Analysts/Institutional Investor Meet/Con. Call Updates

10th August 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 June 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 June 2026 held on Friday, 07th August 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 Q1 FY27 Earnings Conference Call” August 07, 2026 MANAGEMENT: MR. AJENDRA KUMAR AGARWAL MANAGING DIRECTOR MR. ANAND RATHI GROUP CHIEF FINANCIAL OFFICER MR. ANKIT MAHESHWARI DEPUTY CHIEF FINANCIAL OFFICER G R INFRAPROJECTS LIMITED MODERATOR: MR. PARIKSHIT KANDPAL – HDFC SECURITIES Page 1 of 18 G R Infraprojects Limited August 07, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the G R Infraprojects Limited Q1 FY27 Earnings Conference Call hosted by HDFC Securities Limited. 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 the date of this call. These statements do not guarantee the future performance of the company and may 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 this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. From the management, we have Mr. Ajendra Kumar Agarwal, Managing Director; Mr. Anand Rathi, Group CFO; and Mr. Ankit Maheshwari, Deputy CFO. I now hand the conference over to Mr. Parikshit Kandpal from HDFC Securities. Thank you, and over to you, sir. Parikshit Kandpal: Thank you, Elerick. So, I'll just hand over the call to the management without taking much time. So Ajendra Ji will start the proceedings with a brief overview of the industry, followed by a financial presentation by Rathi Ji and Ankit. Over to you, sir. Ajendra Agarwal: Thank you, Parikshit Ji. Good afternoon, ladies and gentlemen, and a warm welcome to the Q1 FY27 Earnings Conference Call of G R Infraprojects Limited. Thank you for taking the time to join us today. I am joined on this call by Anand Rathi, Chief Financial Officer; and Ankit Maheshwari, Deputy CFO of the company. I will begin by sharing an overview of our financial 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 which we will open the floor for questions. During Q1 FY27, the company reported revenue from operations of approximately INR2,423 crores, representing a growth of 32.71% compared to corresponding quarter of the previous financial year on a stand-alone basis. Adjusted EBITDA margin stood at 11.01% for the quarter as against 12.17% in the corresponding period last year. During the year, the company maintained a debt equity ratio to 0.03, which is continued to remain among the best in the sector. As of 1st July 2026, our order book stands at approximately INR25,300 crores. Further, bids aggregating to approximately INR32,000 crores are yet to be opened. During the quarter, PCOD of Amritsar Bathinda in Punjab and Yamuna Bridge projects in UP has been received. As on date, appointed date of three projects amounting to INR7,250 crores are still awaited. I would like to reiterate that the company's growth strategy is not limited to the road sector alone. We continue to see growing opportunity across metro railway, power Page 2 of 18 G R Infraprojects Limited August 07, 2026 transmission, logistics and warehousing tunnel, battery energy storage system, telecom infrastructure, and oil and gas sectors. Considering that, we believe greater participation of private capital supported by improved long- term financing mechanism and clear concession structure shall support the expansion of infrastructure sector and create additional opportunity for experienced EPC players. While the pace of project award may vary across sector, we remain positive on the overall infrastructure outlook for India. The country continued to have a significant, long-term infrastructure requirements supported by sustained public investment and evolving private participation. Let me now briefly touch upon the key sector developments. In transportation sector, the transportation sector continued to present a strong opportunity with an overall pipeline of around INR3.85 lakh crores comprising approximately 78% of highway, 16% in railway and 6% in metro. The government is also working to revive private sector participation in highway development through a new toll cum Annuity Model combining features of BOT and HAM. The proposed framework would provide 10% to 25% upfront government support for projects requiring higher levels of viability gap funding while allowing concessionaires to retain toll revenue over a fixed 20-year concession period. The revamped BOT toll framework is also expected to bring over 10,000 kilometers of projects into the private bidding pipeline. The newly introduced Urban Decongestion Policy is expected to strengthen center state coordination with greater state participation in planning and financing ring roads, bypass and other urban connectivity projects. The railway sector also continued to move towards corridor- based capacity creation, freight decongestion and technology-led operations. During the quarter, the government approved multiple multi-tracking projects with an aggregate investment of approximately INR48,000 crores, while continued investment in safety, signalling and communication infrastructure continue to strengthen network capability and reliability. In power transmission, the power sector is entering a period of structural reform with the government preparing the first major overhaul of the National Electricity Policy. The proposed policy is expected to address the issue around transmission and distribution network access, tariff rationalization and cross subsidies with potential implications for investment and private participation across the power sector. As renewable energy generation expands, the sector's next phase of growth is expected to increasingly focus on developing high-capacity transmission network to evacuate power from renewable rich regions. The sector is emerging as a significant infrastructure opportunity with industry estimates indicating transmission capex of around INR5 lakh to INR6 lakh crores between financial year '27 and '32. Tunnel and hydro, backed by strong government led project pipeline, the tunnel and hydro segment represent an estimated opportunity of INR1 lakh crores approximately over the next 5 years. The government also strengthen policy support for energy storage with proposed INR15,000 crores viability gap funding scheme for 112 gigawatt of storage capacity, including 60 gigawatt of pump storage. Page 3 of 18 G R Infraprojects Limited August 07, 2026 In oil and gas, the government has approved INR84,000 crores incentive package to accelerate deepwater exploration and attract foreign investment including support of up to 50% of exploratory drilling cost. The government is also stepping up effort to expand domestic oil and gas exploration with 46 new exploration blocks under Open Acreage Licensing Policy 10th and 11th covering over 2.6 lakh sq [Showing first 8,000 characters — download PDF for full document]