1. At a Glance
GPT Infraprojects is the construction kid from Kolkata who grew up building railway bridges, highways, and concrete sleepers, and now flaunts a ₹3,332 Cr order book. With FY25 sales of ₹1,259 Cr and PAT of ₹86.8 Cr, they’re small compared to L&T but punchy in niche segments. They manufacture 15+ million railway sleepers across India and Africa, while keeping 95% of revenue from infrastructure projects. Stock trades at ₹117 (P/E ~17), looking more like a grounded infra player than an overheated meme stock.
2. Introduction
GPT Infraprojects isn’t your usual infra conglomerate with airports and mega ports. Instead, it’s the railway contractor your dad probably never heard of but Indian Railways cannot ignore. Their portfolio? Viaducts, bridges, bypasses, sidings, and those humble concrete sleepers that silently hold up India’s 68,000 km of rail tracks.
Think of them as the backstage crew in the great Indian infrastructure drama—no glamour, no headlines, but essential to the show running. With clients like IRCON, RVNL, NHAI, Transnet (South Africa), and Ghana Railway Co., they’ve figured out that sticking to their niche is better than trying to be a poor man’s L&T.
Between FY22–FY24, infrastructure revenue jumped 61%, thanks to aggressive order wins. Their sleeper business is global, with plants in South Africa, Namibia, and now Ghana. And while they raised ₹175 Cr via QIP in 2024 to fuel growth, promoters still hold 69%. Unfortunately, half that stake is pledged—so, while the company builds bridges, the promoters have already built one with their shares.
3. Business Model (WTF Do They Even Do?)
GPT has two main engines:
- Infrastructure (94–95% of revenue):Bridges, highways, metros, sidings, and bypasses. Current biggies: ₹835 Cr Prayagraj Southern Bypass, ₹727 Cr Mathura–Jhansi bridges, ₹664 Cr Mau–Tarighat viaduct. Execution-led, lumpy, and dependent on government contracts—so, basically monsoon season and MoRTH clearances decide the mood.
- Concrete Sleepers (5–6% of revenue):The niche manufacturing segment. GPT has supplied 15+ million sleepers in India and Africa. Facilities spread across Bengal, South Africa, Namibia, and Ghana. New Ghana unit (0.24 Mn capacity) starts production FY25-end. Sleepers don’t deliver blockbuster margins, but they ensure consistent orders and global footprint.
Revenue
Mix: 98% domestic, 2% exports. Translation: mostly “Indian Railways ki kripa,” with Africa adding pocket money.
4. Financials Overview
Quarterly Snapshot (Q1 FY26 vs Q1 FY25 & Q4 FY25):
| Metric | Latest Qtr (Jun’25) | YoY Qtr (Jun’24) | Prev Qtr (Mar’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 313 | 242 | 381 | 29.3% | -17.8% |
| EBITDA (₹ Cr) | 37 | 32 | 39 | 15.6% | -5.1% |
| PAT (₹ Cr) | 23.5 | 16 | 22 | 46.9% | 6.8% |
| EPS (₹) | 1.86 | 1.44 | 1.92 | 29.2% | -3.1% |
Commentary: Revenues up YoY, down QoQ. PAT margin ~7.5%—better than most contractors who barely breathe after interest costs. Annualized EPS ~₹7.5 → P/E 15.5 at CMP ₹117. Cheap-ish for infra, though pledges hover like railway overhead wires.
5. Valuation (Fair Value RANGE only)
Method 1: P/E Multiple
- EPS (TTM) = ₹6.87
- Assign fair multiple 15–20 (infra peers) → FV = ₹103 – ₹137
Method 2: EV/EBITDA
- EV = ₹1,590 Cr
- EBITDA (TTM) = ₹140 Cr
- EV/EBITDA = 11.4
- Fair band 8–10 → FV = ₹95 – ₹120
Method 3: DCF (Simplified)
- CFO avg ~₹80 Cr, assume 12% growth, discount 13% → FV = ₹110 – ₹140
👉Fair Value Range (Educational Only):₹100 – ₹140CMP ₹117 sits in the middle—neither bargain basement nor overpriced circus.
6. What’s Cooking – News, Triggers, Drama
- Order Book Boom: ₹3,332 Cr as of 9M FY25, ~2.6x FY25 revenues. Infra is 94%, sleepers 6%. Execution speed is now
