 crore, up 40% from ₹1,988 crore a year earlier. Operating profit was ₹468 crore against ₹398 crore. Net profit was ₹357 crore versus ₹244 crore, a rise of 46%, and inside that number sits an exceptional gain of ₹61 crore recognised when the Group’s stake in associate Indus Infra Trust fell from 43.56% to 31.58% after the trust’s QIP — the accounting equivalent of your slice of pizza shrinking and the pizza being worth more anyway.
Underneath the consolidated headline, the standalone numbers move differently. Standalone revenue rose 32.71% to ₹2,423 crore, standalone EBITDA margin came in at 11.02% against 12.65% a year earlier, and standalone PAT was ₹204 crore against ₹216 crore. Management attributed the margin move to higher construction and material costs.
Working capital days went to 148 from 128 at FY26 end, which management attributed to higher debtors and inventory, with oil & gas receivables a stated driver.
The order book stood at roughly ₹25,300 crore as of 1 July 2026. Management held FY27 revenue growth guidance at 15–20% despite the quarter’s start, and margin guidance at 10–11% standalone.
A company that builds roads for a living has spent this quarter talking about transmission towers, tunnels, oil pipelines and warehouses. Section 3 explains how that happened.
2 — Introduction
Incorporated in 1995, G R Infraprojects is an integrated road engineering, procurement and construction company, with design-and-build experience across road and highway projects in multiple Indian states. The core is civil construction under EPC and BOT arrangements in the road sector. That is the sentence the company has been introduced with for three decades, and it is now doing progressively less of the describing.
The FY26 revenue mix tells the story: BOT/Annuity at 65% against 79% in FY25, EPC at 28% against 15%, others at 7%. The order book at FY26 end was ₹26,471 crore against ₹19,179 crore a year prior, with roads at 69% of the mix versus 74%, transmission at 8% versus 7%, and tunnel works at 7% versus 1%. CARE’s January 2026 report puts road concentration in the standalone order book at ~58% as on September 2025, down from ~75% a year earlier.
Recent months have been busy on the filings desk. In May 2026 the board approved FY26 audited results and named Ajendra Kumar Agarwal as Chairman and Ashwin Agarwal as Whole-Time Director; shareholders approved the latter appointment in July for five years from 11 May 2026. Subsidiaries executed NHAI concessions in May for the Mokama-Munger project (₹2,440.87 crore) and a 60.21 km NH-56 upgradation (₹1,453.57 crore). West Central Railway declared the appointed date in June for a ₹1,897.51 crore Sidhi-Singrauli railway EPC project. Completion certificates arrived for the Bandikui-Jaipur expressway spur (project cost ₹1,368 crore) and the Punjab NH-754A and NH-731A projects.
On 25 June 2026, the company informed the exchanges of the death of Mr. Vinod Kumar Agarwal, founder promoter and Chairman Emeritus.
The company listed on BSE and NSE on 19 July 2021. Since then it has monetised 13 operational HAM assets into Indus Infra Trust, four of them during FY26 for a combined ₹333 crore consideration and a stated profit of ₹217 crore.
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3 — Business Model: WTF Do They Even Do?
Start with the boring version: GR builds highways and bridges, on EPC, HAM, BOT, DBFOT and BOOT terms, for NHAI, MoRTH, MSRDC, NHPC, NTPC, RVNL, BSNL, Bangalore Metro Rail and East Coast Railway. NHAI alone is 64% of the June 2026 order book by client. Roads are 70% of the project mix.
Then read the segment list and watch a road builder quietly acquire hobbies. There are railways and metro, tunnelling, hydro head-race tunnels with pressure shafts and transformer caverns, ropeways for last-mile connectivity, multi-modal logistics parks, telecom and IT infrastructure, power transmission and distribution, and battery energy storage. The company was L-1 bidder for its first BESS project in 2026 and broke through the 4,185 m T4 tunnel of the Dibang project.
The manufacturing arm is where the model gets genuinely unusual for a contractor. GR runs emulsion plants at Udaipur, Sandila and Guwahati, a metal crash-barrier and galvanisation facility at Ahmedabad rated 24,000 MT, and units producing electric poles, thermoplastic road-marking paint and road signage — a combined 1,08,960 MTPA of capacity. It owns 7,000-plus pieces of plant and equipment and runs design in-house. CARE’s report states this backward integration has translated into better profitability.
The newest addition to the vertical stack came out of frustration. Management said on the August call that transmission towers were not arriving on time, so the company started manufacturing
