GNI Infrastructure IPO

GNI Infrastructure Limited is an infrastructure and engineering company engaged in the design, construction, and execution of a wide range of infrastructure projects. The company primarily undertakes civil construction works, including roads, highways, bridges, irrigation projects, industrial infrastructure, and other public utility developments for government and private sector clients. With over four decades of execution experience in Maharashtra, GNI Infrastructure offers end-to-end project execution capabilities covering engineering, procurement, construction, and project management. The company focuses on delivering projects with an emphasis on quality, timely completion, and operational efficiency while leveraging modern construction techniques and equipment. As of December 31, 2025, the company had successfully completed over 50 road infrastructure projects during the last five years and had 18 projects under execution across multiple districts in Maharashtra.

GNI Infrastructure Limited IPO Overview

GNI Infrastructure Limited filed its Draft Red Herring Prospectus with SEBI on June 30, 2026, proposing a book-built IPO comprising a fresh issue of up to 21,029,642 equity shares aggregating up to ₹[●] million and an Offer for Sale of up to 9,388,212 equity shares by the selling shareholders. The selling shareholders participating in the OFS include Bindra Ravindersingh Khushbirsingh, Harvindersingh Basantsingh Bindra, Bindra Harpreetsingh H, Narindersingh Basantsingh Bindra, Prabjyotsingh Harvindersingh Bindra, Amandeepsingh Ravindersingh Bindra, Chanakya Opportunities Fund I, and RPV Holdings Private Limited. Key IPO details such as dates, price bands, and lot size are yet to be announced. The equity shares are proposed to be listed on BSE and NSE. SMC Capitals Ltd. is the book-running lead manager and Kfin Technologies Ltd. is the registrar of the issue. The pre-issue shareholding stands at 99,970,358 shares, with post-issue shareholding expected to be 121,000,000 shares.

GNI Infrastructure Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	30,417,854 equity shares
Fresh Issue	Up to 21,029,642 equity shares (₹[●] million)
Offer for Sale (OFS)	Up to 9,388,212 equity shares (₹[●] million)
IPO Dates	TBA
Price Bands	TBA
Lot Size	TBA
Face Value	₹10 per share
Listing Exchange	BSE, NSE
Shareholding pre-issue	99,970,358 shares
Shareholding post-issue	121,000,000 shares

GNI Infrastructure Limited IPO Lots

Application	Lots	Shares	Amount
Retail (Min)	TBA	TBA	TBA
Retail (Max)	TBA	TBA	TBA
S-HNI (Min)	TBA	TBA	TBA
S-HNI (Max)	TBA	TBA	TBA
B-HNI (Min)	TBA	TBA	TBA

GNI Infrastructure Limited IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not more than 50% of the Offer
Retail Shares Offered	Not less than 35% of the Offer
NII (HNI) Shares Offered	Not less than 15% of the Offer

GNI Infrastructure Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS) – Basic	₹4.94
Earnings Per Share (EPS) – Diluted	₹4.94
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	12.55%
Net Asset Value (NAV)	₹41.80
Return on Equity (RoE)	12.55%
Return on Capital Employed (RoCE)	12.59%
EBITDA Margin	37.81%
PAT Margin	19.85%
Debt to Equity Ratio	0.60

Objectives of the IPO Proceeds

The Net Proceeds are intended to be utilised as per the details provided in the table below:

Particulars	Amount (₹ in million)
Funding of Working Capital Requirement	1,553.30
General corporate purposes*	[●]
Total Net Proceeds	[●]

*To be determined upon finalisation of the Offer Price and updated in the Prospectus prior to filing with the RoC.

GNI Infrastructure Limited Financials (in ₹ million)

Particulars	31 Dec 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	7,967.97	6,870.27	4,698.46	3,832.94
Revenue	2,318.09	3,090.72	1,821.01	3,099.29
Profit After Tax	496.64	761.20	469.63	754.11
Reserves and Surplus	3,179.48	3,637.58	2,282.03	1,823.63
Total Borrowings	2,632.38	2,350.11	1,829.60	1,529.17
Total Liabilities	3,607.08	3,008.37	2,201.16	1,806.62

Financial Status of GNI Infrastructure Limited

GNI Infrastructure Limited IPO Strengths

1. Established Order Book Supported by Government and Public Sector Client Base

GNI Infrastructure Limited has built a strong order book supported by its experience in executing projects for government departments, semi-government bodies, public sector undertakings, municipal corporations, and other public authorities in Maharashtra. As of December 31, 2025, the company had 18 projects under execution across various districts in Maharashtra, comprising 17 road infrastructure projects and 1 solid waste management project, with an unexecuted order book of ₹10,210.33 million. The company’s continued engagement with government clients has enabled it to build experience in bidding for, executing, and completing infrastructure projects in accordance with prescribed technical specifications, contractual timelines, and quality requirements.

2. Operational Efficiency Through Ownership of a Large and Diverse Construction Equipment Fleet

GNI Infrastructure’s operational strength is significantly enhanced by its ownership of a large and diverse fleet of construction machinery and equipment. The company has made sustained capital investments in building an in-house equipment base comprising over 320 machines, including batching plants, asphalt plants, ready-mix concrete units, crushers, excavators, pavers, compactors, transit mixers, tippers, cranes, and other specialized machinery. As of December 31, 2025, the gross block of plant and machinery stood at ₹1,867.57 million, representing 94.53% of total property, plant, and equipment. This ownership provides operational flexibility, faster mobilization, better schedule control, cost management, and the ability to execute multiple projects simultaneously.

3. Focused Geographic Presence with Project Clustering in Maharashtra

GNI Infrastructure’s business model is supported by its focused geographic presence in Maharashtra and its deliberate approach of undertaking projects in districts where it has established operational familiarity, local networks, and logistical advantages. By clustering projects within familiar operating regions, the company leverages common procurement channels, local vendor relationships, shared logistics infrastructure, and site-level management teams across multiple concurrent projects. This approach reduces incremental overhead costs and supports efficient coordination among execution teams. As Maharashtra pursues its ambitious target of becoming a USD 1 trillion economy by FY2028, road infrastructure development in the state continues to gain momentum.

4. Stable Profitability Margins and Improving Financial Position

GNI Infrastructure has demonstrated stable profitability margins across the periods under review. The company’s EBITDA margin remained within the range of 34.91% to 37.81%, while net profit margin remained within 19.85% to 23.31% during Fiscal 2023 to Fiscal 2025. The company’s net worth increased from ₹1,868.63 million in Fiscal 2023 to ₹4,179.18 million as of December 31, 2025, while the debt-equity ratio improved from 0.75 times to 0.60 times during the same period. This improving financial profile strengthens the company’s ability to meet working capital requirements, fund capital expenditure, and participate in larger-value EPC tenders.

5. Experienced Promoters and Senior Management with Domain Expertise

GNI Infrastructure benefits from the extensive experience and leadership of its promoters and senior management. Bindra Ravindersingh Khushbirsingh, Chairman and Managing Director, brings over 18 years of experience in strategy, business development, and project supervision. Harvindersingh Basantsingh Bindra, Executive Director and CEO, has over 45 years of experience in operations, execution management, and client relationships. The promoters are actively involved in day-to-day management, contributing to continuity in project execution, client relationships, and institutional knowledge.

More About GNI Infrastructure Limited

1. Company Overview

GNI Infrastructure Limited is an infrastructure and engineering company with a rich operating history spanning over four decades in the civil construction sector. The company is primarily engaged in the design, construction, and execution of a wide range of infrastructure projects, including roads, highways, bridges, irrigation projects, industrial infrastructure, and other public utility developments. With a strong presence in Maharashtra, the company has established itself as a reliable partner for government and public sector clients.

2. Project Portfolio and Execution Capabilities

The company offers end-to-end project execution capabilities, covering engineering, procurement, construction, and project management. As of December 31, 2025, GNI Infrastructure had successfully completed over 50 road infrastructure projects during the last five years, comprising construction, concreting, asphalting, widening, repair, and maintenance of access roads, diversion roads, service roads, and highways. The company currently has 18 projects under execution across multiple districts in Maharashtra, including 17 road projects and 1 environmental engineering project involving biomining of legacy waste.

3. Construction Equipment Fleet

A key operational strength is the company’s ownership of a large and diverse fleet of construction machinery and equipment. The fleet comprises over 320 machines, including batching plants, asphalt plants, ready-mix concrete units, crushers, excavators, pavers, compactors, transit mixers, tippers, cranes, and other specialized machinery. The gross block of plant and machinery stood at ₹1,867.57 million as of December 31, 2025. The company has implemented centralized procurement and preventive maintenance practices to ensure effective equipment utilization and operational readiness.

4. Financial Performance

GNI Infrastructure has demonstrated stable profitability margins and an improving financial position. Revenue from operations was ₹3,090.72 million in Fiscal 2025, with EBITDA of ₹1,086.41 million and profit after tax of ₹761.20 million. The company’s EBITDA margin stood at 35.15% and PAT margin at 22.50% for Fiscal 2025. As of December 31, 2025, the unexecuted order book stood at ₹10,210.33 million, approximately 4.40 times the Fiscal 2025 revenue from operations, providing strong visibility for future business operations.

5. Client Base

The company’s client base includes state and national infrastructure agencies, highway and road development authorities, municipal corporations, airport authorities, irrigation departments, and project divisions funded by international institutions. The top five clients contributed 87.02% of revenue from operations for the nine-month period ended December 31, 2025.

Industry Outlook

1. Indian Infrastructure and Road Construction Sector

India’s infrastructure sector is witnessing unprecedented growth, driven by the government’s sustained focus on capital expenditure and infrastructure-led development. The Union Budget 2026-27 has allocated ₹12.2 trillion for capital expenditure, reinforcing the government’s commitment to infrastructure development. The Ministry of Road Transport and Highways received an allocation of ₹3.09 trillion for 2026-27, reflecting an 8% increase from the previous year. India’s transportation infrastructure construction market was valued at USD 74.33 billion in 2025 and is estimated to grow to USD 115.69 billion by 2031, at a CAGR of 7.66%.

2. Growth Drivers and Market Outlook

The Indian road construction market is expected to reach USD 360.7 billion by 2034, exhibiting a CAGR of 9.40% during 2026-2034. The construction industry in India is projected to grow by 6.4% in real terms by 2026, driven by substantial investments in transport infrastructure and energy projects, and is expected to maintain a 6% average annual growth rate from 2027 to 2030. India accounts for the second-largest share of global construction growth by volume between 2020 and 2030, at 14.1%.

3. Maharashtra’s Infrastructure Push

Maharashtra, India’s most industrialized state, commands a critical position in the nation’s road infrastructure development landscape. As of FY 2024, the state boasts a robust road network spanning 328,526 kilometres. The Government of Maharashtra has adopted a forward-looking approach through the Amritkal State Road Development Plan 2025-2047, outlining a roadmap for enhancing state-wide road connectivity over the next two decades. Under the Revised Hybrid Annuity Scheme, Maharashtra is implementing large-scale cement concreting of roads spanning 6,000 kilometres at a project cost of ₹36,964 crore. The Chief Minister’s Village Road Scheme-3 aims to connect 3,582 villages using cement concrete roads with a total length of 14,000 km and an estimated project cost of ₹30,100 crore.

4. EPC Sector Outlook

ICRA expects the construction industry to witness revenue growth of 6-8% in 2026-27, with diversified EPC players expected to achieve revenue growth of 8-10%. The government’s continued focus on road development, urban infrastructure, and environmental engineering presents significant opportunities for companies like GNI Infrastructure with established execution capabilities and a strong presence in Maharashtra.

How Will GNI Infrastructure Limited Benefit

1. GNI Infrastructure stands to benefit from the government’s ₹12.2 trillion capital expenditure push, with road transport receiving a record ₹3.09 trillion allocation for FY27.

2. The company’s strong presence in Maharashtra positions it to capitalize on the state’s Amritkal State Road Development Plan 2025-2047 and the ₹36,964 crore cement concreting program.

3. With an unexecuted order book of ₹10,210.33 million (4.40 times FY25 revenue), the company has strong revenue visibility for sustained business operations.

4. The growing transportation infrastructure market, projected to reach USD 115.69 billion by 2031 at 7.66% CAGR, offers significant growth opportunities.

5. GNI’s owned equipment fleet of over 320 machines provides cost advantages and execution efficiency, enabling better margin performance.

6. The company’s diversification into solid waste management and environmental engineering opens new revenue streams in emerging infrastructure segments.

7. With India’s construction sector expected to grow at 6% annually through 2030, GNI is well-positioned to benefit from sustained infrastructure spending.

8. The cluster-based project execution model in Maharashtra enables supply chain efficiencies, better resource utilization, and reduced mobilization costs.

Peer Group Comparison

Name of Company	Revenue (₹ in million)	Face Value (₹)	P/E Ratio	Basic EPS (₹)	Diluted EPS (₹)	RoNW (%)	NAV (₹ )
GNI Infrastructure Limited	3,090.72	10	[●]	7.88	7.88	25.25	38.24
Peer Group
SRM Contractors Limited	5,281.29	10	21.03	23.97	23.97	30.07	120.09
RPP Infra Projects Limited	14,394.30	10	4.52	14.55	14.18	13.67	115.10
Ceigall India Limited	34,367.32	5	22.45	17.04	17.04	21.62	108.97

Key Strategies for GNI Infrastructure Limited

1. Deepen Presence in Maharashtra and Selectively Expand into Other Geographies

GNI Infrastructure intends to consolidate and deepen its presence in Maharashtra, which has historically been its principal area of operations. With over four decades of execution experience in the state, the company is well-positioned to continue bidding for and executing larger-value infrastructure projects within Maharashtra. In parallel, the company intends to selectively evaluate opportunities in other states where it can leverage its project execution capabilities, equipment base, and balance sheet without diluting management focus on its core Maharashtra operations.

2. Enhance Execution Capabilities and Pre-Qualification Credentials for Larger Projects

GNI Infrastructure aims to continue strengthening its project execution capabilities and pre-qualification credentials to improve its ability to bid for, qualify for, and execute larger and more complex infrastructure projects. Government and public sector tenders typically prescribe eligibility criteria based on prior project experience, value of completed works, technical capability, machinery availability, net worth, and turnover. The company intends to maintain prudent financial and capital structure metrics that support its bid capacity while investing in project management systems, technology adoption, and personnel training.

3. Selectively Diversify into Adjacent Infrastructure Verticals

While road infrastructure continues to remain GNI’s principal business vertical, the company intends to selectively evaluate and pursue opportunities in adjacent infrastructure verticals where existing execution capabilities, equipment base, and project management experience can be leveraged. The company has recently expanded into solid waste management projects involving environmental engineering through biomining of legacy waste, including a project with a contract value of ₹670.00 million. Going forward, GNI may evaluate opportunities in urban civil infrastructure and select environmental and water-related infrastructure works.

4. Leverage the In-House Integration Model to Improve Execution Efficiency

GNI Infrastructure intends to further leverage its in-house integration model to support timely execution, cost efficiency, and quality control across its projects. The business model involves internal capabilities across key functions such as procurement, equipment management, project execution, and site-level coordination. By maintaining greater control over critical execution resources, the company reduces dependence on third-party vendors and service providers. The company also intends to continue strengthening centralized procurement processes for key construction materials, enabling consolidated requirements, better pricing, standardized quality, and timely availability.