GNI Infrastructure IPO

About GNI Infrastructure IPO

The public issue of GNI Infrastructure Limited, a mainboard IPO, opens on TBA and closes on TBA. The allotment of the shares is expected to be finalised on TBA, and the credit of shares to demat accounts will follow on TBA. Refunds, where applicable, will be initiated on TBA. The listing of shares is scheduled for TBA. The equity shares offered through the IPO are proposed to be listed on the BSE and the NSE.

The IPO comprises a fresh issue and an offer for sale. The fresh issue consists of up to 2,10,29,642 equity shares (aggregating up to ₹[TBA] crore). The offer for sale comprises up to 93,88,212 equity shares (aggregating up to ₹[TBA] crore). The total issue consists of up to 3,04,17,854 equity shares aggregating up to ₹[TBA] crore.

GNI Infrastructure Limited’s IPO price band is fixed at ₹TBA to ₹TBA per share. The lot size for an application, along with the minimum investment required by a retail investor and by a High Net-Worth Individual (HNI), will be confirmed once the price band is announced.

Originally established as a partnership firm in 1980 and incorporated as a company in 2007, GNI Infrastructure Limited is an infrastructure construction company engaged in engineering, procurement and construction (EPC) projects for the government and private-sector clients.

It executes projects independently as well as through project-specific joint ventures. Its operations are primarily focused on road infrastructure, including highway widening, cement concrete roads, bridges and railway underpasses. The company has recently diversified into solid waste management projects.

Objectives Of GNI Infrastructure IPO

• Funding the company's working capital requirements.
  
• General corporate purposes.
  

Industry Outlook

India's construction sector is a key pillar of the economy, contributing 9.1% to the country's Gross Value Added (GVA) in FY2025. Including real estate and ownership of dwellings, the broader construction ecosystem accounts for 14.3% of India's GVA. The sector also supports over 250 ancillary industries, including cement, steel and building materials.

India's construction market is projected to become the second largest globally by 2030. The sector's GVA is expected to reach ₹20.7 trillion by FY2030, growing at a CAGR of 5.8%.

Road infrastructure continues to be a major growth driver. India has the second-largest road network in the world, spanning over 6.7 million kilometres, carrying around 65% of freight traffic and 90% of passenger traffic. The national highway network has expanded from 91,000 km in 2014 to 1,46,145 km in 2024, supported by sustained government investments.

The infrastructure opportunity extends beyond roads. India has the fourth-largest railway network in the world and is modernising it through dedicated freight corridors and station redevelopment. The country is also expanding airport infrastructure, with over 100 airports being built or upgraded under various government initiatives. Continued investment across transport infrastructure is expected to support long-term growth for EPC companies.

About GNI Infrastructure Limited

GNI Infrastructure Limited is an EPC infrastructure company engaged in the construction, widening, upgradation, repair and maintenance of roads, highways, bridges and airport runways. The company primarily executes projects under the Engineering, Procurement and Construction (EPC) model, item-rate contracts and, in select cases, the Hybrid Annuity Model (HAM). It has also diversified into solid waste management through the biomining of legacy waste.

Road infrastructure remains the company's core business. As of 31 December 2025, it had completed over 50 road infrastructure projects during the previous five years, covering more than 400 kilometres of roads across Maharashtra. It also had 17 road projects under execution with a total length of over 345 kilometres during the same period.

Strengths Of GNI Infrastructure Limited

• Established an order book supported by government and public sector clients. As of 31 December 2025, the company had 18 projects under execution.
• Owns a fleet of 320+ construction machines and equipment. This improves execution efficiency and reduces dependence on third-party equipment.
• Focused presence in Maharashtra enables project clustering and efficient utilisation of manpower, machinery and supply chain resources.
• The company has maintained healthy profitability. EBITDA margins remained between 34.91% and 37.81% from FY23 to the nine months ended 31 December 2025.
• Net worth increased from ₹186.86 crores in FY23 to ₹417.92 crores as of 31 December 2025, while the debt-equity ratio improved from 0.75x to 0.60x.
• Led by experienced promoters and senior management with domain expertise in infrastructure construction and project execution.

Risks Of GNI Infrastructure Limited

• Government projects contributed 98.37% of revenue during the nine months ended 31 December 2025. Any reduction in government spending or project awards could affect the business.
• Revenue is concentrated among a few customers. The top five clients contributed 87.02% of revenue during the nine months ended 31 December 2025.
• Operations are concentrated in Maharashtra, where the company had 18 projects under execution as of 31 December 2025.
• The company’s business is concentrated in road infrastructure, which contributed 87.08% of revenue and 99.88% of the order book during the nine months ended 31 December 2025.
• The order book of ₹1,021.03 crores may be delayed, modified or cancelled, which could affect future revenue and profitability.
• Rising prices or shortages of key construction materials, along with dependence on competitive bidding and working capital, may affect project execution and profitability.

The company has identified listed peers operating in a similar line of business for broad comparison purposes.

Note: Source – All the financial information for listed industry peers mentioned above is sourced from Financial Results/ Draft Red Herring Prospectus of the company for the year ended 31 March 2025 and stock exchange data dated 30 June 2026 to compute the corresponding financial ratios.

Anchor Investor Bidding Date TBA

Registrar Details
KFin Technologies Limited
Phone: +91 40 6716 2222
E-mail: gniinfrastructure.ipo@kfintech.com

Book Running Lead Manager

• SMC Capitals Limited
  
• Marwadi Chandarana Intermediaries Brokers Private Limited
  

GNI Infrastructure Limited Contact Details
C/O GN House, 3rd Floor, Gut No. 107, Plot No. 07, Renuka Mata Kaman,
Satara Parisar, Aurangabad – 431 010, Maharashtra, India
E-mail: cs@gniinfra.co.in
Phone: +91 77740 06732

GNI Infrastructure Limited Business Model

GNI Infrastructure Limited generates revenue from road infrastructure projects executed under EPC, item-rate and Hybrid Annuity Model (HAM) contracts, covering construction, widening, upgradation, repair and maintenance of roads, highways, bridges and airport runways. The company has also diversified into solid waste management through the biomining of legacy waste.

GNI Infrastructure Limited Growth Trajectory

GNI Infrastructure Limited's Total Income for FY25 was ₹338.37 crores, whereas in FY24 and FY23 it was ₹211.03 crores and ₹323.48 crores, respectively.

The Profit After Tax for FY25 was ₹76.12 crores, whereas in FY24 and FY23 it was ₹46.96 crores and ₹75.41 crores, respectively.

Its EBITDA for FY25 was ₹108.64 crores, whereas in FY24 and FY23 it was ₹63.58 crores and ₹110.41 crores, respectively.

GNI Infrastructure Limited Market Position

GNI Infrastructure Limited is engaged in the execution of road infrastructure and civil construction projects. As of 31 December 2025, the company had 18 projects under execution, comprising 17 road infrastructure projects and one solid waste management project.

As of 31 December 2025, it had completed more than 400 kilometres of roads and had over 345 kilometres of road projects under execution. Its order book stood at ₹1,021.03 crores, with a book-to-bill ratio of 4.40 times.

As of 31 March 2025, the company's Total Income, Profit After Tax and EBITDA stood at ₹338.37 crores, ₹76.12 crores and ₹108.64 crores, respectively.

How To Apply for GNI Infrastructure IPO?

• Step 1: Log in to your Kotak Neo Demat account – access IPO investments and select the current IPO section.
• Step 2: Specify IPO details – enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID – after entering your UPI ID, click submit. This places your bid with the exchange.
• Step 4: Mandate notification – your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request – your funds will be blocked once you approve the mandate request on your UPI.