G R Infraproject Q1 FY27 Results (NSE: GRINFRA)
Signal: Growth reaccelerated
The read
The operating inflection is visible at the group level: consolidated revenue rose 40.0% YoY to ₹2784.11 Cr and EBITDA margin recovered to 20.4% from 15.0% in Q4FY26, reversing the prior two-quarter margin contraction; however, standalone PAT fell 5.6% YoY to ₹203.65 Cr and other income represented 23.4% of standalone PBT, so the sustainability of the recovery depends on subsidiary execution rather than the parent’s standalone operations alone.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,784.11 Cr | +40.0% | +11.4% |
| EBIT | ₹521.16 Cr | N/A | |
| Net profit | ₹357.29 Cr | +46.4% | |
| EPS | ₹36.93 | +129.5% | |
| EBIT margin | 20.4% |
P&L walk
Consolidated revenue reached ₹2784.11 Cr, +40.0% YoY and +11.4% QoQ, while EBITDA was ₹567.2 Cr at a 20.4% margin, up from 15.0% in Q4FY26; PAT rose to ₹357.29 Cr, +46.4% YoY, with other income of ₹45.09 Cr remaining below 20% of PBT.
Segments
The consolidated group materially outperformed the parent, with PAT of ₹357.29 Cr versus standalone PAT of ₹203.65 Cr; the filing notes ₹54.32 Cr of associate net profit and ₹414.43 Cr of revenue from 35 subsidiaries before consolidation adjustments, indicating that subsidiaries and the associate are central to the group uplift.
Key positives
- Consolidated revenue reached ₹2784.11 Cr, +40.0% YoY and +11.4% QoQ, a clear acceleration from ₹1988 Cr in Q1FY26.
- Consolidated EBITDA margin improved to 20.4% from 15.0% in Q4FY26, a 540bps sequential rebound after two quarters of contraction.
- Consolidated PAT rose 46.4% YoY to ₹357.29 Cr, with other income of ₹45.09 Cr remaining below 20% of PBT.
- EPS increased to ₹36.93 from ₹16.08 YoY, while standalone debt-equity remained low at 0.03x and interest coverage was 55.25x.
Key concerns
- Standalone EBITDA margin was only 13.7% and standalone PAT declined 5.6% YoY to ₹203.65 Cr despite 32.8% revenue growth.
- Standalone other income of ₹64.11 Cr was 23.4% of PBT, making the parent-level earnings quality weaker than the consolidated presentation.
- Standalone debtor turnover declined to 2.86x from 3.41x in Q4FY26 and inventory turnover declined to 3.87x from 6.15x, warranting monitoring of working-capital intensity.
- The group-level recovery is dependent on subsidiaries and the associate, creating greater complexity around earnings attribution and repeatability.
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