GR Infraprojects terminates NTPC BESS contract

G R Infraprojects Limited has terminated its NTPC BESS EPC contracts for the Mouda Super Thermal Power Station with immediate effect. The terminated project was valued at ₹413.37 crore, excluding GST, while the company continues to target around ₹20,000 crore of order inflows for FY27. The company cited continuing force majeure and war risk circumstances, along with contractual issues. It has also invoked the dispute resolution mechanism, while the financial impact is still being assessed. For G R Infraprojects, the ₹413.37 crore contract is relatively small against its ₹20,000 crore annual order-inflow target, so the bigger issue is the execution and dispute risk around its newer BESS business. The company has said its overall bidding pipeline is around ₹6 lakh crore, with about ₹1.5 lakh crore of bids being focused on and ₹40,000 crore already submitted. I would watch fresh order wins in the coming quarters and the outcome of the NTPC dispute. The stock closed at ₹820 on September 16, down 2.15%. A sustained move below ₹800 would keep the near-term setup weak, while recovery above ₹840 would indicate improving price strength. Stance: Watchful. The ₹413.37 crore termination is manageable relative to the company's order-inflow target, but the dispute and BESS execution risk need monitoring.

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