This small-cap Infra Stock, engaged in engineering, procurement, and construction (EPC) projects, including roads, highways, bridges, tunnels, and railways across India and internationally, is in focus after the company’s strong order stands at 1.95 times the market cap, reflecting 96 percent more than its current market value.
With a market capitalization of Rs. 12,436.93 crore, the shares of G R Infraprojects Limited closed at Rs. 1,285.60 per equity share, up nearly 0.23 percent from its previous day’s close price of Rs. 1,282.70.
As of March 31, 2025, G R Infraprojects Limited has a total order book of Rs. 24,346.24 crores, which includes the L1 order of Rs. 5,166.34 crore in FY25. The company’s total order book stands at approximately 1.96 times the market cap, reflecting 95.76 percent more than its current market value.
The company’s order book (excluding L1 orders) has shown growth from FY21 to FY25, rising from Rs. 17,052.6 crore to Rs. 19,179.9 crore. However, in FY25, the order book saw an increase of 14.30 percent, from Rs. 16,780.6 crore in FY24.
In 2025, the company’s order book is mainly driven by road projects, contributing 74 percent. Key segments include MMLP projects (4 percent), transmission projects (7 percent), tunnel works (1 percent), Railway & Metro Projects (5 percent), other projects (8 percent), and the remaining will be OFC Projects, showing a well-diversified project portfolio.
The company’s client-wise order book shows NHAI as the largest client, making up 62 percent of orders. Others contribute 16 percent, while NHLML and MSRDC hold 4 percent and 10 percent, respectively, and the remaining 8 percent comes from NHPC, reflecting a diverse yet NHAI-dominated order distribution.
In March 2025, the state-wise distribution of orders shows Maharashtra leading with 23 percent of the total. Uttar Pradesh follows at 12 percent, and Gujarat has 8 percent. Bihar and Punjab each contribute 6 percent, and the remaining comes from multiple states.
G R Infraprojects Limited (GRIL) was established in 1995 and is one of India’s leading infrastructure companies, with a legacy spanning nearly three decades. The company is recognized for its rapid growth and significant presence in the Indian infrastructure sector, particularly in the construction and development of roads and highways.
The company’s client base includes major players like NHAI, MORTH, MSRDC, NAIDCL, UPEIDA, and NHPC for infrastructure projects. It also works with NHML, East Coast Railway, PWD Rajasthan, Bihar State Road Development, Rail Vikas Nigam, Bangalore Metro, Shri Mata Vaishno Devi Shrine Board, and REC Power Development.
Coming into financial highlights, G R Infraprojects Limited’s revenue has decreased from Rs. 2,485 crore in Q4 FY24 to Rs. 2,276 crore in Q4 FY25, which is a drop of 8.41 percent. The net profit has also decreased by 27.12 percent, from Rs. 553 crore in Q4 FY24 to Rs. 403 crore in Q4 FY25.
G R Infraprojects Limited’s revenue and net profit have grown at a CAGR of 3.02 percent and 4.85 percent, respectively, over the last five years. In terms of return ratios, the company’s ROCE is 14.4 percent and ROE is 12.7 percent, respectively. G R Infraprojects Limited has an earnings per share (EPS) of Rs. 105, and its debt-to-equity ratio is 0.59x
Written By – Nikhil Naik
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