We recommend SUBSCRIBE rating on G R Infraprojects Limited (GRIL) IPO issue given a) strong pedigree management with excellent execution capabilities, b) lean balance sheet (standalone Net D/E: 0.3x), robust earnings growth (45% CAGR Over FY16-21) and c) well placed to capitalize huge opportunities in infra space (NIP of ~Rs111trn). GRIL has gradually emerged as an integrated road EPC player having successfully executed more than 100 road projects (since 2006) across 15 states with one of the fastest growth...