Synopsis: A highway infrastructure firm’s subsidiary signs a concession agreement with NHAI for a ₹1,453 crore project in Gujarat, adding to a record-high order book of over ₹26,000 crore.
India’s road infrastructure push continues to open large opportunities for highway builders. One such company has seen its order pipeline swell to an all-time high, even as full-year revenue crossed ₹7,600 crore. With a freshly signed concession agreement now adding over ₹1,400 crore to its backlog, the company enters the new financial year with strong execution visibility and a near-debt-free balance sheet.
With a market cap of Rs. 9,027 Crore, the shares G R Infraprojects Ltd. are trading at a price of Rs.941.5 per share i.e. 0.7% up from its previous closing price of Rs.934.9. It currently trades at a P/E of 10.4.
What’s the News
G R Infraprojects Limited’s wholly owned subsidiary, Nasarpore Malotha Highway Private Limited, signed a concession agreement with the National Highways Authority of India for a ₹1,453.57 crore project (excluding GST) in Gujarat. The project involves upgrading a 60.21-km stretch of NH-56 from Nasarpore Village in Umarpada Taluka to Malotha Village in Vyara Taluka – widening it from two lanes to a four-lane divided carriageway.
The work will be executed under the Hybrid Annuity Mode (HAM) with a completion period of 910 days from the appointed date.
Record Order Book and Revenue Growth
The new project adds to an already robust pipeline. As of 31st March 2026, the company’s total order book stood at ₹26,471.50 crore (excluding GST), the highest in its history and up sharply from ₹19,179.90 crore a year earlier. NHAI accounts for 62% of the order book by client, with roads making up 69% of the project mix. On the revenue front, standalone revenue from operations for FY26 came in at ₹7,620.22 crore, up from ₹6,515.57 crore in FY25 – a healthy 16.96% year-on-year jump.
Margin Pressure but Steady Profitability
While topline growth remained solid, margins came under pressure in FY26. Consolidated EBITDA for the full year stood at ₹1,621.66 crore, with the EBITDA margin declining to 19.31% from 22.13% in FY25. The adjusted EBITDA margin for FY26 was 19.46%. In Q4 FY26, consolidated EBITDA stood at ₹368.41 crore, down 32.44% year-on-year, with the EBITDA margin contracting to 14.73% from 23.96% in Q4 FY25. Consolidated PAT for FY26 came in at ₹902.58 crore against ₹1,015.40 crore in FY25, with the PAT margin at 10.75%.
Strong Balance Sheet
The company has continued to deleverage its balance sheet. Standalone net debt to equity stood at just 0.03x as of March 2026, down from 0.06x a year ago. Net debt to EBITDA also improved meaningfully to 0.18x from 0.35x in FY25. Consolidated total debt as of March 2026 was ₹429.19 crore, while cash and bank balances were ₹1,212 crore.
About the Company
G R Infraprojects Limited is an integrated EPC company with over 28 years of track record in infrastructure construction. It operates across highways, tunnels, railways, ropeways, power transmission, telecom, and logistics infra. The company is present in 24 states, employs around 9,982 people, and holds CRISIL AA (Stable) and CARE AA+ (Stable) credit ratings.
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