Ladies and gentlemen, good day and welcome to G R Infraprojects Limited Q2 and H1 FY 2027 earnings conference call hosted by HDFC Securities Limited. Today we have with us Mr. Ajendra Kumar Agarwal, Managing Director, Mr. Ankit Maheshwari, Deputy CFO. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on date of this call.
These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. 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 for an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Parikshit Kandpal. Thank you, and over to you, sir.
Thank you, Shreya. Without taking any further time, I hand over the floor to Mr. Ajendra Agarwal for his opening remarks and industry overview, followed by detailed financial analysis by Ankit. Over to you, sir.
Thank you, Parikshit ji. Good afternoon, ladies and gentlemen, and a warm welcome to the Q2 financial year 2027 earning call of G R Infraprojects Limited. Thank you for taking the time to join us today. I am joined on this call by Mr. Ankit Maheshwari, Deputy CFO. [audio distortion], and operational performance during the quarter, along with our perspective on infrastructure sector. Thereafter, Ankit ji will take you through the financial performance in detail. Following, we will open the floor for questions. In Q2 financial year 2027, the company recorded revenue from operations of approximately INR 2,019 crore, representing a growth of 64% compared to corresponding quarter of the previous financial year on standalone basis. Listed EBITDA margin stood at 9.49% for the quarter as against 9.76% in the corresponding period last year.
In that year, the company maintained a debt-equity ratio to 0.04 x, which continue to remain among the best in the sector. As of 1st October 2026, our order book stands at approximately INR 24,577 crore. Further, bids aggregating to approximately INR 19,346 crore are yet to be opened. We have received the appointed date of Agra-Gwalior DBFOT toll project. As on date, appointed date of two projects amounting to INR 3,562 crore is still awaited. Overall, we are seeing early sign of a broader investing cycle with improving private sector capital formation and increasing institutional participation in infrastructure financing. At the same time, the focus is shifting towards integrated connectivity, energy transition, and strengthening logistic and warehousing infrastructure. We remain positive on opportunities it create for experienced developers and EPC players, particularly those with the capabilities to execute complex, large-scale infrastructure project.
Let me now briefly touch upon the key development across our focus sectors. In transport sector, as we know, MoRTH has identified PPP project pipeline with estimated cost of more than INR 8 lakh crore for next three year, of which Bihar state has received recently approval of project with estimated cost of INR 1.64 lakh crore. This reinforce the continued emphasis on expanding national highway connectivity. The government is also taking step to strengthen private sector participation through revision to the BOT toll concession framework, alongside the technology-led initiatives such as barrier-less tolling and automated construction. The railway sector continues to prioritize capacity expansion, freight decongestion, and network modernization. The government recently approved eight multi-tracking project with a total estimated cost of INR 21,000 crore.
In August, the PPP Appraisal Committee recommended six new railway line projects involving track construction, electrical and signaling system, tunneling, viaducts, and bridges for the consideration by the competent authority under the hybrid annuity. In tunnels and hydro, the hydro and pumped storage sector continue to present a significant multi-year opportunity. As of August 2026, India has 7.43 GW of operational PSP capacity across 10 projects. A further 10.40 GW across eight projects has been appraised by the Central Electricity Authority. CEA estimates the requirement of 73.93 GW of storage capacity by 2031-2032. We believe this creates a strong opportunity aligned with our capabilities in hydro and underground construction. In power transmission, the power transmission sector continue to witness significant investment, driven by the need to evacuate renewable energy and strengthen grid infrastructure.
Recent key development was the approval of Green Energy Corridor Phase-III, with a total outlay of approximately INR 1.86 lakh crore, including INR 1.36 lakh crore towards interstate transmission infrastructure. In oil and gas, a recent significant development in the sector was the approval of INR 84,000 crore Samudra Manthan scheme to accelerate domestic offshore exploration and production. Through financial year 2030 -20 31, scheme provide extensive seismic survey, 60 deep-water exploration wells, and the development of foreman offshore infrastructure, alongside dedicated manufacturing and service zones. The scheme also provide government support of up to 50% of eligible drilling costs. The government is also continue to expand domestic exploration through successive Open Acreage Licensing Policy. Logistic and warehousing, institutional investment in industrial and warehousing assets reached approximately INR 3,500 crore during January-September 2026, representing a 15% increase in the corresponding period of 2025.
The Union Cabinet approved the establishment of Integrated Transport and Logistics Authority, a special purpose vehicle to improve coordination and integrated planning across road, railway, port, shipping, aviation, inland waterways, and logistics. In September 2026, DPIIT announced work with the Asian Development Bank on a grading and rating framework of warehouse and cold chain facilities. The initiative is intended to improve quality standards and create modern facilities and support formalization of the sector. I wish you and your families, include our client, lenders, partners, employees, and shareholders a very happy and prosperous Diwali. I hand over to Ankit.
Thank you, sir, and good afternoon everyone on the call. I would now take you through the key highlights of the quarter two financial performance. The standalone revenue from operation was INR 2,019 crore in the quarter ended September 2026, which has increased by 64% approximately year-over-year, compared to INR 1,234 crore in the quarter ended September 2025. Consolidated revenue from operations was INR 2,325 crore in quarter ended September 2026, as in by 45% year-over-year, compared to INR 1,602 crore in the quarter ended September 2025.
Standalone EBITDA margin stood at 9.49% in quarter ended September 2026, from 9.76% in quarter ended September 2025. The margin at group level has decreased to 18.63% in the quarter ended September 2026, from 24.16% in quarter ended September 2025. Profit after tax at standalone level increased to INR 161 crore in the quarter ended September 2026, compared to INR 131 crore in the quarter ended September 2025.
Profit after tax at consolidated level increased to INR 290 crore in the quarter ended September 2026, as compared to INR 189 crore in quarter ended September 2025. Standalone net worth stood at INR 9,235 crore at the end of September 2026. It was INR 8,869 crore at the end of fiscal 2026. The net worth at consolidated level is INR 10,042 crore at the end of September 2026. It was INR 9,391 crore at the end of fiscal 2026. The total standalone borrowing outstanding at the end of September 2026 is INR 340 crore approximately, with debt-to-equity of 0.04 x. The total consolidated borrowing outstanding at the end of September 2026 is INR 5,938 crore, with debt-to-equity of 0.60 x. During the quarter, the company has made additions to the fixed assets amounting to INR 60 crore.
The net block of property, plant, and equipment, including CWIP intangibles, is INR 1,015 crore at the end of quarter September 2026. Investments in the subsidiary companies in the form of loans and equity are INR 2,687 crore approximately at the end of September 2026. The balance promoter equity contribution required to be made to the HAM/BOT projects is INR 3,163 crore, of which the company is expecting to contribute approximately INR 500 crore in the remaining year, fiscal 2027. The working capital in days at the end of September 2026 is 152 days compared to 128 days at the end of fiscal 2026. The increase is primarily on account of increase in debtor days and inventory days. Trade receivables at the standalone basis are INR 2,636 crore, which includes HAM debtors of INR 1,490 crore at the end of September 2026.
The trade receivables at the consolidated level are INR 1,181 crore at the end of September 2026. The unbilled revenue at the standalone level is INR 1,132 crore at the end of September 2026, and the unbilled revenue at the consolidated level is INR 618 crore at the end of September 2026. The inventory levels are at INR 842 crore at the end of September 2026, compared to INR 739 crore at the end of fiscal 2026. I would also like to thank all our stakeholders, including employees, business partners, vendors, bankers, and auditors who have supported the company. Further, I would also like to wish you and your family a very happy Diwali in advance. Thank you.
Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on the touch-tone 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 Shravan Shah from Dolat Capital Private Limited. Please go ahead.
Hi. Thank you, sir. Ankit sir, can you just repeat the unbilled revenue at console and standalone level which you just mentioned?
Unbilled revenue at standalone basis is INR 1,132 crore, and at consolidated level, it is approximately INR 618 crore.
Okay, got it. Sir, now coming to the question front. The first is, can you explain me if I look at the difference between the Q1, Q2 order book, the difference is INR 750- odd crore versus the INR 2,000 crore revenue that we have booked. So, why is this revenue difference? Now given that in 1H we have already done 45% kind of a growth, INR 4,442 crore. We were looking at just a 15%-20% kind of a growth for this year. So, how now we can look at the growth for full year or maybe the balance second half?
Yeah, sure. Considering the growth which we have witnessed in H1 of this fiscal, we are expecting that the growth would be closer to 20%. For the remaining of the year, approximately INR 5,000 crore worth of revenue we are expecting from all our business units as far as top line is concerned.
Okay.
Now regarding-
Yeah, so not material improvement. Current 1H INR 4,400 crore, so INR 550 -odd crore extra revenue that we are looking at in the second half versus our first half.
Yeah, that is right. But overall, if you compare with the previous year, it will give us the growth of approximately 20%. Earlier from the guidance perspective, we were projecting around 15%, but that we are now kind of increasing marginally closer to 20%.
Going forward, 2028 also this similar 20% kind of a growth one can look at?
Yeah, I mean, see, of course, subject to the order inflows and project executions, we can reasonably target a growth of around 15% in the next fiscal.
[Non-English content] execution point of view [Non-English content]
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Okay. sir, [Non-English content] target we should be able to do it.
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Okay. [Non-English content] HAM projects [Non-English content]
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Ankit sir, [Non-English content]
[Non-English content] as of September 26, around INR 3,100 crore, you know, is the commitment which is required to be infused. [Non-English content]
INR 2,500 crore FY 2028 [Non-English content] we will be putting [Non-English content] half-half kind of a split [Non-English content].
[Non-English content] around [Non-English content] accordingly distribute [Non-English content] depending upon project progresses.
Margin sir [Non-English content]
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[Non-English content] sir, thank you and all the best.
Shravan, also coming back to your question of the order book movement. It is the net impact, you know, of the project which we have added a positive change of scope, escalation and maintenance revenue. That is the net impact of INR 743 crore you see.
Okay, thank you sir.
Thank you. The next question is from the line of Mohit Kumar from ICICI Securities Private Limited. Please go ahead.
Yes Sir, good afternoon and thanks for the opportunity. Sir, [Non-English content] order book sequentially, if I am not wrong, decline [Non-English content] I think [Non-English content] order book [Non-English content]
Order book if you see, you know, consistently we have been maintaining between the range of INR 20,000 crore- INR 24,000 crore and Agra-Gwalior plus other projects where appointed date is awaited, yes, that we reflect separately, you know, as L1 and only after the appointed date it has been included. As of now this Agra-Gwalior has been included, but the other two projects once we receive the appointed date, it will be added.
Sir, last quarter [Non-English content]
[Non-English content] 1st April , 2026 [Non-English content] order book was INR 26,400 crore. As I was mentioning to Shravan also, there it has certain additions also about the positive change of scope etcetera and then the work done. Based on that the closing balance as of September 30 is INR 24,500.
[Non-English content] Is it right to say sir?
[Non-English content], Agra-Gwalior is included in this.
[Non-English content] criteria of net worth, is it possible to share the changes which are made to the net worth criteria under the new HAM and BOT? Net worth criteria.
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and guidelines, okay.
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Sir, [Non-English content] , given the pipeline.
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Last question sir, [Non-English content] pipeline? And given the fact [Non-English content] Can we take the larger size project, bigger size project as you go forward?
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My question is sir [Non-English content] single large project sir, [Non-English content] Is it too early?
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Understood sir. Thank you and all the best sir. Thank you.
Thank you. Just a reminder to all the participants, kindly press star and one on the touch tone telephone for more questions. The next question is from the line of Abhinav Nalawade from ICICI Securities Limited. Please go ahead.
Yeah, sir, thanks for the opportunity. My first question is on the battery project from NTPC which was cancelled during this quarter. So what was the reason behind that? Is there any execution challenge or anything pertaining to a company that has impacted the cancellation?
Yeah, so see the force majeure clause, you know, was activated considering this war situation. The prices, you know, of the battery, you know, have skyrocketed. That is why that particular clause got activated, you know. But currently, we are in discussion with the client and we are keen to complete this project. So we are quite positive, you know, to complete this project, but there are certain terms which are underway discussion. So very soon they will get finalized and accordingly we will inform everyone on the progress of this project.
But this project has been cancelled, right?
The project, I mean, in literal sense has not been cancelled by NTPC, though they have come up with the revised bid, but they are also extending the timeline of the same because of the same fact.
Understood.
Yeah. So it depends upon, you know, how we accept to proceed further on this project.
Understood. Sir, second question, I mean, I am just still on the order book part. If I understand correctly, the Agra-Gwalior project was worth about INR 4,000 crore, right, roughly? That is right, no?
Yeah.
Yeah. If I see the order book, I mean, sequentially as Mohit was also speaking, it has not increased. We have executed about INR 2,000 crore of projects during this quarter, but the order book still has declined, whereas we are adding INR 4,000 crore of new order from that is the Agra-Gwalior project. Just trying to understand the math behind this, if you can help us the granular details, how is the working behind this INR 245 billion worth of order book?
No, no. Agra-Gwalior and other projects have already been added in the order book, but they become executable only after the appointed date. Therefore, as I was mentioning that at the beginning of the year, April 2026, our order book was INR 26,400 crore. Then as of June 30, 2026, it was INR 25,000 crore, and as of September, INR 24,500 crore. This entire trend includes all these three projects when they were awarded. But if you ask for the executable, so executable does not include two projects where the appointed date is awaited.
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Understood.
And also Agra-Gwalior is INR 3,686 crore to be precise, not INR 4,000, [Non-English content]
So, sir, my last question is on the operational HAM projects. Any plans to monetize any of those in the near terms?
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Okay. Thank you, sir. Thank you and all the best.
Thank you. The next question is from the line of Vaibhav Shah from JM Financial Services Limited. Please go ahead.
Yeah. Sir, out of INR 25,000 crore order backlog as of September, what would be the oil and gas order backlog?
The oil and gas order backlog as on date is around INR 300 crore.
What revenue are we targeting from oil and gas for 2027 / 2028?
This year, we are targeting to secure a project of approximately INR 2,000 crore, of which around INR 1,000 crore worth of revenue, you know, we expect in 2027/2028.
Accumulative for the entire year, INR 1,000 crore?
Yes.
What are we doing in the first half?
First half of the next year?
No, this year. Actual oil and gas turnover in first half.
Actual turnover in this first half, one minute, let me share it to you. It was around INR 900 crore.
Okay. Second half only INR 100 crore we are doing?
No, I was talking about the financial year 2027/2028, you asked, no?
Okay, 2028 INR 2,000 crore target.
Yeah, so new order book target is INR 2,000 crore, of which we expect to do INR 1,000 crore in next financial year 2027/2028.
Okay. For FY 2027, the oil and gas turnover?
For FY 2027, the overall oil and gas turnover would remain around INR 1,200 crore.
Next year we are expecting a decline in terms of turnover?
Yeah, it depends upon, you know, the season as well, because the work has to be carefully executed as per the season, the learning of which we have got in this particular project.
Okay. Secondly, working capital has increased significantly in the last couple of quarters. Can you just give a breakup of between the oil and gas receivables and HAM debtors?
Yeah. Total, if you see the receivable, you know, as of September 2026, is around INR 2,600 crore, which includes HAM debtors of INR 1,490 crore and other debtors of INR 1,145 crore. Out of this other INR 1,145 crore, the oil and gas is around INR 740 crore.
Okay. Sir, lastly on Agra-Gwalior, what revenue are we targeting for this year and next year? Given the ADs come up now, we have the entire second half.
Right. Agra-Gwalior, we are targeting a turnover or revenue from this year approximately INR 250 crore.
Next year?
Next year around INR 1,200 crore-INR1,400 crore.
Okay. Thank you, sir. Those are my questions.
Thank you. Ladies and gentlemen, just a reminder. Anyone who wishes to ask a question may press star and one on the touchtone telephone. The next question is from the line of Deepashri Arvind Joshi from Ambit Capital Private Limited. Please go ahead.
Hello?
[Non-English content] , yes ma'am.
You are audible.
Sir, I just wanted to understand, on your EBITDA margin front, there was a 50-60 basis point decline from your 10% target. Could you explain the reasons behind the slight contraction?
So, ma'am, the main reason remains around, you know, 2%-2.5% impact due to the increase in cost of construction, which is driven by due to this war impact and price escalation on oil-related products. But it also, you know, impacts the other supplies like cement and steel also. So, that was the primary reason.
Okay, got it. Could you also provide your Capex guidance for this year and FY 2027 and 2028?
Yeah. So, if you see, you know, in this particular H1, this financial year, already we have done the Capex of INR 83 crore. The guidance for rest of the year shall be, you know, in the range of INR 150 crore more. So, overall between the range of INR 200 crore-INR 250 crore. For the next fiscal year, it would be around the same range of INR 200 crore.
Okay. Thank you, sir.
Thank you. The next question is from the line of Shravan Shah from Dolat Capital Private Limited. Please go ahead.
Sir, [Non-English content] obviously we will be monetizing through the InvIT. [Non-English content] we will be getting the entire cash by this year or partly this year and partly next year?
Yeah, so this monetization will be in the cash only. But see, once this particular financial modeling will get start, then the entire enterprise value need to be assessed. So, if we are able to monetize these five to six projects, let's say by December or January, then hopefully this entire cash shall also come in this year only.
Okay. Yeah. Got it. Yeah. Thank you.
Anyone who wishes to ask a question may press star and one on the touchtone telephone. The next question is from the line of Vasudev from Nuvama Wealth Limited. Please go ahead.
Yeah, thank you for the opportunity. Sir, what is the status of the BharatNet project?
In BharatNet project, there are currently certain challenges regarding the right of way. It is progressing at a bit low pace, I would say. There are discussions which are going on with the relevant stakeholders. We are expecting that somewhere in January, that clearance should come, and then the project will start picking up from there in from quarter four onwards.
Okay. How much dividend or distribution we have received from the InvIT in this quarter?
In this quarter, we have received the total of INR 3.55 per unit, which includes the capital repayment of INR 1.17 per unit in this quarter, against INR 3.25 per unit in quarter two of the last year.
Okay. For full year, how much is the total distribution that you are expecting?
The total distribution, one minute. We are expecting around INR 13 crore-INR 14 crore.
Okay. Sure, sir. That is it from my side. Thank you.
Thank you. The next question is from the line of Sudeep Bora from Ambit Capital Private Limited. Please
Hello, sir. Thanks for the opportunity. My question is on the working capital part. The working capital days has increased predominantly because of the receivables and partly due to inventory. Receivables are higher in your oil and gas segment. Is this the normal payment cycle or are we experiencing some kind of delays from the client side?
No, the increase in working capital is mainly on account of inventory, because if you see, all our projects are getting executed at a decent pace. We have to build up inventory, particularly in the power transmission projects.
Okay. I was going through the presentation, so the receivable days also have increased from 80 to 120 days. It is coming from receivables as well.
Yeah, this is primarily our HAM debtors. If you see our model, this EPC project has been given by SPV to the G R Infraprojects. Because the working capital requirement as such in the G R, we have optimum, therefore we don't realize those debtors from our SPVs. They are getting realized as and when requirement basis. It's the receivable which is lying there, and I need not to draw at this moment.
Okay, agreed. How is the receivables in oil and gas segment?
As I mentioned, our total receivable in the other sector, which is INR 1,145 crore, of which around INR 740 crore pertains to oil and gas.
Okay. What would be the timelines? What would be the receivable days specifically for the oil and gas segment?
Currently, the work is on as the season has started. Phase III of the project has started. Somewhere in March, we are expecting to realize majority of these receivables.
Okay. Is the cycle of six months? Because if I see INR 900 crore of execution was done in oil and gas in first half, and the oil and gas receivables are around INR 740 crore. Is it somewhere around five months, the receivable days for oil and gas?
No, no, see, it depends upon the completion of the entire work because, sir, the billing is on the milestone basis, and accordingly, the collection comes in from the relevant parties. The government will pay to the ONGC will pay to the Mazagon Dock, and then, through the escrow account, it will come to us. That also takes some time.
Okay. But on a blended level, like how many days or months would be the receivable duration specifically for the oil and gas projects?
I think around 90 days to 100 days is the normal period.
Okay. Sure. Thanks. That was from my side.
Thank you, Mr. Bora. Anyone who wishes to ask a question, kindly press star and one on your touchtone telephone.
Sure, yeah. Can I go ahead with a question?
Sure.
Sir, earlier in the call, Ajendra ji, you highlighted about the PSP projects. If you can just help us understand, are we qualified to bid for PSP projects? And typically, what size of PSP projects are you targeting for the order inflows?
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Typically, what size of orders you are looking here, sir?
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Okay. In one of them, you are qualified as a JV, and other one you are directly qualified.
Yeah, [Non-English content]
Typically, the margins here will be in line with our existing margins or will be slightly better given the complexity of the projects?
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You will be entering this segment not as a partner to a utility, but mostly as the EPC partner, right? I mean, there won't be any equity commitment for these projects.
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Okay. Sir, the other question is, given the commodity price increases, the crude has increased, bitumen prices have gone up, cement, other materials have gone up. So, the compensation or the compensation from the customer, is it smooth or you are absorbing the cost and the customer is not fully compensating you for the price increases?
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Thank you, sir. I think those are my questions. I do not see any further questions on the queue. So, I would like to thank the management for giving us the opportunity to host this call. Any final comments you have before we close, Ajendra ji?
Thank you, everyone, for your time and engaging discussion today. The quarter's financial and operational performance is direct reflection of our team's sharp focus on project execution and our disciplined approach to capital management. We remain fully committed to translating this operational excellence into a superior long-term value for our shareholders. Thank you for your continued trust and partnership in building the nation's future. [Non-English content] . Thank you.
Thank you, sir.
Thank you, sir.
Sure, let me close the call.
On behalf of HDFC Securities Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.