A leading infrastructure development powerhouse, renowned for its expertise in road construction and transportation projects across India, has caught investors attention with its compelling valuation metrics. The company’s robust order book, surpassing its market capitalisation by 58%, presents an intriguing opportunity as its stock trades at a significant 45% discount from its yearly peak.
Share Price Movement
The share price of G R Infraprojects Limited went down 4.16 percent to Rs. 1,026 per share on Friday, a decline from its previous close of Rs. 1,070 per share. The market capitalisation now stands at approximately Rs. 9,925 crore as of February 14, 2025. From its 52-week high of Rs. 1,860, the company’s stock is currently trading at a 45% discount.
Financial Highlights
In Q3FY25, revenue stood at Rs. 1,694 crore, reflecting a 20.6% YoY decline from Rs. 2,134 crore in Q3FY24 but a 21.5% QoQ growth from Rs. 1,394 crore in Q2FY25. Profit for Q3FY25 reached Rs. 263 crore, marking an 8.2% YoY increase from Rs. 243 crore in Q3FY24 and a 35.6% QoQ rise from Rs. 194 crore in Q2FY25.
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Order Book
GR Infra has an order book of Rs. 16,886.9 crores as of 31st December 2024. The company emerged as the lowest bidder for one road project and one OFC project worth Rs. 3,084.3 crores from the Maharashtra State Road Development Corporation and Bharat Sanchar Nigam Limited. Considering these two projects, the order book will become Rs. 19,971.2 crores.
GR Infra has been declared the lowest bidder (L1) for a road project in Maharashtra worth Rs. 1,947 crores and a rail project with Western Railways worth Rs. 262 crores in January 2025. The company’s order book has consistently been above Rs. 13,000 crores over the last five years.
Competitors
Some of G R Infraprojects top competitors include Ashoka Buildcon Ltd., IRB Infrastructure Developers Ltd., PNC Infratech Ltd., Rail Vikas Nigam, Ircon International, NCC, ITD Cementation India, and KNR Constructions. These companies operate in the infrastructure and construction sector, competing in areas such as road development, rail projects, and urban infrastructure.
G R Infraprojects is currently trading at a P/E of 8.89, which is above the industry P/E of 20.7.
Market Outlook
India’s EPC industry is set for strong growth, driven by government-led infrastructure expansion, rising public-private partnerships, and a steady execution pace. A robust order pipeline, including domestic and international projects, further supports this momentum.
Increased capital allocation by both central and state governments boosts infrastructure investments. Additionally, India’s electrical equipment market is projected to more than double, reaching $125 billion by 2027. With infrastructure capex growing at 11.4% CAGR (2021-26), the sector remains a key driver of economic progress.
Written By Fazal Ul Vahab C H
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