GR Infra Q1FY27: revenue +40% YoY, adj. PAT +21%, but OPM compresses to 16.8%

On a consolidated basis (primary), G R Infraprojects reported revenue of ₹2,784.11 Cr for Q1 FY27, up 40.1% YoY (₹1,987.79 Cr) and 11.3% QoQ (₹2,500.41 Cr), and PAT of ₹357.79 Cr, up 46.4% YoY as reported. That reported PAT includes a ₹61.21 Cr non-cash exceptional gain booked after the Group's stake in associate Indus Infra Trust was diluted from 43.56% to 31.58% following the associate's QIP; stripping it out, adjusted PAT was ₹296.58 Cr, up a more moderate 21.4% YoY. Standalone PAT, which carries no exceptional item this quarter, was ₹203.65 Cr on revenue of ₹2,423.42 Cr (EPS ₹21.05) — the standalone-consolidated gap (mainly the associate income and the one-off) means the two statements tell different growth stories, and the adjusted consolidated number is the cleaner read. The growth was driven almost entirely by the Engineering, Procurement and Construction (EPC) segment, whose revenue jumped 228% YoY to ₹892.21 Cr (from ₹271.55 Cr) as project execution accelerated, while the higher-margin Build-Operate-Transfer/Annuity segment was flat-to-down, slipping 2.7% YoY to ₹1,517.58 Cr. That mix shift, plus unallocated corporate expenses more than doubling YoY to ₹68.71 Cr (from ₹32.11 Cr), pulled consolidated operating margin down to 16.80% from 22.67% a year ago even though EPC's own segment margin actually improved (15.9% vs 6.1% YoY). Net profit margin held up better on a reported basis (12.85% vs 12.06% YoY) only because of the exceptional gain; on the adjusted PAT, NPM was closer to 10.7%, also down YoY — confirming the margin compression management had flagged. Revenue growth of 40% YoY runs well ahead of management's stated FY27 guidance of 15% full-year revenue growth (anchored on a targeted ₹20,000-22,000 Cr order inflow), though the margin caution embedded in that same guidance — flagged for commodity-price and geopolitical pressure — is visible in the OPM print. Street estimates (Univest's pre-result preview) had pegged Q1 FY27 revenue at ₹2,051-2,360 Cr and PAT at ₹112-142 Cr; the actual print beat both ranges comfortably, even on the adjusted PAT basis. No management press release accompanying this result was available to cross-check messaging. The quarter also saw B S R and Co take over as statutory auditor (five-year term, replacing the predecessor whose sign-off appears in the review report for prior periods) and the appointment of Ashwin Agarwal as a new whole-time director — governance moves that coincide with, but are not numerically tied to, this print.