GRINFRA
G R Infraprojects Limited
EPC contractor for road, railway and infrastructure projects
Industrials›Construction›Construction›Civil Construction
grinfra.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
Stock price
₹777.35
Market cap
7,521 Cr
Stock P/E
7.4
P/B
0.80
Dividend yield
0.4%
ROE (FY26)
9.6%
ROCE (FY26)
12.4%
Operating margin (FY26)
18.9%
Debt / equity (FY26)
0.52
OCF / EBITDA (FY26)
-157.2%
OCF / EBITDA (3Y)
-111.7%
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
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Compare with peers
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What you need to know
GR Infra (G R Infraprojects) builds roads and highways, railway works, power transmission lines and oil and gas projects, mainly for government bodies such as railways and state highway authorities, and also builds and operates some roads under concession agreements.
Company snapshot
16thBy market cap
Ranked among 90 companies in Civil Construction.
Segment mix
Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.
Largest segment: 78.6% of revenue
| Segment | Revenue share | Revenue | PBT | Assets |
|---|---|---|---|---|
| Build, Operate and Transfer (BOT)/ Annuity Projects | 78.6% | 1,332 Cr | 268 Cr | 10,204 Cr |
| Engineering, Procurement and Construction | 12.3% | 208 Cr | 14 Cr | 717 Cr |
| Exceptional Items | — | 0 Cr | 0 Cr | 0 Cr |
| Other Income | — | 0 Cr | 103 Cr | 0 Cr |
| Others | 9.1% | 154 Cr | 40 Cr | 337 Cr |
| Share of Profit in Associate | — | 0 Cr | 51 Cr | 0 Cr |
What we see
Concerns
- ✗Over the last three years operations used more cash than they brought in, despite an operating profit — the business is not yet turning its profit into cash.
Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,883 Cr | 2,134 Cr | 2,485 Cr | 2,030 Cr | 1,394 Cr | 1,695 Cr | 2,276 Cr | 1,988 Cr | 1,602 Cr | 2,308 Cr | 2,500 Cr | 2,784 Cr |
| Operating expenses (approx.) | 1,416 Cr | 1,626 Cr | 1,938 Cr | 1,614 Cr | 995 Cr | 1,273 Cr | 1,666 Cr | 1,537 Cr | 1,189 Cr | 1,798 Cr | 2,086 Cr | 2,262 Cr |
| EBITDA | 467 Cr | 508 Cr | 547 Cr | 416 Cr | 399 Cr | 421 Cr | 610 Cr | 451 Cr | 413 Cr | 510 Cr | 415 Cr | 522 Cr |
| OPM % | 24.8% | 23.8% | 22.0% | 20.5% | 28.6% | 24.9% | 26.8% | 22.7% | 25.8% | 22.1% | 16.6% | 18.8% |
| Other income | 26 Cr | 25 Cr | 30 Cr | 21 Cr | 21 Cr | 103 Cr | 50 Cr | 40 Cr | 24 Cr | 35 Cr | 30 Cr | 45 Cr |
| Interest | 145 Cr | 155 Cr | 128 Cr | 103 Cr | 112 Cr | 113 Cr | 121 Cr | 117 Cr | 126 Cr | 153 Cr | 112 Cr | 103 Cr |
| Depreciation | 62 Cr | 61 Cr | 61 Cr | 63 Cr | 63 Cr | 61 Cr | 57 Cr | 52 Cr | 51 Cr | 49 Cr | 47 Cr | 46 Cr |
| Profit before tax | 287 Cr | 316 Cr | 694 Cr | 222 Cr | 260 Cr | 350 Cr | 504 Cr | 321 Cr | 260 Cr | 356 Cr | 320 Cr | 480 Cr |
| Tax % | 24.4% | 23.2% | 20.3% | 29.8% | 25.6% | 25.1% | 20.0% | 23.9% | 27.2% | 27.4% | 34.3% | 25.4% |
| Net profit | 217 Cr | 243 Cr | 553 Cr | 156 Cr | 194 Cr | 263 Cr | 403 Cr | 244 Cr | 190 Cr | 259 Cr | 210 Cr | 358 Cr |
| EPS (₹) | ₹22.46 | ₹25.10 | ₹57.29 | ₹16.08 | ₹19.99 | ₹27.06 | ₹41.75 | ₹25.23 | ₹19.91 | ₹26.79 | ₹21.39 | ₹36.93 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 5,283 Cr | 6,373 Cr | 7,844 Cr | 8,458 Cr | 9,482 Cr | 8,980 Cr | 7,395 Cr | 8,399 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 3,999 Cr | 4,787 Cr | 5,994 Cr | 6,723 Cr | 6,928 Cr | 6,851 Cr | 5,549 Cr | 6,610 Cr | Sign in free for the trailing twelve months |
| EBITDA | 1,283 Cr | 1,586 Cr | 1,850 Cr | 1,735 Cr | 2,554 Cr | 2,129 Cr | 1,846 Cr | 1,788 Cr | Sign in free for the trailing twelve months |
| OPM % | 24.3% | 24.9% | 23.6% | 20.5% | 26.9% | 23.7% | 25.0% | 21.3% | Sign in free for the trailing twelve months |
| Other income | 43 Cr | 51 Cr | 63 Cr | 67 Cr | 87 Cr | 103 Cr | 195 Cr | 129 Cr | Sign in free for the trailing twelve months |
| Interest | 170 Cr | 294 Cr | 362 Cr | 420 Cr | 443 Cr | 565 Cr | 448 Cr | 508 Cr | Sign in free for the trailing twelve months |
| Depreciation | 149 Cr | 189 Cr | 226 Cr | 282 Cr | 246 Cr | 244 Cr | 245 Cr | 199 Cr | Sign in free for the trailing twelve months |
| Profit before tax | 1,008 Cr | 1,154 Cr | 1,325 Cr | 1,099 Cr | 1,952 Cr | 1,729 Cr | 1,337 Cr | 1,258 Cr | Sign in free for the trailing twelve months |
| Tax % | 28.9% | 30.6% | 28.0% | 24.3% | 25.5% | 23.5% | 24.0% | 28.2% | Sign in free for the trailing twelve months |
| Net profit | 717 Cr | 801 Cr | 953 Cr | 832 Cr | 1,454 Cr | 1,323 Cr | 1,015 Cr | 903 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹73.91 | ₹82.59 | ₹98.31 | ₹86.04 | ₹150.42 | ₹136.90 | ₹104.88 | ₹93.31 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | 0.0% | 0.0% | 0.0% | 11.9% | 3.6% | Sign in free for the trailing twelve months |
Sign in free for the trailing twelve months
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 48 Cr | 48 Cr | 48 Cr | 48 Cr | 48 Cr | 48 Cr | 48 Cr | 48 Cr |
| Reserves | 2,181 Cr | 2,979 Cr | 3,932 Cr | 4,763 Cr | 6,217 Cr | 7,543 Cr | 8,443 Cr | 9,331 Cr |
| Borrowings | 1,860 Cr | 2,768 Cr | 3,871 Cr | 5,251 Cr | 5,679 Cr | 3,803 Cr | 4,966 Cr | 4,845 Cr |
| Other liabilities | 1,739 Cr | 1,988 Cr | 2,265 Cr | 1,611 Cr | 1,841 Cr | 1,536 Cr | 1,460 Cr | 1,812 Cr |
| Total liabilities | 5,829 Cr | 7,783 Cr | 10,116 Cr | 11,673 Cr | 13,786 Cr | 12,942 Cr | 14,929 Cr | 16,048 Cr |
| Fixed assets (net) | 898 Cr | 996 Cr | 1,313 Cr | 1,482 Cr | 1,437 Cr | 1,308 Cr | 1,082 Cr | 997 Cr |
| CWIP | 43 Cr | 28 Cr | 55 Cr | 59 Cr | 72 Cr | 74 Cr | 147 Cr | 106 Cr |
| Investments | 10 Cr | 2 Cr | 103 Cr | 3 Cr | 57 Cr | 2,122 Cr | 2,495 Cr | 2,448 Cr |
| Inventories | 614 Cr | 769 Cr | 1,058 Cr | 1,022 Cr | 884 Cr | 768 Cr | 538 Cr | 986 Cr |
| Trade receivables | 543 Cr | 301 Cr | 508 Cr | 664 Cr | 462 Cr | 308 Cr | 225 Cr | 745 Cr |
| Cash & bank | 194 Cr | 551 Cr | 230 Cr | 604 Cr | 211 Cr | 534 Cr | 659 Cr | 983 Cr |
| Other assets | 3,527 Cr | 5,136 Cr | 6,849 Cr | 7,838 Cr | 10,663 Cr | 7,828 Cr | 9,783 Cr | 9,783 Cr |
| Total assets | 5,829 Cr | 7,783 Cr | 10,116 Cr | 11,673 Cr | 13,786 Cr | 12,942 Cr | 14,929 Cr | 16,048 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | -244 Cr | -267 Cr | -434 Cr | 148 Cr | 184 Cr | -1,592 Cr | -2,032 Cr | -2,811 Cr |
| Cash from investing | -784 Cr | -144 Cr | -730 Cr | -257 Cr | -557 Cr | 795 Cr | 433 Cr | 1,623 Cr |
| Cash from financing | 1,004 Cr | 884 Cr | 949 Cr | 329 Cr | -20 Cr | 1,120 Cr | 1,724 Cr | 1,523 Cr |
| Net cash flow | -24 Cr | 473 Cr | -215 Cr | 220 Cr | -393 Cr | 323 Cr | 126 Cr | 334 Cr |
| Free cash flow (OCF − Capex) | -710 Cr | -552 Cr | -942 Cr | -287 Cr | -113 Cr | -1,711 Cr | -2,187 Cr | -3,045 Cr |
Ratios
| Metric | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| ROCE % | 28.8% | 25.0% | 21.5% | 15.1% | 20.1% | 20.1% | 13.2% | 12.4% |
| ROE % | 32.1% | 26.5% | 24.0% | 17.3% | 23.2% | 17.4% | 11.9% | 9.6% |
| Debtor days | 37 | 17 | 24 | 29 | 18 | 13 | 11 | 32 |
| Inventory days | 1969 | 2641 | 3462 | 1180 | 1388 | 981 | 647 | 851 |
| Days payable | 1658 | 1906 | 2402 | 832 | 1368 | 1018 | 1053 | 953 |
| Cash conversion cycle | 349 | 752 | 1083 | 377 | 38 | -25 | -395 | -70 |
| OCF / EBITDA % | -19.0% | -16.8% | -23.5% | 8.5% | 7.2% | -74.8% | -110.1% | -157.2% |
| OCF / EBITDA % (3 years) | — | — | -20.0% | -10.7% | -1.7% | -19.6% | -52.7% | -111.7% |
| Debt / equity | 0.83 | 0.91 | 0.97 | 1.09 | 0.91 | 0.50 | 0.58 | 0.52 |
| Current ratio | 1.86 | 2.15 | 1.85 | 2.39 | 2.60 | 2.97 | 2.90 | 3.54 |
| Net debt / EBITDA | 1.30 | 1.40 | 1.97 | 2.68 | 2.14 | 1.54 | 2.33 | 2.16 |