G R Infraprojects Limited — PPTs, 15-05-2025: Investor Presentation

1. Financial Highlights:

GR Infraprojects reported standalone income of Rs 2,129 Cr in Q4 FY25, down YoY but up QoQ. EBITDA improved to Rs 348 Cr (17.5% margin) from 12.8% QoQ, while PAT was Rs 371 Cr (18.65% margin), excluding a Rs 32 Cr exceptional gain. Consolidated revenue stood at Rs 2,326 Cr, with EBITDA at Rs 545 Cr (24% margin) and PAT at Rs 403 Cr (17.7%). Annual standalone revenue dropped to Rs 6,516 Cr from Rs 7,788 Cr, with EBITDA margin compressing to 13.9% and PAT declining to Rs 807 Cr due to asset monetization. Net debt-to-equity remains comfortable; cash & investments exceed standalone debt.

2. Strategic Initiatives & Growth Drivers:

Expansion continues via HAM projects with 7 operational assets and a strong Rs 19,180 Cr order book. GR Infraprojects is L1 bidder on Rs 5,166 Cr of projects in roads, railways, and OFC, showing healthy bidding momentum. Vertical integration includes in-house manufacturing of bitumen emulsions, crash barriers, and galvanization units, enhancing cost efficiency and quality. Investments in digital project management and automation are strengthening execution capabilities.

3. Business Developments:

Seven HAM assets were transferred to Indus Infra Trust, optimizing capital deployment. New HAM highways and transmission projects have been appointed, with some starting early FY26. The company also broadened its offerings in railways and metro segments.

4. Market Position & Competitive Advantage:

GR Infraprojects has a diversified footprint across 23 states, leading in HAM road projects. It benefits from a strong workforce (~10,900 employees), a fleet of 8,000+ machines, and multiple manufacturing plants enabling integrated EPC execution. Robust corporate governance, quality certifications, and an experienced board support its competitive edge.

5. Investor Implications:

Strong order backlog and recent project wins underscore positive growth potential. Vertical integration and tech adoption could drive margin expansion. However, revenue decline and margin pressure point to execution and market risks worth watching. Asset monetization boosts near-term cash flow for reinvestment, positioning GR Infraprojects as a key scalable player in infrastructure.