G R Infraprojects (GRINFRA)’s revenue rose 9.4% YoY to ~INR12.3b during 2QFY26 (vs. our estimate of INR13.9b). EBITDA margin stood at 9.8% in 2Q FY26 (-60 bps YoY) vs. our estimate of 11.7%. EBITDA rose by 3% YoY to INR1.2b and was 26% below our estimate. APAT grew ~13% YoY to ~INR1.3b (10% below our estimates) due to lower depreciation and interest cost. The order book currently stands at ~INR211b (excl. L1), with road projects accounting for 65% of the order book. Management expects revenue growth of 5-10% in FY26 with a margin of ~11-13%. GRINFRA expects order inflows of INR200b-250b in FY26 with a pickup in awarding activity, especially in large sized projects and diversification to other infra sectors.
OutlookWe expect GRINFRA to clock an 11% revenue CAGR over FY25-28, with an EBITDA margin in the range of 12-14%. Reiterate BUY with a revised SoTP based TP of INR1,360.
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