Buy GR Infraprojects; target of Rs 1310: ICICI Securities

ICICI Securities is bullish on GR Infraprojects has recommended buy rating on the stock with a target price of Rs 1310 in its research report dated November 12, 2025.

Broker Research

November 13, 2025 / 12:46 IST

buy

26 Aug, 2025 12:21

Volume

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ICICI Securities's research report on GR Infraprojects

GR Infra (GR) has a healthy OB of INR 211bn – 3.2x TTM sales. However, orders worth INR 39bn (~20% of OB) are yet to start execution where uncertainty looms. As a result, management revised its revenue growth guidance to ~5% for FY26. H1FY26 has been flat in terms of revenue growth; margin fell 50bps YoY. It bagged new orders worth INR 50bn in H1 and expects additional orders worth INR 150bn in H2FY26. Additionally, it is L1 in projects worth INR 43bn where execution could start by Q4FY26. Given the subdued bidding environment for over two years, new order wins and pick-up in execution would be key for growth. Given the subdued execution and tender activity, we cut earnings for FY26/27E and expect muted growth over FY25-27E. Maintain BUY with a revised TP of INR 1,310. It is trading at 6x FY27E earnings (adj. for HAM and InvIT value).

Outlook

Maintain BUY with a revised TP of INR 1,310 (earlier INR 1,430). The stock is currently trading at 6x FY27E (considering 1.5x exit multiple on its HAM portfolio).

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