Company Update : G R Infraprojects Ltd by Motilal Oswal Financial Services Ltd
Beat on margin led by better execution
Earnings summary: 4QFY25
* Revenue declined ~4% YoY to ~INR18.3b during 1QFY26 (against our estimate of INR17.1b), driven by a pickup in execution.
* EBITDA margin stood at 12.7% in 1QFY26 (-40bp YoY) vs our estimate of 11.8%. EBITDA declined 6% YoY to INR2.3b and was 14% above our estimate. Better execution led to a beat on margins.
* Higher operating margins, along with lower depreciation and interest, resulted in APAT growth of 14% YoY to ~INR2.2b (24% above our estimates).
* The current order book stands at ~INR180b (based on orders announced post 4QFY25 and adjusted for 1Q execution).
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