India: Infra, construction companies report healthy performance in Q3FY'26

• Robust order inflows, execution, diversification support growth
  
  
• Revenue rises q-o-q across companies, GRIL's surges 65%
  
  

Indias infrastructure and construction sector delivered a robust performance in Q3FY'26, supported by strong execution, healthy order inflows, rising toll revenues, and resilient cargo and logistics activity. Diversified portfolios, steady domestic tendering, and selective international wins drove revenue growth and earnings stability.

Updates from L&T, APSEZ, IRB, KPIL, and GRIL show broad-based growth and reaffirm the sectors' key role in driving country's long-term infrastructure and economic development.

Performance Highlights

1. Larsen & Toubro (L&T) delivered a resilient performance in Q3FY'26, supported by strong execution momentum and steady order inflows across infrastructure, hydrocarbon, and power transmission segments.

Order inflows remained healthy on a quarterly basis, aided by sustained domestic tendering activity and robust international project awards, particularly from the Middle East.

Revenue grew 5% q-o-q to INR 714 billion in Q3FY26, driven by improved project execution and faster billing. On profitability, EBITDA increased 8% q-o-q to INR 68.1 billion, supported by operating leverage, disciplined cost control, and a favourable project mix.

The order book stood at INR 6,670 billion, up 31% y-o-y, ensuring strong revenue visibility and underpinning a positive medium-term growth outlook.

2. Adani Ports and Special Economic Zone (APSEZ)handled 123 million tonnes (mnt) of cargo in Q3FY26, down nearly 1% q-o-q as compared to 124 mnt in Q2FY26. On a yearly basis, the same was up by 9% from 112 mnt in Q3FY25, supported by robust container volumes.

Revenue rose nearly 6% q-o-q to INR 9,705 crore during the quarter. The same was up by 22% on y-o-y basis from INR 9,167 crore in the same period last year. Improved realisations, higher logistics and marine contributions, stronger container volumes, international port consolidation, and favourable cargo mix have contributed towards rise in revenue.

EBITDA grew by 4% on the quarter to INR 5,786 crores from INR 5,550 crore in the previous quarter. On y-o-y basis, the same rose 20% from INR 4,802 crore in Q3FY25.

For FY'26, the company has maintained port cargo volume guidance at 505-515 mnt, raised revenue guidance to INR 38,000 crore, and EBITDA guidance to INR 22,800 crore. The companys strong project pipeline includes major port expansions, logistics capacity additions, and international asset consolidation, underpinning long-term growth visibility.

3. IRB Infrastructure reported Q3 FY26 revenue of INR 18,712 crore, up 4% on q-o-q basis, driven by higher toll collections, improving traffic trends, ramp-up of newly operational assets, and stronger Infrastructure Investment Trust (InvIT) contributions.

During the quarter, the company won TOT-17 (INR 10,000 crore) in Uttar Pradesh and TOT-18 (INR 4,000 crore) in Odisha, strengthening its long-term portfolio. The company also expects COD of the Ganga Expressway soon, supporting incremental cash flows.

For FY'26, EBITDA guidance remains strong, backed by rising toll revenues, asset recycling, and InvIT monetisation. A robust INR 1.4 lakh crore opportunity pipeline, driven by government monetisation and disciplined capital deployment, underpins strong growth visibility and balance sheet strength.

4. Kalpataru Projects International Ltd (KPIL) reported Q3 FY26 revenue of INR 5,788 crore, up 7% q-o-q, driven by accelerated execution across T&D, civil, and railway segments, higher billing from international EPC projects, and strong execution momentum supported by a robust order book.

Order inflows stood at INR 19,456 crore as of 31 December 2025, reflecting healthy project wins across diversified segments. The companys order book reached INR 63,287 crore, providing strong revenue visibility and medium-term growth assurance.

KPIL maintains a positive FY'26 outlook, underpinned by strong inflows, diversified geographic presence, efficient project execution, and disciplined capital management, supporting sustained growth, margin stability, and long-term value creation.

5. GR Infraprojects Ltd (GRIL) reported Q3FY'26 revenue of INR 2,039 crore, up 65% q-o-q and 36% y-o-y, driven by accelerated execution across segments, particularly in roads, along with diversification into the oil and gas EPC sector.

As of 31 December, the order book stood at INR 20,255 crore, dominated by roads and highways (62%), followed by railways and metro (12%), transmission (6%), and projects in logistics parks and tunnelling. Additionally, GRIL has L1 status for projects worth INR 4,710 crore, enhancing revenue visibility. Despite strong execution momentum, management revised FY'26 order inflow guidance to INR 15,000 crore from INR 22,000 crore, due to slower NHAI awards, while maintaining a positive long-term growth outlook.