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G R Infraprojects Limited (GRINFRA) Fair Value & Analysis

Industrials · IN · Market cap ₹89.9B

GR G R Infraprojects Limited GRINFRA · NSE
Price₹872.70
Fair Value₹1,256
Upside+43.9%
Quality46/100
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Weak Growth
Solidly profitable · 10.8% net margin
Low debt · negative free cash flow
0.27% dividend yield
Ranks above peers (9/13)
Moderate moat 47/100
Evidence: High Range ₹795.75 – ₹1,633 Share as image

Fair value as of: Aug 13, 2026

From 17 valuation models · updated 3 days ago

Share price −2.9% over the past month.

Below-average quality, screening 44% undervalued on our models.

What matters now

  • Solid quality (46/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (₹795.75 to ₹1,633) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

₹2,126 ₹795.95 Fair Value ₹1,256 Jul 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ₹795.95 – ₹2,126 · fair‑value band ₹795.75 – ₹1,633 · the ₹872.70 price screens below the ₹1,256 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

G R Infraprojects Limited (GRINFRA) currently trades at ₹872.70, while our model-based Fair Value estimate is ₹1,256, implying the stock looks roughly 43.9% undervalued today. The Quality Score stands at 46/100 (below-average quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, G R Infraprojects Limited generated revenue of ₹84.0B at a net margin of 10.8%. Revenue grew 9.7% year over year. It earns a return on equity of 10.1%. Net debt stands at ₹36.6B. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹795.75 (bear case) to ₹1,633 (bull case); at ₹872.70, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 35% below its 52-week high and 11% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -34% fair-value upside, at 44%, GRINFRA screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income ₹839.48 ₹929.46 ₹1,518 76
ROIC Compounder ₹702.03 ₹877.19 ₹1,118 72
Gordon GGM ₹30.82 ₹64.09 ₹101.67 70
All 17 models by family
DCF Models
Owner Earnings ₹853.05 ₹1,927 ₹3,867 31
Earnings-Based
Graham-Dodd ₹634.49 ₹3,231 ₹4,464 54
Lynch FV ₹879.14 ₹1,256 ₹1,633 50
PEG = 1.0 ₹879.14 ₹1,256 ₹1,633 46
EPV ₹702.03 ₹877.19 ₹1,030 59
Dividend Discount
Gordon GGM ₹30.82 ₹64.09 ₹101.67 70
DDM Multi-Stage ₹30.82 ₹54.04 ₹67.26 61
Multiples
P/E Multiple ₹1,470 ₹1,959 ₹2,449 63
P/S Multiple ₹1,190 ₹1,586 ₹1,983 58
P/B Multiple ₹1,190 ₹1,586 ₹1,983 55
EV/EBIT ₹1,526 ₹2,151 ₹2,776 53
EV/EBITDA ₹1,285 ₹1,830 ₹2,375 54
EV/Revenue ₹744.73 ₹1,213 ₹1,682 43
Asset-Based
NCAV (Graham) ₹484.68 ₹649.48 ₹969.37 50
Economic Profit
Residual Income ₹839.48 ₹929.46 ₹1,518 76
ROIC Compounder ₹702.03 ₹877.19 ₹1,118 72
Growth Earnings
Growth-Adj P/E ₹1,329 ₹1,899 ₹2,469 68

Widest divergence: DCF Models (₹1,927) versus Dividend Discount (₹54.04). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) ₹84.0B
Revenue growth (YoY) +9.7%
Net margin 10.8%
Return on equity 10.1%
Free cash flow −₹28.0B FY2026
P/E ratio 9.4
More key figures
Operating margin 12.9%
EPS (TTM) ₹93.33
Dividend yield 0.3%
EPS growth (YoY) -48.7%
Net debt ₹36.6B FY2026

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 46/100

Of which business quality 43 · Market factors (momentum, volatility) 37

Profitability 38
Margins and returns on capital today
Quality Growth 33
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 60
Balance sheet, leverage, solvency risk
Investment 66
Disciplined investing over empire-building
Low Volatility 85
Calm price path (market factor)
Momentum 23
Price trend over the last 3–12 months (market factor)
52W Momentum 8
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

G R Infraprojects Limited provides civil construction services in India. It operates through the Engineering, Procurement, and Construction; Built, Operate and Transfer/Annuity Projects; and Others segments.

Full company description

G R Infraprojects Limited provides civil construction services in India. It operates through the Engineering, Procurement, and Construction; Built, Operate and Transfer/Annuity Projects; and Others segments. It offers engineering, procurement, construction (EPC), and project management services for roads and highways, bridges, airport runway, railways and metro, hydro and tunneling, power transmission and distribution, ropeways, logistics infrastructure, telecom and IT infrastructures. The company also constructs and develops state and national highways, bridges, culverts, flyovers, airport runways, tunnels, and rail over bridges. It also offers a range of services on a turnkey basis in railway infrastructure projects, such as civil infrastructures, including earthworks, bridges, station buildings, and facilities; new track laying and rehabilitation of existing tracks; railway electrification and power systems; and signaling and telecommunication services. In addition, the company constructs tunnels in hydropower, railways, metro rail, roads, and highways; designs, constructs, and maintains transmission lines, substations, and distribution networks; and provides multimodal logistics solutions comprising road and rail to support cargo movement and bolster. Further, it manufactures bitumen emulsion, construction chemicals, metal crash barrier, OHE MAST, road signage board, and thermoplastic paint.; and undertakes repair and maintenance of EPC and HAM projects. The company was formerly known as G.R. Agarwal Builders and Developers Limited and changed its name to G R Infraprojects Limited in August 2007. G R Infraprojects Limited was incorporated in 1995 and is headquartered in Udaipur, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

G R Infraprojects Limited reported revenue of ₹84.0B in FY2026 versus ₹84.6B in FY2022, a compound −0.2%/yr. Reported net income was ₹9.0B in FY2026, compounding +2.1%/yr from FY2022.

Growth Quality 33/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2026)
₹84.0B
Latest YoY
+13.6%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−4.0%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+1.4%
Avg. growth/yr (14Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+15.4%
Revenue −0.2%/yr
FY22 ₹84.6B
FY23 ₹94.8B
FY24 ₹89.8B
FY25 ₹73.9B
FY26 ₹84.0B
Net income +2.1%/yr
FY22 ₹8.3B
FY23 ₹14.5B
FY24 ₹13.2B
FY25 ₹10.1B
FY26 ₹9.0B
Character of growth · EPS growth decomposed (2015-2026) +18.0 % p.a.
Revenue per share +16.6 pp

of which total revenue +16.6 pp · buybacks/dilution +0.0 pp

EBIT margin +3.5 pp
Tax rate −2.3 pp
Residual (interest, one-offs) +0.3 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "G R Infraprojects Limited Fair Value". https://www.fairvalue-calculator.com/stock/GRINFRA

Peer Group

Engineering & Construction · 837 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 46 · Below median
Fair Value upside +44% · Top 25%
Return on equity (TTM) 10% · Above median
Return on assets 6% · Top 25%
Net margin (TTM) 11% · Top 25%
Operating margin (TTM) 13% · Top 25%
Revenue growth 10% · Above median
Dividend yield (TTM) 0.3% · Bottom 25%
Debt / equity 0.49× · Higher than 75% of peers

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 9.4× · Cheaper than 75% of peers
P/B 0.96× · Cheaper than median
P/S (TTM) 1.07× · Pricier than median
EV/EBITDA 7.6× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 92 · sector 14
FUTURE 49 · sector 15
PAST 40 · sector 26
HEALTH 76 · sector 94
DIVIDEND 5 · sector 43

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Larsen & Toubro Limited LT ₹4,020 ₹1,994 -50%
Samsung C&T Corporation 028260 357,500 KRW 261,411 KRW -27%
Hyundai Engineering & Construction Co 000720 113,700 KRW 61,453 KRW -46%
Samsung E&A Co 028050 49,300 KRW 43,624 KRW -12%
Rail Vikas Nigam Limited RVNL ₹230.00 ₹48.92 -79%
Daewoo Engineering & Construction Co 047040 18,400 KRW 6,507 KRW -65%
KEPCO Engineering & Construction Company 052690 99,800 KRW 19,346 KRW -81%
GS Engineering & Construction Corporation 006360 35,200 KRW 23,135 KRW -34%
DL E&C Co 375500 73,500 KRW 148,433 KRW +102%
KEPCO Plant Service & Engineering Co 051600 46,350 KRW 43,924 KRW -5%

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Frequently asked questions

Is G R Infraprojects Limited (GRINFRA) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹1,256 versus a price of ₹872.70, about +44% (undervalued).
What is the fair value of GRINFRA?
Our model-based fair value for G R Infraprojects Limited is ₹1,256 (as of Aug 13, 2026), built from audited fundamentals. The current price is ₹872.70.
What is the quality score of GRINFRA?
G R Infraprojects Limited has a Quality Score of 46/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of G R Infraprojects Limited (GRINFRA)?
G R Infraprojects Limited reported trailing-twelve-month revenue of about ₹84.0B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of GRINFRA?
The net profit margin of G R Infraprojects Limited is about 10.8%, meaning it keeps roughly 10.8% of revenue as net income. Based on the latest reported figures.
Does G R Infraprojects Limited pay a dividend?
G R Infraprojects Limited currently shows a dividend yield of about 0.27% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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