GPT Infraprojects Limited

Industrials — Engineering & Construction · NSE

₹125.99+₹1.23 (+0.99%)

DalalBaazaar Score

72 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, but sales are shrinking. Whether sales start growing again is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:48 pm

Understanding the Business

Company site ↗

The 60-second version of GPT Infraprojects Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

GPT Infraprojects Limited, together with its subsidiaries, carries out civil and infrastructure projects in India and internationally. The company operates through Infrastructure and Concrete Sleepers segments.

IndustryEngineering & Construction

SectorIndustrials

Employees1,026

Annual revenue₹1,282 Cr

How does it make money?

Turns over ₹1,282 Cr a year. Of every ₹100 of sales, about ₹8 reaches shareholders as profit, with ₹14 left at the operating level before interest, tax and depreciation. Each of its 1,026 employees supports ₹1.25 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.25 Cr

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., ADANI PORT & SEZ LTD, SIEMENS LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Some evidence

ROCE of 19.1% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

Peer median ROE14.1%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +60% while net margin moved +94% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+60%

Margin effect+94%

DalalBaazaar Score

72/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of -0.06 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal

Quality vs. Valuation

Company Quality

74/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

77/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

16.2x

3Y Median

28.9x

40 monthly readings · mean 33.1x · range 14.4x–71.0x

Sector Median

30.1x

median of 3 sector peers

🟢Current valuation is approximately 44% below its 3y median of 28.9x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 46% below the peer median of 30.1x.

vs. its own history

Cheap

28.9x median over 40 months · -44%

vs. sector peers

Cheap

30.1x median of 3 peers · -46%

vs. generic bands

Fair

15x–35x

EV/EBITDA

10.4x

PEG

0.35

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from 11.8% to 14.2% over 3 years.
Return on equity is rising
ROE has improved from 11.3% to 16.1%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

1 item require attention · 1 high

🔴Receivables growing faster than salesFinancial
Receivables up 156% against revenue up 60% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 19.1% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 11.8% to 14.2%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 44% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 46% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹10 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.

🔴 Bear CaseWhat could go wrong?

Sales are being booked faster than collected
Receivables are up 156% against revenue up 60%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 13% a year✓ 16.9% CAGR
Latest reported year was -3.4%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 12%✓ 14.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹10 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.6x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 16%✓ 19.1%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

9 / 11 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

6 good · 4 neutral · 1 weak

Market Cap

₹1,592 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

16.2x

Fair

Fairly valued against the generic band

P/B Ratio

2.64x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹7.79

Profitable

Profitable on a per-share basis

ROE

16.1%

Strong

Strong capital efficiency

ROCE

19.1%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.50x

Low

Conservative leverage

Revenue Growth (YoY)

-3.4%

Shrinking

Sales are contracting

Profit Growth (YoY)

4.8%

Modest

Slow profit growth

Dividend Yield

3.17%

Healthy

Meaningful cash return while you hold the stock

Free Cash Flow

₹10 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

12.5%

Average

Average margins

Net Margin

7.7%

Average

Average bottom-line conversion

Current Ratio

1.59

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.06

Defensive

Steadier than the market

52W Range Position

55%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

120.1 / 116.0

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

66.6

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹803 Cr	₹1,011 Cr	₹1,181 Cr	₹1,282 Cr	+16.9%
EBITDA	₹94 Cr	₹125 Cr	₹139 Cr	₹182 Cr	+24.4%
EBITDA Margin	11.8%	12.4%	11.8%	14.2%	—
PAT (Net Profit)	₹31 Cr	₹58 Cr	₹80 Cr	₹97 Cr	+45.8%
EPS	₹2.7	₹2.49	₹6.55	₹7.7	+41.8%
ROE	11.3%	19.1%	15.3%	16.1%	—
ROCE	19.5%	29.4%	20.0%	19.1%	—
Total Debt	₹252 Cr	₹193 Cr	₹129 Cr	₹294 Cr	+5.2%
Free Cash Flow	₹60 Cr	₹97 Cr	-₹32 Cr	₹10 Cr	-45.9%

🟢 Revenue has grown at 16.9% a year over 3 years.

🟢 EBITDA has grown at 24.4% a year over 3 years.

🟢 EBITDA Margin has risen from 11.8% to 14.2% over 3 years (+2.4 pts).

🟢 PAT (Net Profit) has grown at 45.8% a year over 3 years.

🟢 EPS has grown at 41.8% a year over 3 years.

🟢 ROE has risen from 11.3% to 16.1% over 3 years (+4.8 pts).

🟡 ROCE has held roughly flat at 19.1% over 3 years.

🔴 Total Debt has grown at 5.2% a year over 3 years.

🔴 Free Cash Flow has shrunk at 45.9% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,365 Cr

Total Liabilities

₹774 Cr

Cash & Equivalents

₹2 Cr

Operating Cash Flow

₹64 Cr

Capex

-₹55 Cr

Shareholding (proxy)

Institutional Holding

11.4%

Insider Holding

69.4%

Corporate Actions

Dividend Rate

₹4

Ex-Dividend Date

26 May 2026

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
ADANI PORT & SEZ LTD	29.9x	14.1%
SIEMENS LTD	88.8x	10.5%

Recent News

3 positive2 mixed1 general

GPT Infraprojects Secures Rs 134 Cr Western Railway Signalling Contract

BW Businessworld, 17 OctOrder win

🟢Potentially positiveAn order or contract win, which adds to future revenue. How much depends on its size against annual sales and on when it is executed.

GPT Infraprojects Wins ₹385 Crore Rail Order; Shares Fall 0.75%

HDFC Sky, 01 OctOrder win

🟢Potentially positiveAn order or contract win, which adds to future revenue. How much depends on its size against annual sales and on when it is executed.

Only Two Days Left To Cash In On GPT Infraprojects' (NSE:GPTINFRA) Dividend

Simply Wall Street, 23 MayCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

GPT Infraprojects shares rally 11% on securing an order worth ₹483 crore from RVNL

Upstox, 02 SeptPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

GPT Infraprojects share price jumps 9%- What is driving the stock rally?

TradingView, 18 SeptPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

GPT Infraprojects Ltd. Peer Comparison – Compare with Others

Value Research, 29 Aug

Watch Items

Revenue growth is negative (-3.4%) on the latest reported period — check if this is one-off or a trend.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongFinancial Health · Growth · Profitability · Valuation

MiddlingBusiness Quality · Risk

Points for each in the Score ↑

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 1 high-severity red flag sits above this conclusion and should be read first.

All 5 tripwires holding · see Key things to watch ↑