G R Infraprojects Consolidated Revenue Rises 45% in Q2 FY27

G R Infraprojects Limited reported consolidated revenue from operations of ₹2,325.42 crore in Q2 FY27, a 45.14% increase from ₹1,602.14 crore a year earlier, while consolidated EBITDA margin stood at 18.63%. The September 2026 quarter also ended with an order book of ₹24,576.60 crore, giving the company a disclosed base for future project execution.

How did G R Infraprojects' Q2 FY27 revenue change?

G R Infraprojects increased revenue on both standalone and consolidated bases in the quarter ended September 30, 2026. Consolidated revenue from operations rose 45.14% year on year to ₹2,325.42 crore from ₹1,602.14 crore in Q2 FY26. Consolidated total income increased 46.02% to ₹2,374.46 crore from ₹1,626.15 crore.

Standalone revenue from operations grew faster, rising 63.66% to ₹2,019.10 crore from ₹1,233.69 crore in the corresponding quarter of the previous year. Standalone total income was ₹2,091.87 crore, up 54.72% from ₹1,352.04 crore. The figures were included in G R Infraprojects' Q2 FY27 investor presentation and unaudited results disclosures released on November 4, 2026.

The distinction between standalone and consolidated reporting matters because the consolidated numbers include the financial performance of subsidiaries. The consolidated revenue figure was ₹306.32 crore higher than standalone revenue in the quarter. The company has not published an earnings-call transcript for this period in the supplied information, so these figures represent reported results rather than management guidance.

What were G R Infraprojects' margins and profit in Q2 FY27?

G R Infraprojects reported consolidated EBITDA of ₹433.21 crore and consolidated profit after tax of ₹290.30 crore in Q2 FY27. The resulting consolidated EBITDA margin was 18.63%, while PAT margin was 12.48%. Consolidated EBITDA increased 11.93% year on year and consolidated PAT increased 53.14% year on year.

On a standalone basis, EBITDA was ₹191.58 crore, up 59.10% year on year, and PAT was ₹161.04 crore, up 23.08%. Standalone EBITDA margin was 9.49% and PAT margin was 7.98%. The investor presentation explicitly identifies the operating margin measure as EBITDA margin.

The supplied results commentary also reported sequential pressure in standalone profitability. Compared with the preceding quarter, standalone EBITDA declined 28.29% and standalone PAT declined 20.92%. It further stated that EBITDA margins declined year on year, although the supplied data does not provide the earlier-quarter EBITDA margin needed to quantify that movement.

What does G R Infraprojects' order book and working capital data show?

G R Infraprojects had an order book of ₹24,576.60 crore as of September 30, 2026, which provides disclosed execution visibility beyond the reported quarter. The National Highways Authority of India accounted for 63% of this order book value, indicating that NHAI remains the company's largest identified client exposure.

Working-capital days increased to 152 days in September 2026 from 98 days in September 2025. Receivable days rose to 120 from 80, inventory days increased to 38 from 28, and payable days moved to 49 from 36. These movements are relevant because project execution and billing growth can raise the funds tied up in receivables and inventory.

The company also disclosed that a customer terminated an EPC contract and invoked bank guarantees of ₹90.86 crore, based on the November 4 announcement. The supplied information does not provide the financial impact of that event on the quarterly results. Investors therefore have a reported operational matter to track alongside the larger order book and higher working-capital requirement.

What capacity and equipment has G R Infraprojects disclosed?

G R Infraprojects disclosed four manufacturing units and a plant-and-equipment fleet of more than 6,500 machines as of September 30, 2026. Its Ahmedabad Metal Crash Barrier, OHE Mast and galvanization facility has stated capacity of 24,000 metric tonnes.

The Udaipur PMB, emulsion and road-signage facility has stated capacity of 30,000 metric tonnes. These disclosures describe the operating assets available to support infrastructure project work, but the supplied presentation does not state a rupee capex budget, a commissioning schedule, or a fresh capacity-addition target.

The company notified BSE and NSE of a board meeting to consider unaudited Q2 and H1 FY27 results, and the results were approved on November 4. An earnings conference call was scheduled for November 5, 2026, at 3:00 pm IST, with Managing Director Ajendra Kumar Agarwal and Group CFO Anand Rathi identified as company representatives. That call is the next disclosed forum for clarification of project execution, margins and working capital.

Conclusion

G R Infraprojects delivered strong year-on-year revenue and PAT growth in Q2 FY27, led by consolidated revenue from operations of ₹2,325.42 crore and PAT of ₹290.30 crore. However, the results also show a rise in net working-capital days to 152, sequential declines in standalone EBITDA and PAT, and significant order-book concentration with NHAI.

The next stated event is the November 5, 2026 earnings conference call. Investors can watch for management's comments on order-book conversion, the terminated EPC contract and invoked guarantees, receivable collections, margin movement, and whether the disclosed manufacturing capacity requires further capital expenditure.