IPO-Note G R Infrastructure Projects LIMITED
Rs-828-Rs837per Equity share Recommendation: Subscribe

Company Profile: –

Companyis incorporated in 1995 as a construction Procurement and integrated road engineering company experience in design and construction of Roads and highways across 15 states in India and  having projects in the Railway sector as well. It operates in 3 segments Civil construction activities, development of roads, highways on a Build Operate Transfer basis, including under annuity and Hybrid Annuity Model, Manufacturing activities under which it process thermoplastic road-marking paint, electric poles and road signage and fabricate and galvanize metal crash barriers. Since 2006 till April company has completed 100 plus Road construction projects.It has 14 Road Projects under HAM out of which five projects are currently operational, four projects are under construction and construction is yet to commence on five of these projects. Company has three manufacturing facilities located at Rajasthan, Uttarpradesh and Gujarat.

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G R Infrastructure Projects Limited IPO

Wants To Apply Online

Issue Details

Objects of the issue ·          To achieve the benefit of listing gains.

·          To Sell upto11,508,704 Equity Shares by the Selling Shareholders.

Issue Size Issue Size – Rs.963.28 Crore

Offer for Sale-Rs.963.28 Crore

Face value  

Rs.5 Per Equity Share

Issue Price Rs. 828– Rs. 837
Bid Lot 17 shares
Listing at  


Issue Opens: 7thJuly 2021 – 9thJuly 2021
QIB 50% of Net Issue Offer
Retail 35% of Net Issue Offer
NIB 15% of Net Issue Offer


Check G R Infrastructure Projects Limited IPO Allotment Status

G R Infrastructure Projects Limited IPO allotment status would be available soon after the IPO closure date. Usually the allotment comes within a week from the closing date which in this IPO yet to be announced.

One can check the allotment on the given below link with PAN number or Application number or DP Client Id. All you need to do is to follow these steps:-

  1. To  G R Infrastructure Projects Limited IPO IPO Allotment Status
  2. Go to Application Status
  3. Select IPO as G R Infrastructure Projects Limited
  4. Enter your PAN Number or Application Id or DP Client Id.


G R Infrastructure Projects Limited IPO

Application Form

Financial Performance:

Financial -Performance-GR

Shareholding Pattern:

Shareholding Pattern Pre- Issue Post Issue
Promoters & Promoters Group 88.04% 86.50%
Public 11.96% 13.50%
Source: RHP, Capital Market,EWL Research,


  • Focused EPC Player with focus on road projects and having strong relationship with NHAI, Ministry of Transport and Highways, PWD etc.
  • Company has established track record of Timely Execution of Project.
  • Strong Financial Performance.
  • Crisil Long-term rating AA/Stable.

Key Highlights:

  • Revenue of the company stood at Rs.7844 Crore witness 23.09% and 20.63% YoY growth in FY21 and FY20 respectively.
  • Company Debt/Equity Ratio Stood at 0.97 in FY21 witnessing slightly increased by 70 Basis Points.
  • Cash Flow From operations are negative due to the working capital Adjustment as the company follow HAM(Hybrid Annuity Model)
  • Net profit Margin Stood at 14%,13% and 12% in FY19,FY20 and FY21 respectively.
  • EBITDA Margin Stood at 24% In FY21.
  • Asset Turnover ratio is 4.4 Times in FY20.
  • Current Ratio of the company is 2.2 times in FY20.
  • Finance cost has increased 73% From FY19 to FY20.

Risk Factors:

  • Majority of revenue comes from civil construction any failure to obtain new contracts or termination current contracts could adversely affect the company.


  • Company follow HAM(Hybrid Annuity Model) which means the company gets the payment after the completion of project that potentially affect the working capital requirement and burn cash flows in the short term.



Company is an Engineering,Procurement and Construction (EPC) which is primarily engaged in Civil construction activities that include construction, strengthening, Widening, lane-related construction, maintenance as well as development activities. It also procuring and supply of optical fibre cable and accessories for a telecominfrastructure project and also two projects for the railways sector and wind mill having an installed capacity of 1.25 MW, in Jaisalmer, Rajasthan. The Most awaited Delhi-Meerut Expressway is constructed by the company.Company’s Revenue from EPC, BOT and other activities stood at 68%,30% and 2% in FY21 respectively.In May 2021, NHAI plans to award Rs.2,25,000 crore of National Highway project in Fiscal 2022 that will further push the construction of national highway across the country.At the higher end of the price band of Rs. 837, the stock is offered at a PE multiple of8.51x on FY21 EPS of Rs. 98.31 which is lower in the industry. Thus,we wouldAdvise Subscribe to this IPO considering valuation and future prospects of the company.

Source: RHP, Capital Market,EWL Research,

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