GNI Infrastructure IPO: Date, SEBI Approval, Order Book and Review
Road contractor that builds, widens and maintains roads and highways across Maharashtra, with a smaller solid-waste biomining business.
Quick verdict: GNI Infrastructure IPO has SEBI’s observation letter (30 Oct 2026) but no dates. Issue size: 3.04 cr shares (2.10 cr fresh + 93.88 lakh OFS). FY25 net profit: ₹76.1 cr. Price band: not announced. No Scouter Reading before a price band.
Unusually high margins for a road contractor and an order book over three years of revenue, but nine-month FY26 sales only matched the FY25 pace and all work is in one state.
Based on the DRHP and public reports as of 9 November 2026. Not investment advice. Issues without a price band are not given a Scouter Reading.
Where the IPO stands
No IPO date, price band or lot size has been announced as of 9 November 2026.
Data as of 9 November 2026, 01:00 IST. Confirmed = DRHP or SEBI records. Reported = media summaries of the DRHP. Calculated = our arithmetic.
The GNI Infrastructure IPO is cleared but not yet dated. SEBI issued its observations on 30 October 2026 (Confirmed, SEBI update reported by Groww and Chanakya Nipothi) on draft papers filed on 30 June. The Maharashtra road contractor plans to sell 2.10 crore new shares and an offer for sale of 93.88 lakh shares by existing shareholders. The rupee size, price band and dates will come in the red herring prospectus (RHP).
GNI Infrastructure IPO details
| Total issue | Up to 3,04,17,854 shares |
| Fresh issue | Up to 2,10,29,642 shares |
| Offer for sale | Up to 93,88,212 shares |
| Face value | ₹10 per share |
| Shares after the issue | 12,10,00,000 |
| Use of fresh money | Working capital and general corporate purposes |
| Lead managers | SMC Capitals, Marwadi Chandarana Intermediaries Brokers |
| Registrar | KFin Technologies |
| Price band, lot size, dates | Not announced as of 9 November 2026 |
The new shares equal about 17.4% of the post-issue share count (Calculated). All fresh money goes to working capital, which is common for contractors who must fund projects before government payments arrive.
What GNI Infrastructure does
GNI began as a partnership firm in November 1980 and became a company in 2007 (Reported). It is based in Chhatrapati Sambhajinagar (Aurangabad). Its core work is building, widening, upgrading and maintaining roads and highways through EPC and item-rate contracts. It also takes on Hybrid Annuity Model (HAM) projects through its subsidiary MCGN Roadways and joint ventures, and has diversified into biomining of legacy waste.
In the five years to 31 December 2025 it completed over 50 road projects covering more than 400 km. On that date it had 18 projects under execution, 17 roads and one waste project, all in Maharashtra (Reported, FinTech BizNews and Kotak Neo).
GNI Infrastructure financials
| ₹ crore | FY24 | FY25 | 9M FY26 (Apr–Dec 2025) |
|---|---|---|---|
| Revenue from operations | 182.10 | 309.07 | 231.81 |
| EBITDA | 63.58 | 108.64 | 87.64 |
| EBITDA margin | 34.9% | 35.2% | 37.8% |
| Net profit | 46.96 | 76.12 | 49.66 |
| Net margin | 25.8% | 24.6% | 21.4% |
Two things stand out. First, margins are far above the norm for road contractors, whose EBITDA margins are usually well below this level (our reading of the sector). The RHP should explain why, for example through HAM project income, the biomining work or how revenue is recognised.
Second, growth slowed. Revenue for nine months of FY26 was ₹231.8 crore, which is almost exactly three quarters of FY25 (Calculated). In other words, the run rate was flat after a 70% jump the year before. The fourth quarter is often the busiest for government contracts, so full-year FY26 numbers in the RHP will settle this.
Order book
The unexecuted order book was ₹1,021.03 crore on 31 December 2025 (Reported, IPO Guru and FinTech BizNews). That is about 3.3 times FY25 revenue (Calculated), which gives reasonable visibility for the next few years if execution keeps pace.
GNI Infrastructure cash flow, debt and contingent liabilities
This is the biggest gap in the GNI Infrastructure IPO story. The company reported profits every year, yet operating cash flow was negative in all three full years shown: ₹7.28 crore in FY23, ₹8.16 crore in FY24 and ₹39.64 crore in FY25 (Reported, from the DRHP). The DRHP itself lists a continued mismatch between profit and operating cash flow as a risk.
| ₹ crore | FY23 | FY24 | FY25 | Dec 2025 |
|---|---|---|---|---|
| Cash from operations | –7.28 | –8.16 | –39.64 | n/a |
| Net worth | 202.63 | 249.73 | 386.19 | 436.09 |
| Total borrowings | 152.92 | 182.96 | 235.01 | 263.24 |
| Borrowings / net worth (Calculated) | 0.75x | 0.73x | 0.61x | 0.60x |
In addition, contingent liabilities stood at ₹228.86 crore at 31 December 2025, about half of net worth (Reported). These are claims or guarantees that may never be paid, but the RHP should explain them.
Therefore, the key question for this IPO is cash conversion. Road contractors often wait months for government payments, so profits sit in receivables. The fresh issue is aimed mainly at working capital, which suggests the company expects this pattern to continue as it grows.
GNI Infrastructure IPO valuation and GMP
No price band, valuation or GMP exists yet. Listed road contractors with a regional focus are the natural comparison, adjusted for GNI’s smaller size and higher margins. A grey-market quote before a price band is not tied to a real offer; see what IPO GMP means.
GNI Infrastructure IPO review: strengths and risks
Strengths
- Four decades of road work in Maharashtra and a record of over 50 completed projects.
- Order book of more than three years of revenue.
- High and steady margins across the three periods shown.
Risks
- Geographic concentration: every project under execution is in Maharashtra.
- Government dependence: contracts are won by competitive bidding, and payment delays can strain cash.
- Working capital: the whole fresh issue funds working capital, which shows how cash-hungry the business is.
- Slowing growth: nine-month FY26 revenue showed no rise over the FY25 pace.
What happens next
- The RHP, with price band, lot size, dates, full-year FY26 results and the names of OFS sellers. We will update this page then.
- Meanwhile, see IPOs with confirmed dates and our IPO pipeline.
GNI Infrastructure IPO: frequently asked questions
When is the GNI Infrastructure IPO date?
Not announced as of 9 November 2026. SEBI cleared the issue on 30 October 2026; dates will come with the red herring prospectus.
What is the GNI Infrastructure IPO size?
About 3.04 crore shares: 2.10 crore new shares and 93.88 lakh offered for sale. The size in rupees depends on the price band, which is not yet set.
What is the order book of GNI Infrastructure?
₹1,021.03 crore of unexecuted orders as of 31 December 2025, across 18 projects in Maharashtra.
Who is the registrar for the GNI Infrastructure IPO?
KFin Technologies. SMC Capitals and Marwadi Chandarana Intermediaries Brokers are the lead managers.
Is GNI Infrastructure generating cash from operations?
No. Operating cash flow was negative in FY23, FY24 and FY25, at minus ₹39.64 crore in FY25, even though the company reported profits (Reported, from the DRHP).
How big is the GNI Infrastructure order book?
The unexecuted order book was ₹1,021.03 crore at 31 December 2025, across 18 projects in Maharashtra, of which road projects made up 99.88% (Reported, from the DRHP).
Who are the lead managers and registrar for the GNI Infrastructure IPO?
SMC Capitals and Marwadi Chandarana Intermediaries Brokers are the book-running lead managers, and KFin Technologies is the registrar.
What are the main risks in the GNI Infrastructure IPO?
Negative operating cash flow, rising borrowings, contingent liabilities of ₹228.86 crore, and heavy dependence on road contracts in one state, Maharashtra.
Sources: SEBI public issue filings (GNI Infrastructure DRHP) · Groww · Kotak Neo · FinTech BizNews · IPO Guru
Disclaimer: This article is for information and education only and is not investment advice. Draft terms can change in the red herring prospectus.
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