G R Infraprojects Ltd Management Discussions

Economic Overview

Global Economy

Global economy remained steady despite geopolitical tensions, trade adjustments and tighter financial conditions in several advanced economies. The global output growth stood at 3.4% in Calendar Year (CY) 2025 reflecting stable demand and gradual improvement in supply chains. Growth in advanced economies is expected to moderate slightly from 1.9% in CY 2025 to 1.8% in CY 2026, led by the United States at around 2.1%, while the Euro Area is projected to expand by 1.4%.

Asia maintains a strong growth trajectory, supported by China at around 5.0% reinforcing demand across infrastructure, logistics and energy sectors. Sustained investments in transport networks, energy systems and industrial corridors across emerging markets are anticipated to support construction activity and infrastructure development.

Outlook

The global economic outlook remains broadly stable, supported by moderate growth across both advanced and emerging economies. Global output is projected to remain around 3.1% in CY 2026, with emerging markets continuing to contribute a significant share of overall growth. Strong economic momentum in Asia, particularly in India and China, alongside steady expansion in the United States, is likely to sustain global trade flows and industrial activity.

Governments across major economies are increasingly prioritising infrastructure modernisation, energy transition and supply chain resilience to strengthen long-term economic competitiveness. Elevated public investments in transport networks, logistics corridors, renewable energy systems and urban infrastructure are supporting capital formation and construction activity across regions. At the same time, the global environment remains shaped by geopolitical tensions, particularly the conflicts in West Asia, which have amplified concerns around energy security and trade continuity.

Countries are increasingly focusing on supply chain diversification, regional trade integration and infrastructure development to enhance economic resilience amid rising trade tensions and global uncertainty. Despite geopolitical and financial market risks, infrastructure-led investments are expected to support medium-term global growth.

P – Projection

Source – IMF, World Economic Outlook, April 2026

Indian Economy

Indias economic momentum remained strong during Financial Year (FY) 2025–2026, supported by stable domestic demand, strong investment activity and continued government focus on infrastructure development. The GDP growth for the year is estimated at around 7.7%, reaffirming Indias position as the fastest-growing major economy globally. Growth has been supported by steady expansion in the services and infrastructure sectors, improving household consumption and sustained public capital expenditure aimed at strengthening logistics, transport and industrial capacity. The government has continued to emphasise infrastructure-led development, with capital investment allocations exceeding H12.2 lakh crore, aimed at enhancing connectivity, improving productivity and crowding in private sector investment across sectors.

Outlook

The outlook for the infrastructure and construction sector remains positive, supported by sustained policy focus and rising public investment in core infrastructure. The Government has reinforced infrastructure-led growth through continued emphasis on highways, railways, urban infrastructure, logistics corridors and energy transition projects. Strategic initiatives such as the PM Gati Shakti programme, development of industrial corridors, expansion of metro networks and investments in logistics and warehousing are expected to drive construction activity and improve project execution opportunities across the sector. With infrastructure investment acting as a key multiplier for economic growth, the sector is expected to witness steady project pipeline expansion and stronger participation from both public and private players in the coming years.

Indias Infrastructure Sector

Indias infrastructure sector continues to be a major growth driver, supported by sustained public investment and policy initiatives aimed at strengthening connectivity and logistics networks. Investments are being channelled into key projects such as Dedicated Freight Corridors connecting eastern and western regions, expansion of national waterways, development of high-speed rail corridors and strengthening of multimodal logistics networks.

The Union Budget in FY 2026–27 has provided a strong push to infrastructure development, with capital expenditure allocation rising to around H12.2 lakh crore, equivalent to nearly 3.1% of GDP. The operationalisation of new waterways and enhanced freight infrastructure are expected to improve cargo movement, reduce logistics costs and support sustainable transport systems. These initiatives are likely to strengthen regional connectivity, improve supply chain efficiency and support long-term industrial and economic growth.⁴

Opportunities and Challenges for Infrastructure sector

Opportunity	Description
Railway Modernisation & High-Speed Corridors	Expansion of high-speed and semi-high-speed rail corridors, along with safety systems like Kavach, is driving demand for civil works, track upgrades and station infrastructure.
	Increasing focus on capacity enhancement and speed upgrades is expected to sustain project opportunities across rail EPC segments.
Green Energy	Growth in renewable energy is accelerating investments in power transmission, substations, BESS and pumped storage. This is creating opportunities for EPC players in grid infrastructure, evacuation systems and associated civil works.
Transmission & Storage High-Speed Highway & Expressway Development	Continued focus on access-controlled expressways and corridor-based development under Bharatmala is supporting strong demand for road EPC projects. Higher complexity and scale of such projects are driving demand for players with strong execution capabilities.
Urban Connectivity & Ropeways	Adoption of ropeways under the Parvatmala programme for urban and last-mile connectivity is opening opportunities in specialised infrastructure segments. Increasing use in urban areas is expected to expand the addressable market beyond traditional applications.
Multi-Modal Logistics Infrastructure	Development of MMLPs and logistics corridors is improving freight efficiency and enabling integrated transport networks. This is driving demand for large-scale infrastructure development including roads, rail connectivity and warehousing facilities.
Tunnelling & Complex Engineering Projects	Growing adoption of tunnelling across roads, railways and hydro projects is creating opportunities in technically complex infrastructure. This segment requires specialised capabilities, providing an advantage to experienced EPC players.
Asset Monetisation & PPP Opportunities	Government emphasis on HAM, BOT and InvIT-based models is improving project viability and funding visibility. This is enabling greater private sector participation and creating a stable pipeline of infrastructure projects.

 

Challenges	Description
Land Acquisition and Approval Delays	Infrastructure projects often require significant land acquisition and multiple regulatory approvals. Delays in obtaining environmental clearances and land approvals can affect project timelines and overall execution schedules.
Volatility in Raw Material Prices	Infrastructure projects are exposed to fluctuations in prices of key construction materials such as steel, cement, bitumen and fuel. Changes in input costs may impact project budgets and affect profitability, especially for long-duration contracts.

 

Challenges	Description
Execution and Project Management Risks	Large-scale infrastructure projects involve complex coordination among contractors, government agencies and suppliers. Execution challenges related to logistics, contractor capacity and project management may delay project completion.
Financing and Payment Delays	Infrastructure development requires significant capital investment and long project cycles. Delays in project payments, limited access to financing or changes in financial conditions may affect project implementation and working capital requirements.

Roads and Highways

Indias road infrastructure continues to expand steadily, supported by strong policy focus and sustained public investment. The country possesses the worlds second-largest road network, with National Highways extending to approximately 1,46,560 km and forming the primary arterial system for passenger and freight movement. Over the past decade, the network has grown significantly, with highway length increasing by nearly 61% since 2014. Expansion of high-speed corridors and expressways has also accelerated. Operational access-controlled corridors have increased from 93 km in 2014 to over 3,052 km, while the length of four-lane and above highways has more than doubled. Programmes such as the Bharatmala Pariyojana and other connectivity initiatives continue to strengthen national logistics efficiency and improve regional connectivity.⁵

Looking ahead, the sector continues to attract investment through new project pipelines and asset monetisation initiatives. The Ministry of Road Transport and Highways has identified a public-private partnership (PPP) pipeline of around 13,400 km of highway projects with an estimated investment of H8.3 lakh crore for development over the coming years. Monetisation mechanisms such as Toll-Operate-Transfer (TOT) and Infrastructure Investment Trust (InvIT) structures have also gained traction, generating capital for reinvestment in new infrastructure assets. Together, these initiatives are expected to sustain growth opportunities for developers and contractors in the road infrastructure segment.⁶

Expansion of National Highways in India (in km)

Government Initiatives for Roads and Highways

Initiatives	Description
Bharatmala Pariyojana	The continued expansion of the National Highway network to around 1,46,560 km, along with over 3,000 km of operational expressways and access-controlled corridors, is expected to improve connectivity and freight efficiency across the country. Rising investments in highways and corridor-based infrastructure development are likely to support sustained construction activity and long-term growth across the sector.7
Public-Private Partnership (PPP Model)	Under the National Monetisation Pipeline 2.0 (FY2026–FY2030), infrastructure assets across 12 sectors have been identified with a monetisation target of about H16.72 lakh crore. The model enables private sector participation in development and maintenance, while ownership remains with the government, supporting efficient execution and easing pressure on public finances.8
Fast-track Project Approvals	The PM Gati Shakti platform has improved coordination through GIS-based planning and streamlined land acquisition processes. Combined with the PRAGATI platform, it ensures faster approvals, with land acquisition largely completed before project awards in many cases.
Infrastructure Investment Trusts (InvITs)	InvITs are being used to monetise operational infrastructure assets, particularly toll roads. This allows developers to unlock capital, strengthen balance sheets and reinvest in new projects, supporting the development of around 13,400 km of PPP highway projects.9
Viability Gap Funding (VGF)	The VGF scheme provides financial support of up to 40% of project cost for projects that are economically important but financially unviable. This improves project viability and encourages private investment across infrastructure sectors.

Railway and Metro

Indias rail and urban transit sector is witnessing a new phase of expansion and modernisation, supported by a record capital outlay of H2.93 lakh crore in the Union Budget FY27.¹⁰ The sector continues to benefit from strong policy focus on enhancing connectivity, improving freight movement and strengthening transportation infrastructure across the country.

The focus is increasingly shifting towards corridor-based capacity creation, freight decongestion and technology-led operations aimed at improving network efficiency and logistics movement. Expansion of Dedicated Freight Corridors, growing metro rail networks and adoption of advanced safety and signalling systems such as Kavach 4.0 reflect the sectors transition towards more modern, integrated and efficient transport infrastructure.

Going forward, the sector is expected to maintain strong momentum, driven by investments in high-speed rail corridors, dedicated freight infrastructure and multimodal connectivity projects. Increasing emphasis on freight efficiency, logistics optimisation and capacity augmentation is likely to create opportunities across rail infrastructure, signalling systems, metro rail development and associated urban transit projects.

In parallel, the sector is also witnessing growing interest in private participation for freight-intensive routes and infrastructure development projects, which is expected to support faster execution and long-term network expansion. Continued investments in integrated mobility infrastructure and urban transit systems are likely to strengthen regional connectivity and support sustainable urbanisation across key economic centres.

Government Initiatives for Railways and Metro

Initiative	Description
National Rail Plan (NRP) 2030	The National Rail Plan (NRP) 2030 continues to guide the long-term expansion and modernisation of Indias railway infrastructure, with focus on capacity creation, dedicated freight corridors and multi-tracking of key routes. The plan also includes signalling upgrades, station redevelopment and speed enhancement across major rail networks. With electrification covering over 99% of the broad-gauge network, Indian Railways is moving towards a more modern and energy-efficient operating framework.
High-speed Rail	Indias high-speed rail programme continues to remain a key government priority aimed at modernising inter- city transportation and strengthening regional connectivity. The Mumbai–Ahmedabad High-Speed Rail Corridor, spanning around 508 km, remains under implementation, while the Government has also proposed seven additional high-speed rail corridors covering nearly 4,000 km across key regions of the country. These projects are expected to support the development of next-generation rail infrastructure and improve connectivity across major economic centres.11
Metro Rail Projects	Indias metro rail sector is expected to witness strong growth momentum, supported by increasing investments in sustainable urban mobility and rapid transit infrastructure. The sector is likely to benefit from expansion of metro rail and rapid rail systems across Tier II and Tier III cities, alongside continued investments in multimodal connectivity and smart urban transport networks. The operational metro network has already surpassed 1,013 km across 23 cities, creating a strong foundation for future expansion. Increasing adoption of technology- enabled transit systems and rising urbanisation are expected to support long-term growth opportunities across urban transportation infrastructure.12

Ropeway Infrastructure

The development of ropeway infrastructure in India is gaining strategic importance as a sustainable mobility solution for improving last-mile connectivity, particularly in hilly regions, remote locations and densely populated urban areas where conventional transport infrastructure faces execution and accessibility constraints. Under the Governments Parvatmala Pariyojana, multiple ropeway projects have been prioritised for development,withseveralstretchesalreadyunderimplementation across states including Uttarakhand, Uttar Pradesh, Madhya Pradesh and Jammu & Kashmir. These projects are being executed through a mix of EPC and PPP models, reflecting the increasing policy emphasis on private sector participation and balanced risk-sharing mechanisms in emerging transport infrastructure segments.

Ropeways offer several operational and environmental advantages, including lower land acquisition requirements, reduced carbon emissions, improved energy efficiency and comparatively faster execution timelines than conventional road infrastructure. Increasing tourism activity, growing focus on multimodal transport integration and the need for efficient connectivity in geographically challenging corridors are supporting the sectors long-term growth potential. Backed by favourable government initiatives and rising investments in sustainable transport infrastructure, the segment is expected to create expanding opportunities across urban mobility and tourism-oriented connectivity projects.

Logistics Infrastructure

The logistics infrastructure segment is witnessing a structural scale-up, supported by a H33,660 crore programme to develop 100 plug-and-play industrial parks, which is strengthening the demand ecosystem for integrated logistics infrastructure, alongside ongoing digital integration across 45 central logistics platforms to enhance coordination and efficiency. Building on this foundation, the development of Multi-Modal Logistics Parks (MMLPs) under the PM Gati Shakti framework and the National Logistics Policy is gaining momentum, with 35 locations identified across key freight corridors. This expanding ecosystem is further supported by rising freight volumes, growth in organised warehousing and increasing private sector participation, creating a sustained pipeline of opportunities across logistics, industrial and transport infrastructure, while improving supply chain efficiency and enabling better multimodal integration across the logistics network.¹

Tunnel Infrastructure

The tunnel infrastructure segment is witnessing increased traction, supported by the growing complexity of transport corridors and the need for all-weather, high-efficiency connectivity across challenging terrains. Recent policy approvals and project awards highlight a clear shift towards advanced tunnelling solutions, including long-span and underwater tunnels integrating both road and rail systems. As connectivity priorities expand across hilly regions, river crossings and urban decongestion corridors, tunnel construction is emerging as a critical enabler of multimodal infrastructure, offering strong medium-term visibility for execution-led players with proven capabilities in complex EPC environments.¹

Power Transmission and Distribution

Indias power transmission and distribution sector is witnessing strong investment momentum, driven by rising power demand and renewable energy growth. India has the investment potential of nearly H45 lakh crore across the power sector, including generation, transmission, and storage, over the next seven years¹. The transmission and distribution segment has reached a considerable level of maturity, with the national network already surpassing 5 lakh circuit kilometres, alongside transformation capacity of around 1,407 GVA, enabling seamless interstate power flows

The sector is expected to be driven by renewable integration, rising demand and grid resilience requirements, sustaining opportunities across transmission augmentation, substation capacity expansion and distribution modernisation.¹

Battery Energy Storage System

Battery Energy Storage Systems (BESS) are emerging as a critical enabler for grid stability and renewable energy integration, particularly in managing intermittency and ensuring round-the-clock power availability. With India targeting over 500 GW of renewable energy capacity by 2030, storage deployment is being scaled up through policy and financial support. The government has introduced Viability Gap Funding (VGF) schemes for approximately 43.8 GWh of BESS capacity, alongside a Production-

Linked Incentive (PLI) scheme of 18,100 crore to establish 50

GWh of Advanced Chemistry Cell manufacturing, including 10 GWh dedicated to grid-scale storage. These measures, combined with hybrid renewable configurations and competitive bidding frameworks, position BESS as a key component in strengthening grid reliability, enabling peak load management and supporting the transition toward a more resilient and flexible power infrastructure.¹

Telecom

The telecom and optical fibre cable (OFC) segment in India is witnessing sustained expansion, driven by exponential growth in data consumption, rapid 5G rollout and increasing fibreisation of telecom networks. The total optical fibre network in the country has crossed over 42.36 lakh route km, with a significant portion of towers being progressively connected through fibre to support high-speed and low-latency requirements. India has already deployed more than 5.08 lakh 5G base stations, accelerating the need for dense fibre backhaul infrastructure. In parallel, rural connectivity has strengthened with over 2.70 lakh villages connected through broadband networks, boosting digital inclusion and last-mile access. The continued rise in Fiber to the Home (FTTH) adoption, enterprise data demand and data centre expansion is further driving the need for robust OFC infrastructure, establishing it as a core enabler of Indias digital and telecom ecosystem.¹

Offshore

Offshore activity in Indias oil and gas sector is emerging as a key driver of incremental production, supported by continued policy focus on exploration licensing, increasing private participation and the development of deep-water assets, particularly in basins such as Krishna-Godavari and Cauvery. While offshore projects involve higher capital intensity and technical complexity compared to onshore operations, they offer significantly higher productivity and long-term output potential, making them strategically important for energy security. Advancements in digital reservoir management, subsea technologies and enhanced recovery techniques are improving operational efficiency and extending the lifecycle of offshore assets. At the same time, rising maintenance requirements for ageing platforms and the need for specialised engineering, procurement and construction capabilities are also creating opportunities across the offshore value chain, positioning the segment as a critical area of growth within the broader oil and gas ecosystem.

Outlook

The infrastructure sector in India continues to witness strong growth momentum, supported by sustained government capital expenditure, policy reforms and a robust pipeline of transportation and logistics projects. Increasing investments in national highways, expressways, multi-modal logistics parks, metro connectivity, rail infrastructure, ropeways and port-linked development projects are aimed at strengthening connectivity, improving freight efficiency and reducing logistics costs across the country. Government initiatives such as Bharatmala Pariyojana, Gati Shakti and dedicated freight corridor projects continue to create significant opportunities across the EPC and infrastructure development landscape, while higher budgetary allocations and improved project monitoring mechanisms are supporting faster execution and implementation.

The sector is also benefiting from rising private sector participation through PPP and HAM models, alongside asset monetisation initiatives that are improving capital efficiency and enhancing investment activity. Faster land acquisition processes, increasing focus on sustainable infrastructure development and growing demand for efficient transportation networks are expected to support healthy order inflows and execution visibility over the medium to long term. Diversified infrastructure players with strong capabilities across roads, highways, bridges, railways and allied infrastructure segments are likely to benefit from the expanding infrastructure opportunity landscape in India.

Company Overview

G R Infraprojects Limited is a well-established infrastructure developer with a strong execution foundation in the road sector, including highways and bridges, which continue to anchor its order book and capabilities. At the same time, the Company is evolving into a diversified infrastructure player, expanding across railways, metro, tunnelling, logistics infrastructure, power transmission and distribution and hydro infrastructure, leveraging its civil engineering and tunnelling expertise for complex projects. The Company also has a presence in ropeway infrastructure, catering to urban mobility and last-mile connectivity requirements.

It is further strengthening its presence in emerging and high-growth segments such as oil, gas, transmission, Battery Energy Storage Systems (BESS) and offshore infrastructure, reflecting a calibrated strategy to broaden its business mix. In addition, the Company has developed in-house manufacturing and backward integration capabilities, including fabrication and galvanisation of crash barriers and electric poles, as well as processing of bitumen, thermoplastic road-marking materials and road signage, supporting execution efficiency and cost optimisation.

This diversification is supported by an active bidding pipeline across highways, railways, energy and allied infrastructure, positioning the Company for sustainable multi-sector growth.

The Company operates across Engineering, Procurement and Construction (EPC), Build, Operate and Transfer (BOT) and Hybrid Annuity Model (HAM) frameworks, with a disciplined approach to project selection, capital allocation and execution. A key differentiator is its consistent track record of ahead-of-schedule project delivery, enabled by strong planning, efficient resource mobilisation and execution control. This is complemented by a firm commitment to quality and safety, with robust systems and standards embedded across project lifecycles. The Company is also enhancing execution through technology adoption, including digital project monitoring, data-driven decision-making and mechanised construction practices, improving productivity, optimising timelines and supporting scalable growth across its expanding portfolio.

Segment-wise Performance

The Companys performance during the year continued to be led by the transportation infrastructure segment, particularly roads and highways. This was supported by a diversified project mix, with a dominant contribution from road projects and a gradual increase in railways and metro. Other segments, including energy, logistics, telecom and emerging infrastructure areas, contributed modestly, reflecting their evolving scale of operations.

Financial and operational overview

Order inflow and order book

The Company executes road projects on Engineering Procurement and Construction (EPC), Build, Operate and Transfer (BOT), Design, Build, Finance, Operate and Transfer (DBFOT) and Hybrid Annuity Mode (HAM) basis. As on 31^st March, 2026, the order book of the Company stands at H26,47,153.88 Lakhs.

During the Financial Year under review, the Company has been awarded 9 projects amounting to H9,70,537.06 Lakhs across diversified infrastructure segments including highways, railways and metros, hydro and tunnelling, power transmission and distribution, multimodal logistics parks, telecom and IT infrastructure, oil and gas and BESS.

As on date, the Company has a decent mix of projects under execution across various infrastructure verticals. The Company continues to maintain a diversified order book with presence across transportation infrastructure, energy, logistics and digital infrastructure segments, thereby reducing concentration risk and enhancing long-term growth visibility.

From the total order book, Highway and Bridges continue to constitute the major share, followed by Railway and Metro, Hydro and Tunnelling and Power Transmission and Distribution projects. The Company has also expanded its presence into emerging infrastructure opportunities such as Telecom and IT Infrastructure, Oil and Gas and Battery Energy Storage Systems (BESS), in line with evolving industry requirements and government infrastructure focus.

Summarised profit and loss account of the Company

	Standalone			Consolidated
Particulars	FY 2025-26	FY 2024-25	Change (%)	FY 2025-26	FY 2024-25	Change (%)
Revenue from Operation	7,62,021.73	6,51,556.78	16.95%	8,39,861.89	7,39,470.41	13.58%
Other Income	46,104.75	50,034.40	-7.85%	12,865.06	19,542.07	-34.17%
Total Expenses	7,03,148.80	5,94,156.01	18.34%	7,48,373.59	6,45,109.09	16.01%
Depreciation and Amortisation	19,835.93	24,483.22	-18.98%	19,881.14	24,457.94	-18.71%
Finance Cost	4,323.57	8,568.67	-49.54%	50,797.04	44,804.62	13.37%
Profit After Tax	99,605.62	80,660.69	23.49%	90,257.81	1,01,539.53	-11.11%
Earnings Per Share	102.95	83.4	23.44%	93.31	104.88	-11.03%
Net worth	8,86,899.68	7,88,774.20	12.44%	9,39,105.90	8,50,320.35	10.44%
Capital Employed	9,22,793.11	8,52,573.74	8.24%	14,29,938.41	13,55,783.6	5.47%
Return on Equity	11.97%	10.80%	1.17%	10.15%	12.72%	-2.57%
Cash and Cash Equivalents	65,627.69	42,327.35	55.05%	98,348.36	64,921.52	51.49%
Adjusted Net Debt to Equity Ratio	(0.05)	0.01	-600%	0.41	0.51	-19.27%
Total Borrowings	23,444.91	51,234.01	-54.24%	4,84,540.64	4,96,616.10	-2.43%

Key financial ratios

	Standalone				Consolidated
Particulars	FY 2025-26	FY 2024-25	Change (%)	Variance	FY 2025-26	FY 2024-25	Change (%)	Variance
Operating Margin (%)	10.90%	13.88%	-2.98%	-2.98%	19.31%	22.13%	-2.82%	-2.82%
Debt/Equity Ratio (x)	0.03	0.07	-61.98%	-0.04	0.52	0.59	-11.81%	-0.07
Return on Equity (%)	11.97%	10.80%	1.17%	1.17%	10.15%	12.72%	-2.57%	-2.57%
Earnings per Share (Basic)	102.95	83.4	23.44%	19.55	93.31	104.88	-11.03%	-11.565
Net Asset Value per Share (H)	916.67	815.59	12.39%	101.08	970.63	879.23	10.40%	91.40

Human Resources

The Company continues to strengthen its human capital framework through a performance-driven, inclusive and governance-led workplace culture. The Companys HR practices are supported by defined policies, Code of Conduct guidelines and digital systems ensuring consistent implementation across offices and project sites. During the year, the Company focused on strategic workforce planning, capability building, leadership development, continuous learning and internal talent mobility to support its expanding operations and diversification strategy. Structured training programmes and technical skill enhancement initiatives remained key priorities, with over 11,297 training hours conducted during the year. The Company also strengthened its performance management framework through Project Linked Incentive Plans (PLIP), KRA and KPI alignment and accountability-driven execution practices. Simultaneously, continued emphasis was placed on diversity and inclusion, employee well-being, workplace safety, health initiatives and compliance monitoring, supporting stronger engagement, productivity and sustainable workforce development.

Sustainability and CSR

The Companys approach towards sustainability and CSR extends beyond statutory compliance and is reflected through its focus on responsible infrastructure development, quality execution and long-term community impact. Alongside creating infrastructure that supports national growth and connectivity, the Company continues to undertake initiatives aimed at improving social infrastructure and community well-being across regions of operation.

Its CSR initiatives are primarily focused on education and healthcare, with contributions towards construction and maintenance of educational institutions, smart classrooms, hostels, nursing schools and student support programmes across Rajasthan, Karnataka, Maharashtra, Gujarat and other states. The Company has also supported healthcare infrastructure through contributions towards hospitals, patient care facilities and community health centres. In addition, it has undertaken initiatives supporting rural development and sports promotion, reflecting its broader commitment towards inclusive and sustainable development.

Quality Management

The Company quality management framework integrates design, engineering, manufacturing, procurement and project management to support efficient execution, operational reliability and timely project delivery. The Companys in-house manufacturing capabilities, centralised procurement systems and technology-enabled project monitoring strengthen supply chain coordination, cost optimisation and execution efficiency. Quality control processes aligned with ISO standards and continuous engineering improvements further support adherence to global benchmarks across projects and manufacturing operations.

Risks and Concerns

The Company recognises the various factors that may influence its long-term growth and remains committed to safeguarding stakeholder interests. To address potential challenges, it has established a robust risk management framework with clearly designed strategies to minimise the impact of both internal and external risks on operations and financial performance.

Information Technology

The Company continues to strengthen its technology and digital capabilities to enhance operational efficiency, project execution and decision-making across business functions. The Company leverages integrated digital systems for project monitoring, procurement coordination, workforce management and governance processes, enabling improved operational visibility and execution control across project sites and corporate offices. Technology integration remains a key focus area within the Companys execution framework, supporting seamless supply chain coordination, timely information flow and process optimisation. In addition, the Company continues to expand its presence in telecom and IT infrastructure, strengthening digital connectivity capabilities while supporting long-term business diversification and operational resilience.

Environment, Health and Safety (EHS)

The Company remains committed to maintaining high standards of environment, health and safety across its operations through structured systems, continuous monitoring and proactive initiatives. The Companys approach focuses on minimising environmental impact through emission reduction, water stewardship, waste recycling, energy efficiency and responsible resource utilisation across project sites and manufacturing facilities. Simultaneously, strong emphasis is placed on employee health,workplacesafetyandwelfarethroughregularsafetytraining, toolbox talks, awareness programmes, medical support facilities and compliance-driven monitoring systems. Integrated digital tracking, governance oversight and continuous improvement initiatives further strengthen operational safety, environmental compliance and sustainable infrastructure development.

Outlook

The Company remains optimistic about the long-term infrastructure opportunity in India, supported by a strong project pipeline across transportation, power transmission, tunnels, telecom, logistics, renewable energy and emerging infrastructure segments. The Company will continue to focus on disciplined bidding, operational efficiency, execution excellence and prudent capital allocation while strengthening diversification across businesses and geographies. Going forward, emphasis will remain on technology integration, sustainability, capability enhancement and balanced growth, positioning the Company to capitalise on evolving infrastructure opportunities while delivering long-term value to stakeholders.

Internal Control Systems and their Adequacy

The internal policies and controls of the Company are appropriate for its size and operations, ensuring compliance with legal and corporate governance standards, as well as strategic and financial goals. It aims to provide reasonable assurance against risks, with a focus on promoting compliance and ethical behaviour among employees. The Board of Directors regularly reviews and updates this system to keep it relevant, effective and aligned with the evolving regulatory requirements and business environment.

Cautionary Statement

Statements made in this document or discussions about future conditions, events, or circumstances, including the Companys objectives, projections, estimates and expectations, might be considered ‘forward-looking statements according to relevant laws and regulations. These statements are subject to numerous risks and uncertainties and may not necessarily predict future outcomes accurately. Actual results could significantly differ from those expressed or implied in these statements. Key factors that could impact the Companys operations include economic conditions affecting demand and supply, market price conditions, changes in Government regulations, tax laws and other statutes, as well as various incidental factors.