Infrastructure Order Win (HAM Project)
GR Infraprojects Wins ₹1,453 Cr NHAI Highway Project on HAM Basis
NSE
GRINFRA
BSE
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GR Infraprojects Limited has received a Letter of Acceptance (LoA) from the National Highways Authority of India (NHAI) for a highway project worth ₹1,453.57 crore on Hybrid Annuity Mode (HAM). The project involves upgrading a stretch of NH-56 in Gujarat.
PRICE-SENSITIVE TRIGGER
Event: Receipt of LoA from NHAI
Type: Infrastructure Order Win (HAM Project)
Impact: Positive
Immediate Effect: Strengthens order book and long-term revenue visibility
Mode
Hybrid Annuity Model (HAM)
Project Length
60.21 Km
Order Value
₹1,453.57 crore (excluding GST)
Execution Timeline
910 days(~2.5 years)
What Happened ?
GR Infraprojects has received a Letter of Acceptance from NHAI for upgrading an existing two-lane highway to a four-lane divided carriageway in Gujarat.
The project spans 60.21 km on NH-56 and will be executed under the Hybrid Annuity Model.
Project Scope & Details
- Upgradation from 2-lane to 4-lane highway
- Civil construction and infrastructure development
- Execution under HAM model (part EPC + annuity income)
Insight: HAM model provides balanced risk with steady annuity income visibility
Management commentary
- Order strengthens infrastructure project pipeline
- Continued participation in NHAI projects
- Focus on long-term annuity-based revenue model
Risk Analysis
Key Risks
- Execution delays in large infrastructure projects
- Working capital intensity under HAM model
- Interest rate risk impacting project returns
- Dependency on government payments
Worst Case Scenario
Project delays or cost overruns impacting margins
Risk Level: Medium
Official Exchange Filing: GR Infraprojects Limited