1. At a Glance
GPT Infraprojects is that classic Indian infra smallcap which quietly builds bridges while the market argues about memes. Current market cap sits around ₹1,309 Cr, stock price hovering near ₹104, down ~17% in six months because markets have the attention span of a goldfish. Meanwhile, the business is busy executing ₹3,332.5 Cr worth of orders, which is 2.6× FY25 sales, a ratio infra investors usually dream about at night.
The company delivered ₹891 Cr revenue in 9M FY26, EBITDA of ₹130.3 Cr, and PAT of ₹65.7 Cr. ROCE is a spicy ~22%, ROE near 20%, dividend yield ~2.9%, and P/E around 14.6×, which in infra-land is not screaming expensive. Infrastructure contributes ~95% of revenue, while concrete sleepers have shrunk to a polite side business. Promoters hold ~69.4%, but yes, 50.8% of that is pledged, so relax… but not too much.
This is not a story stock. This is a “cement, steel, bridges, and payment delays” stock. Still reading? Good. Let’s dig.
2. Introduction – The Case of the Under-the-Radar Builder
GPT Infraprojects has been around long enough to survive multiple government cycles, which itself is an achievement. The company operates in civil construction and infrastructure execution with a heavy bias towards railways, bridges, highways, and metro structures. No fancy digital platform. No AI buzzwords. Just cranes, piers, sleepers, and invoices.
Between FY22 and FY24, infrastructure segment revenue grew ~61%, driven by larger project execution. The sleeper business, once meaningful, has been relegated to a support act. Exports are still tiny (~2%), but the company has sleeper plants in South Africa, Namibia, and Ghana, which makes it sound far more international than your typical smallcap EPC.
What’s interesting is timing. The company raised ₹175 Cr via QIP in Aug 2024, reduced debt materially, and immediately
went shopping for orders like a kid in a government capex candy store. The result? A fat order inflow spree in late 2025 and early 2026.
So the real question is not “Can GPT build bridges?”
It’s “Can GPT convert orders into cash without choking on working capital?”
Let’s proceed like a detective.
3. Business Model – WTF Do They Even Do?
GPT has two main businesses:
a) Infrastructure EPC (95% of revenue)
This is the muscle. The company builds:
- Railway bridges (its strongest suit)
- Road and highway bridges
- Flyovers and viaducts
- Metro structures
- Airport pavements
- Railway sidings and industrial rail systems
Clients include Indian Railways, RVNL, IRCON, RITES, NHAI, MCGM, and even foreign railway authorities. These are not fly-by-night customers; they are slow-paying, paperwork-loving giants.
b) Concrete Sleepers (5% of revenue)
GPT has manufactured 15+ million concrete sleepers historically. Plants are spread across India and Africa. Ghana plant (0.24 Mn capacity) is expected to start contributing from Q4 FY25 onwards, which management hopes will revive exports.
But let’s be honest: sleepers are no longer the growth engine. Infrastructure EPC is the hero, the villain, and the entire movie.
Simple model:
Win order → Mobilise → Execute → Pray for timely payments → Repeat.
4. Financials Overview (Q3 FY26
