G R Infraprojects Limited (NSE: GRINFRA, BSE: 543317) reported higher income for the quarter ended Dec. 31, 2025, supported by faster project execution across roads, transmission and logistics parks, while operating margins remained broadly stable, according to the company’s Q3 FY26 investor presentation.
Q3 FY26 standalone performance
On a standalone basis, total income rose 60.3% quarter on quarter to ₹2,167.1 million in Q3 FY26, compared with ₹1,352.0 million in Q2 FY26. On a year-on-year basis, total income increased 33.5% from ₹1,622.8 million in Q3 FY25.
EBITDA stood at ₹205.4 million, up 70.6% sequentially and 6.8% year on year. The EBITDA margin was 10.1%, broadly stable compared with the prior quarter. The company said adjusted EBITDA margin, excluding one-time impacts related to labour law changes and claims, stood higher.
Profit after tax rose to ₹232.2 million, compared with ₹130.8 million in Q2 FY26 and ₹168.6 million in Q3 FY25. The PAT margin was 11.4%, reflecting operating leverage from higher execution levels. The quarter also included exceptional income related to monetisation of a HAM asset, which supported reported profit.
Consolidated performance
On a consolidated basis, revenue from operations increased 36.2% year on year to ₹23,082.8 million in Q3 FY26. Total income rose 30.4% year on year to ₹23,431.4 million.
EBITDA rose 26.6% year on year to ₹4,680.7 million, with the EBITDA margin at 20.3%. Profit after tax stood at ₹2,587.5 million, marginally lower year on year due to higher finance costs and a lower contribution from associates, even as operating profit improved.
Working capital and leverage
Net working capital days improved to 93 days as of December 2025, compared with 124 days a year earlier, driven by lower receivable days and inventory days.
The company’s standalone debt stood at ₹3,290.96 million, while consolidated debt was ₹63,578.2 million as of Dec. 31, 2025. Cash and bank balances, including current investments, stood at ₹4,323.1 million on a standalone basis and ₹7,961.8 million on a consolidated basis, supporting liquidity. Net debt-to-equity ratios remained moderate, reflecting disciplined capital management.
Order book and project mix
G R Infraprojects reported a robust order book of ₹202,548 million as of Dec. 31, 2025, providing strong revenue visibility for the coming quarters (page 11). Roads and highways accounted for the largest share of the order book, followed by transmission, tunnels, railways and metro, and telecom/OFC.
Client-wise, the National Highways Authority of India (NHAI) remained the largest contributor, followed by state agencies and other central entities. State-wise exposure was diversified across Uttar Pradesh, Maharashtra, Madhya Pradesh, Gujarat and other states. The company also said it had been declared L1 for three road projects worth about ₹47,100 million, which, if awarded, would further lift the order book.
Portfolio and asset monetisation
The company had 11 operational HAM, BOOT and annuity projects as of the quarter end. During Q3 FY26, one HAM project was transferred to Indus Infra Trust, continuing its strategy of asset monetisation to recycle capital and reduce balance sheet intensity.
Business profile and outlook
G R Infraprojects is an integrated EPC player with presence across transportation infrastructure, power transmission, tunnels, ropeways, logistics parks and telecom infrastructure, with in-house manufacturing and design capabilities. Management highlighted a strong execution pipeline, improving working capital cycle and a healthy order book as key drivers for near-term growth.
Summary
G R Infraprojects delivered strong growth in Q3 FY26 income on higher execution, while operating margins remained stable. Working capital efficiency improved, and the order book provided visibility for future revenue. Ongoing asset monetisation and a diversified project mix continue to support balance sheet management and capital recycling.