Synopsis: Infra stock rises 3% after winning the ₹1,453.57 crore NH-56 upgrade in Gujarat (HAM, 910 days) and a ₹413.37 crore NTPC EPC contract for BESS at Mouda STPS, covering supply, services, and full-life maintenance in 15 months.
The shares of the Small-cap, specializing in the design, development, and maintenance of highways, bridges, and tunnels, are in focus after securing massive orders worth more than Rs. 1,850 Crores from NTPC & NHAI.
With a market capitalization of Rs. 7,859.86 Crores on the Day’s Trade, the shares of G R Infraprojects Ltd rose by 3.2 percent, reaching a high of Rs. 832.45 compared to its previous close of Rs. 805.95.
What Happened
G R Infraprojects Limited has emerged as the L-1 bidder for the upgradation of a 60.21 km stretch of NH-56 in Gujarat, from Nasarpore Village in Umarpada Taluka to Malotha Village in Vyara Taluka. The project, awarded on Hybrid Annuity Mode (HAM), has a contract value of Rs. 1,453.57 crore and a completion timeline of 910 days from the appointed date.
It has also received the Notification of Award dated 28th March 2026 from NTPC Limited for the “EPC Package for BESS Implementation at NTPC Thermal Power Stations (Lot-1); Mouda Super Thermal Power Station (Mouda).”
The contract, valued at Rs. 413.37 crore, is on an EPC basis for implementing Battery Energy Storage Systems at Mouda STPS, including supply, services, and comprehensive annual maintenance for the entire design life of the BESS system, to be completed within 15 months from the appointed date.
Financials & Others
The company’s revenue rose by 36.22 percent from Rs. 1,694 crores in December 2024 to Rs. 2,308 crores in December 2025. Meanwhile, Net profit declined from Rs. 263 crores to Rs. 259 crores in the same period.
The company is generating a return on capital employed (ROCE) of 14% and a return on equity (ROE) of 12.2%, showing it earns solid returns on both its total capital and shareholders’ equity. Its debt-to-equity ratio is 0.63, indicating a moderate level of debt and a relatively balanced capital structure.
The stock looks undervalued compared to the industry, with a price-to-earnings (P/E) ratio of 7.35 versus the industry average of 15.0. It is also trading at just above its book value (1.06 times), suggesting investors are paying near the company’s net asset value, which could indicate growth potential.
As of 31st December 2025, the company has a robust order book of Rs. 2,02,548 Mn. Additionally, it has been declared L1 for three road projects worth Rs. 47,100 Mn, which, if considered, would raise the total order book to Rs. 2,49,648 Mn.
The order book is well-diversified across clients, with NHAI contributing 52%, others accounting for 30%, MSRDCL at 8%, NHPC at 6%, and NHLML at 4%, reflecting a balanced mix of government and private sector projects.
The company has a set of key clients that includes NHAI, MoRTH, MSRDC, Maha Metro, NHIDCL, UPEIDA, NHLML, East Coast Railway, PWD Rajasthan, NHPC, BSNL, Rail Vikas Nigam, Bihar State Road Development Corporation, NTPC, Bangalore Metro, REC Power Development and others.
G R Infraprojects Ltd is a major Indian infrastructure and construction company, incorporated in December 1995 and headquartered in Udaipur, India. It specialises in engineering, procurement, and construction (EPC) services across a wide range of infrastructure sectors, including roads and highways, bridges, tunnels, airport runways, railways and metro projects, power transmission, and multimodal logistics parks.
The company also develops and operates road projects under Build‑Operate‑Transfer (BOT) and Hybrid Annuity Models (HAM) and has in‑house manufacturing units for materials like bitumen emulsion, thermoplastic paints, and metal crash barriers.
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