- L&T’s order inflow surges 18% y-o-y
- Kalpataru’s revenue rises 14% y-o-y
India’s infrastructure sector sustained strong momentum in FY’25, with leading 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) delivering resilient performance. The year was marked by record-high order inflows, healthy execution across core segments, and strengthening order books. Strategic investments in transportation, logistics, energy, and urban infrastructure further bolstered sectoral growth. These developments position the industry for continued expansion and long-term value creation.
Performance highlights of FY’25
1. Larsen & Toubro (L&T): L&T’s order inflow rose 18% to INR 3,566 billion in FY’25 as against INR 3,028 billion in FY’24. The company recorded an all-time high quarterly order inflow of INR 896 billion in Q4FY’25, marking a 24% growth from INR 721 billion in the same period last year. This surge was led by robust orders in infrastructure, energy, and high-tech manufacturing segments. In FY’25, total order inflow stood at INR 3,566 billion, up 18% y-o-y.
L&T’s order book, as of 31 March 2025, reached INR 5,791 billion, reflecting an 18% increase from the previous year. International orders comprised 46% of the total order book. A strong order pipeline of INR 19 trillion is projected for FY’26, with domestic opportunities contributing around 50%.
2. Adani Ports and Special Economic Zone (APSEZ): The company handled a record cargo volume of 450 million tonnes (mnt), up 7% y-o-y in FY’25. Growth was driven by a 20% rise in container volumes.
Revenue rose 16% y-o-y to INR 31,079 crore in FY’25 as compared with INR 26,711 crore in FY’24. EBITDA increased 20% y-o-y to INR 19,025 crore in FY’25 from INR 15,864 crore in FY’24, exceeding the guidance. The company also launched a Trucking Management Solution (TMS) and International Freight Network services to enhance integrated logistics capabilities.
APSEZ upgraded its EBITDA guidance for FY’26 to INR 21,000-22,000 crore from INR 18,800-18,900 crore in FY’25.
It also recorded a strong order pipeline, with port cargo volumes projected to reach 505-515 mnt in FY’26. Mundra became the first Indian port to cross 200 mnt of cargo volume annually.
3. IRB Infrastructure: IRB Infrastructure reported a 23% y-o-y growth in toll revenue, outpacing the national average of 12.5%. EBITDA stood at INR 40,239 million in FY’25, maintaining a strong 50% margin, while profit after tax (PAT) rose 12% y-o-y to INR 6,766 million. Total income was INR 80,315 million in FY’25.
The company received INR 12.9 billion in grants for the Ganga Expressway project (74% of total), and continued to strengthen its asset base with 15,444 lane km under management. Its total order book stood at INR 305 billion as of 31 March 2025.
In Q4FY’25, toll revenue increased 17% y-o-y, led by strong contributions from a private infrastructure investment trust (InvIT) and the Mumbai-Pune toll-operate-transfer (TOT) and Ahmedabad-Vadodara build-operate-transfer (BOT) projects. Total income reached INR 22,179 million, and EBITDA was INR 10,665 million with a 50% margin. PAT for the quarter stood at INR 2,147 million, up 14% y-o-y.
Operational progress was notable, with the Vadodara-Mumbai Expressway (hybrid annuity model) and Palsit-Dankuni (BOT) projects applying for commercial operations dates (CODs) or provisional CODs (PCODs), positioning IRB for accelerated revenue realisation in FY26.
4. Kalpataru Projects International Ltd (KPIL): KPIL delivered a strong FY’25 performance, marked by record-high revenues, profitability, and a robust order book. The company continues to strengthen its presence across high-growth engineering, procurement, and construction (EPC) sectors such as transmission and distribution (T&D), buildings and factories (B&F), oil and gas, urban infrastructure, and railways.
The company posted 13% y-o-y revenue growth to INR 18,888 crores in FY’25 as against INR 16,760 crores in previous year, driven by strong execution in T&D, B&F, and oil and gas, supported by a favourable project mix and improved operating leverage.
The company reported a record consolidated order backlog of INR 64,495 crore, up 10% y-o-y, providing high revenue visibility. Order inflows stood at INR 25,475 crore in FY’25, with additional INR 2,372 crore received in early FY’26.
The business outlook remains strong, supported by healthy government spending on infrastructure, including power transmission, urban mobility, oil and gas, water, and airports.
5. GR Infraprojects Limited (GRIL): GRIL reported total revenue of INR 70,159 million in FY’25, down 12% y-o-y due to lower execution. Additionally, EBITDA stood at INR 9,045 million in FY’25, down 20% from INR 11,351 million in FY’24.
As of 31 March 2025, the company’s order book stood at INR 191,799 million, with 62% from road projects, 16% from transmission, and the remainder from tunnels, railways, and other infrastructure segments. After including new L1 projects worth INR 51,663 million, the order book stood at INR 243,462 million, offering strong growth visibility.
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