GPT expects over Rs 1,000 crore H2 FY27 revenue recovery

GPT Infraprojects Limited expects revenue of more than Rs 1,000 crore in H2 FY27 after reporting consolidated revenue of Rs 594 crore in H1 FY27, with management citing normalized workforce availability, significant October billing and recently won projects after election-related and extended-monsoon disruption.

Why does GPT expect H2 FY27 revenue to exceed Rs 1,000 crore?

GPT expects H2 FY27 revenue of more than Rs 1,000 crore and full-year revenue above Rs 1,600 crore, Joint Managing Director and Chief Financial Officer Atul Tantia said on November 5, 2026. Management said this outcome would result in FY27 revenue growth of about 25% to 27%, below its earlier indicated range of 27% to 30%.

The H2 target requires a monthly revenue run rate of about Rs 160 crore, and management described second-half growth as more than 30% and later as almost 40%. GPT said its Rs 5,373 crore outstanding order book was sufficient to support that execution level, while new orders and higher activity on existing contracts should lift billing.

Management attributed the muted H1 FY27 execution to West Bengal assembly elections in April and May 2026 and an extended monsoon across several parts of India. These events reduced labour availability at projects, but GPT said workforce availability had since normalized and execution was gaining pace.

GPT said recovery had already begun in October 2026 through significant billing and stronger realisations from existing contracts. Management expects that momentum to continue for the remaining five months of FY27, making the Rs 1,000 crore-plus H2 figure guidance rather than a reported result.

How did GPT perform in H1 FY27?

GPT reported consolidated revenue from operations of Rs 594 crore in H1 FY27, compared with Rs 591 crore in H1 FY26, a rise of Rs 3 crore. Consolidated Q2 FY27 revenue was Rs 291 crore, up about 5% from Rs 279 crore in the corresponding quarter, showing that quarterly growth exceeded the first-half increase.

Consolidated earnings before interest, tax, depreciation and amortisation, or EBITDA, increased 16.1% to Rs 89 crore in H1 FY27 from Rs 77 crore in H1 FY26. EBITDA margin rose to 15.0% from 12.9%, an expansion of 203 basis points, while consolidated profit after tax was Rs 43 crore with a 7.2% margin.

Standalone revenue was Rs 557 crore in H1 FY27, while standalone EBITDA rose 13.4% to Rs 83 crore from Rs 73 crore in H1 FY26. Reported H1 profitability included an Rs 8 crore non-cash goodwill amortisation charge related to the February 2026 acquisition of Alcon Builders & Engineers, which management said reduced reported profit.

Which orders support GPT's second-half execution plan?

GPT's Rs 5,373 crore order book, equivalent to about 4.3 times FY26 revenue, provides the base for its H2 execution plan. Management said it had secured about Rs 1,450 crore of contracts in FY27 to date and remained confident of exceeding its minimum Rs 3,000 crore FY27 order-inflow target.

A Rs 484 crore Railway Vikas Nigam Limited contract covers construction of a 544-metre open-web steel girder bridge over the Mahanadi in Odisha. GPT also identified Chambal, Kashi Ganga Bridge and Rapti as newer projects where spending had occurred before the first billing milestones, increasing contract assets during H1.

Alcon, GPT's wholly owned railway-signalling subsidiary, secured contracts aggregating about Rs 428 crore, taking its outstanding order book to about Rs 480 crore. Management expects Alcon to report about Rs 150 crore of FY27 revenue after H1 revenue of about Rs 36 crore and EBITDA margin of close to 20%.

GPT Concrete Products South Africa Private Limited secured a five-year Rs 385 crore contract from Transnet Freight Rail. Management expects African operations to contribute about Rs 80 crore of FY27 revenue, with South Africa and Ghana as the principal contributors, and said the South African contract could generate Rs 70 crore to Rs 75 crore of annual revenue in that market.

What do GPT's segments indicate about its recovery?

GPT's Infrastructure segment generated Rs 262 crore of Q2 FY27 revenue and Rs 33 crore of earnings before interest and tax, or EBIT. The segment accounted for nearly 90% of revenue and about 92% of EBIT, supported by execution at Prayagraj Ganga Bridge, Kolaghat and Kona Expressway.

The Infrastructure order book was Rs 4,521 crore, compared with Rs 852 crore for Concrete Sleepers. Management said many project awards were received in the last nine to 10 months and were back-ended, meaning they needed time to begin, with execution effects expected in H2 FY27 and also FY28 and FY29.

The Concrete Sleeper segment recorded Q2 FY27 revenue of Rs 30 crore and EBIT of Rs 2.5 crore, alongside its highest-ever Rs 852 crore order book, according to management. GPT said it secured smaller Panagarh factory contracts for Bangladesh exports and domestic supply, and management expects domestic sleeper operations to grow about 15% over the next two years.

How are GPT's margins and cash flows positioned for H2 FY27?

GPT expects consolidated EBITDA margin of 14% to 15%, according to management, compared with 15.0% in H1 FY27. Management attributed the range to the addition of railway signalling, scaling African operations, execution efficiencies, operating leverage and the project mix.

Net cash flow from operations increased to about Rs 54 crore in H1 FY27 from Rs 12 crore in H1 FY26 despite consolidated revenue increasing only Rs 3 crore. Management attributed the change to working-capital efficiency and financial discipline, and said stronger cash flow supported realisations from older outstanding amounts.

Contract assets stood at about Rs 543 crore, of which management said about Rs 10 crore was more than one year old. It said Rs 40 crore to Rs 45 crore of spending on newer contracts had preceded first billing milestones, while unbilled revenue increased by about Rs 15 crore to Rs 20 crore in H1.

Management said contract assets include retention money, unbilled revenue and price escalation, rather than only future revenue. About Rs 100 crore of retention money had been deducted from bills and is due for release when contracts are completed, linking cash conversion to billing and project completion.

Conclusion

GPT's H2 FY27 plan depends on a substantial acceleration from Rs 594 crore of H1 consolidated revenue to more than Rs 1,000 crore in the second half. The central contrast is between near-flat first-half revenue and improved operating measures: consolidated EBITDA rose by Rs 12 crore to Rs 89 crore, while operating cash flow increased by Rs 42 crore to Rs 54 crore.

The next indicators are October billing carrying into the rest of FY27, delivery against the Rs 484 crore Mahanadi bridge award and Alcon's stated Rs 150 crore FY27 revenue expectation. Management also plans to exceed Rs 3,000 crore of FY27 order inflows after securing about Rs 1,450 crore to date, while the five-year Rs 385 crore South African contract is expected to support international revenue.