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Provides engineering, procurement and construction (EPC) services for building mineral processing plants for miners.
Provides engineering, procurement and construction (EPC) services for building mineral processing plants for miners.
Is paid per project, either on fixed prices or on reimbursable terms, to design and build processing plants for miners, so revenue follows the miners' investment decisions rather than steady demand. Plants must start up on time and at budget, which makes the track record of completed projects the main selling point.
In one line: A niche Australian mineral-processing EPC contractor.
Moat: narrow (process know-how, customer qualification). Specialized mineral-processing plant design/build expertise built over many completed projects.
Headquarters: Perth, Australia · Founded: 1985 · Employees: 1,017
Size GR Engineering Services (GNG.AX) is an Australia Industrials company (Engineering & Construction) with a market value of $891M, the 194th largest of 316 Australia companies the cockpit tracks. Shares closed at A$6.75 on 6 Nov 2026.
Performance Over six months the shares gained 40.3%, against -8.2% for the median peer and +4.1% for the Australia market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 3.0% over the last twelve months (peer median +5.8%); the operating margin is 10.9% (peer median 5.3%).
Valuation It trades at 18.3× forward earnings against a peer median of 14.5× (6th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is +10 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Next results Next results expected around 22 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$493M | A$493M | A$479M | A$424M | A$551M |
| Revenue growth | — | +3% | +13% | -23% | — |
| Gross profit | A$74.3M | A$74.3M | A$64.1M | A$62.3M | A$52.6M |
| EBITDA | A$61.5M | A$61.5M | A$55.4M | A$50.0M | A$40.1M |
| Net income | A$39.0M | A$39.0M | A$34.2M | A$31.2M | A$27.5M |
| Free cash flow | A$58.8M | A$58.8M | A$34.5M | A$25.0M | A$9.86M |
| Capital expenditure | A$3.24M | A$3.24M | A$2.37M | A$4.83M | A$3.41M |
| Total debt | n/a | A$10.2M | A$9.18M | A$9.15M | A$7.23M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| GR Engineering Services GNG.AX | $891M | +40% | +3% | 11% | 18.3× | 14.9% |
| Lycopodium LYL.AX | $536M | +51% | +12% | 12% | 13.9× | -2.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | GNG.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.6% | -7.3% | 8th lowest of 21 |
| 6-month return | +40.3% | -8.2% | 2nd highest of 21 |
| Distance from 52-week high | -16.5% | -33.9% | 7th highest of 21 |
| Revenue growth (TTM) | +3.0% | +5.8% | 10th lowest of 21 |
| Operating margin | 10.9% | 5.3% | 4th highest of 21 |
| Forward P/E | 18.3× | 14.5× | 6th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 14.9% | -0.3% | 2nd most demanding of 9 |
| Growth delivered (Del g) | +4.7% | +5.4% | 4th lowest of 9 |
| Hurdle (Req g minus delivered) | +10.2 pp | -6.7 pp | 2nd most demanding of 9 |
| EV / EBITDA | 19.7× | 7.8× | most expensive of 10 |
| Net debt / EBITDA | -1.3× | -0.7× | 5th least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| GR Engineering Services GNG.AX | Australia | $891M | +40% | +3% | 11% | 18.3× | 14.9% | +4.7% |
| Costain COST.L | United Kingdom | $890M | +30% | -6% | 5% | 16.5× | 0.1% | +1.3% |
| Ningbo Construction 601789.SS | China | $885M | -34% | +10% | 2% | n/a | n/a | n/a |
| Shenzhen Tagen 000090.SZ | China | $883M | -11% | +1% | 0% | 7.7× | 13.8% | +5.6% |
| Taihei Dengyo Kaisha 1968.T | Japan | $899M | -22% | +19% | 11% | 11.2× | n/a | n/a |
| I.CO.P ICOP.MI | Italy | $901M | -6% | +138% | 11% | 17.1× | n/a | n/a |
| GRK Infra GRK.HE | Finland | $903M | +30% | -7% | 8% | 10.0× | -1.5% | +24.6% |
| Shanghai Geoharbour Construction 605598.SS | China | $913M | -48% | +9% | -3% | 541.7× | n/a | n/a |
| Shanghai Urban Architecture Design 300983.SZ | China | $866M | +5% | -7% | -58% | n/a | n/a | n/a |
| Hubei Chutian Smart Communication 600035.SS | China | $918M | -1% | +34% | 9% | n/a | n/a | n/a |
| Next Geosolutions Europe NXT.MI | Italy | $861M | +22% | +68% | 17% | 12.7× | n/a | n/a |
| Beijing New Space Technology 605178.SS | China | $861M | -18% | 0% | -51% | n/a | n/a | n/a |
| Xinjiang Beixin Road & Bridge 002307.SZ | China | $861M | -19% | -22% | 8% | n/a | n/a | n/a |
| LS Marine Solution 060370.KS | South Korea | $924M | -35% | +21% | 6% | 55.0× | n/a | n/a |
| Sentia SNTIA.OL | Norway | $924M | +8% | +15% | 5% | 14.3× | -11.1% | +4.2% |
| Galliford Try GFRD.L | United Kingdom | $925M | +31% | +3% | 3% | 14.5× | -0.8% | +11.4% |
| Raito Kogyo 1926.T | Japan | $928M | -5% | +9% | 13% | 11.6× | -8.0% | +5.2% |
| China Nerin Engineering 603257.SS | China | $851M | -21% | -21% | 10% | 23.4× | 15.4% | +5.6% |
| YIT YIT.HE | Finland | $938M | +45% | +10% | 3% | 75.2× | 12.8% | -10.6% |
| KEC International KEC.NS | India | $939M | -46% | -2% | 5% | 13.3× | n/a | n/a |
| Afcons Infrastructure AFCONS.NS | India | $841M | -36% | -15% | 4% | 25.2× | n/a | n/a |