Recently, while screening for stocks for our Premium Members, I came across GPT Infraprojects.
GPT is a leading construction company specializing in infrastructure projects. Normally, we don’t look at infra companies for investment; however, on a casual glance, the numbers looked interesting – consistent growth, reduction in debt to equity, reduction in debtor days, high promoter holding, etc.
Company has 3x FY 25 sales order book and targeting 20% sales CAGR over the next few years with stable 13% EBITDA margins.
Below, we have shared notes from Q1 FY 26 concall of the company to understand management’s perspective on growth plans and guidance for next few years.
Before that: Here’s the list of new recommendations released in last few weeks:
- For Alpha/Alpha + members – On 9th Oct’25, we released a new long term investment recommendation for Alpha and Alpha + members. It deals in Protective Gear with strong sector tailwinds. Co. has spent ~200 crore on capacity expansion in last 3 years and management is targeting 2x sales in 3 years. You can read about it by clicking HERE
- For Insider Bets members – On 14th Sep’25, we released our 5th stock report under “Insider Bets“ subscription. Herein the company’s performance has turned around with strong growth in PAT in FY 25 and management is targeting PAT margin to improve 3x. You can read about it by clicking HERE
GPT Infraprojects Q1 FY 26 concall notes
Source: GPTinfra.in
Financial Performance (Q1 FY26)
- Revenue:
- Consolidated revenue stood at INR 312.6 crores, a growth of 32% YoY
- Standalone revenue was INR 310 crores (vs INR 236 crores YoY, +31%)
- Profitability:
- PAT (Profit After Tax): INR 23.5 crores (Growth of 40% YoY)
- Consolidated EBITDA: INR 46 crores (up 37% YoY)
- Standalone EBITDA: INR 42 crores (from INR 34 crores YoY, +22%)
- EBITDA Margins:
- Guidance is to maintain ~13% long-term EBITDA margin, despite this quarter seeing movement from 14% to 13% margin (explained as a function of contracts being executed and one-off items like impairment provisioning and FX gains)
- Other Income & One-off Items:
- Significant jump due to INR 4 crore FX gain (Ghana subsidiary currency appreciation)
- Booked impairment loss of INR 2.6 crores on delayed receivables. Management clarified this is a provision as per policy and not expected to go bad
- Order Book:
- Healthy INR 3,569 crores (approx. 3x FY25 revenues)
- Order inflow YTD: INR 400 crores (targeting INR 2,000 crores inflow for FY26)
- Segmental Revenue (Q1):
- Infrastructure: INR 300 crores (~95% of total revenue), backlog INR 3,316 crores
- Sleeper Segment: INR 10 crores revenue, backlog INR 254 crores; Ghana facility to begin contribution to EBITDA from Q3 FY26
- Key Orders Mentioned:
- INR 351 crores cable-stayed bridge (Agra Gwalior Highway Private Limited)
- INR 13 crores export contract (Bangladesh)
- Growth Outlook:
- Targeting close to INR 2,000 crores in annual revenues by FY27/FY28.
- Long-term revenue growth expected at 20%-22% per annum.
- Capex:
- Guidance of INR 25 crores capex for FY26, largely for construction equipment.
- Recently commissioned a 10,000 MT steel bridge girder facility in Singur.
- Concrete Sleepers:
- Ghana plant expected to achieve positive EBITDA from Q3 FY26
- FY26 guidance: Domestic sleeper revenue INR 85 crores, consolidated sleeper revenue INR 140 crores
- Debt and Pledge:
- Total debt as of June 2025: INR 140 crores (includes equipment finance, bill discounting, overdraft).
- Expected debt position by FY26-end: INR 140–150 crores.
- Ongoing process to reduce promoter share pledge; depends on internal consortium/SBI rating review.
- Margin Sustainability & Competition
- EBITDA margins guided to remain at ~13%.
- Company is being selective in bidding for large orders (>INR 1000 crores), insisting on maintaining margin discipline over order size.
- Despite competitive intensity (5–6 bidders per contract), focus is on long-term value and return ratios.
- No plans for JVs for large projects; confident of executing single-handedly
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Disclaimer: This is not a recommendation to buy/sell any of the stocks mentioned above. The securities quoted are for illustration only and are not recommendatory.
Ekansh Mittal
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