GR Infraprojects Ltd

About the Company:

GR Infraprojects Ltd is an integrated road engineering, procurement and construction (“EPC”) company with experience in design and construction of various road/highway projects across 15 States in India and having recently diversified into projects in the railway sector.

Company’s principal business of civil construction comprises EPC and BOT projects in the road sector and have, since 2006, executed over 100 road construction projects.

company also has experience in constructing state and national highways, bridges, culverts, flyovers, airport runways, tunnels and rail over-bridges.

As of December 31, 2020, Company had 15,233 permanent employees.





Company’s business operations are broadly divided into three categories:

  1. Civil construction activities, under which we provide EPC services.
  2. Development of roads, highways on a Build Operate Transfer (“BOT”) basis, including under annuity and Hybrid Annuity Model (“HAM”)
  3. Manufacturing activities, under which we process bitumen, manufacture thermoplastic road-marking paint, electric poles and road signage and fabricate and galvanize metal crash barriers.


Company’s Revenue from Various Business Segments: (in million) 


Company’s Background:

Company’s individual Promoters have more than 25 years of experience in the construction industry.

Company was incorporated in December 1995 and have gradually increased the execution capabilities in terms of the size of projects that company has bid for and executed.

For example, one of the first road projects that ecompany xecuted was for the Public Works Department, Rajasthan in 1997 with a Bid Project Cost of Rs.2.6 crores, whereas the project recently awarded by NHAI, i.e. Vadodara Mumbai Expressway project in the state of Maharashtra on HAM basis, to us in 2020 involves a Bid Project Cost of Rs. 2747 crores.


Company’s Equipment’s and Vehicles:

Company’s equipment base comprised over 6,500 construction equipment and vehicles.


Company’s Manufacturing facilities:

Company has three manufacturing units at Udaipur, Rajasthan, Guwahati, Assam and Sandila, Uttar Pradesh for processing bitumen, thermoplastic road-marking paint and road signage and a fabrication and galvanization unit at Ahmedabad, Gujarat for manufacturing metal crash barriers and electric poles.


In-house central procurement:

Company’s in-house integrated model reduces dependence on third party suppliers for key raw materials, construction equipment and other products and services required in the development and construction of the projects.

Company has also set up a central procurement team that procures major materials and engineering items required for the projects. Company’s integrated business model facilitates execution of projects within scheduled timelines.


Company’s wind energy based power plant:

In March 2010, Company commissioned a wind energy based power plant at Jaisalmer, Rajasthan with an installed capacity of 1.25 MW under the ‘Policy for Promoting Generation of Electricity through Non-Conventional Energy Sources – 2004’.


Company’s Order Book:

As of December 31, 2020, Company had an Order Book of Rs.18221.9 crores.

Company’s Order Book primarily comprised EPC and HAM projects in the road sector across the states of Uttar Pradesh, Madhya Pradesh, Maharashtra, Gujarat, Rajasthan, Andhra Pradesh, Bihar, Manipur, Odisha and Himachal Pradesh.


Company’s State wise Order Book: 



Company’s International Operations:

Company has been awarded a project for construction of Agaie-Katcha-Baro road (rigid pavement) in Niger State, Nigeria with a project length of approximately 52.30 km. Company is undertaking this project through our Subsidiaries that have been incorporated in Nigeria for such purpose.



Management Team:

  1. Mr. Vinod Kumar Agarwal (Designation: Chairman and Whole Time Director)
  2. Mr. Ajendra Kumar Agarwal (Designation: Managing Director)




Objectives of the Issue:

Offer for Sale: (Rs. 963 cr)

  • Company will not receive any proceeds from the Offer for Sale. The Selling Shareholders will be entitled to receive their respective portion of the proceeds from the Offer for Sale.



Positives for the Company:

Focused EPC player with road projects focus.

  • Company has over 25 years of experience in executing EPC projects which have been in the road sector comprising construction and development of state and national highways, bridges, culverts, flyovers, airport runways, tunnels and rail over-bridges.
  • Since 2006, Company has executed more than 100 road construction projects and have historically had a focus on the road projects whilst executing EPC projects and accordingly have established company’s credentials as an EPC player capable of executing a range of these construction projects that involve varying degrees of complexity.



Company has a Large Equipment base.

  • Company’s equipment base comprised over 6,500 construction equipment and vehicles that enabled the company to be less dependent on third party equipment providers and efficiently manage project execution schedules.
  • As at December 31, 2020, the aggregate gross block value of the Company’s property, plant and equipment was Rs.1774 crores



Entry into Railway & optical fibre project projects.

  • In 2018, company was awarded two projects for the railways sector which include earthwork, construction of bridges and supply of materials and track linking and civil engineering works.
  • Company’s Order Book also includes railway projects in Andhra Pradesh and Madhya Pradesh and an optical fibre project spread across the states of Bihar, Odisha, West Bengal, Andaman and Nicobar Islands, Jharkhand and Sikkim.



Pursue other segments within the EPC space.

  • While company will continue to focus on development and construction of road projects, as part of company’s growth strategy, company intends to diversify into, and will continue to bid for, projects related to the railways sector, including earthwork, construction of bridges and supply of materials and track linking, and laying of optical fibre cables.



Long-standing relationship with clients.

  • Company has developed a long-standing relationship with our clients including the National Highways Authority of India, Ministry of Road Transport and Highways, Public Works Department, Government of Rajasthan and Rajasthan State Road Development Corporation.



Established track record of timely execution.

  • With company’s experience of over 25 years and more than 100 road construction projects executed since 2006, company has developed an established track record of efficient project management and execution experience, involving trained and skilled manpower, efficient deployment of equipment and an in-house integrated model.



In-house integrated model.

  • Company’s in-house integrated model includes a design and engineering team, manufacturing facilities for processing of bitumen, thermoplastic road-marking paint and road signage, fabrication and galvanization unit for manufacture of metal crash barriers, owned construction equipment and a fleet of transportation vehicles.



Financials of the Company:

(in Crores) FY 18 FY 19 FY 20 FY 21
Revenue 3335.6 5323.1 6421.0 7906.9
Net Profit 412.6 714.5 799.2 953.2



Valuation of Peer Group Companies:

Company Name Face Value EPS PE Ratio RoNW NAV
G R Infraprojects Ltd 5 98.31 8.51 23.95% 411.63
KNR Constructions Ltd 2 18.88 11.18 17.11% 110.38
PNC Infratech Ltd 2 21.43 11.98 21.53% 99.57
HG Infra Engineering Ltd 10 25.57 11.54 20.16% 126.78
Dilip Buildcon Ltd 10 29.64 19.95 11.22% 233.16
Ashoka Buildcon Ltd 5 5.89 17.11 39.90% 14.76
IRB Infrastructure Developers Ltd 10 20.51 5.56 10.79% 190.15



IPO Details:

Details Info
Issue Opens on 7th July 2021
Issue Closes on:. 9th July 2021
Issue Price Rs. 828 – 837
Face Value Rs.5
Retail Category Allocation 35%
Minimum Lot 17 Shares
Minimum Investment Rs. 14,229
Issue Constitutes 11.90%
Issue Size Rs. 963 cr ($130 million)
Market Cap Rs. 8092 cr ($1.09 billion)
Listing at NSE & BSE
Equity Shares Offered 1,15,08,704
Equity Shares Prior 9,68,89,010
Equity Shares after the issue 9,68,89,010

Also Read : List of Upcoming IPO’s in India.


Important Dates: 

Finalization of Basis of Allotment on or Before 14th July 2021
Initiation of Refunds on or Before 15th July 2021
Credit of Equity Shares: on or Before 16th July 2021
Listing Date: on or Before 19th July 2021



Subscription Details: (Will be Updated)

(Subscription-Category-Wise (no. of times) Till time : 06:00 PM) Shares Offered Day-1 Day-2 Day-3
QIB 22,56,741 0.49 2.79 168.58
NII 16,92,556 2.68 6.31 238.04
Retail 39,49,297 3.25 7.50 12.57
Employee 2,25,000 0.24 0.75 1.37
TOTAL 81,23,594 2.28 5.75 102.58



IPO Valuation Parameters:

Earnings Per Share (EPS) Price To Earnings ratio (PE) Return on Net Worth (RoNW) Net Asset Value (NAV)
98.31 8.51 23.95% 411.63



Check IPO Allotment Status:

KfinTech Website: http://kfintech/IPO/Allotment_Status

BSE IPO Website:


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Company Contact Info:
GR Infraprojects Ltd
Novus Tower, Second Floor
Plot No. 18, Sector 18
Gurugram, Haryana – 122 015
Telephone: + 91 294 248 7370;


IPO Registrar Info:
KFin Technologies Private Limited
Selenium Tower-B, Plot 31 and
32, Gachibowli, Financial
District, Nanakramguda,
Serilingampally, Hyderabad – 500
032, Telangana, India
Telephone: +91 40 6716 2222