Revenue fell 16.68% QoQ as operating margin narrowed to 9.49%
Expenses fell 15.25%, slower than revenue, while other income contributed 33.69% of profit before tax.
Filed 04 Nov 2026, 19:20 IST · after market close · G R Infraprojects Ltd (GRINFRA)
Key takeaways
- Standalone revenue fell 16.68% QoQ, while operating margin narrowed by 1.53 percentage points to 9.49%.
- Other income contributed 33.69% of standalone profit before tax, making reported profit less reflective of operating earnings.
- Management said the order book stood at Rs 2,45,766 million as of 30 September 2026.
Price around the results
Revenue decline outpaced the cost reduction
G R Infraprojects’ standalone revenue fell 16.68% QoQ, while expenses declined 15.25%. Because costs fell more slowly than revenue, operating profit dropped 28.29% and net profit declined 20.92%. The quarter was filed after market close on 4 November 2026.
Lower interest helped, but other income lifted profit quality concerns
The slower fall in expenses narrowed operating margin by 1.53 percentage points from Q1FY27. Interest expense declined 57.87% QoQ and the tax rate eased by 0.23 percentage points, cushioning the effect on profit after the operating decline. Other income accounted for 33.69% of standalone profit before tax, a significant contribution outside operations.
Margin was below the Industrials peer median
The available quarterly trend shows operating margin moving down from 11.02% in Q1FY27 to 9.49% in Q2FY27. G R Infraprojects was 2.09 percentage points below the 11.58% median operating margin of 125 Industrials peers that had reported the same quarter. Its margin ranked 38th from the bottom in that comparison.
Management pointed to a sizeable order book
The company’s investor presentation said its order book stood at Rs 2,45,766 million as of 30 September 2026. That provides the key operating context for a quarter in which standalone revenue fell 16.68% QoQ, but the presentation did not provide a quantified near-term revenue outlook.
Q2FY27 at a glance
Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹2,019 cr | ₹2,423 cr | -16.68% |
| Other income | ₹73 cr | ₹64 cr | +13.51% |
| Expenses | ₹1,828 cr | ₹2,156 cr | -15.25% |
| Operating profit | ₹192 cr | ₹267 cr | -28.29% |
| Operating margin (%) | 9.49% | 11.02% | — |
| Interest | ₹6 cr | ₹13 cr | -57.87% |
| Depreciation | ₹43 cr | ₹44 cr | -2.75% |
| Profit before tax | ₹216 cr | ₹274 cr | -21.16% |
| Tax | ₹55 cr | ₹70 cr | -21.85% |
| Net profit | ₹161 cr | ₹204 cr | -20.92% |
| EPS (₹) | ₹16.64 | ₹21.05 | -20.95% |
Operating margin of 9.49% compares with a Industrials sector median of 11.58% across 125 peers that have reported Q2FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
New orders
- The order book stood at Rs 2,45,766 million as of 30 September 2026.
What to watch
- Whether standalone operating margin holds above 9.49% in the next quarter.
- Whether revenue recovers from the 16.68% QoQ decline.
- Whether other income’s 33.69% share of profit before tax reduces.