Interim report
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GRILⓇ GR INFRAPROJECTS LIMITED ( Formerly known as G.R. Agarwal Builders and Developers Limited ) CIN : L45201GJ1995PLC098652 6th August 2026 Το BSE Limited Phiroze Jeejeebhoy Towers Dalal Street , Fort Mumbai - 400001 Scrip Code : 543317 National Stock Exchange of India Limited Exchange Plaza , Plot No. C - 1 G Block , Bandra - Kurla Complex , Bandra ( E ) Mumbai - 400051 Symbol : GRINFRA Sub : Outcome of Board Meeting held on 6th August 2026 . Dear Sir , Pursuant to Regulation 30 and other applicable Regulations of SEBI ( Listing Obligations and Disclosure Requirements ) Regulations , 2015 , we wish to inform that the Board of Directors of the Company at its meeting held today i.e. Thursday , 6th August 2026 has , inter alia , approved Unaudited Standalone and Consolidated Financial Results of the Company for the quarter ended 30th June 2026 . The meeting of the Board of Directors of the Company commenced at 4:30 PM and concluded at 6:30 PM . We request the exchange to take this information on record . Thanking you , Yours sincerely , For G R Infraprojects Limited Sudhir Mutha Company Secretary CORPORATE OFFICE : GR One , Plot No. 7B , Sector - 18 , Maruti Industrial Complex , Gurugram , Haryana - 122015 , India Ph .: + 91-124-6435000 HEAD OFFICE : GR House , Hiran Magri , Sector - 11 , Udaipur , Rajasthan - 313 002 , India Ph : + 91-294-2487370 , 2483033 REGISTERED OFFICE : Revenue Block No. 223 , Old Survey No. 384/1 384/2 , Paiki and 384/3 , Khata No. 464 , Kochariya Ahmedabad , Gujarat - 382 220 , India E - mail : info@grinfra.com | Website : www.grinfra.com JAS - ANZ C CS .... ISO 9001 : 2015 ISO 14001 : 2015 ISO 45001 : 2018 Reg . No .: RI91 / 6251 ISO 27001 : 2022 Reg . No .: RIS91 / 11693
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6th August 2026 To BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Plot No. C-1 Dalal Street, Fort G Block, Bandra-Kurla Complex, Bandra(E) Mumbai – 400001 Mumbai -400051 Scrip Code: 543317 Symbol: GRINFRA Sub: Statement of Unaudited Standalone and Consolidated Financial Results for the quarter ended 30th June 2026. Dear Sir, The Board of Directors of G R Infraprojects Limited (“Company”) at its meeting held today, i.e., 6th August 2026 approved the Unaudited Standalone & Consolidated Financial Results for the quarter ended 30th June 2026, in terms of Regulation 30, 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. We enclose herewith the Unaudited Standalone & Consolidated Financial Results for the quarter ended 30th June 2026 alongwith Limited Review Report issued by M/s. B S R and Co, Chartered Accountants, Statutory Auditors of the Company on the said results. Other information required are as under: 1. Additional disclosure as per Regulation 52(4) is given under Note No. 9 in Standalone Financial Results and Note No. 3 in Consolidated Financial Results. 2. There are no outstanding secured listed Non-Convertible Debentures in the company, hence disclosure of asset cover is not applicable. Further, please also note that the proceeds from the issuance of non-convertible debentures have been fully utilized. A statement indicating utilization of proceeds as per Regulation 52(7) and statement of deviation as per Regulation 52(7A) is enclosed as Annexure-A. The meeting of the Board of Directors of the Company commenced at 4:30PM and concluded at 6:30PM. We request the exchange to take this information on record. Thanking you, Yours sincerely, For G R Infraprojects Limited Sudhir Mutha Company Secretary ICSI Membership No. ACS18857 Encl: As above
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Annexure- A A. Statement of utilization of issue proceeds: 1. Name of the Issuer - G R Infraprojects Limited ISIN Mode of Fund Raising (Public issues/ Private placement) Type of instrument Date of raising funds Amount Raised (Rs.in Crores) Funds utilized (Rs.in Crores) Any deviation (Yes/ No) If 8 is Yes, then specify the purpose of for which the funds were utilized Remarks, if any 2 3 4 5 6 7 8 9 10 INE201P08175 Private Placement NCD 20/01/2022 75 75 No NA - INE201P08191 Private Placement NCD 30/08/2022 40 40 No NA - INE201P08209 Private Placement NCD 05/02/2024 100 100 No NA - B. Statement of deviation/ variation in use of Issue proceeds: Not Applicable Particulars Remarks Name of listed entity - Mode of fund raising - Type of instrument - Date of raising funds - Amount raised - Report filed for quarter ended - Is there a deviation/ variation in use of funds raised? - Whether any approval is required to vary the objects of the issue stated in the prospectus/ offer document? - If yes, details of the approval so required? - Date of approval - Explanation for the deviation/ variation - Comments of the audit committee after review - Comments of the auditors, if any -
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Objects for which funds have been raised and where there has been a deviation/ variation, in the following table: Original object Modified object, if any Original allocation Modified allocation, if any Funds utilised Amount of deviation/ variation for the quarter according to applicable object (in Rs. crore and in %) Remarks, if any Not Applicable Deviation could mean: a. Deviation in the objects or purposes for which the funds have been raised. b. Deviation in the amount of funds actually utilized as against what was originally disclosed. Sudhir Mutha Company Secretary ICSI Membership No. ACS18857 Date: 06.08.2026 Place: Udaipur
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B S R and CoChartered Accountants14th Floor, Central B Wing and North C WingNesco IT Park 4, Nesco CenterWestern Express HighwayGoregaon (East), Mumbai – 400 063, IndiaTelephone: +91 (22) 6257 1000Fax: +91 (22) 6257 1010 Principal Office:14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063Page 1 of 2 Limited Review Report on unaudited standalone financial results of G R Infraprojects Limited for the quarter ended 30 June 2026 pursuant to Regulation 33 and Regulation 52(4) read with Regulation 63 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amendedTo the Board of Directors of G R Infraprojects Limited1. We have reviewed the accompanying Statement of unaudited standalone financial results of G R Infraprojects Limited (hereinafter referred to as “the Company”) for the quarter ended 30 June 2026 (“the Statement”) (in which are included interim financial results of seven joint operations).2. This Statement, which is the responsibility of the Company’s management and approved by its Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52(4) read with Regulation 63 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”). Our responsibility is to issue a report on the Statement based on our review.3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.4. Attention is drawn to the fact that the figures for the three months ended 31 March 2026 as reported in the Statement are the balancing figures between audited figures in respect of the full previous financial year and the published year to date figures up to the third quarter of the previous financial year. The figures up to the end of the third quarter of previous financial year had only been reviewed and not subjected to audit.5. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.6. The standalone financial results of the Company for the year ended 31 March 2026 were audited by the predecessor auditor whose report dated 11 May 2026 had expressed an unmodified opinion. The standalone financial results of the Company for the corresponding quarter ended 30 June 2025, were reviewed by the predecessor auditor whose report dated 01 August 2025 had expressed an unmodified conclusion.7. The standalone financial results of the Company for the three months ended 31 March 2026 were audited by the predecessor auditor whose report dated 11 May 2026 had expressed an unmodified opinion
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B S R and CoLimited Review Report (Continued)G R Infraprojects Limited Page 2 of 2 8. The Statement includes the interim financial information of Seven Joint operations which has not been reviewed, whose interim financial information reflects total revenues (before consolidation adjustments) of Rs. 8,796.78 Lakhs, total net profit after tax (before consolidation adjustments) of Rs. Nil and total comprehensive income (before consolidation adjustments) of Rs. Nil, for the quarter ended 30 June 2026, as considered in the Statement. According to the information and explanations given to us by the management, this interim financial information are not material to the Company.Our conclusion is not modified in respect of this matter.For B S R and CoChartered AccountantsFirm’s Registration No.:128510WJeyur ShahPartnerAhmedabadMembership No.: 04575406 August 2026UDIN:26045754NONATX3729
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( in lakhs except per share data)Year endedParticulars 30 June 2026 31 March 2026 30 June 2025 31 March 2026 (Unaudited) (Audited)(refer note 11)(Unaudited) (Audited)IRevenue from operations 2,42,342.22 2,52,090.00 1,82,613.54 7,62,021.73 IIOther income 6,410.95 9,880.20 11,625.92 46,104.75 III Total income ( I + II ) 2,48,753.17 2,61,970.20 1,94,239.46 8,08,126.48 IV Expenses(a) Cost of material consumed 14,168.78 12,121.19 10,340.79 42,201.32 (b) Construction expenses 1,82,853.91 1,91,056.65 1,31,344.00 5,62,081.47 (c) (Increase) / decrease in inventories of finished goods and work in progress (543.49) 38.41 (307.16) (1,794.12)(d) Employee benefits expense (refer note 8) 15,449.65 14,659.15 14,919.71 60,454.43 (e) Finance costs 1,333.81 997.35 1,187.79 4,323.57 (f) Depreciation and amortisation expense 4,395.68 4,574.45 5,242.69 19,835.93 (g) Other expenses 3,698.80 6,871.34 3,211.16 16,046.20 Total expenses (IV) 2,21,357.14 2,30,318.54 1,65,938.98 7,03,148.80 V 27,396.03 31,651.66 28,300.48 1,04,977.68 VIExceptional items (refer note 5) - 21,205.26 - 25,315.26 VII Profit before tax (V+VI) 27,396.03 52,856.92 28,300.48 1,30,292.94 VIII Tax expense(a) Current tax 7,284.64 9,847.26 7,104.45 29,997.67 (b) Adjustment provision of tax relating to earlier period/year (net) - 14.05 - 611.53 (c) Deferred tax (credit) / charge (253.14) 1,269.05 (384.00) 78.12 Total Income tax expense (VIII) 7,031.50 11,130.36 6,720.45 30,687.32 IX Profit for the period / year (VII-VIII) 20,364.53 41,726.56 21,580.03 99,605.62 X Other comprehensive incomeItems that will not be reclassified to profit or loss in subsequent period/year :(a) Re-measurements gain / (loss) of defined benefit plans 39.84 591.61 (92.45) 265.07 (b) Net gain/(loss) on equity instruments through OCI 19.65 (39.56) 23.21 (18.86)(c) Income tax relating to above (14.53) (139.83) 17.95 (62.40)Total other comprehensive income / (loss) (net of tax ) (X) 44.96 412.22 (51.29) 183.81 XI Total comprehensive income for the period / year (net of tax) (IX+X) 20,409.49 42,138.78 21,528.74 99,789.43 XIIPaid up equity share capital (Face value of 5/- each) 4,838.04 4,838.04 4,837.03 4,838.04 XIIIOther equity (excluding revaluation reserves) as at balance sheet date 8,82,061.64 XIVEarnings per share (EPS) - () (of 5/- each) (not annualised for quarters)-Basic earning per share - () 21.05 43.13 22.31 102.95 -Diluted earning per share - () 21.05 43.12 22.30 102.93 See accompanying notes to the unaudited standalone financial results. G R INFRAPROJECTS LIMITEDRegistered Office: Revenue Block No.-223, Old survey No. 384/1, 384/2, Paiki and 384/3, Khata No. 464, Kochariya, Ahmedabad, Gujarat - 382220. CIN: L45201GJ1995PLC098652STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2026Sl. No.Quarter ended
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G R Infraprojects LimitedNOTES: 123 ( in lakhs)ParticularsYear ended 30 June 2026 31 March 2026 30 June 2025 31 March 2026 Revenue (including other income) 8,835.74 7,291.17 6,644.78 25,624.00 Expenses (including income tax expense) 8,835.74 7,325.79 6,644.78 25,653.15 Share of (loss)/ Profit in joint operations- (34.62) - (29.15) 4 (a)(b)5678The listed non-convertible debentures of the Company aggregating to 21,500 lakhs outstanding as on June 30, 2026 are unsecured.During the year ended 31 March 2026, the Company acquired 100% equity shares in Rajgarh Neemach Power Transmission Limitedfor total consideration of1,888.04 lakhs as per the share purchase agreement entered with REC Power Development and Consultancy Limiteddated 29th September 2025 pursuant tobidcondition, considering that the Company has been identified selected bidder vide letter of intent dated August 27, 2025 for the project "Transmission system for evacuationofpower from RE projects in Neemach (1000 MW) SEZ in Madhya Pradesh - Phase II through tariff based competitive bidding process (TBCB)". This has beenaccordinglyaccounted in these standalone financial results.The Government of India has consolidated 29 existing labour legislations into a united framework comprising four Labour Code viz Code on wages 2019, Code on SocialSecurity2020, Industrial Relation Code 2020, and Occupational Safety, Health and Working Condition Code 2020 (collectively referred to as theThe Codes was madeeffectivefrom 21 November, 2025.Based on the information available and in accordance with guidance issued by the Institute of Chartered Accountants of India, the company has estimated and recognisedtheincremental liability of2,427.30 lakhs, as past service cost on post employment defined benefits for its employees in these standalone financial results during the year ended31March 2026. In June 2022, the Central Bureau of Investigation (CBI) registered a case under the Prevention of Corruption Act, 1988 read with the Indian Penal Code, 1860 and tookintocustody three employees of the Company. Subsequently, all three employees of the Company were granted bail and the Company appeared before the Gauhati HighCourtthrough its authorised representative. The Company has challenged its involvement before the Gauhati High Court, which has granted a stay on the proceedings. As atthereporting date, while the chargesheet filed by the CBI includes both the Company as well as the said employees, the matter continues to remain sub judice, and iscurrentlypending before the Gauhati High Court.During the quarter and year ended March 31, 2026, the Company has sold 100% equity stake in its wholly owned subsidiaries, namely GR Bahadurganj Araria HighwayPrivateLimitedGR Ena Kim Expressway Private LimitedGR Bilaspur Urga Highway Private Limitedand GR Ujjain BadnawarHighwayPrivate Limitedto Indus Infra Trust pursuant to Share Purchase Agreements dated December 29, 2025 for GRBAHPL and March 24, 2026 forGRENEPL,GRBUHPL, and GRUBHPL. The equity shares were sold for an aggregate consideration of4,793.31 lakhs (including deferred consideration of873.73 lakhs),15,378.00lakhs(including deferred consideration of3,242.77 lakhs),10,293.01 lakhs (including deferred consideration of2,201.94 lakhs), and1,650.94 lakhs in respect ofGRBAHPL,GRENEPL, GRBUHPL and GRUBHPL respectively. As a result of the above transactions, the Company recognised gains of3,893.26 lakhs,14,478.05 lakhs,6,193.01lakhs,and750.94 lakhs from the sale of GRBAHPL, GRENEPL, GRBUHPL and GRUBHPL respectively which has been disclosed as exceptional item in these standalonefinancialresults under respective period. The above unaudited standalone financial results for the quarter ended June 30, 2026 ('the Statement') of G R Infraprojects Limited ('the Company') which are publishedinaccordance with Regulation 33 and 52 of the Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations, 2015 asamended('Listing Regulations'), have been reviewed and recommended by the Audit Committee and thereafter approved by the Board of Directors in their respective meetings heldonAugust 6, 2026. These unaudited standalone financial results are prepared in accordance with the Companies Indian Accounting Standards Rules 2015 ( as amended) ("IndAS")prescribed under section 133 of Companies Act, 2013 and the other recognised accounting practices and policies to the extent applicable. The statutory auditor hasperformedlimited review of these standalone financial results.As permitted by paragraph 4 of Ind AS 108, "Operating Segments", notified under section 133 of the Companies Act, 2013, read together with the relevant rulesissuedthereunder, if a single financial report contains both consolidated financial results and the standalone financial results of the parent, segment information need to bepresentedonly on the basis of the consolidated financial results. Thus, disclosure required by Regulation 33 and 52 of the SEBI (Listing Obligations & Disclosure Requirements)Regulations,2015 on segment wise revenue, results and capital employed are given in consolidated financial results.Quarter endedThe above financial information for the respective quarter and year end is solely based on management accounts and has not been subjected to review / audit by any auditors.Inview of management, these joint operations are not material to overall performance and results of the Company.During the year ended 31 March 2026, the Income Tax Department ("the Department") conducted a search under Section 132 of the Income Tax Act, 1961 ("the Act") atcertainpremises of the Company, as well as the residence of Promoters, members of the promoter group, and certain senior management employees of the Company. TheCompanyextended full cooperation during the search proceedings and furnished all information and documents sought by the Department. As at the reporting date, no assessmentorder,tax demand, penalty notice or other adverse communication has been received from the Department. The business and operations of the Company have continuedwithoutdisruption.The ultimate outcome and financial impact, if any, of the aforementioned matters are dependent upon the conclusion of the ongoing judicial proceedings. Accordingly,noliability has been recognised in the financial results in this regard.
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NOTES (Continued) : G R Infraprojects Limited9ParticularsYear ended 30 June 2026 31 March 2026 30 June 2025 31 March 2026 (Unaudited) (Audited)(refer note 11)(Unaudited) (Audited)1Profit after tax ( in lakhs)20,364.53 41,726.56 21,580.03 99,605.62 2Net worth ( in lakhs)(Net worth is calculated as per section 2(57) of the Companies Act, 2013)9,01,356.48 8,80,906.40 8,05,288.15 8,80,906.40 Earnings per share (not annualised for the quarters) () - Basic earning per share21.05 43.13 22.31 102.95 - Diluted earning per share21.05 43.12 22.30 102.93 4Capital redemption reserve ( in lakhs)550.16 550.16 550.16 550.16 5Debenture redemption reserve ( in lakhs)- - - - 6Debt Equity Ratio (in times)(Total Debt / Total Equity )Total Debt = Debt comprises of current borrowings (including current maturities of non currentborrowings)and non current borrowings.Total Equity = Net worth (Net worth is calculated as per section 2(57) of the Companies Act, 2013)0.03 0.03 0.05 0.03 7Debt Service Coverage Ratio (in times)(Profit after tax + Interest expense + depreciation and amortisation expense + loss/(profit) on sale of PPE-exceptional items)/(principal repayment of non-current borrowings made during the quarter/year+Interest expenses + lease payment)40.07 41.88 1.82 3.17 8Interest Service Coverage Ratio(in times)(Profit before tax and exceptional items + Total interest expense )/(Total interest expense)55.25 61.68 29.65 35.87 9Current Ratio (in times)(Current assets / Current liabilities )3.31 3.30 3.37 3.30 10Long term debt to working capital (in times)(Non current borrowing including current maturity) / (Current assets - Current liabilities)0.06 0.06 0.12 0.06 11Bad debts to accounts receivable ratio (in times)(Trade receivable written off/ Average account receivable)- 0.01 - 0.01 12Current liability ratio ( in times)(Current liabilities / Total liabilities)0.80 0.80 0.69 0.80 13Total Debt to Total assets (in times)(Total debt / Total assets)Total Debt = Debt comprises of current borrowings (including current maturities of non currentborrowings)and non current borrowings.0.02 0.02 0.04 0.02 14Debtor turnover ratio (in times)(Revenue from operation ( annualised) /Average account receivable)Average account receivable = average trade receivables + average contract assets)2.86 3.41 2.84 2.66 15Inventory turnover ratio ( in times)(Cost of goods sold ( annualised) / Average Inventory)3.87 6.15 4.92 4.39 16Operating margin (%)(Profit before interest, depreciation, exceptional items and tax less other income/revenue from operations)11.02% 10.85% 12.65% 10.90%17Net profit margin (%)(Profit for the period or year/revenue from operations)8.40%16.55%11.82%13.07%1011For G R Infraprojects LimitedAjendra Kumar AgarwalChairman & Managing DirectorDIN: 01147897Place : GurugramDate : 6 August 2026Investors can view the unaudited standalone financial results of the Company for the quarter ended June 30, 2026 on thewebsite www.grinfra.com or on thewebsiteof the stock exchange www.bseindia.com and www.nseindia.com.The figures for the quarter ended March 31, 2026 are balancing figures between the audited figures in respect of full financial year upto March 31, 2026 and unauditedpublishedyear to date figures upto third quarter ended December 31, 2025 which were subjected to limited review. Additional information as per regulation 52(4) of the Securities and Exchange Board of India ( Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended :Sl. No.Quarter ended3
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B S R and CoChartered Accountants14th Floor, Central B Wing and North C WingNesco IT Park 4, Nesco CenterWestern Express HighwayGoregaon (East), Mumbai – 400 063, IndiaTelephone: +91 (22) 6257 1000Fax: +91 (22) 6257 1010 Principal Office:14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063Page 1 of 5 Limited Review Report on unaudited consolidated financial results of G R Infraprojects Limited for the quarter ended 30 June 2026 pursuant to Regulation 33 and Regulation 52(4) read with Regulation 63 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amendedTo the Board of Directors of G R Infraprojects Limited1. We have reviewed the accompanying Statement of unaudited consolidated financial results of G R Infraprojects Limited (hereinafter referred to as “the Parent”), and its subsidiaries (the Parent and its subsidiaries together referred to as “the Group”) and its share of the net profit after tax and total comprehensive income of its associate for the quarter ended 30 June 2026 (“the Statement”) (in which are included interim financial information from seven of joint operations), being submitted by the Parent pursuant to the requirements of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").2. This Statement, which is the responsibility of the Parent’s management and approved by the Parent’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52(4) read with Regulation 63 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review.3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.4. The Statement includes the results of the entities mentioned in Annexure I to the Statement:5. Attention is drawn to the fact that the figures for the three months ended 31 March 2026 as reported in the Statement are the balancing figures between audited figures in respect of the full previous financial year and the published year to date figures up to the third quarter of the previous financial year. The figures up to the end of the third quarter of previous financial year had only been reviewed and not subjected to audit.6. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 9 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
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B S R and CoLimited Review Report (Continued)G R Infraprojects Limited Page 2 of 5 7. The consolidated financial results of the Group and its associate for the year ended 31 March 2026 were audited by the predecessor auditor whose report dated 11 May 2026 had expressed an unmodified opinion. The consolidated financial results of the Group and its associate for the corresponding quarter ended 30 June 2025 were audited by the predecessor auditor whose report dated 01 August 2025 had expressed an unmodified conclusion.8. The consolidated financial results of the Group and its associate for the three months ended 31 March 2026 were audited by the predecessor auditor whose report dated 11 May 2026 had expressed an unmodified opinion.9. We did not review the interim financial information of 35 Subsidiaries included in the Statement, whose interim financial information reflect total revenues (before consolidation adjustments) of Rs. 1,67,198.62 Lakhs, total net profit after tax (before consolidation adjustments) of Rs. 4,144.26 Lakhs and total comprehensive income (before consolidation adjustments) of Rs. 4,137.07 Lakhs, for the quarter ended 30 June 2026, as considered in the Statement. The Statement also include the Group’s share of net profit after tax of Rs. 5,431.77 Lakhs and total comprehensive income of Rs. 5,431.77 Lakhs, for the quarter ended 30 June 2026 as considered in the Statement, in respect of one associate, whose interim financial results has not been reviewed by us. These interim financial information have been reviewed by other auditors whose report have been furnished to us by the Parent’s management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries/associate, is based solely on the report of the other auditors and the procedures performed by us as stated in paragraph 3 above.Our conclusion is not modified in respect of this matter.10. The Statement includes the interim financial information of seven joint operations which have not been reviewed, whose interim financial information reflects total revenues (before consolidation adjustments) of Rs. 8,796.78 Lakhs, total net profit after tax (before consolidation adjustments) of Rs. Nil and total comprehensive income (before consolidation adjustments) of Rs. Nil , for the quarter ended 30 June 2026, as considered in the Statement. According to the information and explanations given to us by the Parent’s management, these interim financial information are not material to the Group.Our conclusion is not modified in respect of this matter.For B S R and CoChartered AccountantsFirm’s Registration No.:128510WJeyur ShahPartnerAhmedabadMembership No.: 04575406 August 2026UDIN:26045754IFDTSK2730
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B S R and CoLimited Review Report (Continued)G R Infraprojects Limited Page 3 of 5 Annexure IList of entities included in unaudited consolidated financial results.Sr. No Name of component Relationship1 G R Infraprojects Limited Parent Company2 Reengus Sikar Expressway Limited Wholly Owned Subsidiary3 Nagaur Mukundgarh Highways Private Limited Subsidiary4 GR Shirsad Masvan Expressway Private Limited Wholly Owned Subsidiary5 GR Amritsar Bathinda Highway Private Limited Wholly Owned Subsidiary6 GR Ludhiana Rupnagar Highway Private Limited Wholly Owned Subsidiary7 GR Bhimasar Bhuj Highway Private Limited Wholly Owned Subsidiary8 GR Bamni Highway Private Limited Wholly Owned Subsidiary9 GR Govindpur Rajura Highway Private Limited Wholly Owned Subsidiary10 GR Madanapalli Pileru Highway Private Limited Wholly Owned Subsidiary11 Rajgarh Transmission Limited Wholly Owned Subsidiary12 GR Bandikui Jaipur Expressway Private Limited Wholly Owned Subsidiary13 Maratha Skyride Ventures Private Limited Wholly Owned Subsidiary14 GR Logistics Park (Indore) Private Limited Wholly Owned Subsidiary15GR Venkatpur Thallasenkesa Highway Private LimitedWholly Owned Subsidiary16GR Belgaum Raichur (Package-5) Highway Private LimitedWholly Owned Subsidiary17GR Belgaum Raichur (Package-6) Highway Private LimitedWholly Owned Subsidiary18 GR Hasapur Badadal Highway Private Limited Wholly Owned Subsidiary
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B S R and CoLimited Review Report (Continued)G R Infraprojects Limited Page 4 of 5 19 GR Devinagar Kasganj Highway Private Limited Wholly Owned Subsidiary20 GR Varanasi Kolkata Highway Private Limited Wholly Owned Subsidiary21 GR Yamuna Bridge Highway Private Limited Wholly Owned Subsidiary22 GR Kasganj Bypass Private Limited Wholly Owned Subsidiary23 GR Tarakote Sanjichhat Ropeway Private Limited Wholly Owned Subsidiary24 Pachora Power Transmission Limited Wholly Owned Subsidiary25 Tumkur-II REZ Power Transmission Limited Wholly Owned Subsidiary26 Bijapur REZ Transmission Limited Wholly Owned Subsidiary27 Agra Gwalior Highway Private Limited Wholly Owned Subsidiary28 Rajgarh Neemuch Power Transmission Limited Wholly Owned Subsidiary29 Infra Fourmative Private Limited Subsidiary30 Indus Offshore Private Limited Subsidiary31 Fouran Private Limited Wholly Owned Subsidiary32 Fourci Warehouse-1 Private Limited Wholly Owned Subsidiary33 Fourci Warehouse-2 Private Limited Wholly Owned Subsidiary34 Munger Link Highway Private Limited Wholly Owned Subsidiary35 Nasarpore Malotha Highway Private Limited Wholly Owned Subsidiary36 Rajasthan Aerial Sky Safari Private Limited Wholly Owned Subsidiary37 GRIL – MSKEL (JV) Joint Operation38 SBEPL – GRIL (JV) Joint Operation39 GR – Gawar (JV) Joint Operation40 GRIL - Cobra -KIEL (JV) Joint Operation
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B S R and CoLimited Review Report (Continued)G R Infraprojects Limited Page 5 of 5 41 GR – Triveni (JV) Joint Operation42 Ravi Infra – GRIL – Shivakriti (JV) Joint Operation43 M/s. Dibang Power (Lot 4) Consortium Power Joint Operation44 Indus Infra Trust Associate
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( in lakhs except per share data)Year endedParticulars 30 June 2026 31 March 2026 30 June 2025 31 March 2026 (Unaudited) (Audited)(refer note 11)(Unaudited) (Audited)IRevenue from operations 2,78,411.09 2,50,041.26 1,98,778.99 8,39,861.89 IIOther income 4,508.50 3,025.72 3,952.42 12,865.06 III Total income ( I + II ) 2,82,919.59 2,53,066.98 2,02,731.41 8,52,726.95 IV Expenses(a) Cost of material consumed 14,168.78 12,121.19 10,340.79 42,201.32 (b) Construction expenses 1,90,409.78 1,74,492.59 1,28,525.17 5,41,936.90 (c) (Increase) / decrease in inventories of finished goods and work in progress (543.49) 38.41 (307.16) (1,794.12)(d) Employee benefits expense (refer note 8) 15,807.10 14,708.23 14,869.50 60,370.55 (e) Finance costs 10,265.03 11,227.79 11,672.66 50,797.04 (f) Depreciation and amortisation expense 4,604.03 4,656.93 5,231.51 19,881.14 (g) Other expenses 11,789.04 11,839.60 5,536.59 34,980.76 Total expenses (IV) 2,46,500.27 2,29,084.74 1,75,869.06 7,48,373.59 V Profit before share of profit of an associate, exceptional items and tax (III-IV) 36,419.32 23,982.24 26,862.35 1,04,353.36 VIShare of profit of an associate 5,431.77 4,629.49 5,251.03 16,667.80 VII Profit before exceptional items and tax (V+VI) 41,851.09 28,611.73 32,113.38 1,21,021.16 VIIIExceptional items (refer note 6) 6,121.44 3,354.26 - 4,746.58 IX Profit before tax (VII+VIII) 47,972.53 31,965.99 32,113.38 1,25,767.74 X Tax expense(a) Current tax 8,119.67 11,172.86 7,823.28 34,136.28 (b) Adjustment provision of tax relating to earlier period/year (net) - 14.05 - 477.46 (c) Deferred tax charge / (credit) 4,073.77 (206.87) (150.53) 896.19 Total Income tax expense (X) 12,193.44 10,980.04 7,672.75 35,509.93 XI Profit for the period / year (IX-X) 35,779.09 20,985.95 24,440.63 90,257.81 XII Other comprehensive incomeItems that will not be reclassified to profit or loss in subsequent period/year :(a) Re-measurements gain / (loss) of defined benefit plans 32.61 598.84 (92.45) 272.30 19.65 (39.56) 23.21 (18.86) (14.53) (139.83) 17.95 (62.40)Total other comprehensive income / (loss) ( net of tax ) (XII) 37.73 419.45 (51.29) 191.04 XIII Total comprehensive income for the period / year ( net of tax ) (XI+XII) 35,816.82 21,405.40 24,389.34 90,448.85 Profit for the period/ year attributable to: - Owner of the parent35,729.16 20,696.50 24,405.62 90,284.14 - Non controlling interests 49.93 289.45 35.01 (26.33)Total other comprehensive income / (loss) for the period/ year attributable to: - Owner of the parent 37.73 419.45 (51.29) 191.04 - Non controlling interests - - - - Total comprehensive income for the period/year attributable to: - Owner of the parent 35,766.89 21,115.95 24,354.33 90,475.18 - Non controlling interests 49.93 289.45 35.01 (26.33)XIVPaid up equity share capital (Face value of 5/- each) 4,838.04 4,838.04 4,837.03 4,838.04 XVOther equity (excluding revaluation reserves) as at balance sheet date 9,33,126.88 XVI- Basic earning per share - () 36.93 21.39 25.23 93.31 - Diluted earning per share - () 36.93 21.39 25.22 93.30 See accompanying notes to the unaudited consolidated financial results. G R INFRAPROJECTS LIMITEDSl. No. (c) Income tax relating to aboveEarnings per share (EPS) - () (of 5/- each) (not annualised for quarters) Quarter endedSTATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2026Registered Office: Revenue Block No.-223, Old survey No. 384/1, 384/2, Paiki and 384/3, Khata No. 464, Kochariya, Ahmedabad, Gujarat - 382220. CIN: L45201GJ1995PLC098652 (b) Net gain / (loss) on equity instruments through OCI
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G R Infraprojects LimitedNOTES: 12 ( in lakhs)Year ended 30 June 2026 31 March 2026 30 June 2025 31 March 2026 Revenue (including other income)8,835.74 7,291.17 6,644.78 25,624.00 Expenses (including income tax expense)8,835.74 7,325.79 6,644.78 25,653.15 Share of (loss) / Profit in joint operations - (34.62) - (29.15) 3ParticularsYear ended 30 June 2026 31 March 2026 30 June 2025 31 March 2026 (Unaudited) (Audited)(refer note 11)(Unaudited) (Audited)1 35,779.09 20,985.95 24,440.63 90,257.81 2 9,67,778.47 9,31,971.64 8,68,493.23 9,31,971.64 36.93 21.39 25.23 93.31 36.93 21.39 25.22 93.30 4 550.16 550.16 550.16 550.16 5 200.00 200.00 390.00 200.00 6 0.55 0.52 0.62 0.52 7 3.34 1.36 1.46 1.50 8 5.47 3.68 3.88 3.47 9 3.09 3.54 3.02 3.54 10 1.24 1.00 1.67 1.00 11 - 0.04 - 0.05 12 0.28 0.29 0.23 0.29 13 0.31 0.30 0.34 0.30 14 1.24 1.07 0.94 1.03 15 3.31 3.98 4.13 3.29 16 16.80% 14.73% 20.03% 19.31%17 12.85% 8.39% 12.30% 10.75%Interest Service Coverage Ratio(in times)(Profit before tax and exceptional items + total interest expense )/(total interest expense)Long term debt to working capital (in times)(Non current borrowing including current maturity) / (current assets - current liabilities))Net profit margin (%)(Profit for the period or year / revenue from operations)Debtor turnover ratio (in times)(Revenue from operation (annualised) /Average account receivable)Average account receivable = Average trade receivables + average contract assets +averagereceivable under service concession)Operating margin (%)(Profit before Interest, depreciation, exceptional items, share of profit of an associate and taxlessother income/revenue from operations)Current Ratio (in times)(Current assets / Current liabilities)Net worth ( in lakhs)(Net worth is calculated as per section 2(57) of the Companies Act, 2013)Earnings per share (not annualised for the quarters) () - Basic earning per share3 Quarter endedParticularsSl. No.Quarter endedThe above financial information for the respective quarters and year ended is solely based on management accounts and has not been subjected to review / audit byanyauditors. In view of management, these joint operations are not material to overall performance and results of the Group.Additional information as per regulation 52(4) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, asamended: Bad debts to accounts receivable ratio (in times)(Trade receivable written off / Average account receivable)Total Debt to Total assets (in times)(Total debt / Total assets)Total Debt = Debt comprises of current borrowings (including current maturities of noncurrentborrowings) and non current borrowings.Debt Equity Ratio (in times)( Total Debt / Total Equity )Total Debt = Debt comprises of current borrowings (including current maturities of noncurrentborrowings) and non current borrowings.Total Equity = Net worth (Net worth is calculated as per section 2(57) of the Companies Act, 2013)Capital redemption reserve ( in lakhs)The above unaudited consolidated financial results for the quarter ended June 30, 2026 ('the Statement') of G R Infraprojects Limited ('the Company' or 'the HoldingCompany')and its subsidiaries (collectively referred as a 'Group'), its associate and joint operations which are published in accordance with Regulation 33 and 52 of the SecuritiesandExchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended ('Listing Regulations'), have been reviewed and recommendedbythe Audit Committee and thereafter approved by the Board of Directors in their respective meetings held on August 6, 2025. These unaudited consolidated financial resultsareprepared in accordance with the Companies (Indian Accounting Standards) Rules 2015 ( as amended) ("Ind AS") prescribed under section 133 of Companies Act, 2013 andtheother recognised accounting practices and policies to the extent applicable. The statutory auditor has performed limited review on these consolidated financial results.Profit after tax ( in lakhs) - Diluted earning per shareDebenture redemption reserve ( in lakhs)Current liability ratio ( in times)(Current liabilities / Total liabilities)Inventory turnover ratio ( in times)(Cost of goods sold (annualised) / average inventory)Debt Service Coverage Ratio (in times)(Profit after tax + interest expense + depreciation and amortisation expense + loss/(profit) onsaleof PPE - exceptional items)/(principal repayment of non-current borrowings made duringthequarter/year + interest expenses + lease payment)
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NOTES (continued) : G R Infraprojects Limited4 (a)(b)56 Exceptional items(a)(b)78During the quarter ended 30 June 2026, the Indus Infra Trust, an associate of the company, has completed its Qualified Institutional Placement (QIP) and issuedadditionalunits on preferential basis to its sponsor. Pursuant to it, the Group's ownership interest in the associate reduced from 43.56% to 31.58%, while continuing to retainsignificantinfluence. Accordingly, the investment continues to be accounted for using the equity method. Consequent to above, the Group recognised a gain of6,121.44 lakhs intheconsolidated Statement of Profit and Loss as an exceptional item.The Government of India has consolidated 29 existing labour legislations into a united framework comprising four Labour Code viz Code on wages 2019, Code onSocialSecurity 2020, Industrial Relation Code 2020, and Occupational Safety, Health and Working Condition Code 2020 (collectively referred to as theThe Codes havebeenmade effective from 21 November, 2025. Based on the information available and in accordance with guidance issued by the Institute of Chartered Accountants of India, the company has estimated and recognisedtheincremental liability of 2,427.30 lakhs, as past service cost on post employment defined benefits for its employees in these consolidated financial results.During the quarter and year ended March 31, 2026, the Company has sold 100% equity stake in its wholly owned subsidiaries, namely GR Bahadurganj ArariaHighwayPrivate LimitedGR Ena Kim Expressway Private LimitedGR Bilaspur Urga Highway Private Limitedand GR UjjainBadnawarHighway Private Limitedto Indus Infra Trust pursuant to Share Purchase Agreements dated December 29, 2025 for GRBAHPL and March 24, 2026forGRENEPL, GRBUHPL, and GRUBHPL. The equity shares were sold for an aggregate consideration of4,793.31 lakhs (including deferred consideration of873.73 lakhs),15,378.00 lakhs (including deferred consideration of3,242.77 lakhs),10,293.01 lakhs (including deferred consideration of2,201.94 lakhs), and1,650.94 lakhs in respectofGRBAHPL, GRENEPL, GRBUHP and GRUBHPL respectively. As a result of the above transactions, the Company recognised gains of1,154.41 lakhs,3,582.18 lakhs,4.99lakhs, and5 lakhs from the sale of GRBAHPL, GRENEPL, GRBUHPL and GRUBHPL, respectively which has been disclosed as exceptional items in theseconsolidatedfinancial results under respective period.During the year ended March 31, 2026, the Company acquired 100% of equity shares in Rajgarh Neemach Power Transmission Limitedfor total consideration of1,888.04 lakhs as per the share purchase agreement entered with REC Power Development and Consultancy Limiteddated 29th September 2025 pursuanttobid condition, considering that the Company was identified as selected bidder vide letter of intent dated August 27, 2025 for the project "Transmission system for evacuationofpower from RE projects in Neemach (1000 MW) SEZ in Madhya Pradesh - Phase II through tariff based competitive bidding process (TBCB)". This has beenaccordinglyaccounted in these consolidated financial results. In June 2022, the Central Bureau of Investigation (CBI) registered a case under the Prevention of Corruption Act, 1988 read with the Indian Penal Code, 1860 and tookintocustody three employees of the Company. Subsequently, all three employees of the Company were granted bail and the Company appeared before the Gauhati HighCourtthrough its authorised representative. The Company has challenged its involvement before the Gauhati High Court, which has granted a stay on the proceedings. As atthereporting date, while the chargesheet filed by the CBI includes both the Company as well as the said employees, the matter continues to remain sub judice, and iscurrentlypending before the Gauhati High Court.The ultimate outcome and financial impact, if any, of the aforementioned matters are dependent upon the conclusion of the ongoing judicial proceedings. Accordingly,noliability has been recognised in the financial results in this regard.During the year ended 31 March 2026, the Income Tax Department ("the Department") conducted a search under Section 132 of the Income Tax Act, 1961 ("the Act") atcertainpremises of the Company, as well as the residence of Promoters, members of the promoter group, and certain senior management employees of the Company. TheCompanyextended full cooperation during the search proceedings and furnished all information and documents sought by the Department. As at the reporting date, noassessmentorder, tax demand, penalty notice or other adverse communication has been received from the Department. The business and operations of the Company havecontinuedwithout disruption. The listed non-convertible debentures of the Group aggregating to :(i) In case of the holding company, the outstanding amount of 21,500.00 lakhs as on June 30, 2026 are unsecured.(ii) In case of Rajgarh Transmission Limited, subsidiary company, the outstanding amount of29,760.83 lakhs as on June 30, 2026 are secured by way of charge oncurrentassets, escrow bank account and lien on 51% equity shares held by holding company. The security cover as on June 30, 2026 is 1.38 times of the principal amountoutstandingof the said Non-Convertible Debentures.
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NOTES (continued) : G R Infraprojects Limited9Consolidated segment wise revenue , results and capital employed : ( in Lakhs)Year ended 30 June 2026 31 March 2026 30 June 2025 31 March 2026 (Unaudited) (Audited)(refer note 11)(Unaudited) (Audited)1. Segment RevenueEngineering, Procurement and Construction89,220.93 81,267.46 27,154.79 2,32,484.35 Build, Operate and Transfer (BOT) / Annuity Projects1,71,295.86 1,51,757.60 1,55,900.67 5,47,609.16 Others17,894.30 17,016.20 15,723.53 59,768.38 Revenue from operations 2,78,411.09 2,50,041.26 1,98,778.99 8,39,861.89 2. Segment ResultsEngineering, Procurement and Construction14,228.76 8,321.80 1,658.58 29,318.55 Build, Operate and Transfer (BOT) / Annuity Projects29,429.85 29,180.12 32,008.65 1,18,139.51 Others2,216.04 1,553.73 4,126.52 10,873.48 Total45,874.65 39,055.65 37,793.75 1,58,331.54 3. Add / (Less)Finance costs(10,265.03) (11,227.79) (11,672.66) (50,797.04) Unallocated expenses(3,698.80) (6,871.34) (3,211.16) (16,046.20) Other income4,508.50 3,025.72 3,952.42 12,865.06 Profit before share of profit in an associate, exceptional items and tax36,419.32 23,982.24 26,862.35 1,04,353.36 Share of Profit in an associate5,431.77 4,629.49 5,251.03 16,667.80 Profit before exceptional items and tax41,851.09 28,611.73 32,113.38 1,21,021.16 Exceptional items (refer note 6 )6,121.44 3,354.26 - 4,746.58 Profit before tax 47,972.53 31,965.99 32,113.38 1,25,767.74 4. Segment AssetsEngineering, Procurement and Construction46,859.01 1,83,553.42 89,817.60 1,83,553.42 Build, Operate and Transfer (BOT) / Annuity Projects 12,72,404.70 9,87,111.12 11,18,843.64 9,87,111.12 Others72,175.52 53,179.21 37,647.29 53,179.21 Total13,91,439.23 12,23,843.75 12,46,308.53 12,23,843.75 Add : Unallocated3,04,923.77 3,80,969.47 3,13,771.06 3,80,969.47 Total Assets 16,96,363.00 16,04,813.22 15,60,079.59 16,04,813.22 5. Segment LiabilitiesEngineering, Procurement and Construction73,084.38 61,655.76 56,694.30 61,655.76 Build, Operate and Transfer (BOT) / Annuity Projects5,96,174.74 5,55,629.15 5,69,302.94 5,55,629.15 Others5,587.77 8,646.40 3,163.88 8,646.40 Total6,74,846.89 6,25,931.31 6,29,161.12 6,25,931.31 Add : Unallocated46,544.69 39,776.01 56,044.21 39,776.01 Total Liabilities 7,21,391.58 6,65,707.32 6,85,205.33 6,65,707.32 Capital employed 9,74,971.42 9,39,105.90 8,74,874.26 9,39,105.90 (Segment Assets (4) - Segment Liabilities (5))1011For G R Infraprojects LimitedAjendra Kumar AgarwalChairman & Managing DirectorDIN: 01147897Place : GurugramDate : 6 August 2026Investors can view the unaudited consolidated financial results of the Company for the quarter ended June 30, 2026 on thewebsite www.grinfra.com or onthewebsite of the stock exchange www.bseindia.com and www.nseindia.com.The figures for the quarter ended March 31, 2026 are balancing figures between the audited figures in respect of full financial year upto March 31, 2026 andunauditedpublished year to date figures upto third quarter ended December 31, 2025 which were subjected to limited review. The Group has reported segment information as per Indian Accounting Standard 108 "Operating Segment". The identification of operating segment is consistentwithperformance assessment and resource allocation by the management.The main business segments are :a. Engineering, Procurement and Construction includes Construction activity for roads, railways and other infra facilities.b.Build, Operate and Transfer (BOT) / Annuity projectssegment consist of construction, operation and maintenance of roads and other infra assets underconcessionagreements.c.Otherssegment consist of sale of products, job work charges and other operating income. The assets and liabilities that cannot be allocated between the segments areshownas unallocated assets and liabilities respectively.ParticularsQuarter ended