Synopsis:
G R Infraprojects Limited has emerged as the L1 bidder to set up transmission systems for evacuating 2,500 MW of renewable power from Rajgarh (Phase III) and Neemuch (Phase II) SEZs in Madhya Pradesh.
With market capitalization of Rs. 12,214 cr, the shares of G R Infraprojects Limited are currently trading at Rs. 1,265 per share, from its previous close of Rs. 1,237 per share.
Projects
G R Infraprojects Limited has emerged as the L1 bidder for establishing the transmission system to evacuate power from renewable energy projects in Rajgarh (1500 MW) SEZ Phase III and Neemuch (1000 MW) SEZ Phase II in Madhya Pradesh, awarded through Tariff-Based Competitive Bidding (TBCB) by REC Power Development and Consultancy Limited.
The project includes multiple key components such as establishment of a 2×500 MVA, 400/220 kV substation at Handiya with 2×125 MVAr 420 kV bus reactors; creation of a new 220 kV Bus Section-II at Neemuch Power Station with transformation capacity augmentation through 3×500 MVA ICTs and construction of four 220 kV line bays; and creation of a new 220 kV Bus Section (3rd) and sectionaliser along with augmentation of 400/220 kV ICTs, installation of bus reactors.
Executed under the BOOT (Build, Own, Operate, Transfer) model with a 35-year O&M period with annual transmission charges of Rs. 3670.33 million, the project is scheduled for completion within 24 months of SPV acquisition and is expected to significantly enhance renewable energy integration and strengthen power evacuation infrastructure in the state and across India.
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Financial highlights
G R Infraprojects Limited reported a weak Q1FY26 on a QoQ basis, with total income declining 8.78% to Rs. 1,942.4 crore from Rs. 2,129.3 crore in Q4FY25, EBITDA dropping 33.67% to Rs. 231.1 crore with margins contracting from 17.51% to 12.65%, and PAT falling 36.38% to Rs. 215.8 crore as PAT margin slipped from 17.04% to 11.82%.
On a YoY basis, revenue dipped 3.11% from Rs. 2,004.6 crore, while EBITDA decreased 6.29% from Rs. 246.6 crore and margin marginally eased from 13.00% to 12.65%. However, PAT improved 11.07% from Rs. 194.3 crore, with PAT margin expanding from 10.24% to 11.82%, aided by the absence of last year’s exceptional loss.
G R Infraprojects Limited is an integrated infrastructure company specializing in the design, engineering, procurement, and construction of roads, highways, and civil infrastructure projects.
While its core strength lies in EPC, BOT, and HAM road projects for NHAI and state governments, the company has diversified into railways, metros, tunnels, bridges, and power transmission. With in-house material manufacturing and strong execution capabilities, GRIL is known for delivering large-scale projects across India within strict timelines.
Written by Manideep Appana
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