GPT group order book reaches Rs 5,373 crore after H1 FY27 inflows

GPT group reported an order book of Rs 5,373 crore at the end of the first half (H1) of financial year 2027 (FY27), after winning Rs 1,491 crore of new work while executing Rs 593 crore from its March 2026 backlog. The presentation said the closing pipeline was about 4.3 times FY26 revenue, with infrastructure accounting for Rs 4,521 crore and concrete sleepers Rs 852 crore.

How did GPT group’s order book rise to Rs 5,373 crore?

GPT group’s order book increased from Rs 4,476 crore on 31 March 2026 to Rs 5,373 crore at the presentation date because Rs 1,491 crore of new inflows exceeded Rs 593 crore of execution in H1 FY27. The company’s order-book bridge shows the closing balance was Rs 897 crore higher than the 31 March 2026 level.

The preceding financial year followed a similar pattern, although on a larger execution base. GPT group started FY26 with an order book of Rs 3,486 crore as of 31 March 2025, executed Rs 1,280 crore during FY26 and received Rs 2,422 crore of new orders, closing 31 March 2026 at Rs 4,476 crore. The FY26 backlog expansion was Rs 990 crore, compared with Rs 897 crore added in the first half of FY27.

Management described the Rs 5,373 crore closing order book as approximately 4.3 times FY26 revenue. This compares contracted work with the company’s last full-year revenue base rather than setting out when the entire balance will become revenue. The presentation does not provide a project-by-project execution timetable for the Rs 5,373 crore pipeline.

Which business segment holds most of GPT group’s order book?

GPT group’s infrastructure segment holds Rs 4,521 crore, or 84%, of the Rs 5,373 crore order book, while concrete sleepers account for Rs 852 crore, or 16%. Infrastructure is therefore the principal source of the closing pipeline, consistent with its 90% share of second-quarter (Q2) FY27 revenue and 94% share of segment earnings before interest and tax (EBIT).

The infrastructure order book includes multiple signalling contracts totalling Rs 428 crore awarded to Alcon Builders and Engineers, according to the presentation. It also includes a Rs 484 crore engineering, procurement and construction (EPC) contract for a bridge over the River Mahanadi. These awards add rail systems and bridge work to the segment’s existing road, elevated-corridor and rail-bridge activities.

Concrete sleepers contributed a separately identifiable Rs 852 crore backlog. GPT group said it secured a Rs 385 crore order in South Africa, alongside fresh orders at Panagarh from Eastern Railway and in Bangladesh. The segment reported Rs 30 crore of Q2 FY27 revenue and Rs 2 crore of EBIT, compared with infrastructure revenue of Rs 262 crore and EBIT of Rs 33 crore in the same quarter.

The segment mix shows a difference between current-quarter activity and committed work. Concrete sleepers generated 10% of Q2 FY27 revenue but represented 16% of the order book, whereas infrastructure generated 90% of revenue and represented 84% of backlog. That difference follows the new sleeper contract in South Africa and leaves sleepers with a higher order-book share than its quarterly revenue share.

What are the largest projects in GPT group’s pipeline?

GPT group’s listed major projects are led by an Rs 835 crore contract to construct the new four-lane Prayagraj Southern Bypass for the National Highways Authority of India (NHAI). The next largest listed project is an Rs 797 crore contract for bridges on the Mathura-Jhansi third line for Rail Vikas Nigam Limited (RVNL), spanning Rajasthan and Uttar Pradesh.

Road and elevated-corridor projects form a material part of the listed infrastructure work. The Kona Expressway viaduct contract for RVNL is valued at Rs 548 crore, the flyover over LBS Marg for the Municipal Corporation of Greater Mumbai is Rs 469 crore, and the four-lane elevated road in Jodhpur under the hybrid annuity model (HAM) is Rs 341 crore. These contracts sit alongside bridge, railway and signalling assignments.

Rail and bridge projects include the Rs 484 crore Mahanadi bridge for RVNL, a Rs 481 crore new rail-cum-road bridge over the Ganga for NHAI, and a separate Rs 481 crore Rupnarayan bridge project on the Howrah-Kharagpur route for South Eastern Railway. The presentation also lists signalling work worth Rs 115 crore for electronic interlocking across 10 stations on the HDN/HUN route, Rs 86 crore for Eastern Railway, and Rs 76 crore for Western Railway.

The concrete-sleeper project list includes the Rs 385 crore Transnet Freight Rail order to manufacture and supply wider pre-stressed concrete (PSC) sleepers in Ladysmith, South Africa. Other listed sleeper orders include Rs 190 crore for Eastern and South Eastern Railway in India and Rs 123 crore for RMS Concrete in Ghana. The listed contracts therefore cover domestic railway customers as well as customers in South Africa and Ghana.

How does the order book compare with GPT group’s current execution?

GPT group executed Rs 593 crore of work in H1 FY27 while recording standalone revenue of Rs 556.8 crore, down 3.9% from Rs 579.2 crore in H1 FY26. The presentation separately identifies the Rs 593 crore as order-book execution, while the profit-and-loss statement reports standalone revenue, so the two figures should not be treated as identical measures.

Within Q2 FY27, higher execution on the Prayagraj Ganga Bridge, Kolaghat and Kona Expressway projects supported infrastructure revenue of Rs 262 crore. GPT group reported total standalone Q2 revenue of Rs 274.7 crore, 2.0% above Rs 269.3 crore a year earlier, although it was 2.6% below Rs 282.1 crore in Q1 FY27.

Profitability improved despite the lower half-year revenue figure. H1 FY27 gross margin rose to 37.9% from 32.2% in H1 FY26, while earnings before interest, tax, depreciation and amortisation (EBITDA) increased 13.4% to Rs 82.9 crore from Rs 73.1 crore. Profit after tax was Rs 42.3 crore, 3.2% below Rs 43.7 crore, with finance cost increasing to Rs 20 crore from Rs 13.8 crore.

The order book is therefore expanding while reported half-year revenue declined year on year. Management attributed Q2 infrastructure activity to execution on several large contracts and cited an improved signalling margin profile. The presentation provides a Rs 5,373 crore pipeline but does not disclose how much of each segment’s backlog is scheduled for execution during the remainder of FY27.

Conclusion

GPT group entered the second half of FY27 with Rs 5,373 crore of work in its order book, Rs 897 crore above the 31 March 2026 balance. New orders of Rs 1,491 crore exceeded Rs 593 crore of half-year execution, while infrastructure remained dominant at Rs 4,521 crore and concrete sleepers contributed Rs 852 crore, including the Rs 385 crore South African order.

The next point to watch is the pace of execution from the Rs 5,373 crore order book and the mix between infrastructure and concrete sleepers. Management identified higher execution at Prayagraj Ganga Bridge, Kolaghat and Kona Expressway, alongside signalling contracts and the Mahanadi bridge award, but the presentation does not provide a stated FY27 execution target or delivery schedule for these projects.