Sharp fall in execution dents earnings; order inflow and growth to resume from FY26E onwards

Company
11 Nov 2024
5 Min read 
  • G R Infraprojects faced a slowdown in project execution during 2QFY25.
  •  Revenue declined 28% YoY to ~INR11.3b during 2QFY25.
  •  EBITDA margin stood at 10.4% (-190bp YoY) vs. estimate of 13.2%.
  •  APAT declined by 6% YoY to ~INR1.2b (19% below estimates).
  •  Order book stands at ~INR146 b (excl. L1), with road projects accounting for 74%.
  •  Management expects double digit revenue growth in FY26.
  •  Reiterate BUY with a revised TP of INR 1,830, based on an SoTP valuation.
Login / Open Demat Account to read the report

Never Miss Out on Hot Market Updates

Get exclusive market news delivered to your inbox - on priority

Click here to see your activities