G R Infraprojects Ltd. (GRINFRA) AI Stock Analysis

• Market Cap: ₹89.34B
• Dividend Yield: 1.2%
• Average Volume (3M): 16.92K
• Price to Earnings (P/E): 9.3
• Beta (1Y): 0.96
• Revenue Growth: -6.01%
• EPS Growth: -3.81%
• Country: IN
• Employees: 14,421
• Sector: Services
• Sector Strength: N/A
• Industry: Engineering & Construction
• EPS (TTM): 24.00
• Shares Outstanding: 96,760,530
• 10 Day Avg. Volume: 4,810
• 30 Day Avg. Volume: 16,923
• PEG Ratio: -0.43
• Price to Book (P/B): 1.19
• Price to Sales (P/S): 1.37
• P/FCF Ratio: -4.64
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹1,540.00
• Price Target Upside: 60.98% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 82.76
• Revenue Forecast (FY): ₹76.24B

• Rating: 60 Neutral
• Price Target: ₹969.00 ▲(1.29% Upside)
• Action: Reiterated Date: 11/14/25
• Date: Action: Reiterated 11/14/25

The overall stock score of 60 reflects stable financial performance and attractive valuation, offset by bearish technical indicators. The company's operational efficiency and undervaluation are strengths, but declining revenue and negative cash flow are significant risks.

Positive Factors

Reduced Financial Leverage

A falling debt-to-equity ratio lowers interest burden and increases financial flexibility, enabling the company to bid for new EPC projects, absorb timing shocks on large contracts, and reduce refinancing risk. This stronger capital structure supports medium-term operational stability.

Improving Return on Equity

Rising ROE signals the business is generating higher returns on shareholder capital via better project selection, pricing and execution. Sustained ROE improvement indicates increased capital efficiency and a durable enhancement in profitability quality across project cycles.

Stable and Solid Margins

Consistent gross/net and solid EBIT/EBITDA margins reflect effective cost control, procurement scale and project execution capability. In an EPC model, margin resilience is a lasting competitive advantage that supports earnings stability even if top-line growth weakens.

Negative Factors

Negative Free Cash Flow

Persistent negative free cash flow and weak operating-cash-to-income conversion mean reported profits are not translating into cash. This creates structural reliance on external financing, limiting capacity for capex, equipment refresh and buffering against project payment delays over the medium term.

Declining Revenue Trend

A multi-year revenue decline erodes scale, reduces leverage with suppliers, and raises per-project fixed-cost absorption. Continued contraction risks backlog shrinkage and margin pressure, weakening the company’s competitive position and growth momentum over the next several quarters.

Working-capital and Collections Exposure

EPC margins and cash generation depend on prompt certification and collections; government or counterparty delays and long retention cycles are structural liquidity risks. This exposure raises working-capital needs and can persist across project timelines, stressing cash flows.

G R Infraprojects Ltd. Business Overview & Revenue Model

Company Description

G R Infraprojects Limited, through its subsidiaries, provides engineering, procurement, and construction services for roads and highway projects in India and internationally. It operates through Engineering Procurement and Construction; Built, Operate and Transfer Projects; and Others segments. The company constructs state and national highways, bridges, culverts, flyovers, airport runways, tunnels, and rail over bridges. It also offers a range of services on a turnkey basis in railway infrastructure projects, such as civil infrastructures, including earthworks, bridges, station buildings, and facilities; new track laying & rehabilitation of existing tracks; railway electrification and power systems; and signaling & telecommunication services. In addition, the company designs, engineering, procures, fabricates, erects, installs, and commissions power transmission lines. Further, it manufactures thermoplastic road-marking paints and road signage; and fabricates and galvanizes metal crash barriers, as well as processes bitumen. The company was formerly known as G.R. Agarwal Builders and Developers Limited and changed its name to G R Infraprojects Limited in August 2007. G R Infraprojects Limited was incorporated in 1995 and is headquartered in Udaipur, India.

How the Company Makes Money

GRINFRA primarily makes money by executing infrastructure construction contracts. Its core revenue stream is EPC/contract revenue earned from government and public-sector awarding authorities (and, where applicable, private-sector counterparties) for building roads, highways, and related civil infrastructure; revenue is generally recognized based on project progress/milestones as work is performed. The company typically generates earnings through (i) contract receipts that cover costs plus an embedded margin for project execution, (ii) variation orders and change-in-scope items where contract terms allow additional billing, and (iii) claims/escalation mechanisms when provided for in contracts (e.g., for specified cost increases or delays), if successfully realized. In addition, where the company participates in PPP/HAM/BOT-style concessions, it can earn income linked to those concession arrangements (such as annuity payments and/or toll-related receipts, depending on the specific model) and may also benefit from construction-margin earnings on the initial build portion of such projects. Other contributing factors to profitability typically include effective project delivery (cost and time control), equipment utilization, procurement efficiencies, and working-capital management (e.g., timely certification and collection of bills, management of retention and advances). Specific major partnerships, customer concentration details, or project-wise revenue split: null.

G R Infraprojects Ltd. Financial Statement Overview

Summary

G R Infraprojects Ltd. shows stable profitability and a strong equity position, but faces challenges with revenue growth and cash flow management. Operational efficiency is commendable, but declining revenue and negative free cash flow are concerns.

Income Statement

G R Infraprojects Ltd. has shown moderate income statement performance. The gross profit margin and net profit margin have been relatively stable, indicating a consistent ability to manage costs. However, there has been a declining trend in revenue over the last two years, which is concerning. The EBIT and EBITDA margins remain solid, reflecting operational efficiency.

Balance Sheet

The company maintains a reasonably strong balance sheet with a healthy equity base. The debt-to-equity ratio has been decreasing, indicating reduced financial leverage, which is a positive sign. The return on equity has been improving, suggesting better profitability relative to shareholder investment. However, the equity ratio, while stable, suggests moderate reliance on debt financing.

Cash Flow

Cash flow analysis reveals some challenges, as the company has consistently reported negative free cash flow. The operating cash flow to net income ratio is concerning, indicating issues in converting reported profits into cash. The company needs to address its cash flow management, despite a positive trend in financing cash inflow.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	75.60B	73.95B	89.80B	94.82B	84.58B	78.44B
Gross Profit	25.59B	24.48B	30.43B	33.81B	24.83B	24.33B
EBITDA	21.33B	20.29B	25.24B	26.23B	18.01B	18.95B
Net Income	11.02B	10.14B	13.24B	14.54B	8.32B	9.55B
Balance Sheet
Total Assets	163.31B	149.29B	129.42B	137.60B	116.73B	100.91B
Cash, Cash Equivalents and Short-Term Investments	17.20B	16.90B	6.90B	4.20B	6.09B	4.96B
Total Debt	55.92B	49.71B	38.17B	56.97B	52.82B	45.25B
Total Liabilities	73.89B	64.26B	53.39B	74.95B	68.62B	61.10B
Stockholders Equity	89.33B	84.92B	75.92B	62.65B	48.11B	39.81B
Cash Flow
Free Cash Flow	3.32B	-21.87B	-17.11B	-6.61B	-2.68B	-9.73B
Operating Cash Flow	4.07B	-20.32B	-15.92B	-3.63B	1.66B	-4.57B
Investing Cash Flow	-4.47B	4.33B	9.48B	-88.48M	-2.57B	-7.35B
Financing Cash Flow	-3.04B	17.24B	11.20B	-203.37M	3.11B	9.72B

G R Infraprojects Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 956.65
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:GRINFRA, the sentiment is Negative. The current price of 956.65 is above the 20-day moving average (MA) of 955.09, above the 50-day MA of 955.87, and below the 200-day MA of 1146.90, indicating a bearish trend. The MACD of -13.15 indicates Positive momentum. The RSI at 39.05 is Neutral, neither overbought nor oversold. The STOCH value of 28.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:GRINFRA.

G R Infraprojects Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JKIL	67 Neutral	₹37.41B	13.34	―	0.67%	13.96%	12.91%
POWERMECH	61 Neutral	₹62.84B	19.27	―	0.05%	28.54%	19.19%
GRINFRA	60 Neutral	₹89.34B	9.32	―	1.20%	-6.01%	-3.81%
DBL	60 Neutral	₹71.48B	2.45	―	0.21%	-13.57%	40.24%
HGINFRA	60 Neutral	₹31.77B	13.05	―	0.25%	-8.92%	-22.83%
PNCINFRA	57 Neutral	₹49.46B	21.04	―	0.23%	-30.54%	-35.13%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%

G R Infraprojects Ltd. Corporate Events

G R Infraprojects Emerges L-1 Bidder for Rs 487.78 Crore NTPC BESS EPC Project

G R Infraprojects Limited has emerged as the lowest (L-1) bidder for a major EPC contract from NTPC Limited for implementation of a Battery Energy Storage System (BESS) at Mouda Super Thermal Power Station under Lot-1, with a contract value of approximately Rs 487.78 crore and a completion timeline of 15 months. The win, subject to final award, underscores the company’s growing participation in energy infrastructure and grid modernization projects, potentially strengthening its order book, diversifying its portfolio beyond traditional road projects, and reinforcing its positioning in the evolving power sector infrastructure space.

G R Infraprojects Nears Full Completion of Rs 1,527 Crore Bilaspur–Urga Highway Project

G R Infraprojects Limited announced that its wholly owned subsidiary, GR Bilaspur Urga Highway Private Limited, has received Provisional Completion Certificate–II for an additional 13.895 km of the Bilaspur–Urga section of NH-130A in Chhattisgarh, taking the total provisionally completed project length to 69.015 km out of 70.200 km. The 4-laning project, part of the Bharatmala Pariyojana’s Raipur–Dhanbad Economic Corridor and executed on a Hybrid Annuity Mode with a bid project cost of Rs 1,527 crore, has been declared fit for commercial operations with effect from June 30, 2025, marking a significant milestone that advances the company’s project execution track record in national highway development and supports its revenue visibility from annuity-based road assets.

G R Infraprojects Sells Highway Subsidiary GR Bahadurganj Araria to Indus Infra Trust

G R Infraprojects Limited has completed the sale and transfer of its wholly owned subsidiary, GR Bahadurganj Araria Highway Private Limited, to Indus Infra Trust after receiving the agreed consideration of about Rs 59.87 crore, effective 30 December 2025. Following this transaction, the highway project unit, which contributed 3.14% to consolidated income and 0.45% to consolidated net worth in FY 2024-25 and was not classified as a material subsidiary, ceases to be a wholly owned subsidiary, indicating a continued strategy of asset monetisation and portfolio rebalancing through related-party, arm’s-length deals in line with disclosure regulations.