GR Infraprojects shares drop 2% after terminating contract with NTPC. Here’s why

Shares of infrastructure company GR Infraprojects declined 2% to Rs 802 on the BSE on Thursday after it issued a notice to terminate its contracts with NTPC with immediate effect for the EPC package covering the implementation of a Battery Energy Storage System (BESS) at NTPC Thermal Power Stations (Lot-1), Mouda Super Thermal Power Station.

GR Infraprojects had earlier disclosed that it signed the EPC agreement with NTPC on April 23, 2026. The company said the termination notice was issued amid continuing force majeure and war-risk circumstances, along with contractual issues arising from provisions of the agreements.

Following the termination, GR Infraprojects has invoked the applicable dispute resolution mechanism and reserved its rights and remedies under the agreements. The company said the financial impact of the termination is currently being assessed.


The contracts comprised three agreements for executing the EPC package for BESS implementation at NTPC Thermal Power Stations (Lot-1), Mouda Super Thermal Power Station. All three agreements were signed between GR Infraprojects and NTPC on April 23, 2026.

The development comes a week after GR Infraprojects said it expects bidding activity to gain momentum in the second half of the financial year while retaining its target of around Rs 20,000 crore in order inflows for the year.

The company won around Rs 500 crore worth of orders in the first quarter. However, management expects the pace of awards to pick up towards the end of the second quarter and continue through the third and fourth quarters.

GR Infraprojects operates across three key areas: engineering, procurement and construction (EPC), project development and manufacturing. Its EPC business involves designing and building roads, state and national highways, bridges, flyovers, airport runways, railways, metros and tunnels.

The company also develops, operates and maintains infrastructure assets through models such as Build-Operate-Transfer (BOT) and the Hybrid Annuity Model (HAM). In manufacturing, it produces construction materials including bitumen emulsions, thermoplastic paints, road signage and GFRP rebar.

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