GPT Infraprojects Q2 FY27 Revenue Up 5% YoY

Standalone Performance (Q2 FY27):

Revenue from operations: ₹275 crores (vs. ₹269 crores in Q2 FY26), growth of ~2% YoY
EBITDA: ₹44 crores (vs. ₹37 crores in Q2 FY26), growth of 17.7% YoY
EBITDA margin: 16.0% (expanded by 215 bps from 13.9% in Q2 FY26)
PAT: ₹20 crores with PAT margin of 7.3%

Standalone Performance (H1 FY27):

Consolidated Performance (Q2 FY27):

Revenue from operations: ₹291 crores (vs. ₹279 crores in Q2 FY26), growth of ~5% YoY
EBITDA: ₹41 crores (vs. ₹40 crores in Q2 FY26), growth of 4.5% YoY
EBITDA margin: 14.2%
PAT: ₹18 crores with PAT margin of 6.3%

Consolidated Performance (H1 FY27):

Revenue from operations: ₹594 crores (vs. ₹591 crores in H1 FY26)
EBITDA: ₹89 crores (vs. ₹77 crores in H1 FY26), growth of 16.1% YoY
EBITDA margin: 15.0% (expanded by 203 bps from 12.9% in H1 FY26)
PAT: ₹43 crores with PAT margin of 7.2%
Includes additional amortization charge of ₹8 crores (non-cash) from goodwill amortization for Alcon acquisition

Cash Flow:

Net cash flow from operations for H1 FY27: ₹54 crores (vs. ₹12 crores in H1 FY26), representing 5x improvement

Current Order Book Status:

Total outstanding order book: ₹5,373 crores (equivalent to 4.3x FY26 revenues)
Infrastructure segment order book: ₹4,521 crores
Concrete Sleeper segment order book: ₹852 crores (highest ever, representing 16% of total order book)

Recent Contract Awards:

Railway infrastructure order valued at ₹484 crores from RVNL for construction of 544-meter long open web steel girder bridge over Mahanadi in Odisha
Multiple signaling contracts secured by Alcon Builders & Engineers (wholly-owned subsidiary) aggregating ₹428 crores:
₹134 crores from Western Railway Ratlam Division for 4-Aspect Automatic Block Signaling, Electronic Interlocking
₹114.82 crores from Northeast Frontier Railway Katihar Division for electronic interlocking at 10 stations
₹85.53 crores from Eastern Railway Asansol Division for automatic signaling using MSDAC Electronic Interlocking
5-year contract valued at ₹385 crores from Transnet Freight Rail secured by GPT Concrete Products South Africa Private Limited

Infrastructure Segment:

Revenue: ₹262 crores (90% of total revenue)
EBIT: ₹33 crores (92% of total EBIT)
Supported by execution across Prayagraj Ganga Bridge, Kolaghat, and Kona Expressway projects

Concrete Sleeper Segment:

Revenue: ₹30 crores (10% of total revenue)
EBIT: ₹2.5 crores
Benefits from stable domestic operations and export supplies to Africa
Secured multiple smaller contracts for Panagarh factory for export to Bangladesh and domestic supplies

Alcon Builders & Engineers:

Africa Operations:

FY27 revenue expectation: ₹80 crores
Principal contributors: South Africa and Ghana
South Africa expected revenue: ₹70-75 crores annually from the 5-year ₹385 crore contract

Revenue Guidance:

Revised FY27 revenue growth: 25-27% (previously 27-30%)
H2 FY27 revenue target: ~₹1,000 crores (requiring monthly run rate of ~₹160 crores)
Full-year FY27 revenue expectation: ~₹1,600 crores

Margin Guidance:

Order Inflow Guidance:

Other Guidance:

Domestic Concrete Sleeper business expected to grow ~15% over next 2 years
African operations expected to show exponential growth
Strong bidding pipeline with opportunities in West Bengal (₹2,100 crores connectivity contracts)

Execution Challenges:

Temporary moderation in execution due to West Bengal assembly elections (April-May) and extended monsoon
Workforce availability now normalized with recovery starting in October

Contract Assets:

Contract assets increased by ₹45 crores compared to March 2026
Primary drivers: New contracts (Chambal, Kashi Ganga Bridge, Rapti) where first billing milestone not yet reached
Out of ₹543 crores contract assets, approximately ₹10 crores more than one year old

Corporate Action: