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10 Yrs X-Ray 
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Analyst Note 
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About
GR Infraprojects Ltd (GRINFRA)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543317 NSE: GRINFRA Engineering - Construction | Small Cap | GR Infraprojects Share Price
₹851.95 -8.30 (-0.96%)
As on 10-Sep'26 16:59
GR Infraprojects Ltd (GRINFRA)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543317 NSE: GRINFRA Engineering - Construction | Small Cap | GR Infraprojects Share Price
₹851.95 -8.30 (-0.96%)
As on 10-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹8,324 Cr.
Current Price
₹852
52-Week Low / High
₹786 / 1,342
TTM EPS
₹105
TTM Sales
₹9,195 Cr.
Book Value per Share
₹999.5
P/E Ratio
8.19
Lower than its 5-year historical median
Industry PE
24.6
Price to Book (P/B)
0.86
Lower than its 5-year historical median
Price to Sales (P/S)
0.91
Lower than its 5-year historical median
EV/EBITDA
6.55
Lower than its 5-year historical median
Dividend Yield
0.29%
Profitability Efficiency
Return on Equity (ROE)
10.11%
Outperforms industry median
Return on Capital Employed (ROCE)
12.76%
Outperforms industry median
Return on Assets (ROA)
5.83%
Operating Profit Margin
19.3%
Net Profit Margin
10.75%
Gross Profit Margin
14.8%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
16.95%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
-0.89%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
-11.11%
Asset Quality
Promoter Holding
74.69%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹9,623 Cr.
Equity
₹48.4 Cr.
Face Value
₹5
All Time Low / High
₹786.05 / 2277.00
Check Before You Invest
Quality
Somewhat GoodValuation
UndervaluedCheck Valuation charts
Price Trend
Semi Strong
Is GR Infraprojects Ltd a good quality company?
GR Infraprojects Ltd is a good quality company, based on a consistently good multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does GR Infraprojects Ltd performance compare with that of its Peers?
Revenue growth of GR Infraprojects Ltd vs industry peers?
GR Infraprojects Ltd revenue CAGR is 1.02%, compared to the industry median CAGR of 0.00%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of GR Infraprojects Ltd?
Promoters hold 74.69% of the GR Infraprojects Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of GR Infraprojects Ltd over the last decade?
Over the last 5 year(s), the stock has delivered a CAGR of -11.59% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
GR Infraprojects Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 52.2% | 29.6% | 35% | 32.3% | 27.4% | 21.7% | 21.3% | 35.2% | 14.5% | 15.4% | - |
| Value Creation Index ⓘ | 2.9 | 1.2 | 1.6 | 1.4 | 1.0 | 0.6 | 0.6 | 1.6 | 0.1 | 0.1 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 3,170 | 3,105 | 4,950 | 6,028 | 7,244 | 7,919 | 8,148 | 7,788 | 6,516 | 7,620 | 8,218 |
| Sales YoY Gr. | - | -2.1% | 59.4% | 21.8% | 20.2% | 9.3% | 2.9% | -4.4% | -16.3% | 17% | - |
| Adj EPS ⓘ | 50 | 39.9 | 60.7 | 71 | 80.3 | 77.6 | 86.3 | 103 | 77 | 79.9 | 101.7 |
| YoY Gr. | - | -20.1% | 52% | 16.9% | 13.2% | -3.4% | 11.2% | 19.3% | -25.2% | 3.7% | - |
| BVPS (₹) ⓘ | 117.4 | 158.8 | 220.8 | 291.6 | 372.8 | 451.3 | 539.4 | 743.5 | 814.5 | 915.4 | 936.4 |
| Adj Net Profit ⓘ | 485 | 387 | 588 | 688 | 776 | 750 | 834 | 996 | 745 | 773 | 984 |
| Cash Flow from Ops. ⓘ | 377 | -4.1 | 652 | 831 | 420 | 561 | 764 | 848 | 858 | 18.9 | - |
| Debt/CF from Ops. ⓘ | 1.1 | -149.5 | 1.6 | 1.3 | 3.2 | 2 | 1.4 | 0.9 | 0.6 | 12.4 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 10.2% | 1% | -2.2% | 17% | ||||
| Adj EPS ⓘ | 5.4% | -0.1% | -2.5% | 3.7% | ||||
| BVPSⓘ | 25.6% | 19.7% | 19.3% | 12.4% | ||||
| Share Price | - | -11.7% | -12.5% | -33.9% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 57.6 | 28.9 | 32 | 27.7 | 24.1 | 18.8 | 17.4 | 16 | 9.9 | 9.2 | 11 |
| Op. Profit Mgn % ⓘ | 17.1 | 18.5 | 20.4 | 20.7 | 18.1 | 16.2 | 16 | 14.4 | 13.9 | 10.9 | 10.5 |
| Net Profit Mgn % ⓘ | 15.3 | 12.5 | 11.9 | 11.4 | 10.7 | 9.5 | 10.2 | 12.8 | 11.4 | 10.1 | 12 |
| Debt to Equity ⓘ | 0.4 | 0.4 | 0.5 | 0.4 | 0.4 | 0.3 | 0.2 | 0.1 | 0.1 | 0 | - |
| Working Cap Days ⓘ | 135 | 191 | 167 | 171 | 178 | 195 | 209 | 233 | 281 | 262 | 119 |
| Cash Conv. Cycle ⓘ | 35 | 61 | 51 | 52 | 51 | 46 | 59 | 78 | 84 | 78 | 83 |
Valuation of GR Infraprojects - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,268 | 3,179 | 5,283 | 6,373 | 7,844 | 8,458 | 9,482 | 8,980 | 7,395 | 8,399 |
| Operating Expenses ⓘ + | 2,654 | 2,568 | 4,010 | 4,839 | 5,994 | 6,723 | 6,936 | 6,858 | 5,758 | 6,777 |
| Operating Profit ⓘ | 614 | 611 | 1,273 | 1,534 | 1,850 | 1,735 | 2,546 | 2,122 | 1,636 | 1,622 |
| Operating Profit Margin (%) | 18.8% | 19.2% | 24.1% | 24.1% | 23.6% | 20.5% | 26.8% | 23.6% | 22.1% | 19.3% |
| Other Income ⓘ + | 22 | 40 | 42 | 51 | 70 | 70 | 100 | 106 | 198 | 129 |
| Interest ⓘ | 126 | 66 | 167 | 295 | 362 | 423 | 448 | 568 | 451 | 508 |
| Depreciation ⓘ | 69 | 83 | 141 | 188 | 227 | 282 | 246 | 244 | 245 | 199 |
| Profit Before Tax ⓘ | 577 | 501 | 1,007 | 1,102 | 1,331 | 1,099 | 1,952 | 1,729 | 1,337 | 1,258 |
| Tax ⓘ | -11 | 95 | 286 | 340 | 376 | 267 | 498 | 406 | 321 | 355 |
| Profit After Tax | 588 | 406 | 721 | 762 | 955 | 832 | 1,454 | 1,323 | 1,015 | 903 |
| PAT Margin (%) | 18.0% | 12.8% | 13.6% | 12.0% | 12.2% | 9.8% | 15.3% | 14.7% | 13.7% | 10.8% |
| Adjusted EPS (₹) | 60.7 | 41.9 | 74.3 | 78.6 | 98.8 | 86.0 | 150.4 | 136.9 | 104.9 | 93.3 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 11.90% | 2.70% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 1,131 | 1,542 | 2,268 | 3,026 | 3,981 | 4,811 | 6,265 | 7,585 | 8,484 | 9,368 | |
| Debt + | 406 | 673 | 1,860 | 2,768 | 3,871 | 4,537 | 5,084 | 3,296 | 4,558 | 4,588 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11 | 12 | 11 | |
| Trade Payables | 229 | 326 | 522 | 561 | 729 | 721 | 846 | 797 | 875 | 1,105 | |
| Others Liabilities ⓘ | 648 | 448 | 1,141 | 1,430 | 1,511 | 1,592 | 1,562 | 1,244 | 997 | 965 | |
| Total Liabilities ⓘ | 2,415 | 2,989 | 5,791 | 7,785 | 10,091 | 11,660 | 13,757 | 12,932 | 14,925 | 16,037 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 384 | 615 | 902 | 1,031 | 1,345 | 1,485 | 1,438 | 1,309 | 1,088 | 1,026 | |
| CWIP ⓘ | 17 | 48 | 43 | 28 | 55 | 59 | 72 | 76 | 150 | 109 | |
| Investments ⓘ | 151 | 79 | 10 | 2 | 103 | 3 | 56 | 2,121 | 2,494 | 2,371 | |
| Inventories | 221 | 301 | 614 | 769 | 1,058 | 1,022 | 884 | 768 | 538 | 986 | |
| Trade Receivables | 555 | 334 | 543 | 301 | 492 | 556 | 432 | 308 | 225 | 745 | |
| Cash Equivalents | 549 | 238 | 716 | 948 | 831 | 1,095 | 779 | 740 | 896 | 1,212 | |
| Others Assets ⓘ | 539 | 1,374 | 2,964 | 4,707 | 6,207 | 7,441 | 10,095 | 7,609 | 9,535 | 9,588 | |
| Total Assets ⓘ | 2,415 | 2,989 | 5,791 | 7,785 | 10,091 | 11,660 | 13,757 | 12,932 | 14,925 | 16,037 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 680 | -371 | -273 | -267 | -457 | 166 | -363 | -1,590 | -2,042 | -2,811 |
| Cash Flow From Investing Activity ⓘ + | 353 | -340 | -718 | -142 | -735 | -257 | -9 | 946 | 422 | 1,623 |
| Cash Flow From Financing Activity ⓘ + | -585 | 246 | 1,014 | 885 | 972 | 311 | -20 | 1,120 | 1,735 | 1,523 |
| Net Cash Flow ⓘ | 448 | -465 | 22 | 476 | -220 | 220 | -393 | 476 | 115 | 334 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 70.33 | 30.37 | 37.83 | 28.79 | 27.25 | 18.93 | 26.26 | 19.1 | 12.64 | 10.11 |
| ROCE (%) | 44.04 | 28 | 34.67 | 26.4 | 23.06 | 16.42 | 21.81 | 19.68 | 14.39 | 12.76 |
| Asset Turnover Ratio | 1.46 | 1.18 | 1.2 | 0.94 | 0.88 | 0.78 | 0.75 | 0.67 | 0.53 | 0.54 |
| PAT to CFO Conversion(x) | 1.16 | -0.91 | -0.38 | -0.35 | -0.48 | 0.2 | -0.25 | -1.2 | -2.01 | -3.11 |
| Working Capital Days | ||||||||||
| Receivable Days | 47 | 51 | 30.30 | 24.20 | 18.50 | 22.60 | 19 | 15 | 13.10 | 21.10 |
| Inventory Days | 16.60 | 29.90 | 31.60 | 39.60 | 42.50 | 44.90 | 36.70 | 33.60 | 32.20 | 33.10 |
| Payable Days | 81.40 | 104.40 | 96.70 | 88.30 | 83.30 | 71.50 | 73.10 | 85.80 | 113.60 | 144.20 |
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GR Infraprojects Ltd FAQs
The current trading price of GR Infraprojects on 10-Sep-2026 16:59 is ₹852.0.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 09-Sep-2026 the market cap of GR Infraprojects stood at ₹8,323.8 Cr
The latest P/E ratio of GR Infraprojects as of 09-Sep-2026 is 8.46.
The latest P/B ratio of GR Infraprojects as of 09-Sep-2026 is 0.92.
The 52-week high of GR Infraprojects is ₹1,341.6 and the 52-week low is ₹786.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of GR Infraprojects is ₹8,218 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that GR Infraprojects Ltd is a average quality company.
The key valuation ratios of GR Infraprojects Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of GR Infraprojects Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About GR Infraprojects Ltd
G R Infraprojects was incorporated as public limited company in December 1995. The journey started with first road project that was executed for the PWD (Public Works Department), Rajasthan with a Bid Project Cost of Rs 26.50 million in 1997, and since then the company has continued to scale-up the value chain and have gradually increased its execution capabilities in terms of size and complexity of projects, and across diverse sectors. Prior to the incorporation of the company, its Promoters were associated with M/s. Gumani Ram Agarwal, a partnership firm engaged in the construction business, which was acquired by the company in 1996.
The company’s principal business of civil construction includes EPC (Engineering Procurement and Construction), BOT (Build Operate Transfer), and HAM projects in the road sector and EPC projects in railway, metro, airport runways and OFC (Optical Fiber Cable) projects. The company has also laid its footprints in energy and building sector. The company executes road projects as EPC contractors, as well as through PPP (Public Private Partnership) model on a BOT basis, with a focus on HAM projects.
For the projects that it delivers on an EPC and construction services basis, the scope of services typically includes design and engineering of the project, procurement of raw materials, project execution at site with overall project management up to the commissioning of these projects. In addition, it also undertakes repair and maintenance of projects in accordance with its contractual arrangements. For BOT projects, in addition to construction and development of the project, it also operates and manages the project during the concession period.
Business area of the company
The company is engaged in construction of infrastructure facilities on Engineering, Procurement and Construction (EPC) and Built, Operate and Transfer (BOT) basis. The company also undertakes road infrastructure development projects through Special Purpose Vehicles (SPVs) as per the concession agreements.
Businesses
- Highways & Bridges
- Railways & Metro
- Hydro & Tunneling
- Ropeways
- Power Transmission & Distribution
- Multi-Modal Logistic Parks
- Manufacturing & Fabrication
- Operations & Maintenance
Awards, accreditations or recognitions
- 2013: Emerging Companies Excellence Award from the Business Today in association with Yes Bank.
- 2014: ‘Best Professionally Managed Company’ in the ‘Turnover of Rs 500 to Rs 1,000 crore’ category from the Construction Industry Development Council in the CIDC Vishwakarma Awards 2014.
- 2015: CIDC Vishwakarma Award 2015 under the ‘Best Construction Projects’ category from the Construction Industry Development Council for the Jodhpur Pali Project, Jodhpur
- 2016: ET Promising Brand of Udaipur 2016 from The Economic Times.
- 2018: Certificate of excellence for ‘Outstanding and Inspiring Achievement in Adoption of Technology / Telematics’ at the ATMA Fleet Management Awards.
- 2019: Awarded ‘Fastest Growing Construction Company (Medium Category)’ at the Construction World Awards, 2019.
- 2020: Awarded ‘Fastest Growing Construction Company (Large)’ at the 18th Construction World Annual Awards Online.
- 2021: Awarded at the 12th CIDC Vishwakarma Awards 2021 under the ‘Best Construction Project’ category by the Construction Industry Development Council for the Faridkot - Kotkapura - Bathinda Section of NH -15, Bhatinda.
- 2021: Awarded at the 12th CIDC Vishwakarma Awards 2021 under the ‘Best Construction Project’ category by the Construction Industry Development Council for the Jaisalmer - Barmer Section of NH - 15 to Two / Four, Barme.
- 2021: 19th Construction World Annual Awards -2021.
- 2022: 14th CIDC Vishwakarma Awards.
- 2023: Best Performing Contractor Award -2023.
- 2023: Outstanding Contribution in Roads and Highways for Porbandar-Dwarka Section (NH-8E) project during EPC World Awards 2023.
- 2024: First in Ambition Box Employee Choice Awards (ABECA) 2024 among Large-Size Company Category.
- 2024: 15th CIDC Vishwakarma Awards -2024.
- 2024: Conferred as the “Best Performing Contractor” Award by NHIDCL in 2024.
- 2024: ASSOCHAM Annual Infrastructure Conference Cum Awards 2024 (Four Laning of Galgalia-Bahadurganj-Araria Section project received Achiever’s Award in Excellence in Highway Construction Safety Category.)
- 2025: G R Infraprojects’ project ‘Adenigarh-Purunakatak (ADIT) Railway Tunnel’ received the Tunnelling Project of the Year Award at the 5th Edition of the TAI Excellence Awards at Tunnelling Asia 2025.
- 2025: The company received HSE Process Safety Company of the Year Award at India HSE Summit & Awards 2025.
Major events and milestones
- 1996: Received certificate for commencement of business.
- 1996: Take-over of business of the then existing partnership firm Gumani Ram Agarwal.
- 2001: Forayed into the field of development of infrastructure projects
- 2006: Established a centralized workshop with fabrication facilities at NH 8, Balicha Bypass, Udaipur, for reducing equipment downtime.
- 2007: Change of name of Company to G R Infraprojects as the activities being undertaken by the company were reflected in broader terms from the new name.
- 2009: Commenced operations at the bitumen emulsion/PMB manufacturing unit at Kaladwas in Rajasthan, having annual installed capacity of 30,000 MT.
- 2011: Investment by India Business Excellence Fund I, India Business Excellence Fund and IDFC Investment Advisors Limited in the form of subscription to Equity Shares
- 2013: Completed construction of the Shillong Bypass Project, approximately 10 months prior to the scheduled date of completion.
- 2014: Commenced operations at Company’s second bitumen emulsion manufacturing unit at Amingaon, Assam, having annual installed capacity of 30,000 MT.
- 2015: Commenced operations at its fabrication and galvanisation unit for metal crash barriers at Ahmedabad, Gujarat having installed capacity of 24,000 MT.
- 2016: First BOT project on hybrid annuity mode for company awarded by NHAI with a Bid Project Cost of Rs 13,670 million.
- 2017: Sale of controlling stake in two erstwhile subsidiaries of Company namely Jodhpur Pali Expressway and Shillong Expressway.
- 2018: Awarded company’s first railway project.
- 2019: Commenced operations at company’s third bitumen emulsion manufacturing unit at Sandila, Uttar Pradesh.
- 2020: Completed first NHAI HAM project for the four laning of Phagwara - Rupnagar section of NH-344A from km 0.00 (design chainage) to km. 80.820 (design chainage).
- 2021: Successful listing on BSE and NSE on July 19, 2021.
- 2021: LoA received for first metro project in Bengaluru.
- 2022: Established tunnel, power and ropeway division.
- 2022: LoA received for first Transmission Project in Rajgarh, Madhya Pradesh.
- 2023: LoA received for MMLP Indore Project and Hydro Tunnel Projects.
- 2023: Started first ropeway project.
- 2024: Completed first power T&D project.
- 2024: Successfully monetized 8 HAM assets to Bharat Highways InvIT.
- 2025: LoA received for first telecom & IT Infrastructure Project.
- 2025: Breakthrough of longest Tunnel-T4 (4185m) of Dibang Project.
- 2025: Emerged as L-1 Bidder for first BESS Project.
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