Synopsis: With the Stock currently trading at a PE of 8 significantly below its industry average, surged by 5 percent after emerging as L1 bidder for Rs 2,440 crore National Highways Authority of India project in Bihar under HAM model.
A small-cap stock in the business of infrastructure EPC, including roads and highways, has emerged as L1 bidder for a Rs 2,440 crore project in Bihar under the National Highways Authority of India. The company holds an order book of Rs 20,255 crore, with NHAI contributing 52 percent of total projects.
With a market cap of about Rs 9,000 Cr, G R Infraprojects Ltd saw its stock hit an intraday high of Rs 974 which is 5 percent higher than the previous close of Rs 927. The company stock is trading at a PE of 8 which is significantly lower than the industry average of 15
News
On 18th March, G R Infraprojects Ltd announced that the Company has emerged as the L-1 bidder for a major INR 2,440.87 crore NHAI project in Bihar. This Hybrid Annuity Mode (HAM) project involves constructing a 4-lane Greenfield section of NH-33 from Mokama to Munger. The completion period is 910 days.
The Order Book
As of Q3FY26, G R Infraprojects boasts a robust order book of Rs 20,255 crore. Including other L1 bidder projects of Rs 4,710 crore the total visibility extends to over Rs 24,965 crore.
The order book has a project mix with Road at 62 percent, Transmission at 12 percent,Telecom at 6 percent, Railway and metro at 5 percent and Multi-Modal Logistics Parks (MMLP), at 4 percent. This leaves 11 percent which is for other types of projects.
The top three singular clients driving this growth are the National Highways Authority of India (NHAI) dominating 52 percent of order book, the Maharashtra State Road Development Corporation at 8 percent, and National Hydroelectric Power Corporation Limited at 6 percent.
Geographically, the top states are Madhya Pradesh at 30 percent, Maharashtra at 21 percent, Karnataka at 10 percent and Uttar Pradesh at 9 percent, these states are followed by Gujarat and Bihar.
Business & Financial Overview
G R Infraprojects Ltd (GRIL) is a leading Indian infrastructure company specialized in the Engineering, Procurement, and Construction (EPC) of highways, bridges, and railways. Established in 1995, it maintains a robust in-house integrated model, managing projects from design to completion with a massive fleet of 8,000+ construction equipment.
The company’s diverse client base primarily includes government-led entities like the National Highways Authority of India (NHAI) and the Ministry of Road Transport and Highways (MoRTH). Other key clients include National Highways and Infrastructure Development Corporation (NHIDCL), West Central Railway, and various state-level Public Works Departments (PWDs) across 15 states.
In the latest quarter the company saw a YoY revenue growth of 36 percent, going from Rs 1,694 Cr in Q3FY25 to Rs 2,308 Cr in Q3FY26, while the QoQ went up by 44 percent from Rs 1,602 Cr in Q2FY26. The YoY Net Profits fell by 1.5 percent, going from Rs 263 Cr in Q3FY25 to Rs 259 Cr in Q3FY26, while the QoQ growth stood at 36 percent from Rs 190 Cr in Q2FY26.
The company has a 3 year sales CAGR of negative 4 percent, while the TTM is at 7 percent. The company’s 3 year profit CAGR is at 6 percent, while the TTM number is at 14 percent. The company also has a ROCE of 14 percent and a ROE of 12 percent.
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