G R Infraprojects Stock to Watch After Bagging Large BESS Order at NTPC Thermal Power Stations

Synopsis: Infra stock is in focus upon signing a ₹413.37 crore EPC contract with NTPC for a Battery Energy Storage System at Mouda Super Thermal Power Station, to be completed in 15 months.

The shares of the Small-cap, specialising in the design, development, and maintenance of highways, bridges, and tunnels, are in focus on the day’s trade after securing an order worth Rs. 413.37 crores at NTPC Thermal Power Stations.

With a market capitalisation of Rs. 8,471.38 crore in the day’s trade, the shares of G R Infraprojects Ltd rose 0.6 percent to hit a high of Rs. 893.55, compared to the previous close of Rs. 887.65.

What Happened

G R Infraprojects Ltd, engaged in the design, development, and maintenance of highways, bridges, and tunnels, has executed an Engineering, Procurement, and Construction (EPC) agreement with NTPC Limited.

The project is for “EPC Package for BESS Implementation at NTPC Thermal Power Stations (Lot-1); Mouda Super Thermal Power Station (Mouda)” on 23rd April 2026. The total contract value is Rs. 413.37 crore. The project will be executed under the EPC model and is scheduled for completion within 15 months from the appointed date. 

Financials & Others

The company’s revenue rose by 36.22 percent from Rs. 1,694 crores in December 2024 to Rs. 2,308 crores in December 2025. Meanwhile, Net profit declined from Rs. 263 crores to Rs. 259 crores in the same period.

The company is generating a return on capital employed (ROCE) of 14% and a return on equity (ROE) of 12.2%, showing it earns solid returns on both its total capital and shareholders’ equity. Its debt-to-equity ratio is 0.63, indicating a moderate level of debt and a relatively balanced capital structure.

The stock looks undervalued compared to the industry, with a price-to-earnings (P/E) ratio of 7.88 versus the industry average of 17.7. It is also trading at just above its book value (1.06 times), suggesting investors are paying near the company’s net asset value, which could indicate growth potential.

As of 31st December 2025, the company has a robust order book of Rs. 2,02,548 Mn. Additionally, it has been declared L1 for three road projects worth Rs. 47,100 Mn, which, if considered, would raise the total order book to Rs. 2,49,648 Mn.

The order book is well-diversified across clients, with NHAI contributing 52%, others accounting for 30%, MSRDCL at 8%, NHPC at 6%, and NHLML at 4%, reflecting a balanced mix of government and private sector projects.

The company has a set of key clients include NHAI, MoRTH, MSRDC, Maha Metro, NHIDCL, UPEIDA, NHLML, East Coast Railway, PWD Rajasthan, NHPC, BSNL, Rail Vikas Nigam, Bihar State Road Development Corporation, NTPC, Bangalore Metro, REC Power Development and others.

G R Infraprojects Ltd is a major Indian infrastructure and construction company, incorporated in December 1995 and headquartered in Udaipur, India. It specialises in engineering, procurement, and construction (EPC) services across a wide range of infrastructure sectors, including roads and highways, bridges, tunnels, airport runways, railways and metro projects, power transmission, and multimodal logistics parks. 

The company also develops and operates road projects under Build‑Operate‑Transfer (BOT) and Hybrid Annuity Models (HAM) and has in‑house manufacturing units for materials like bitumen emulsion, thermoplastic paints, and metal crash barriers. 

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