GPT INFRAPROJETCS LTD (NSE: GPT) Q1 2026 Earnings Call dated Aug. 05, 2025
Corporate Participants:
Unidentified Speaker
Atul Tantia — Chief Financial Officer
Analysts:
Unidentified Participant
Vishal Dudhwala — Analyst
Guru Darshan — Analyst
Parth Kotak — Analyst
Bhavik — Analyst
Kunal Ochiramani — Analyst
Shivam Revenkar — Analyst
Ishita Lodha — Analyst
Abhishek Poddar — Analyst
Raheel — Analyst
Presentation:
operator
Ladies and Gentlemen, good day and welcome to the GPTINFA Projects Limited Q1FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Atul Tantia, Executive Director and CFO of GPT Infra Projects Limited. Thank you. And over to you sir.
Atul Tantia — Chief Financial Officer
Thank you. Good morning everyone and a warm welcome to the GPT Intra Projects Ltd. Earnings conference call for the first quarter ended June 30, 2025. I hope you all had the chance to review the financials as well as the presentation which was uploaded on our website as well as the website of the stock exchanges yesterday. Some of the significant milestones during the quarter. Revenue for Q1FY26 stood at Rupees 312.6 crores which represents a growth of 32% year on year. PAT for Q1FY26 stood at 23.5 crores, a growth of 40% year on year. The consolidated EBITDA was Rupees 46 crores for the quarter representing a growth of 37%.
Order book stands at a healthy 3569 crores with order inflows of almost 400 crores during the year. The company has declared a first interim dividend of Rupee 1 per share record date for which has been fixed on August 11, 2025. Maintaining the dividend policy of the company. Some of the key contracts which we have backed during the year are the rupees 351 crore contract from Margra Highway Private Limited for construction of bridge over Chambal river and rupees 13 crores from Standard Engineers Limited Bangladesh for supply of concrete sleepers to Bangladesh. Now moving ahead to our financial performance for the first quarter ended June 30, 2025.
Our revenues for Q1FY26 were at rupees 310 crores on standalone basis which compared to rupees 236 crores last year. This represents a growth of 31% year on year. On a consolidated basis, the revenues stood at Rs. 313 crores compared to rupees 242 crores for the last year. So presently growth of 30%. Our standalone EBITDA for the quarter stood at Rs. 42 crores compared to rupees 34 crores or growth of 22% and in terms of consolidated EBITDA, the same came in at rupees 46 crores and for the quarter compared to 34 crores last year representing a growth of 37%.
We are quite confident of maintaining our long term EBITDA target of 13% from the operations which we have also guided historically with the improvement in revenue. The operation efficiencies have helped us improve the long term EBITDA and we expect the same to be maintained going forward as well. There has been an exceptional growth in the property after taxes with consolidated PAT at rupees for the Q1FY26 at Rs. 24 crores, a growth of 40% from rupees 17 crores in FY25. Standard path for FY26 to Rs. 23 crores rising by 29% from 18 crores in FY25. In terms of our segmental performance, our infrastructure segment continues to be the backbone of our business and reported revenue of at least 300 crores for the quarter ended June 30, 2025.
This represents almost 95% of our revenues. The key contracts for the infrastructure segment Kendra performed well with contracts like nh, Ganga, Arvir, Kona Expressway, Mathura, Jasi, Raniganj all driving a major part of our revenue. The segment has an order backlog of Rs. 3,316 crores. The sleeper segment generated Rupees 10 crores as revenue in FY26 driven majorly by performance in the domestic sleeper business and some contribution from the South African subsidiary. This segment has an order backlog of Rs.254 crores. With a thriving order book and reduced debt portion, we are well positioned to navigate the dynamic landscape as we move forward.
We are confident in our ability to capitalize on the positive momentum generated by these factors. Our focus maintains on maintaining a robust and healthy outlook coupled with continuous efforts to optimize the financial structure which will lay a solid foundation for our growth trajectory as of late. The order book stands out to be 3569 crores representing a growth of almost representing almost 3 times FY25 revenues which provides a strong visibility. That’s it from my side. Thank you and we look forward to addressing any questions or concerns you might have regarding our financial performance and future prospects.
I now request the moderator to Kindly open the floor for question and answers. Thank you. Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the Touchstone telephone. If you wish to remove yourself from the question queue you may press star and. Two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Vishal Dudwala from three Netra asset managers. Please go ahead.
Vishal Dudhwala
Good morning sir. Thank you for the opportunity. So my first question is based on your order booklets. You have robust order book of 3569 crore. As you mentioned 3X from your FY 2511. So how is the company gearing up operationally to execute this pipeline and any CAPEX guidance you would to give us like. And your timeline to completion this order book.
Atul Tantia
Sure. So in terms of our capex for the year, if you see our depreciation number has gone up. So we’ve done significant Capex during the last six to nine months. We expect to do another further Capex this year of almost 25 order pros. This will be for mostly construction equipment. We recently also commissioned a factory for bridge girder manufacturing. With an initial capacity of 10,000 tonnes per annum. We expect to maintain growth in the next three to four years at almost 20 to 22%. Which will be the long term growth. In terms of revenue. The order book of 3569 crores is expected to be completed over two and a half to three years.
Okay.
Vishal Dudhwala
So your plan is like you will achieve 3500 crore of revenue by the end of 28 or 29. Right?
Atul Tantia
Well I. 28. 29. The 3500 is not. We expect to achieve almost close to 2000 crores by FY 2728.
Vishal Dudhwala
Okay. And can you break down what margin you are expecting from this order book?
Atul Tantia
All our orders are above the hurdle rate of 13% in terms of EBITDA. And we expect to maintain that EBITDA margin going forward as well. Okay.
Vishal Dudhwala
So like as you mentioned you are planning for the prec. So which source are you going to plan it? Like are you diluting or planning for the fundraise via debt or equity?
Atul Tantia
A lot of our capex has been done through internal approvals. Even the factory at Singhur has been commissioned with internal approvals.
Vishal Dudhwala
Okay. Okay. Got. Thank you. So that’s it for my end. For further question I’ll begin a queue.
operator
Thank You. The next question is from the line of path Gotak from Plus 91. Please go ahead.
Parth Kotak
Hi Atul sir. Thank you for taking my question. Firstly, congratulations for a good set of numbers. One bookkeeping and question from my end. We noticed that the other income line item is significantly higher this quarter. Could you please provide some color?
operator
Sorry to interrupt you ladies and gentlemen. The line for the management is disconnected. Please hold while we reconnect them. Sample.
Atul Tantia
Hello.
operator
Yes, we can hear you now. I’ll take the next question.
Atul Tantia
Yeah please.
operator
The next question is from the line of Guru Darshan from Kitara capital. Please go ahead.
Guru Darshan
Hello sir. Thank you for the opportunity. So this is related to concrete sleeper segment. Has the production started in Ghana facility? When can we see positive EBITDA contribution from this facility?
Atul Tantia
So the Ghana facility is expected to start the production this quarter. And the positive EBITDA will start growing from Q3. There was some delay with respect to the new government getting formed in Ghana. They have resolved all those issues and we expect production to start shortly.
Guru Darshan
Okay, got it. Bookkeeping question. Should we expect 5 to 6 crores of normal run rate of interest cost going forward?
Atul Tantia
Yes, I think that 20 to 23 crores for the year is a good number for interest cost.
Guru Darshan
Focus. Okay. So on the EBITDA margin. While the EBITDA margin is in the range of long term guidance, is there any specific reason for the decline in EBITDA yy margin wise from 14% to 13%?
Atul Tantia
Honestly depends on the contracts getting executed. But it’s in terms of if you see the full year last year was it 13.3%. So this is quite close to that number.
Guru Darshan
Got it. So just on a macro fund, are you seeing government piece of capex in railways and roads?
Atul Tantia
I think government capex continues to be strong and there is enough and more opportunities for most of the companies like us. And we have also seen order inflows this year and we expect to. We are also bidding for certain large contracts. We expect that to also happen as we do in the balance eight to nine months.
Guru Darshan
We have reported around 30% revenue growth this quarter. Is this sustainable for rest of the quarter as well?
Atul Tantia
Like I said previously, for the full year we expect a revenue growth of around 22 23%.
Guru Darshan
Got it sir. Thank you so much and congratulations. Thank you sir.
operator
Thank you. The next question is from the line of Bhavik individual investor. Please go ahead.
Bhavik
Hello. Hello sir. Am I audible?
Atul Tantia
Yes. Please go ahead.
Bhavik
Yeah. Okay sir. Firstly sir, congratulations for a really good set of numbers. I have a couple of Questions? So we have received recently a contract of 351 crore. But I wanted to understand that, you know, after the QIP I think we are eligible to bid for contracts over thousand crores. So I wanted to understand that are we facing challenges, you know, to secure such large contracts? Because you know, it’s been almost a year, you know, since the qip, but we have not secured a very large order as such or are we expecting something to materialize this year?
Atul Tantia
We are continuously bidding for the large contracts but we are quite mindful of the margin in terms of EBITDA and so we do quote contracts within our threshold of the ebitda margin of 13%. We are quite hopeful that there are certain contracts that we have bid for recently and are also bidding for near term and we should be able to bag a contract to 1000 crores this year.
Bhavik
Okay, so my second question is also in language just now I wanted to understand on the competition. You know, since we are bidding for contracts where we typically see large number of bidders and typically what I’ve seen is that you know, the lowest bid is, you know, much below the estimated cost. You know, in some cases I’ve seen it 30, 35% below the cost. So in such a scenario how do we ensure that, you know, we keep growing our order book in line with our revenue growth and also maintain 13% EBITDA margin?
Atul Tantia
Honestly we don’t, we’re not guided by the cost when we are quoting for a contract, we are bidding for a contract. We are guided by our, by our own internal cost, not the cost that is estimated by the, by the railways or the NHAIs of the world. So that 30, 35% below the cost is not a, not the correct number to look at. It’s if the companies which are bidding for that are able to maintain their margins, that means the cost estimate was maybe an error on part of the agencies.
Bhavik
In such a scenario are we confident of kind of maintaining our order book which is 3, 3.5 times of our revenue going forward as well?
Atul Tantia
Yes, we are quite confident. We’ve done that over the last couple of years and going forward also we should be able to maintain that as well.
Bhavik
So my last question is that you know this quarter we have seen a significant jump in other income. So could you like tell the reason for this.
Atul Tantia
On the consolidated other income jump has primarily been account of some foreign exchange gain from our HANA subsidiary because the post the IMF signing of the agreement with the Ghana government, the currency has appreciated there. So that is why It’s a market gain in Ghana on account of that around 4 crores.
Bhavik
Correct. So we expect this to normalize come next quarter, right? From Q2 onwards.
Atul Tantia
Yes.
Bhavik
Thanks a lot and congratulations sir. Thank you very much.
operator
Thank you. The next question is from the line of pat Kotak from Plus 91. Please go ahead.
Parth Kotak
Hi sir. Congratulations on a good set of numbers. All my questions have primarily been answered. Just some color on the kind of number that we can expect from concrete sweepers for FY26 would be helpful.
Atul Tantia
Thank you. So in terms of concrete sleepers for FY26 we expect domestic revenues to be around 85 odd crores and consolidate revenues to be close to 140 crores.
Parth Kotak
Thank you. So that’s. That’s all from my side.
operator
Thank you. The next question is from the line of Shivam Sevankar, an individual investor. Please go ahead.
Shivam Revenkar
Hi, I can hear me.
Atul Tantia
Yes.
Shivam Revenkar
So Atul, can you just give me the current debt position of the company?
Atul Tantia
Around 140 crores.
Shivam Revenkar
140 crores.
Atul Tantia
Okay.
Shivam Revenkar
And this includes the equipment financing as well, right?
Atul Tantia
Includes equipment finance bill discounting the. And. And can I know, you know what is the company company’s average inventory days? I mean as far as I remember it was somewhere around 90 days historically. So has it gone up? No, no. It’s around the same number.
Shivam Revenkar
Okay. And are you. Are you okay. Are you expecting the monsoon this time to. You know, I mean it’s seasonally a weak quarter but are you expecting it to be better? Because monsoon has relatively not been as damaging it was last year. So what’s your take on that?
Atul Tantia
I think that. I think in terms of monsoon, July has been almost seen 38% extra rain in the eastern part of the country. And even in up monsoon has been quite heavy in this part of the country in some sense. So it is traditionally a weak water. So I think that will continue to be a weak water.
Shivam Revenkar
And my last question is on the large contract. I mean the previous gentleman also raised this. So is it. I mean you have mentioned that it’s primarily because of. You know, most of the projects find it hard to meet your hurdle rate. So are you looking for JVs for any larger contract or are you trying to do it single handedly?
Atul Tantia
We are able to do it single handedly and we are doing it single handedly only.
Shivam Revenkar
Okay. Thank you.
Atul Tantia
Thank you.
operator
Thank you. The next question is from the line of Kunal from Alpha Alternatives. Please go ahead.
Kunal Ochiramani
Actually I wanted to understand the competitive. Intensity in last couple of years. Have been tremendous. There’s a lot of small players that have emerged now that our capital base is strong and we’ve been saying that we’ll gain orders for a thousand plus crores and nhis made their criteria stringent. So do we see on ground a lot of small EPC players going bust or what is your take on this? Because on ground you would know this better. So just wanted to understand on competitive intensities and lot of small players that have come, how do we compete and stand against them and according to their costing and our costing, how much are we different in terms of percentage?
Atul Tantia
I think the competitive intensity continues to be strong. Every bid sees five to six minimum. And when we wait for it, like I said earlier as well, we are quite mindful of our margins as well as return ratios. So we bid according to that. We are happy to let go of contracts which do not meet the R threshold numbers because at the end of the day we do not see that does a lot of valuation in the long term. In terms of competitors going bust or not performing. I think that’s something that I would rather not speak on.
And people do bid for contracts at a lower rate basis, their own risk parameters. We have a very disciplined path in terms of where we need to follow and that is why I think we have been able to keep our head above the water over the last so many years.
Kunal Ochiramani
Thank you.
operator
Thank you. The next question is from the line of Ishita Lodha from Swan Investments. Please go ahead. Thank you for the opportunity.
Kunal Ochiramani
So in the current quarter we have booked the impairment loss of about 2.6 crores. So can you throw some light on it?
Atul Tantia
Yeah, sure. So there are some outstanding dues from certain old customers which have been delayed. It’s just a provisioning on the balance sheet as per our impairment policy because of the delay in the receivables from those customers. However, we don’t expect those number of those outstanding to go bad. We are in constant touch with the customers and the customers have also independently confirmed the balances to the trustee auditors as well as the management. So we don’t anticipate to go bad. But impairment provision is just as part of the impairment policy of the company.
Ishita Lodha
So how much are these doubtful letters in your balance sheet?
Atul Tantia
It’s not doubtful. None of them are doubtful. In some sense it’s just a delay in receivables. It’s not doubtful because like I said, the balances have been confirmed.
Ishita Lodha
I can say 96 crores of receivables. So how much of them have overdue.
Atul Tantia
96 I think is the number of March it is not the June number because the current number is quite much lower. I think the receivers outstanding more than a year is about 20 odd crores. Sorry 30 odd crores. 30 odd crows.
Ishita Lodha
Okay, thank you, thank you, thank you. A reminder to the participants please press star and one to ask a question.
operator
The next question is from the line of Bhavik an individual investor. Please go ahead.
Bhavik
Yes, I just had a follow up question. I think as of the last quarter I debt was 122crore and currently it is 140crores. So what is the debt that we are looking by the end of this year?
Atul Tantia
I think debt level would be around around 140150 crores by the end of the year. To add on too much of that.
Bhavik
What I remember is last year you had suggested that you know by the end of this financial year we would almost be pledge free. So any update on that? Because currently I think it’s 50% of the promoters shares being pledged.
Atul Tantia
Yes. So we have already applied to the consortium to reduce the pledge further. The term rating by the consortium member SBI is under under process. Once that is done they will then take it up internally to release part of the pledge. The external rating continues to be a from Crisin with a cable outlook that would also get reviewed sometime at the end of the calendar year and hopefully if there is some uptick there as well the construction members will find it fit to release part of the pledge.
Bhavik
Okay. Okay sir, thank you very much.
Atul Tantia
Thank you.
operator
Thank you. The next question is from the line of Abhishek from Tusk Investment. Please go ahead.
Abhishek Poddar
Hello sir, am I audible? Yes, thank you for the opportunity sir. Just wanted to ask on the other income which you answered. So if I look at the margins excluding the other income for this quarter it looks around 11.8 whereas it was 13.3 last year. So what is the reason for that and what would be the guidance for this number going forward?
Atul Tantia
Like I said through the previous call as well the other income includes a part of the exchange fluctuation due to the Ghana currency. This number will stabilize. We don’t anticipate much more improvement or appreciation in the Ghana currency going forward.
And I think that the last year’s margin which you’re speaking about 13.3 also includes the other income. So you have to exclude the other income on an apple travel basis here as well. Okay. No, I actually I excluded the other income from last year as well. So it was looking Higher. So that is why I think last year actually our other income was lower. 6.2 crores. I can see 1.5 crore for Q1FY25. Oh no, I’m only comparing quarter to quarter. So this year if you see, we have also taken an impairment loss of 2 and a half crores.
So we have to. If you’re excluding other income, your clause also exclude all that as well.
Abhishek Poddar
Okay. Okay. Yeah. Thank you.
operator
Thank you. The next question is from the line of Raheel from Crown Capital, please go ahead.
Raheel
Good morning, can you hear me? Yes. Yes. This is a clarification on this EBITDA margins. You’re guiding 13 as your long term aim. And that is without other income, Correct?
Atul Tantia
Correct. As for this year, you expect to continue at current levels of 11 to 12. No. So this is not 11 to 12% like I said earlier as well, if you look at this impairment loss and other income, if you were to remove both of them, we are around 13%.
Raheel
Okay. And sorry I missed your bid pipeline and order inflow guidance for the year. Order inflow.
Atul Tantia
We expect to be around 2000 crores for the full year out of which we’ve already done 400 crores. And we are, we are not. We do declare bid pipeline only when we declared L1 right now there’s no first stage. So there’s no L1 as of now.
Raheel
Correct. Okay. All right, sir. Thank you. And all the best. Thank you.
operator
Thank you. A reminder to the participants, please press Star and one to ask a question. The next question is from the line of Shivam Ravenkar, an individual investor. Please go ahead.
Shivam Revenkar
Yeah, I can see this. You know, the currency translation, you know, gain, which we should show, you know, about 6 crore or something, is that going to. Is that going to, you know, come into India and be utilized for operations or. Because in the next quarter if there is a loss on the assets of whatever you have in Africa.
Atul Tantia
Correct.
Shivam Revenkar
Okay, thank you. Thank you.
operator
Thank you. A reminder to the participants, please press star and one to ask a question. Participants to ask a question, please press Star and one.
Atul Tantia
So thank you everyone for your questions. I hope you have been able to address all of them. In case you have any further questions, please do get in touch with us. Thank you and have a nice day.
operator
Thank you. Ladies and gentlemen, on behalf of Intra Projects Limited, that concludes this conference. Thank you for joining us. And you may now disconnect your lines.