Completion Certificate Issued
GR Infraprojects Completes ₹907 Cr Highway Project; Receives Completion Certificate
NSE
grinfra
BSE
543317
G R Infraprojects Limited has received the completion certificate for a ₹907 crore highway project in Maharashtra, enabling transition to commercial operations under Hybrid Annuity Mode (HAM)
PRICE-SENSITIVE TRIGGER
Event: Project Completion
Type: Completion Certificate Issued
Impact: Positive
Immediate Effect: Revenue visibility begins through annuity inflows
Key Metrics:
- Project Cost → ₹907 Crore (excluding GST)
- Project Length → 56.18 km
- Mode → Hybrid Annuity Model (HAM)
- Completion Date → 25 March 2026
- Certificate Date → 28 April 2026
Highlight:
- Entry into stable annuity revenue phase (post-COD)
- Execution of large-scale ₹900+ Cr infra asset
- Strengthens order-to-cash conversion cycle
- Improves cash flow visibility vs EPC-only model
What Happened ?
The company completed the NH-353B highway project and received completion certification, making the asset operational.
key highlights
Project Description:
- Stretch:
- Govindpur (MH/TG Border) to Rajura
- Length:
- 56.18 km
- Type:
- Four-laning of existing highway
Execution Model:
- Mode:
- Hybrid Annuity Model (HAM)
- Nature:
- Government-backed infrastructure project
Strategic Importance:
- Transitions asset from capex phase → revenue phase
- Unlocks stable annuity cash flows
- Improves execution track record
Risk Analysis
Key Risks
- Delay in annuity receivables
- Maintenance obligations
- Working capital cycle
Worst Case Scenario
- Cash flow delays impacting working capital
Risk Level: Low
Company Commentary
- Project successfully completed and certified by Independent Engineer
- Completion certificate issued on April 28, 2026
- Declared fit for commercial operations from March 25, 2026
- Executed under Hybrid Annuity Mode (HAM)
- Strengthens operational portfolio and revenue visibility
Official Exchange Filing: G R Infraprojects Limited