Analysts/Institutional Investor Meet/Con. Call Updates

10th November 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Plot No. C-1 Dalal Street, Fort G Block, Bandra-Kurla Complex, Bandra(E) Mumbai – 400001 Mumbai -400051 Scrip Code: 543317 Symbol: GRINFRA Subject: Transcript of an earnings conference call for the quarter ended 30th September 2026. Dear Sir, ln terms of the Regulation 30 of the Securities and Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations, 2015, we are enclosing herewith the transcript of an earnings conference call for the quarter ended 30th September 2026 held on Thursday, 05th November 2026. You are requested to take this information on your record. Thanking you, Yours sincerely, For G R Infraprojects Limited Sudhir Mutha Company Secretary ICSI Membership No. ACS18857 Enclosed: As above. “G R Infraprojects Limited Q2 and H1 FY27 Earnings Conference Call” November 05, 2026 MANAGEMENT: MR. AJENDRA KUMAR AGARWAL MANAGING DIRECTOR MR. ANKIT MAHESHWARI DEPUTY CHIEF FINANCIAL OFFICER MODERATOR: MR. PARIKSHIT KANDPAL – HDFC SECURITIES LIMITED Page 1 of 14 G R Infraprojects Limited November 05, 2026 Moderator: Ladies and gentlemen, good day and welcome to G R Infraprojects Limited Q2 and H1 FY27 Earnings Conference Call hosted by HDFC Securities Limited. Today we have with us Mr. Ajendra Kumar Agarwal, Managing Director, Mr. Ankit Maheshwari, Deputy CFO. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal for an operator by pressing star then zero on your touch- tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Parikshit Kandpal. Thank you, and over to you, sir. Parikshit Kandpal: Thank you, Without taking any further time, I hand over the floor to Mr. Ajendra Agarwal for his opening remarks and industry overview, followed by detailed financial analysis by Ankit. Over to you, sir. Ajendra Agarwal: Thank you, Parikshit-ji. Good afternoon, ladies and gentlemen, and a warm welcome to the Q2 financial year '27 earning call of G R Infraprojects Limited. Thank you for taking the time to join us today. I am joined on this call by Mr. Ankit Maheshwari, Deputy CFO, and operational performance during the quarter, along with our perspective on infrastructure sector. Thereafter, Ankit-ji will take you through the financial performance in detail. Following, we will open the floor for questions. In Q2 financial year '27, the company recorded revenue from operations of approximately INR2,019 crores, representing a growth of 64% compared to corresponding quarter of the previous financial year on standalone basis. Listed EBITDA margin stood at 9.29% for the quarter as against 9.76% in the corresponding period last year. In that year, the company maintained a debt-equity ratio to 0.04 x, which continue to remain among the best in the sector. As of 1st October 2026, our order book stands at approximately INR24,577 crores. Further, bids aggregating to approximately INR19,346 crores are yet to be opened. We have received the appointed date of Agra-Gwalior DBFOT toll project. As on date, appointed date of two projects amounting to INR3,562 crores is still awaited. Overall, we are seeing early sign of a broader investing cycle with improving private sector capital formation and increasing institutional participation in infrastructure financing. At the same time, the focus is shifting towards integrated connectivity, energy transition, and strengthening logistic and warehousing infrastructure. We remain positive on opportunities it create for experienced developers and EPC players, particularly those with the capabilities to execute complex, large-scale infrastructure project. Page 2 of 14 G R Infraprojects Limited November 05, 2026 Let me now briefly touch upon the key development across our focus sectors. In transport sector, as we know, MoRTH has identified PPP project pipeline with estimated cost of more than INR8 lakh crores for next three year, of which Bihar state has received recently approval of project with estimated cost of INR1.64 lakh crores. This reinforce the continued emphasis on expanding national highway connectivity. The government is also taking step to strengthen private sector participation through revision to the BOT toll concession framework, alongside the technology-led initiatives such as barrier-less tolling and automated construction. The railway sector continues to prioritize capacity expansion, freight decongestion, and network modernization. The government recently approved eight multi-tracking project with a total estimated cost of Rs. 21000 Crores. In August, the PPP Appraisal Committee recommended six new railway line projects involving track construction, electrical and signaling system, tunneling, viaducts, and bridges for the consideration by the competent authority under the hybrid annuity. In tunnels and hydro, the hydro and pumped storage sector continue to present a significant multi-year opportunity. As of August 2026, India has 7.43 gigawatt of operational PSP capacity across 10 projects. A further 10.40 gigawatt across eight projects has been appraised by the Central Electricity Authority. CEA estimates the requirement of 73.93 gigawatt of storage capacity by 2031-'32. We believe this creates a strong opportunity aligned with our capabilities in hydro and underground construction. In power transmission, the power transmission sector continue to witness significant investment, driven by the need to evacuate renewable energy and strengthen grid infrastructure. Recent key development was the approval of Green Energy Corridor Phase-III, with a total outlay of approximately INR1.86 lakh crores, including INR1.36 lakh crores towards interstate transmission infrastructure. In oil and gas, a recent significant development in the sector was the approval of INR84,000 crores Samudra Manthan scheme to accelerate domestic offshore exploration and production. Through financial year 2030-'31, scheme provide extensive seismic survey, 60 deep-water exploration wells, and the development of foreman offshore infrastructure, alongside dedicated manufacturing and service zones. The scheme also provide government support of up to 50% of eligible drilling costs. The government is also continue to expand domestic exploration through successive Open Acreage Licensing Policy. Logistic and warehousing, institutional investment in industrial and warehousing assets reached approximately INR3,500 crores during January-September 2026, representing a 15% increase in the corresponding period of 2025. The Union Cabinet approved the establishment of Integrated Transport and Logistics Authority, a special purpose vehicle to improve coordination and integrated planning across road, railway, port, shipping, aviation, inland waterways, and logistics. In September 2026, DPIIT announced Page 3 of 14 G R Infraprojects Limited November 05, 2026 work with the Asian Development Bank on a grading and rating framework of warehouse and cold chain facilities. The initiative is intended to improve quality standards and create modern facilities and support formalization of the sector. I wish you and your families, include our client, lenders, partners, employees, and shareholders a very happy and prosperous Diwali. I hand over to Ankit. Ankit Maheshwari: Thank you, sir, and good afternoon everyone on the call. I would now take you through the key highlights of the quarter two financial performance. The [Showing first 8,000 characters — download PDF for full document]