GNI Infrastructure IPO

GNI Infrastructure Ltd. has filed its Draft Red Herring Prospectus (DRHP) with SEBI on June 30, 2026, to raise funds through an Initial Public Offering (IPO). 

GNI Infrastructure Ltd. IPO is a book-built issue of up to 3.04 crore equity shares. The issue includes a fresh issue of up to 2.10 crore shares and an offer for sale (OFS) of up to 0.94 crore shares. 

The company plans to list its equity shares on both the NSE and BSE. SMC Capitals Ltd. is the book-running lead manager for the IPO, while Kfin Technologies Ltd. will act as the registrar to the issue.

GNI Infrastructure IPO Important Dates

Yet to be announced. 

About GNI Infrastructure

GNI Infrastructure Limited is an infrastructure and engineering construction company with a strong presence in Maharashtra. Its main business is building and maintaining roads, highways, bridges and airport runways. Road-related projects contribute more than 87% of the company’s revenue, making this its primary business area. The company has also expanded into solid waste management, where it processes and manages old municipal waste through biomining. 

The company mainly works on government projects and handles construction work from start to finish. This includes planning and designing projects, purchasing materials and equipment, and carrying out the actual construction. It works under different contract models, including EPC and Hybrid Annuity Model (HAM), depending on the nature of the project. 

Government-related projects account for more than 98% of its revenue. Its customers include highway authorities, municipal corporations, government departments and public sector companies. This makes government spending on infrastructure an important factor for its business. 

GNI Infrastructure also owns a large fleet of construction equipment, such as asphalt plants, crushers and road-laying machines. Owning this machinery helps the company reduce its dependence on outside contractors and control project costs. Its focus on projects in Maharashtra also helps it move equipment and resources between sites more efficiently.

Industry Outlook

1. India’s construction sector is expected to become the world’s second-largest by 2030, with its Gross Value Added (GVA) projected to reach ₹20.7 trillion, growing at a 5.8% CAGR between FY2025 and FY2030.
2. The sector’s overall economic output is projected to increase from ₹39,775 billion in FY2024 to ₹57,661 billion by FY2030, reflecting a CAGR of around 5.8% and highlighting its strong growth potential.
3. Rapid urbanisation is expected to drive construction demand, with India’s population projected to reach 1.64 billion by 2047, of which around 51% is expected to live in urban areas. This is likely to increase demand for housing, rental properties, schools, healthcare and public transport.
4. Non-residential construction is expected to be a major growth driver, with commercial, industrial and institutional construction projected to nearly double and reach ₹24,039 billion by FY2030.
5. Roads and bridges are also expected to see significant investment, with the segment projected to reach ₹4,272 billion by FY2030, supported by government-led infrastructure development.
6. Government infrastructure initiatives are expected to support sustained sector growth, with programmes such as the National Infrastructure Pipeline (NIP), PM Gati Shakti, Smart Cities Mission, Swachh Bharat Mission and metro rail projects driving investments in roads, urban infrastructure and waste management.

GNI Infrastructure IPO Objectives

1. The company plans to use ₹93.23 crore of the IPO proceeds to purchase heavy machinery and construction equipment, including crushing plants, excavators and asphalt batch mix plants, to support its ongoing and upcoming EPC projects.
2. ₹60 crore will be used to meet the company’s additional working capital requirements and support the execution of its projects.
3. The remaining proceeds will be used for general corporate purposes, including operational expenses, contingencies and strategic initiatives, subject to applicable SEBI regulations.
4. The proceeds from the OFS of up to 93.88 lakh equity shares will go directly to the selling shareholders, and the company will not receive any money from this portion of the IPO.

Financial Performance of GNI Infrastructure

GNI Infrastructure IPO Peer Comparison

Strengths and Opportunities for GNI Infrastructure 

1. As of December 31, 2025, GNI Infra had 18 ongoing projects, including 17 road projects and one solid waste management project. Its unexecuted order book stood at ₹1,021.03 crore, providing good revenue visibility for future growth.
2. The company has maintained healthy margins through efficient execution, in-house equipment, centralised procurement and cost control. Its EBITDA margin stood at 34.91%-37.81%, while the PAT margin was 19.85%-23.31% during the reviewed periods. Net worth also increased from ₹186.86 crore in FY2023 to ₹417.92 crore as of December 31, 2025.
3. GNI Infra is led by an experienced promoter and management team with strong expertise in civil construction and infrastructure. The promoters are actively involved in project execution, procurement, tendering, client relationships and key business decisions.
4. The company owns 320+ construction machines and equipment, including batching plants, crushers, pavers, excavators and compactors. This helps it reduce dependence on third parties, control costs and mobilise equipment quickly across project sites.

Risks and Threats for GNI Infrastructure

1. More than 98% of the company’s revenue comes from government bodies, PSUs, municipal corporations and highway authorities. Any reduction in government spending, policy changes or delays in project approvals could affect new orders and cash flows.
2. Around 87%-97% of operating revenue comes from projects in Maharashtra. This concentration exposes the company to region-specific risks such as political changes, administrative delays, regulatory issues and adverse weather conditions.
3. Road infrastructure contributed 87.08% of revenue in 9M FY26, 87.59% in FY25 and 97.35% in FY24. Any slowdown in road project awards or delays in project execution could significantly impact the company’s revenue and profitability.
4. Revenue fell 41.24% from ₹309.93 crore in FY23 to ₹182.10 crore in FY24, before recovering 69.72% to ₹309.07 crore in FY25. Such fluctuations indicate that project execution and order timing can have a significant impact on the company’s earnings.
5. A significant share of revenue comes from a limited number of government departments and municipal authorities. Losing major clients or failing to secure repeat contracts could adversely affect the company’s financial performance.
6. Construction projects require substantial working capital to fund materials, labour and day-to-day operations. Delays in payments, project approvals or the release of retention amounts from government clients could put pressure on the company’s cash flows.
7. The company owns a large fleet of construction machinery, including crushers, asphalt plants and pavers. Maintaining and replacing this equipment requires significant capital expenditure and could put pressure on cash flows.
8. Despite owning key equipment, the company depends on third-party suppliers for materials such as asphalt, cement and steel, as well as specialised labour. Supply delays, quality issues or cost increases could affect project timelines and profitability. 

GNI Infrastructure IPO Reservation

GNI Infrastructure IPO Promoter Holding

The promoters of the company are: Harvindersingh Basantsingh Bindra, Bindra Ravindersingh Khushbirsingh, Narindersingh Basantsingh Bindra, Bindra Harpreetsingh H, and Prabjyotsingh Harvindersingh Bindra.

Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.

GNI Infrastructure IPO Registrar and Lead Managers

GNI Infrastructure IPO Lead Managers

1. SMC Capitals Ltd.
2. Marwadi Chandarana Intermediaries Brokers Pvt.Ltd.

Registrar for GNI Infrastructure IPO

Name: Kfin Technologies Ltd. 

Phone: 040-79615565

Email ID: gniinfrastructure.ipo@kfintech.com

How To Check the Allotment Status of the GNI Infrastructure IPO?

Steps to check IPO allotment status on Angel One’s app:

1. Log in to the Angel One app.
2. Go to the IPO Section and then to IPO Orders.
3. Select the individual IPO that you had applied for and check the allotment status.
4. Angel One will notify you of your IPO allotment status via push notification and email.

How To Apply for GNI Infrastructure IPOOnline?

1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
3. Select IPO: Find and select the GNI Infrastructure IPO from the list of open IPOs.
4. Enter the Lot Size: Specify the number of lots you want to bid for.
5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

Contact Details of GNI Infrastructure 

Address: C/O GN House, 3rd Floor, Gut No. 107, Plot No. 07, Renuka Mata Kaman, Satara Parisar, Chhatrapati Sambhajinagar, Maharashtra, 431010

Phone: 77740 06732

Email ID: cs@gniinfra.co.in