GR Infraprojects Q2 FY27 Results: Consolidated Net Profit ₹290 Crore on Total Income of ₹2,374 Crore
- Earnings
- Infrastructure construction
Reviewed byKeshav SehgalBlacklitt Research
GR Infraprojects (NSE: GRINFRA) reported consolidated total income of ₹2,374.46 crore and net profit of ₹290.30 crore for the quarter ended 30 Sep 2026, and standalone total income of ₹2,091.87 crore and net profit of ₹161.04 crore, it said in a filing on 04 Nov 2026.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹2,374.46 crore, up 46.0% YoY and down 16.1% QoQ
- Net profit and EPS: ₹290.30 crore, up 53.1% YoY; basic EPS ₹30.25
- Finance costs: ₹110.17 crore, down 12.3% YoY and up 7.3% QoQ
Standalone
The company on its own, without its subsidiaries
- Total income: ₹2,091.87 crore, up 54.7% YoY and down 15.9% QoQ
- Net profit and EPS: ₹161.04 crore, up 23.1% YoY; basic EPS ₹16.64
- Other income: ₹72.77 crore, down 38.5% YoY
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 2,374.46 | 1,626.15 | +46.0% | 2,829.20 | -16.1% | |
| Revenue from operations | 2,325.42 | 1,602.14 | +45.1% | 2,784.11 | -16.5% |
| Other income | 49.04 | 24.01 | +104.3% | 45.09 | +8.8% |
| 290.30 | 189.56 | +53.1% | 357.79 | -18.9% | |
| Profit before tax | 393.62 | 260.39 | +51.2% | 479.73 | -17.9% |
| Finance costs | 110.17 | 125.60 | -12.3% | 102.65 | +7.3% |
| Depreciation | 44.65 | 50.92 | -12.3% | 46.04 | -3.0% |
| Tax expense | 103.32 | 70.83 | +45.9% | 121.93 | -15.3% |
| Net profit margin | 12.23% | 11.66% | +0.57 pp | 12.65% | -0.42 pp |
| EPS, basic (₹) | 30.25 | 19.91 | +51.9% | 36.93 | -18.1% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Net profit grew faster than income on a year-ago basis. Net profit rose 53.1% against total income growth of 46.0%, and profit before tax rose 51.2%.
Other income of ₹49.04 crore is 2.1% of total income and 12.5% of profit before tax, roughly double its year-ago level of ₹24.01 crore.
Sequentially the picture reverses. Revenue from operations fell 16.5% from the quarter ended 30 Jun 2026, and net profit fell 18.9%, more than the 16.1% fall in total income. The quarter ended 30 Jun 2026 carried an exceptional gain of ₹61.21 crore on the Indus Infra Trust dilution of the Group's associate stake from 43.56% to 31.58%, which the notes describe as an exceptional item; the filing does not give the reason for the fall in revenue.
Finance costs of ₹110.17 crore are 4.6% of total income, and tax expense of ₹103.32 crore is 26.2% of profit before tax. The notes also report a notice of termination issued to a customer on an EPC contract, with the customer invoking an advance bank guarantee of ₹49.53 crore and performance surety bonds of ₹41.34 crore; the company says discussions on 10 Oct 2026 are at an advanced stage, and no financial impact has been recognised.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 2,091.87 | 1,352.04 | +54.7% | 2,487.53 | -15.9% | |
| Revenue from operations | 2,019.10 | 1,233.69 | +63.7% | 2,423.42 | -16.7% |
| Other income | 72.77 | 118.35 | -38.5% | 64.11 | +13.5% |
| 161.04 | 130.84 | +23.1% | 203.65 | -20.9% | |
| Profit before tax | 215.99 | 176.42 | +22.4% | 273.96 | -21.2% |
| Finance costs | 5.62 | 11.30 | -50.3% | 13.34 | -57.9% |
| Depreciation | 42.75 | 51.05 | -16.3% | 43.96 | -2.8% |
| Tax expense | 54.95 | 45.58 | +20.6% | 70.31 | -21.8% |
| Net profit margin | 7.70% | 9.68% | -1.98 pp | 8.19% | -0.49 pp |
| EPS, basic (₹) | 16.64 | 13.52 | +23.1% | 21.05 | -21.0% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone profit before tax rose 22.4%, and the standalone net profit margin fell from 9.68% to 7.70%.
Standalone finance costs fell to ₹5.62 crore from ₹11.30 crore a year earlier, 0.3% of total income.
Compared with the standalone figures, consolidated net profit of ₹290.30 crore is ₹129.26 crore higher.
Inference
The filing states that the Group's associate Indus Infra Trust was diluted in the quarter ended 30 Jun 2026, and that four subsidiaries were sold to it in the year ended 31 Mar 2026. Board approval was given on 4 Nov 2026, with a limited review report from B S R and Co, which carries an unmodified conclusion.
The filing sets out an Income Tax search and a CBI case, and states that no liability has been recognised for either. The outcome of these matters, and of the customer discussions on the EPC contract, is not stated, and the reason for the fall in consolidated revenue from operations is not stated either.
Debt instruments: the holding company's listed NCDs of ₹215.00 crore are unsecured, and Rajgarh Transmission Limited's NCDs of ₹291.74 crore are secured. Proceeds from NCDs of ₹75 crore, ₹40 crore and ₹100 crore were fully utilised with no deviation, per Annexure-A.
Filed with BSE on . Reference: Original filing (PDF)
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