G R Infraprojects Limited (GRINFRA.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+200.1%

₹2,296.88

vs ₹765.50 price

Levered DCF

-₹3,470.71

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	8.53×	10×	10.11×	6.68×	17.83×	17.74×	22.23×	23.57×
P/B	0.82×	1.19×	1.76×	1.55×	3.08×	4.26×	5.6×	7.58×
P/S	0.92×	1.37×	1.49×	1.02×	1.75×	2.16×	2.79×	3.37×
EV / EBITDA	6.27×	7.12×	6.6×	5.79×	10.83×	11.12×	12.67×	14.58×
Gross margin	21.1%	33.1%	33.9%	35.7%	29.4%	31.0%	29.9%	18.8%
Operating margin	16.9%	18.8%	25.9%	24.6%	17.3%	21.0%	22.3%	17.4%
Net margin	10.7%	13.7%	14.7%	15.3%	9.8%	12.2%	12.5%	14.3%
Current ratio	3.54×	2.9×	2.97×	2.62×	2.39×	1.87×	2.15×	1.86×
Debt / equity	0.52×	0.59×	0.5×	0.91×	1.1×	1.14×	1.06×	0.96×
Interest coverage	3.6×	3.11×	4.22×	5.48×	3.48×	4.89×	4.6×	5.14×
Dividend yield	0.4%	1.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	3.6%	11.9%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	9.6%	11.9%	17.4%	23.2%	17.3%	24.0%	25.2%	32.1%
Return on invested capital	7.1%	7.8%	15.4%	14.0%	10.7%	13.6%	14.9%	14.2%
Return on assets	5.6%	6.8%	10.2%	10.6%	7.1%	9.5%	9.8%	12.3%
Free cash flow yield	-36.3%	-21.6%	-12.8%	-6.8%	-1.8%	-5.7%	-3.3%	-4.2%
Earnings yield	11.7%	10.0%	9.9%	15.0%	5.6%	5.6%	4.5%	4.2%
Enterprise value	₹113.6B	₹144.6B	₹166.6B	₹152B	₹195.1B	₹210.8B	₹196B	₹188.4B
Net debt / EBITDA	2.02×	2.12×	1.3×	2.09×	2.6×	2.19×	1.72×	1.51×
Cash conversion cycle (days)	26	-14	131	121	124	105	32	125