India: Infrastructure companies report strong Q1FY26 results backed by robust orders, execution

• L&T’s order inflow boosted by robust orders
• Govt spending supports strong growth outlook

India’s infrastructure sector showed strong momentum in Q1FY26, with companies such as Larsen & Toubro (L&T), Adani Ports and Special Economic Zone (APSEZ), IRB Infrastructure, Kalpataru Projects International Ltd (KPIL), and GR Infraprojects (GRIL) reporting resilient performances. The quarter was marked by healthy order inflows, steady execution across transportation, logistics, energy, and urban infrastructure, and robust order book growth. These trends reinforce the sector’s role as a key driver of India’s economic expansion, with strong visibility for sustained growth in the coming quarters.

Performance highlights 

1. Larsen & Toubro (L&T) reported a strong performance in Q1FY26 with order inflows rising 33% y-o-y to INR 945 billion, compared to INR 709 billion in Q1FY25. Order inflows were supported by robust orders in infrastructure, energy, and hi-tech manufacturing segments. Revenue increased 16% y-o-y to INR 637 billion, though it dipped 1% q-o-q. EBITDA rose 13% y-o-y to INR 63.2 billion.

The company’s consolidated order book reached INR 6,128 billion as of 30 June, up 25% y-o-y, with international orders at 46%. The company has a pipeline of INR 8 trillion for the remaining nine months in the infrastructure segment.

2. Adani Ports and Special Economic Zone (APSEZ) delivered a strong performance in Q1FY26, handling 121 million tonnes (mnt) of cargo, marking an 11% y-o-y growth. The growth was primarily supported by a 20% increase in container volumes, with Krishnapatnam Port recording its highest-ever monthly cargo at 5.85 mnt in June. On the financial front, revenue rose 21% y-o-y to INR 9,126 crore in Q1FY26 compared with INR 7,560 crore in Q1FY25, while EBITDA increased 13% y-o-y to INR 5,495 crore from INR 4,848 crore.

Reaffirming its positive outlook, the company maintained its FY26 guidance with projected revenue of INR 36,000-38,000 crore, EBITDA of INR 21,000-22,000 crore, and capex of INR 11,000-12,000 crore. With a robust order pipeline, port cargo volumes are expected to reach 505-515 mnt in FY26, underscoring the company’s growing role in India’s logistics and port infrastructure sector.

3. IRB Infrastructure reported a healthy performance in Q1FY26, with revenue rising 9% y-o-y to INR 20,990 million from INR 19,329 million in Q1FY25. Total income for the quarter grew 10% y-o-y to INR 21,646 million, while EBITDA edged up 2% to INR 9,970 million, maintaining strong operating efficiency. Toll revenues increased 8% y-o-y, driven by steady contributions from private Infrastructure Investment Trust (InvIT) assets, the Mumbai–Pune Toll-Operate-Transfer (TOT) project, and the Ahmedabad-Vadodara Build-Operate-Transfer (BOT) project.

Operationally, progress remained robust. The Vadodara–Mumbai Expressway (Package 7, HAM) project is set to achieve its Commercial Operation Date (COD) soon, while the Palsit–Dankuni BOT project has secured COD for 96% of its length, enabling a 47% rise in toll rates.

The company’s order book stood at INR 300 billion as of 30 June, supported by the Ganga Expressway project, which has received INR 14.7 billion in grants. With CODs and Provisional Commercial Operation Date (PCODs) in the pipeline, IRB is well positioned for accelerated revenue growth in FY26.

4. Kalpataru Projects International Ltd (KPIL) delivered a strong performance in Q1FY26, achieving record revenues and maintaining robust profitability supported by a healthy order pipeline. The company reported a 35% y-o-y revenue growth to INR 5,040 crore, compared to INR 3,722 crore in Q1FY25, driven by strong execution in transmission & distribution (T&D), buildings & factories (B&F), oil & gas, and urban infrastructure businesses.

Order inflows till date in FY26 stood at INR 9,899 crore, with significant contributions from the B&F and T&D segments. The company’s consolidated order book reached INR 65,475 crore as of 30 June, reflecting a 14% y-o-y increase and providing strong revenue visibility. With its diversified presence across high-growth EPC sectors, the company remains well-positioned to capitalise on infrastructure opportunities and sustain growth momentum in the coming quarters.

5. GR Infraprojects Limited (GRIL) posted revenue of INR 18,261 million in Q1FY26, registering a 4% y-o-y decline from INR 18,965 million, while EBITDA fell 6% y-o-y to INR 2,310 million. As of 31 March, the company’s order book stood at INR 1,94,104 million, with roads contributing 69%, transmission 6%, and the rest from tunnels, railways, and other infrastructure.

Recently, the company was declared the L1 bidder for two road projects worth INR 42,960 million. With these, the company’s order book would expand to INR 2,37,064 million, strengthening its growth visibility.