Buy G R Infraprojects; target of Rs 1630: Motilal Oswal

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26 Aug, 2025 12:21

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G R Infraprojects Ltd (GRIL) witnessed strong order inflows (~INR 94b) in FY22 and its order book currently stands at INR170b (2.2x FY22 revenues). Out of the 10 projects won, 8 were HAM projects, 1 was metro project and 1 was power transmission project. The order wins not only allayed concerns on depleting order book, but also provided comfort on future growth. At the end of FY22, GRIL has 30 projects under execution. GRIL is consciously focusing on leveraging its road sector experience and foray into other infrastructure sectors. As of now, it is looking at segments such as a) railways: projects involving earthwork and track linking b) Metros: civil engineering work and c) power transmission (tariff-based competitive bidding). It bagged its first Power transmission project in FY22. GRIL would bid for projects in these sectors, if the company can continue to maintain its current margin profile. Apart from segmental diversification, GRIL would also focus on geographical diversification, allowing it to capitalise on growth opportunities across India.

With the current order book and robust tender pipeline, we expect GRIL to clock 12% revenue growth over FY22-24, with the EBITDA margin ranging between 16 and 18%. We retain our BUY rating with a TP of INR1,630 based on an SoTP valuation.

At 16:01 hrs G R Infraprojects was quoting at Rs 1,237.25, up Rs 11.05, or 0.90 percent.

It has touched an intraday high of Rs 1,237.25 and an intraday low of Rs 1,208.50.

It was trading with volumes of 778 shares, compared to its thirty day average of 8,292 shares, a decrease of -90.62 percent.

In the previous trading session, the share closed up 0.10 percent or Rs 1.20 at Rs 1,226.20.

The share touched its 52-week high Rs 2,277.00 and 52-week low Rs 1,074.35 on 25 October, 2021 and 04 July, 2022, respectively.

Currently, it is trading 45.66 percent below its 52-week high and 15.16 percent above its 52-week low.

Market capitalisation stands at Rs 11,962.85 crore.

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