Reported Earnings • Jul 03
Full year 2026 earnings released: EPS: ₹93.32 (vs ₹105 in FY 2025) Full year 2026 results: EPS: ₹93.32 (down from ₹105 in FY 2025). Revenue: ₹84.0b (up 14% from FY 2025). Net income: ₹9.03b (down 11% from FY 2025). Profit margin: 11% (down from 14% in FY 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 12% per year. Announcement • Jun 30
G R Infraprojects Limited, Annual General Meeting, Jul 24, 2026 G R Infraprojects Limited, Annual General Meeting, Jul 24, 2026, at 11:00 Indian Standard Time. Reported Earnings • May 12
Full year 2026 earnings released: EPS: ₹93.31 (vs ₹105 in FY 2025) Full year 2026 results: EPS: ₹93.31 (down from ₹105 in FY 2025). Revenue: ₹85.3b (up 15% from FY 2025). Net income: ₹9.03b (down 11% from FY 2025). Profit margin: 11% (down from 14% in FY 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • May 04
G R Infraprojects Limited to Report Q4, 2026 Results on May 11, 2026 G R Infraprojects Limited announced that they will report Q4, 2026 results on May 11, 2026 Announcement • Feb 13
G R Infraprojects Limited Approves Interim Dividend for the Financial Year 2025-26 G R Infraprojects Limited at its board meeting held on February 13, 2026, approved Interim Dividend of INR 2.50 per equity share of face value of INR 5 per equity share for the Financial Year 2025-26. As intimated in its letter dated 10th February 2026, the record date for the purpose of payment of dividend shall be 19th February 2026, and the interim dividend shall be paid to the eligible shareholders within the stipulated timelines as prescribed under law. New Risk • Feb 11
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 0% Paying a dividend despite having no free cash flows. Earnings are forecast to decline by an average of 0.1% per year for the foreseeable future. Announcement • Feb 11
Indus Infra Trust (NSEI:INDUSINVIT) agreed to acquire GR Ena Kim Expressway Private Limited from G R Infraprojects Limited (NSEI:GRINFRA) for INR 4.5 billion. Indus Infra Trust (NSEI:INDUSINVIT) agreed to acquire GR Ena Kim Expressway Private Limited from G R Infraprojects Limited (NSEI:GRINFRA) for INR 4.5 billion on February 9, 2026. A cash consideration of INR 4.5 billion will be paid by Indus Infra Trust. As part of consideration, INR 4.5 billion is paid towards common equity of GR Ena Kim Expressway Private Limited. The cost of acquisition is subject to closing adjustments on the date of acquisition.
In related transactions Indus Infra Trust agreed to acquire GR Ujjain Badnawar Highway Private Limited and GR Bilaspur Urga Highway Private Limited from G R Infraprojects Limited for INR 4.5 billion.
The completion of acquisition of the GBUHPL will require approval from National Highway Authority of India, approval of Unitholders of Indus Infra Trust and other corporate and statutory approvals, if any. The NHAI approval Lenders’ approval has already been obtained. The deal has been approved by Indus Infra Trust board. Reported Earnings • Feb 07
Third quarter 2026 earnings released: EPS: ₹26.79 (vs ₹27.06 in 3Q 2025) Third quarter 2026 results: EPS: ₹26.79 (down from ₹27.06 in 3Q 2025). Revenue: ₹23.4b (up 38% from 3Q 2025). Net income: ₹2.59b (down 1.0% from 3Q 2025). Profit margin: 11% (down from 15% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 5% per year. Announcement • Feb 07
G R Infraprojects Limited Approves Appointment of Vinod Kumar Agarwal as Chairman Emeritus, Effective 06 February 2026 G R Infraprojects Limited at its board of directors meeting held on February 6, 2026 approved Appointment of Mr. Vinod Kumar Agarwal as Chairman Emeritus of the Company w.e.f. 06 February 2026. Announcement • Jan 30
G R Infraprojects Limited to Report Q3, 2026 Results on Feb 06, 2026 G R Infraprojects Limited announced that they will report Q3, 2026 results at 12:08 PM, Indian Standard Time on Feb 06, 2026 Announcement • Jan 06
G R Infraprojects Limited Announces Resignation of Sibanarayan Nayak as President - Corporate Affairs and Development, Effective December 31, 2025 G R Infraprojects Limited announced that Mr. Sibanarayan Nayak, President- Corporate Affairs and Development, Senior Managerial Personnel (SMP) of the Company, has tendered his resignation via email dated November 2, 2025. The resignation of Mr. Nayak has been accepted, and the effective date of his resignation was December 31, 2025. Mr. Sibanarayan Nayak cited the reason for his resignation as 'To move toward a more relaxed work life, along with pursuing certain social and developmental engagements close to my heart.' At present, Mr. Nayak was handling the Tower Manufacturing Plant and BOP initiatives single-handedly. To ensure business continuity and a seamless transition, Mr. Nayak requested that a suitable person be assigned to work alongside him during the remaining period so that responsibilities can be properly handed over before his relieving. Mr. Nayak plans to engage in social and developmental activities post-resignation. New Risk • Nov 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 0% Paying a dividend despite having no free cash flows. Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. High level of non-cash earnings (22% accrual ratio). Reported Earnings • Nov 11
Second quarter 2026 earnings released: EPS: ₹19.91 (vs ₹19.99 in 2Q 2025) Second quarter 2026 results: EPS: ₹19.91 (down from ₹19.99 in 2Q 2025). Revenue: ₹16.3b (up 17% from 2Q 2025). Net income: ₹1.93b (flat on 2Q 2025). Profit margin: 12% (down from 14% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Nov 04
G R Infraprojects Limited to Report Q2, 2026 Results on Nov 10, 2025 G R Infraprojects Limited announced that they will report Q2, 2026 results on Nov 10, 2025 Announcement • Sep 28
Indus Infra Trust (NSEI:INDUSINVIT) signed a letter of intent to acquire GR Bahadurganj Araria Highway Private Limited from G R Infraprojects Limited (NSEI:GRINFRA). Indus Infra Trust (NSEI:INDUSINVIT) signed a letter of intent to acquire GR Bahadurganj Araria Highway Private Limited from G R Infraprojects Limited (NSEI:GRINFRA) on September 26, 2025.
As of March 31, 2025, GR Bahadurganj Araria Highway Private Limited reported total common equity of INR 384.07 million.
The transaction is subject to approval by regulatory board / committee, approval of merger agreement by target board, definitive agreement and third party approval needed. The deal has been approved by the board of G R Infraprojects Limited. The expected completion of the transaction is on or before November 30, 2025. Announcement • Sep 19
G R Infraprojects Limited Approves Interim Dividend for the Financial Year 2024-25 G R Infraprojects Limited confirm payment of Interim Dividend of INR 12.50 per Equity Share of the face value of INR 5/- each as the final dividend for the Financial Year 2024-25. Announcement • Aug 25
G R Infraprojects Limited, Annual General Meeting, Sep 19, 2025 G R Infraprojects Limited, Annual General Meeting, Sep 19, 2025, at 11:00 Indian Standard Time. Reported Earnings • Aug 02
First quarter 2026 earnings released: EPS: ₹25.23 (vs ₹16.08 in 1Q 2025) First quarter 2026 results: EPS: ₹25.23 (up from ₹16.08 in 1Q 2025). Revenue: ₹20.3b (flat on 1Q 2025). Net income: ₹2.44b (up 57% from 1Q 2025). Profit margin: 12% (up from 7.7% in 1Q 2025). Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 3% per year. Announcement • Jul 28
G R Infraprojects Limited to Report Q1, 2026 Results on Aug 01, 2025 G R Infraprojects Limited announced that they will report Q1, 2026 results on Aug 01, 2025 New Risk • Jul 05
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings are forecast to decline by an average of 4.6% per year for the foreseeable future. High level of non-cash earnings (28% accrual ratio). New Risk • May 22
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 28% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings are forecast to decline by an average of 4.6% per year for the foreseeable future. High level of non-cash earnings (28% accrual ratio). Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹1,208, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 22x in the Construction industry in India. Total loss to shareholders of 14% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹881 per share. Announcement • May 13
G R Infraprojects Limited to Report Q4, 2025 Results on May 15, 2025 G R Infraprojects Limited announced that they will report Q4, 2025 results on May 15, 2025 Buy Or Sell Opportunity • May 05
Now 22% overvalued Over the last 90 days, the stock has fallen 12% to ₹1,072. The fair value is estimated to be ₹878, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.2% over the last 3 years. Earnings per share has grown by 7.9%. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to decline by 30% in the next 2 years. Buy Or Sell Opportunity • Apr 10
Now 20% overvalued Over the last 90 days, the stock has fallen 21% to ₹1,038. The fair value is estimated to be ₹862, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.2% over the last 3 years. Earnings per share has grown by 7.9%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to decline by 29% in the next 2 years. Buy Or Sell Opportunity • Mar 19
Now 25% overvalued Over the last 90 days, the stock has fallen 34% to ₹1,025. The fair value is estimated to be ₹822, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.2% over the last 3 years. Earnings per share has grown by 7.9%. Revenue is forecast to grow by 17% in 2 years. Earnings are forecast to decline by 25% in the next 2 years. Buy Or Sell Opportunity • Mar 01
Now 20% overvalued Over the last 90 days, the stock has fallen 38% to ₹1,006. The fair value is estimated to be ₹838, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.2% over the last 3 years. Earnings per share has grown by 7.9%. Revenue is forecast to grow by 17% in 2 years. Earnings are forecast to decline by 25% in the next 2 years. Reported Earnings • Feb 02
Third quarter 2025 earnings released: EPS: ₹27.06 (vs ₹25.10 in 3Q 2024) Third quarter 2025 results: EPS: ₹27.06 (up from ₹25.10 in 3Q 2024). Revenue: ₹18.0b (down 16% from 3Q 2024). Net income: ₹2.62b (up 7.8% from 3Q 2024). Profit margin: 15% (up from 11% in 3Q 2024). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Jan 28
G R Infraprojects Limited to Report Q3, 2025 Results on Feb 01, 2025 G R Infraprojects Limited announced that they will report Q3, 2025 results at 4:00 PM, Indian Standard Time on Feb 01, 2025 Announcement • Nov 08
G R Infraprojects Limited (NSEI:GRINFRA) agreed to acquire Bijapur REZ Transmission Limited from PFC Consulting Limited. G R Infraprojects Limited (NSEI:GRINFRA) agreed to acquire Bijapur REZ Transmission Limited from PFC Consulting Limited on November 7, 2024. A cash consideration will be paid by G R Infraprojects Limited. As part of consideration, an undisclosed value is paid towards common equity of Bijapur REZ Transmission Limited.
The transaction is subject to approval of offer by acquirer board and consummation of due diligence investigation. The deal has been approved by the board. The expected completion of the transaction is November 7, 2024 to January 31, 2025. New Risk • Nov 08
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 38% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings are forecast to decline by an average of 4.7% per year for the foreseeable future. High level of non-cash earnings (38% accrual ratio). Reported Earnings • Nov 08
Second quarter 2025 earnings released: EPS: ₹19.99 (vs ₹22.45 in 2Q 2024) Second quarter 2025 results: EPS: ₹19.99 (down from ₹22.45 in 2Q 2024). Revenue: ₹14.2b (down 25% from 2Q 2024). Net income: ₹1.93b (down 11% from 2Q 2024). Profit margin: 14% (up from 12% in 2Q 2024). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Oct 31
G R Infraprojects Limited to Report Q2, 2025 Results on Nov 07, 2024 G R Infraprojects Limited announced that they will report Q2, 2025 results on Nov 07, 2024 Announcement • Sep 18
Bharat Highways InvIT acquired GR Aligarh Kanpur Highway Private Limited from G R Infraprojects Limited (NSEI:GRINFRA) for approximately INR 990 million. Bharat Highways InvIT agreed to acquire GR Aligarh Kanpur Highway Private Limited from G R Infraprojects Limited (NSEI:GRINFRA) for approximately INR 990 million on September 2, 2024. Bharat Highways InvIT entered into Share Purchase Agreement to acquire GR Aligarh Kanpur Highway Private Limited from G R Infraprojects Limited (NSEI:GRINFRA) for approximately INR 990 million on September 13, 2024. As of March 31, 2024, GR Aligarh Kanpur Highway Private Limited reported income of INR 1.8 billion and net worth of INR 1.6 billion. The deal has been approved by board of directors of G R Infraprojects Limited, and is expected to be completed by October 31, 2024.
Bharat Highways InvIT completed the acquisition of GR Aligarh Kanpur Highway Private Limited from G R Infraprojects Limited (NSEI:GRINFRA) on September 17, 2024. Announcement • Sep 04
Bharat Highways InvIT agreed to acquire GR Aligarh Kanpur Highway Private Limited from G R Infraprojects Limited (NSEI:GRINFRA). Bharat Highways InvIT agreed to acquire GR Aligarh Kanpur Highway Private Limited from G R Infraprojects Limited (NSEI:GRINFRA) on September 2, 2024. As of March 31, 2024, GR Aligarh Kanpur Highway Private Limited reported income of INR 1.8 billion and net worth of INR 1.6 billion. The deal has been approved by board of directors of G R Infraprojects Limited, and is expected to be completed by October 31, 2024. Announcement • Aug 16
G R Infraprojects Limited, Annual General Meeting, Sep 10, 2024 G R Infraprojects Limited, Annual General Meeting, Sep 10, 2024, at 14:00 Indian Standard Time. Reported Earnings • Aug 02
First quarter 2025 earnings released: EPS: ₹16.08 (vs ₹32.05 in 1Q 2024) First quarter 2025 results: EPS: ₹16.08 (down from ₹32.05 in 1Q 2024). Revenue: ₹20.5b (down 17% from 1Q 2024). Net income: ₹1.55b (down 50% from 1Q 2024). Profit margin: 7.6% (down from 13% in 1Q 2024). Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Jul 26
G R Infraprojects Limited to Report Q1, 2025 Results on Aug 01, 2024 G R Infraprojects Limited announced that they will report Q1, 2025 results on Aug 01, 2024 Price Target Changed • Jun 04
Price target increased by 13% to ₹1,439 Up from ₹1,279, the current price target is an average from 12 analysts. New target price is approximately in line with last closing price of ₹1,500. Stock is up 18% over the past year. The company is forecast to post earnings per share of ₹69.92 for next year compared to ₹137 last year. Board Change • Jun 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. Non-Executive & Independent Director Rajan Malhotra was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • May 25
G R Infraprojects Limited to Report Q4, 2024 Results on May 29, 2024 G R Infraprojects Limited announced that they will report Q4, 2024 results on May 29, 2024 Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹1,534, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 20x in the Construction industry in India. Total returns to shareholders of 42% over the past year. Reported Earnings • Feb 13
Third quarter 2024 earnings released: EPS: ₹25.10 (vs ₹33.47 in 3Q 2023) Third quarter 2024 results: EPS: ₹25.10 (down from ₹33.47 in 3Q 2023). Revenue: ₹21.6b (down 1.5% from 3Q 2023). Net income: ₹2.43b (down 25% from 3Q 2023). Profit margin: 11% (down from 15% in 3Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Construction industry in India. Announcement • Feb 06
G R Infraprojects Limited to Report Q3, 2024 Results on Feb 12, 2024 G R Infraprojects Limited announced that they will report Q3, 2024 results on Feb 12, 2024 Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹1,212, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 18x in the Construction industry in India. Negligible returns to shareholders over past year. Price Target Changed • Nov 15
Price target decreased by 8.8% to ₹1,335 Down from ₹1,464, the current price target is an average from 12 analysts. New target price is 21% above last closing price of ₹1,101. Stock is down 5.2% over the past year. The company is forecast to post earnings per share of ₹73.03 for next year compared to ₹150 last year. Reported Earnings • Nov 10
Second quarter 2024 earnings released: EPS: ₹22.45 (vs ₹34.77 in 2Q 2023) Second quarter 2024 results: EPS: ₹22.45 (down from ₹34.77 in 2Q 2023). Revenue: ₹19.1b (down 11% from 2Q 2023). Net income: ₹2.17b (down 35% from 2Q 2023). Profit margin: 11% (down from 16% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Construction industry in India. Announcement • Nov 04
G R Infraprojects Limited to Report Q2, 2024 Results on Nov 09, 2023 G R Infraprojects Limited announced that they will report Q2, 2024 results on Nov 09, 2023 Announcement • Sep 02
G R Infraprojects Limited, Annual General Meeting, Sep 26, 2023 G R Infraprojects Limited, Annual General Meeting, Sep 26, 2023, at 14:00 Indian Standard Time. Agenda: To receive, consider and adopt the Audited Standalone & Consolidated Financial Statements of the Company for the Financial Year ended 31 March 2023 together with the Report of Auditors and Directors thereon; to appoint a Director in place of Mr. Vinod Kumar Agarwal who retires by rotation and being eligible, offers himself for reappointment; to consider ratification of Remuneration of Cost Auditors for the Financial Year 2023-2024; to consider re-appointment of Mr. Ajendra Kumar Agarwal as a Managing Director; to consider re-appointment of Mr. Vinod Kumar Agarwal as a Chairman & Wholetime Director; and to consider other matters. Reported Earnings • Aug 11
First quarter 2024 earnings released: EPS: ₹32.05 (vs ₹41.87 in 1Q 2023) First quarter 2024 results: EPS: ₹32.05 (down from ₹41.87 in 1Q 2023). Revenue: ₹25.0b (down 7.2% from 1Q 2023). Net income: ₹3.10b (down 24% from 1Q 2023). Profit margin: 12% (down from 15% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Construction industry in India. Announcement • Aug 04
G R Infraprojects Limited to Report Q1, 2024 Results on Aug 10, 2023 G R Infraprojects Limited announced that they will report Q1, 2024 results on Aug 10, 2023 Reported Earnings • May 19
Full year 2023 earnings released: EPS: ₹150 (vs ₹86.04 in FY 2022) Full year 2023 results: EPS: ₹150 (up from ₹86.04 in FY 2022). Revenue: ₹95.7b (up 13% from FY 2022). Net income: ₹14.5b (up 75% from FY 2022). Profit margin: 15% (up from 9.8% in FY 2022). The increase in margin was driven by higher revenue. Reported Earnings • Feb 14
Third quarter 2023 earnings released: EPS: ₹33.47 (vs ₹15.05 in 3Q 2022) Third quarter 2023 results: EPS: ₹33.47 (up from ₹15.05 in 3Q 2022). Revenue: ₹22.1b (up 12% from 3Q 2022). Net income: ₹3.24b (up 123% from 3Q 2022). Profit margin: 15% (up from 7.3% in 3Q 2022). The increase in margin was driven by higher revenue. Announcement • Feb 07
G R Infraprojects Limited to Report Q3, 2023 Results on Feb 13, 2023 G R Infraprojects Limited announced that they will report Q3, 2023 results on Feb 13, 2023 Announcement • Dec 23
India Grid Trust (BSE:540565) signed framework agreement to acquire Rajgarh Transmission Limited from G R Infraprojects Limited (BSE:543317). India Grid Trust (BSE:540565) signed framework agreement to acquire Rajgarh Transmission Limited from G R Infraprojects Limited (BSE:543317) on December 21, 2022. The consideration to be paid in cash. The deal value to be finalized as on the Acquisition Date, subject to certain assumptions, working capital, cash and other adjustments as specified in the term sheet and definitive agreements to be entered into between the parties. The transaction is based on governmental, regulatory or any other approvals to be obtained for the aforesaid acquisition. IndiGrid to acquire in one or more tranches 100% shareholding and management control in RTL subject to the terms of definitive agreements and requisite regulatory approvals. Along with this both India Grid and G R Infraprojects signed MOU, jointly bid for identified TBCB (Tariff Based Competitive Bidding) transmission projects aggregating to approximately INR 50 Billion. Ministry of Power has recently unveiled a plan for investment of INR 2500 billion in building transmission infrastructure for meeting the vision of 500 GW of renewable energy capacity by 2030 to meet its energy transition goal. Announcement • Dec 13
Lokesh Builders Private Limited entered into Share Purchase Agreement to acquire Gr Highways Investment Manager Private Limited from G R Infraprojects Limited (BSE:543317) and its nominee for INR 150 million. Lokesh Builders Private Limited entered into Share Purchase Agreement to acquire Gr Highways Investment Manager Private Limited from G R Infraprojects Limited (BSE:543317) and its nominee for INR 150 million on December 12, 2022. G R Infraprojects Limited, together with its nominee, is holding 1,50,00,000 equity shares. The Board also noted resignation of Mr. Ramesh Chandra Jain from the designation of Whole Time Director. After the completion of transaction Gr Highways Investment Manager Private Limited ceased to be subsidiary of G R Infraprojects Limited (BSE:543317). The transaction is expected to complete on or before December 31, 2022. Announcement • Dec 01
G R Infraprojects Limited Announces the Resignation of Ramesh Chandra Jain as Wholetime Director of the Company G R Infraprojects Limited announced the Resignation of Mr. Ramesh Chandra Jain as Wholetime Director of the Company, with effect from closing hours of 30th November 2022. However, Mr. Ramesh Chandra Jain will continue to serve the Company in other official capacity with effect from 1st December 2022. Price Target Changed • Nov 16
Price target decreased to ₹1,494 Down from ₹1,609, the current price target is an average from 13 analysts. New target price is 29% above last closing price of ₹1,162. Stock is down 42% over the past year. The company posted earnings per share of ₹86.04 last year. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Additional Non-Executive & Independent Director Rajan Malhotra was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Second quarter 2023 earnings released: EPS: ₹34.77 (vs ₹19.51 in 2Q 2022) Second quarter 2023 results: EPS: ₹34.77 (up from ₹19.51 in 2Q 2022). Revenue: ₹21.6b (up 15% from 2Q 2022). Net income: ₹3.36b (up 78% from 2Q 2022). Profit margin: 16% (up from 10.0% in 2Q 2022). The increase in margin was driven by higher revenue. Announcement • Nov 02
G R Infraprojects Limited to Report Q2, 2023 Results on Nov 10, 2022 G R Infraprojects Limited announced that they will report Q2, 2023 results on Nov 10, 2022 Recent Insider Transactions • Sep 20
Insider recently sold ₹1.4b worth of stock On the 16th of September, Laxmi Agarwal sold around 1m shares on-market at roughly ₹1,310 per share. This transaction amounted to 34% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹8.6b more than they bought in the last 12 months. Announcement • Aug 03
G R Infraprojects Limited to Report Q1, 2023 Results on Aug 09, 2022 G R Infraprojects Limited announced that they will report Q1, 2023 results on Aug 09, 2022 Reported Earnings • Aug 01
Full year 2022 earnings released: EPS: ₹86.04 (vs ₹98.48 in FY 2021) Full year 2022 results: EPS: ₹86.04 (down from ₹98.48 in FY 2021). Revenue: ₹84.6b (up 7.8% from FY 2021). Net income: ₹8.32b (down 13% from FY 2021). Profit margin: 9.8% (down from 12% in FY 2021). The decrease in margin was driven by higher expenses. Announcement • Jul 30
G R Infraprojects Limited, Annual General Meeting, Aug 25, 2022 G R Infraprojects Limited, Annual General Meeting, Aug 25, 2022, at 15:00 Indian Standard Time. Agenda: To receive, consider and adopt the audited standalone & consolidated financial statements of the company for the financial year ended 31st March 2022 together with the report of auditors and Directors thereon; to appoint a Director in place of Mr. Ramesh Chandra Jain (DIN: 09069250) who retires by rotation and being eligible, offers himself for reappointment; to appoint a Director in place of Mr. Vikas Agarwal (DIN: 03113689) who retires by rotation and being eligible, offers himself for reappointment; to consider ratification of remuneration of Cost auditors for the financial year 2022-23; and to consider other matters. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₹1,152, the stock trades at a trailing P/E ratio of 13.4x. Average trailing P/E is 18x in the Construction industry in India. Announcement • May 31
G R Infraprojects Limited (BSE:543317) completed the acquisition of Rajgarh Transmission Limited from REC Limited (NSEI:RECLTD). G R Infraprojects Limited (BSE:543317) entered into agreement to acquire Rajgarh Transmission Limited from REC Limited (NSEI:RECLTD) on April 27, 2022. Board of Directors of REC Limited, in its meeting held on April 27, 2022, interalia also approved sale and transfer of Rajgarh Transmission Limited to M i s G R Infraprojects Limited, the successful bidder selected through Tariff Based Competitive Bidding process. The process for sale and transfer of the said SPY to the successful bidder IS expected to complete in the financial year 2022-23.
G R Infraprojects Limited (BSE:543317) completed the acquisition of Rajgarh Transmission Limited from REC Limited (NSEI:RECLTD) on May 30, 2022. Reported Earnings • May 31
Full year 2022 earnings released: EPS: ₹86.04 (vs ₹98.48 in FY 2021) Full year 2022 results: EPS: ₹86.04 (down from ₹98.48 in FY 2021). Revenue: ₹84.6b (up 7.8% from FY 2021). Net income: ₹8.32b (down 13% from FY 2021). Profit margin: 9.8% (down from 12% in FY 2021). The decrease in margin was driven by higher expenses. Announcement • May 20
G R Infraprojects Limited to Report Q4, 2022 Results on May 27, 2022 G R Infraprojects Limited announced that they will report Q4, 2022 results on May 27, 2022 Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive & Independent Director Desh Dogra was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₹1,382, the stock trades at a trailing P/E ratio of 16.5x. Average trailing P/E is 19x in the Construction industry in India. Reported Earnings • Feb 13
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹15.05 (down from ₹26.08 in 3Q 2021). Revenue: ₹19.8b (down 28% from 3Q 2021). Net income: ₹1.45b (down 43% from 3Q 2021). Profit margin: 7.3% (down from 9.2% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Announcement • Feb 04
G R Infraprojects Limited to Report Q3, 2022 Results on Feb 10, 2022 G R Infraprojects Limited announced that they will report Q3, 2022 results on Feb 10, 2022 Announcement • Dec 21
Liberty Worldwide FZE agreed to acquire GR Building and Construction Nigeria Limited and G R Infrastructure Limited from G R Infraprojects Limited (BSE:543317) for $0.04 million. Liberty Worldwide FZE agreed to acquire GR Building and Construction Nigeria Limited and G R Infrastructure Limited from G R Infraprojects Limited (BSE:543317) for $0.04 million on December 19, 2021. Therefore, upon completion of the aforesaid transfer, GRBC & GRIL(N} would cease to be subsidiaries of the Company. The closing of the transaction would take place on December 30, 2021. Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment improved over the past week After last week's 23% share price gain to ₹1,949, the stock trades at a trailing P/E ratio of 17.6x. Average trailing P/E is 18x in the Construction industry in India. 
