G R Infraprojects Ltd. share price target

GR Infra reported a steady quarter in Q1FY26 with revenue at INR 18bn (-4% YoY), EBITDA at INR 2.3bn (-6% YoY) and margin at 12.7% (-35bps YoY). Adj. PAT stood at INR 2.1bn (+7% YoY).

We maintain our BUY rating on the company.

GR Infra continues to tread water on order inflow front, with total OI of INR 140bn in FY25 & FY24 combined - matching FY23’s tally as the ordering in roads remained subdued.

We recommend a BUY on the stock for a target price of Rs 1,166/ share implying an upside of 10% from CMP.

We maintain our BUY rating on the company.

G R Infraprojects (GRINFRA)’s revenue declined 17% YoY to ~INR15b during 3QFY25 (11% below our estimate). GRINFRA faced a slowdown in project execution during 3Q primarily due to fewer projects under execution.

We maintain our BUY rating on the company.

G R Infraprojects (GRINFRA)’s revenue declined 28% YoY to ~INR11.3b during 2QFY25 (vs. our estimate of INR16.8b).

Quarterly Update Q1FY25

We maintain our BUY rating on the company

GR Infraprojects (GR Infra) has reported subdued Q1FY25 earnings on account of decline in orderbook and delay in allotment of the appointing date for seven projects.

G R Infraprojects (GRINFRA)’s revenue was down 12% YoY to ~INR18.9b in 1QFY25 (in line). EBITDA margin was 13% (-160bp YoY) vs. our estimate of 13.7%.

Quarterly Update Q4FY24

We change our rating from HOLD to BUY on the stock on the back of healthy monetization of HAM assets and better growth prospect in FY26E.

We maintain our HOLD rating on the stock and roll over our estimates to FY26.

Quarterly Update Q3FY24

We value the company at 10.5x FY25E EPS and HAM assets at 1x book value and maintain our HOLD rating on the stock with a target price of Rs1,210/share, implying a downside of 0% from the current market price (CMP).

Asian Markets are trading mixed as Japan's third-quarter GDP was revised downward in a surprise move, while investors also awaited India's central bank rate decision. Shanghai is trading higher by 0.28% while Nikkei and Hang Seng are trading lower by 1.70% and 0.36% respectively.

Quarterly Update Q2FY24

We change our rating from BUY to HOLD.