GPT Infraprojects financials and balance sheet

NSE: GPTINFRABSE: 533761ConstructionSmall Cap

₹112.60₹2.30 (2.00%)BSE ₹112.40

Share price at the NSE close on 23 Oct 2026. Previous close ₹114.90.

52-week range of traded prices to 23 Oct 2026

₹96.22Low, 30 Mar 2026₹150.00High, 23 Jun 2026

Market cap: ₹1,423 Cr1,302nd largest listed
P/E: 14.5
P/B: 2.4
Dividend yield: 1.55%
ROE: 17.5%
ROCE: 17.6%
Debt to equity: 0.50
Volume, NSE: 1,73,62448.0% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.GPT Infraprojects annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹1,290 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 1.0% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue1,290
Materials and goods−514
Employee costs−74
Other expenses−527
Operating profit174
Depreciation−26
Other income+14
One-off items0.0
Finance costs−33
Profit before tax130
Tax−34
Joint ventures+0.3
Net profit97

What the company owns

Plant, investments and other assets₹1,013 Cr
Inventory₹167 Cr
Receivables₹129 Cr
Cash and bank₹40 Cr
Current investments₹16 Cr

What pays for it: net worth and liabilities

Net worth₹591 Cr
Owed to suppliers₹340 Cr
Borrowings₹294 Cr
Other liabilities₹140 Cr

GPT Infraprojects business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.GPT Infraprojects segment results by quarter

Revenue by segment

₹1,292 CrTotal

Infrastructure₹1,183 Cr91.5% of total
Concrete Sleeper₹109 Cr8.5% of total

Profit by segment

Infrastructure₹160 Cr91.4% of total
Concrete Sleeper₹15 Cr8.6% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Infrastructure
Revenue, ₹ crore
442
523
480
573
712
925
1,095
1,183
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
51
74
68
84
93
110
145
160
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Concrete Sleeper
Revenue, ₹ crore
135
95
130
100
98
93
94
109
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
11
−3
12
0
−1
16
−3
15
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
0
0
0
0
0
0
0
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
2
−2
−3
−1
−2
0
1
−1
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	577	618	610	673	811	1,018	1,189	1,292
Company revenue, as in its results	578	618	609	675	809	1,018	1,188	1,290
Revenue	442	523	480	573	712	925	1,095	1,183
Revenue growth	–	18.2%	−8.1%	19.4%	24.2%	29.9%	18.4%	8.0%
Profit	51	74	68	84	93	110	145	160
Profit growth	–	45.0%	−8.1%	23.2%	10.3%	18.7%	31.8%	10.7%
Margin	11.6%	14.2%	14.2%	14.7%	13.0%	11.9%	13.2%	13.6%
Return on capital	17.6%	26.7%	22.2%	25.1%	26.0%	31.8%	28.9%	20.8%
Assets	472	483	471	498	560	533	750	1,144
Liabilities	181	206	163	163	204	187	249	372
Capital employed	291	278	307	335	357	346	502	771
Revenue	135	95	130	100	98	93	94	109
Revenue growth	–	−29.4%	36.6%	−23.2%	−1.9%	−5.1%	0.9%	16.4%
Profit	11	−3	12	0	−1	16	−3	15
Profit growth	–	–	–	−96.8%	–	–	–	–
Margin	8.0%	−3.1%	9.3%	0.4%	−1.2%	16.8%	−3.3%	13.7%
Return on capital	10.3%	−2.8%	7.9%	0.3%	−1.0%	15.6%	−2.9%	17.5%
Assets	135	142	185	156	161	144	150	158
Liabilities	30	34	31	20	37	43	41	72
Capital employed	105	108	154	136	124	101	109	86
	0	0	0	0	0	0	0	0
Profit	2	−2	−3	−1	−2	0	1	−1
Return on capital	16.9%	−22.5%	−132.1%	−20.8%	−44.7%	–	12.9%	−21.8%
Assets	11	11	3	6	6	45	6	7
Liabilities	0	1	0	0	1	196	0	0
Capital employed	11	10	2	6	6	−151	6	7
Revenue	1	0	0	1	1	0	–	–
Profit	0	0	0	0	0	−1	–	–
Assets	84	96	65	59	54	6	–	–
Liabilities	273	265	287	278	263	1	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.GPT Infraprojects quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 11 Jun	Mar 2020Filed 22 Jun	Mar 2021Filed 22 Jun	Mar 2022Filed 19 May	Mar 2023Filed 23 May	Mar 2024Filed 4 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 20 May
Revenue from operations	513	521	578	618	609	675	809	1,018	1,188	1,290
	–	452	514	539	524	590	722	897	1,053	1,116
Materials and goods bought	18	−3	190	164	216	236	312	338	456	514
Employee costs	–	–	46	39	34	38	43	49	62	74
Other expenses	–	–	279	336	274	316	366	510	535	527
Operating profit before depreciation	–	69	63	79	85	84	87	121	136	174
Operating margin	–	13.2%	11.0%	12.8%	14.0%	12.5%	10.8%	11.9%	11.4%	13.5%
Materials, % of revenue	–	–	32.9%	26.6%	35.4%	35.0%	38.5%	33.2%	38.4%	39.9%
Employee costs, % of revenue	–	–	7.9%	6.2%	5.6%	5.6%	5.3%	4.8%	5.2%	5.8%
Other expenses, % of revenue	–	–	48.2%	54.3%	45.0%	46.9%	45.3%	50.1%	45.0%	40.9%
Depreciation and amortisation	18	22	23	24	22	20	19	16	18	26
Operating profit after depreciation	–	47	40	56	63	64	69	105	118	149
Other income	9	16	14	5	6	4	5	7	6	14
Finance costs	–	39	42	41	39	39	37	33	26	33
One-off items	0	0	0	0	0	0	0	0	0	0
Profit before tax	21	24	13	19	30	29	36	79	98	130
	5	5	2	6	10	9	7	23	23	34
Current tax	–	–	7	8	9	7	13	21	27	31
Deferred tax	–	–	−5	−2	1	3	−5	2	−4	2
Share of profit of joint ventures and associates	–	2	2	0	1	4	1	−1	−1	0
	16	20	13	13	20	23	30	56	74	97
Belonging to the company's shareholders	16	20	13	–	20	23	30	56	80	97
Belonging to outside owners of subsidiaries	–	–	–	–	–	–	–	–	−6	−1
Other comprehensive income	–	–	−5	−4	4	−1	0	−12	1	13
Total comprehensive income	–	–	8	8	24	22	30	44	75	109
Net margin	3.0%	3.8%	2.2%	2.1%	3.4%	3.4%	3.7%	5.5%	6.2%	7.5%
Net margin without joint ventures and associates	–	3.5%	1.8%	2.1%	3.3%	2.9%	3.5%	5.6%	6.3%	7.5%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank. Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2017: the statement does not state its finance costs, which operating profit is worked out from, so operating profit is not given. Belonging to the company's shareholders is left blank for the year to Mar 2020: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the company's periods around it state no share for other owners for the gap to belong to.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 11 Jun	Mar 2020Filed 22 Jun	Mar 2021Filed 22 Jun	Mar 2022Filed 19 May	Mar 2023Filed 23 May	Mar 2024Filed 4 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 20 May
	217	227	243	258	277	301	516	591
	213	225	240	256	277	303	524	603
Share capital	29	29	29	29	58	58	126	126
Reserves	184	196	211	227	219	244	397	476
Belonging to outside owners of subsidiaries	5	2	3	1	0	−2	−8	−12
	252	229	254	253	244	189	127	294
Repayable after a year	17	4	32	43	37	24	22	98
Repayable within a year	235	225	221	210	208	164	105	196
	452	463	410	371	424	367	357	586
Trade payables	152	179	136	119	181	171	208	340
Other financial liabilities	18	27	17	10	10	12	13	33
Other liabilities	46	29	33	30	23	19	29	13
Provisions	2	2	2	2	2	1	1	5
	32	42	71	91	81	61	71	188
Other financial liabilities	0	6	5	8	6	2	–	11
Other liabilities	5	15	14	24	25	17	11	32
Provisions	4	4	4	5	5	7	7	5
Deferred tax	3	3	4	4	1	2	2	27
Trade payables	4	10	11	7	7	9	29	15
Total assets	702	732	724	720	782	728	943	1,365
	244	204	219	198	232	204	259	435
Plant in use, after depreciation	126	114	102	100	127	129	158	207
Plant being built	3	1	1	1	7	2	9	3
Intangible assets	0	0	0	0	0	0	0	88
Goodwill	5	6	6	6	6	6	6	37
Investments	27	26	26	28	25	23	22	23
Loans given	0	0	0	0	0	0	0	0
Other financial assets	9	1	18	20	24	14	7	15
Deferred tax	1	5	4	1	3	2	6	10
Trade receivables	7	1	7	4	4	0	0	0
Other assets	64	50	57	37	34	27	50	53
	458	528	504	522	550	524	684	930
Inventories	83	91	94	111	118	134	162	167
Trade receivables	58	101	83	59	39	69	96	129
Cash and cash equivalents	6	2	3	3	7	4	10	2
Other bank balances	23	27	18	17	19	21	2	38
Current investments	0	0	0	0	0	0	9	16
Loans given	2	3	2	2	2	0	6	6
Other financial assets	32	28	5	8	8	5	37	41
Other assets	256	275	299	322	358	290	361	531
Net debt	223	200	233	232	219	163	105	238

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 22 Jun	Mar 2022Filed 19 May	Mar 2023Filed 23 May	Mar 2024Filed 4 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 20 May
	22	72	119	113	29	64
	25	76	123	133	58	90
	−61	−14	30	17	−86	−92
Receivables	15	−1	−31	46	−27	−22
Inventories	−3	−17	−7	−16	−28	−5
Payables	−41	−14	56	−27	57	75
Other working capital	−33	17	12	15	−88	−140
Tax paid	−3	−7	−5	−18	−29	−26
Capital spending	5	13	57	13	61	55
Free cash flow	18	59	62	100	−32	10
	6	−14	−60	−8	−74	−170
Plant and property sold	0	0	0	0	1	1
Interest received	2	2	2	4	3	5
	−27	−58	−56	−108	51	98
Borrowings raised	159	186	310	400	26	196
Borrowings repaid	−136	−196	−319	−452	−88	−29
Interest paid	−39	−38	−37	−33	−25	−33
Lease payments	−1	−1	−1	0	−2	−2
Dividends paid	9	7	10	20	31	34
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	172	0
Net change in cash	1	1	3	−2	6	−8

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.GPT Infraprojects dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 11 Jun	Mar 2020Filed 22 Jun	Mar 2021Filed 22 Jun	Mar 2022Filed 19 May	Mar 2023Filed 23 May	Mar 2024Filed 4 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 20 May
	₹1.35	₹1.72	–	₹1.29	₹1.74	₹2.09	₹2.70	₹4.97	₹6.55	₹7.70
As stated that year	₹10.76	₹6.86	–	₹5.17	₹6.95	₹8.37	₹5.40	₹9.94	₹6.55	₹7.70
	₹1.35	₹1.72	–	₹1.29	₹1.74	₹2.09	₹2.70	₹4.97	₹6.55	₹7.70
As stated that year	₹10.76	₹6.86	–	₹5.17	₹6.95	₹8.37	₹5.40	₹9.94	₹6.55	₹7.70
	₹0.19	₹0.50	₹0.50	₹0.38	₹0.63	₹0.75	₹1.25	₹1.50	₹3.00	₹2.75
As declared that year	₹1.50	₹2.00	₹2.00	₹1.50	₹2.50	₹3.00	₹2.50	₹3.00	₹3.00	₹2.75
	–	–	₹18.28	₹19.31	₹20.61	₹22.01	₹23.82	₹26.01	₹41.43	₹47.70
On that year's share count	–	–	₹73.11	₹77.25	₹82.46	₹88.05	₹47.64	₹52.03	₹41.43	₹47.70
Dividend payout	14.0%	29.1%	46.0%	–	35.5%	38.0%	48.9%	31.4%	47.3%	35.7%
Shareholder yield	–	–	–	–	8.2%	3.3%	4.0%	2.2%	−9.3%	2.8%
Market cap at the year end (₹ crore)	352	521	145	42	107	218	256	909	1,510	1,223

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from. As stated that year and earnings per share are left blank for the year to Mar 2019: the earnings per share stated does not match any profit the filing states over the shares in issue, and the share count barely moved during the period.

Ratios

Consolidated, years to March.GPT Infraprojects PE ratio and valuation

Ratio	Mar 2018	Mar 2019Filed 11 Jun	Mar 2020Filed 22 Jun	Mar 2021Filed 22 Jun	Mar 2022Filed 19 May	Mar 2023Filed 23 May	Mar 2024Filed 4 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 20 May
Revenue growth	1.6%	10.9%	7.0%	−1.4%	10.7%	20.0%	25.8%	16.7%	8.6%
Operating profit growth	–	−7.9%	25.1%	7.7%	−1.5%	4.0%	38.4%	12.0%	28.5%
Net profit growth	28.2%	−36.6%	1.4%	59.7%	12.0%	29.8%	86.9%	33.0%	30.6%
Earnings per share growth	27.5%	–	–	34.4%	20.4%	29.0%	84.1%	31.8%	17.6%
	–	6.0%	–	8.8%	9.3%	11.2%	19.2%	19.4%	17.3%
	–	–	–	–	0.4 pts	1.9 pts	8.0 pts	0.2 pts	−2.1 pts
From the net margin	–	–	–	–	0.1 pts	0.8 pts	5.4 pts	4.5 pts	2.3 pts
From asset turnover	–	–	–	–	1.0 pts	1.5 pts	4.2 pts	1.3 pts	−4.6 pts
From borrowing	–	–	–	–	−0.7 pts	−0.4 pts	−1.6 pts	−5.6 pts	0.2 pts
Return on capital employed	–	8.5%	12.2%	12.7%	12.5%	13.2%	21.5%	18.4%	16.8%
Cash conversion	–	–	–	109.1%	315.0%	400.2%	203.8%	39.0%	66.5%
Interest cover	1.2	1.0	1.3	1.6	1.6	1.8	3.2	4.6	4.5
Debt to equity	–	1.16	1.01	1.05	0.98	0.88	0.63	0.25	0.50
Receivable days	–	37	60	50	32	18	25	29	36
Inventory days	–	159	202	159	171	138	144	130	119
Payable days	–	292	397	231	184	211	184	166	241
Cash conversion cycle, days	–	−96	−135	−22	19	−56	−15	−7	−86
Working capital days	–	135	154	177	184	139	106	126	137
Asset turnover	–	0.82	0.86	0.84	0.93	1.08	1.35	1.42	1.12
Assets per rupee of net worth	–	3.30	3.28	3.13	2.91	2.82	2.60	2.02	2.05
Sales per rupee of plant	–	4.57	5.43	5.99	6.75	6.36	7.92	7.53	6.22
Capital spending to depreciation	–	–	–	0.21	0.66	3.07	0.83	3.46	2.14
Plant being built, % of plant in use	–	2.1%	1.1%	0.7%	1.5%	5.8%	1.9%	5.9%	1.3%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 8.4%
Cash from operations against operating profit: 36.9%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	16.2%	16.8%
Profit growth, yearly rate	–	36.6%	48.4%
Return on equity, average	–	15.3%	18.6%
Return on capital employed, average	–	16.5%	18.9%
Operating margin, average	12.3%	12.0%	12.3%
Net margin, average	4.1%	5.3%	6.4%
Asset turnover, average	–	1.18	1.30
Cash conversion cycle, days, average	–	−29	−36
Interest cover, average	2.3	3.2	4.1
Debt to equity, average	–	0.65	0.46

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	398	207	64
Cash from investing	−326	−252	−170
Cash from financing	−72	41	98
Capital spending	199	129	55
Dividends paid	103	86	34
Shares bought back	0	0	0
Shares issued for cash	172	172	0
Borrowings raised	1,119	623	196
Borrowings repaid	1,084	569	29

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	6	8	6	9	6	4
Altman Z-scorePublished threshold 1.81	–	–	1.64	1.65	1.85	2.22	2.23	3.91	4.82	3.08
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.38	−3.13	−3.16	−2.37	−1.68	−1.82
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−1.05	−4.91	−3.95	−6.62	14.29	17.55
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	2.92	2.81	1.64	0.91
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	67.83	−17.14	−39.10	−53.86	50.38	22.09	25.90
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	23.74	−28.02	8.08	−25.70	5.36	−13.73	−9.51
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	2.70	0.11	3.84	4.37	−6.92	8.64	13.49
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.11	0.07	0.08	0.16	0.14	0.20	0.04
Effective tax ratePublished threshold 17.16 per cent	23.41	20.53	18.16	30.98	33.47	32.38	20.68	28.56	23.77	26.04
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	7.53	5.55	5.35	−5.93	6.25

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
21 May 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AReview, Other	Stable	126
21 May 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1Review, Other		5

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.