1. Opening Hook
It’s not every day that a CFO starts a call by invoking the late Chairman’s “Karm Yogi” spirit—GPT Infra’s quarter had as much emotion as engineering. Monsoon rains tried their best to play villain, but the company seems to think “delay” is just another word for “patience training.” With Africa joining the action and girders gleaming in Bengal, this infra player’s story is part elegy, part ambition. Keep reading — the drama shifts from monsoon to margin magic faster than an NHAI tender deadline.
2. At a Glance
- Revenue up 12% (YoY):Rain gods tested patience, but the pipes of progress still flowed.
- EBITDA up 28% (Consolidated):Margins caught the flight that revenue missed.
- PAT up 32% (Consolidated):Profit didn’t just survive — it hit the gym.
- Order Book ₹3,591 cr:3x FY25 revenue — if only execution were this fast.
- Infra segment 94% of revenue:The sleeper segment remains… asleep.
- Target growth 20%:Management’s mantra — aim high, blame monsoon later.
3. Management’s Key Commentary
“Revenue grew by 12% both on standalone and consolidated basis.”(Translation: We got drenched, but didn’t drown.)
“We are confident of maintaining a long-term EBITDA margin of 13%.”(Translation: The spreadsheet gods demand consistency.)
“Order book stands at ₹3,591 crore — 3x FY25 revenues.”(Translation: Backlog is our comfort blanket.)
“The Ivory Coast contract carries margins of 18–20%.”(Translation: Finally, a deal that makes our Excel smile 😏)
“Monsoon caused softer execution this quarter.”(Translation: Even infrastructure bows to meteorology.)
“We bid only for projects above 13% hurdle margin.”(Translation: We don’t chase cheap thrills — or thin margins.)
“Capex of ₹25 crore for steel girder fabrication workshop.”(Translation: If we can’t pour concrete, we’ll weld steel instead.)
4. Numbers Decoded
| Metric | Q2FY26 | Q2FY25 | YoY Change | Sarcastic Sense |
|---|---|---|---|---|
| Revenue (Consolidated) | ₹591 Cr | ₹529 Cr | +12% | Rain check accepted |
| EBITDA | ₹43 Cr | ₹33 Cr | +28% | Margin’s gym routine working |
| EBITDA Margin | 13% | 11% | +200 bps | Cost control flex |
| PAT | ₹45 Cr | ₹34 Cr | +32% | Profit skipping leg day |
| Order Book | ₹3,591 Cr | ₹3,153 Cr | +14% | Pipeline longer than election promises |
| Infra Revenue Share | 94% | 90% | — | Sleepers hit snooze again |
Note: H1 accounts for only 40% of annual rhythm; H2 is where infra music gets loud.
5. Analyst Questions
Q:Why was Q2 soft despite strong order book?A:Blame it on the rain — literally. 🌧️
Q:How much of ₹3,600 crore order book is executable in 12–18 months?A:Over 2.5 years — because patience is a virtue.
Q:Depreciation jumped 50%, why?A:New steel workshop flexing its muscles.
Q:Short-term borrowings up 60%?A:Monsoon delayed payments — working capital went swimming.
Q:Why not grow 30% like peers?A:We prefer sanity over glory; margin > macho.
6. Guidance & Outlook
Management guides for20% growththis fiscal, banking onH2-heavy execution (60%)once skies clear. Long-term EBITDA margin band stays13–14%, with Ivory Coast offering a sweet
