H.G. Infra Engineering Ltd(HGINFRA)

NSE: HGINFRABSE: 541019

₹ 382.05-2.03%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,490 crWebsite: www.hginfra.comUpdated: 24 Oct 2026

About

H.G. Infra Engineering Limited (incorporated 2003) is an Indian infrastructure EPC and HAM contractor executing roads and highways, railways and metro, solar power, BESS, and power transmission projects across 14 states. In FY26 the company reported consolidated revenue of ₹5,234.67 crores and holds a post-FY27 order book of approximately ₹1,57,386 million. It operates 31+ active projects and has completed 47+ projects over 23+ years.^[1][2]

Business segments

Construction is the sole reported segment, contributing 98.2% of revenue (₹6,005.85 crores) at an EBIT margin of 14.3% in FY26.^[3]
The order book by segment as of FY26 annual report: HAM Road 43.72%, Railways 27.84%, Energy vertical 19.02%, EPC Road 9.43%.^[2]

Services and project types

HGIEL provides integrated EPC services and undertakes projects under the Hybrid Annuity Model (HAM) across transportation, renewable energy, BESS, and power transmission.^[2]
The company has entered power transmission and distribution (T&D) as a new vertical, securing one BOOT project (~₹350 crores from PFCCL Eastern Region) in FY26.^[4]
Green hydrogen and building construction have been identified as additional new verticals; a bid for Numaligarh Refinery's 10,000-ton green hydrogen supply was submitted via JV.^[4]

Operations and project footprint

As of the FY26 annual report, the company is executing 32 projects across Maharashtra, Rajasthan, Haryana, Delhi, Andhra Pradesh, Odisha, Telangana, Karnataka, Himachal Pradesh, Jharkhand, Gujarat, Uttar Pradesh, Uttarakhand, and Bihar.^[2]
131 solar plants have been commissioned and are billing to DISCOMs under the PM-KUSUM scheme in Rajasthan; the solar portfolio was at 96.3% physical completion as of FY26.^[2]
BESS projects aggregate over 735 MW / 1,470 MWh under GUVNL and NVVN agreements, with land acquired and connectivity approvals in place for Banaskantha and Dholera projects in Gujarat.^[2]
Ten ongoing railway and metro projects include a DMRC project at 99.4% completion and the New Delhi Railway Station in full execution as of FY26.^[2]

Order book and order inflows

Order book stood at ₹14,502 crores as of June 2026, of which approximately ₹8,000 crores is actively executable; ~₹6,000+ crores is blocked by pending appointed dates, land acquisition, or statutory approvals.^[5]
Order inflows in Q1 FY27 were approximately ₹5,500 crores, against a full-year FY27 target of ₹11,000 - 12,000 crores.^[5]
Bid pipeline (submitted, awaiting results) stood at approximately ₹26,000 crores as of Q1 FY27.^[5]
Post new FY27 orders, the order book is approximately ₹1,57,386 million per the FY26 annual report.^[2]

Key operating metrics

Standalone EBITDA margin was 8.49% in Q1 FY27 vs 13.79% in Q1 FY26, compressed by appointed-date delays, pondage constraints, bitumen/HSD supply disruptions, and restricted rail working fronts.^[5]
Standalone revenue fell 46.9% YoY in Q1 FY27 to ₹9,072 Mn from ₹17,092 Mn in Q1 FY26.^[5]
FY26 standalone revenue declined 6.4% YoY to ₹56,667 Mn; standalone EBITDA margin was 12.94% vs 15.71% in FY25.^[6]
Net fixed asset turnover was 7.2x in FY26.^[6]

Customers and distribution

Key clients include the Ministry of Road Transport and Highways, NHAI, Delhi Metro Rail Corporation, Indian Railways, GUVNL, NVVN, and private developer Welspun.^[2]
The company secured the ₹3,931.11 crore Pune-Shirur highway EPC project from private developer Welspun in Q1 FY27, broadening its private-sector client base.^[5][2]

Expansion and capex

First two BESS projects (Banaskantha and Dholera, 435 MW) are targeted for commissioning in February and March 2027 respectively; Choraniya (third project) by June 2027. All procurement orders including CATL DC block containers are placed.^[5]
On full commissioning of all three BESS projects, annual revenue of approximately ₹225 crores is expected.^[5]
Remaining equity infusion schedule: ₹583 crores for the nine months of FY27 (₹309 crores HAM, ₹275 crores BESS/T&D), ₹625 crores in FY28, and ₹146 crores in FY29.^[5]
Financial closure for the Gobindpur-Tangi Six-lane Capital Region Ring Road HAM project in Odisha (₹1,582.11 crores, 40.33 km, 910-day construction period) was achieved on 28 September 2026.^[7]
Pune-Shirur EPC project (₹3,931 crores) is in initial mobilisation with appointed date expected by October 2026; management guided ₹750 crores of revenue from this project in FY27.^[5]

Recent developments

During Q1 FY27, 51% of KD1 and 49% of OD5 and 100% of OD6 HAM SPV stakes were transferred; partial consideration of ₹70 crores (KD1), ₹140 crores (OD5), and ₹203 crores (OD6) was received. A further ~₹850 crores in monetisation inflows is expected by FY27 year-end.^[5]
Standalone gross debt stood at ₹1,834 crores as of June 2026 (₹910 crores working capital, ₹400 crores NCD, ₹524 crores term loans/other); company targets reduction to ~₹900 crores by March 2027.^[5]
FY27 standalone revenue guidance was revised sharply downward to ₹6,000 - 6,500 crores from a prior range of ₹7,000 - 8,000 crores following the Q1 FY27 shortfall; FY28 target is set at approximately ₹7,000 crores.^[5]
A completion certificate was received for a ₹1,393.11 crore urban extension road project in Delhi, declared fit for commercial operation on 28 February 2025.^[8]
Credit ratings were reaffirmed at [ICRA]AA- (Positive) for long-term facilities, [ICRA]A1+ for short-term facilities, and CARE AA (Stable) for long-term bank facilities.^[2]
CBI and Anti-Corruption Bureau Patna conducted a search at company offices in January 2026; management disclosed no impact on operations or financial position.^[9]

Market Cap

₹2,490 Cr

High / Low

₹943 / 377

Stock P/E

13.4

Price / Book

0.8

Book Value

₹501

EPS

₹50.7

No. of Shares

6.52 Cr

ROCE

11.3%

ROE

10.6%

OPM

16.6%

Debt / Equity

1.51

Sales

₹5,235 Cr

Net Profit

₹330 Cr

Promoter holding

71.8%

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H.G. Infra Engineering Ltd(HGINFRA)

About

Business segments

Services and project types

Operations and project footprint

Order book and order inflows

Key operating metrics

Customers and distribution

Expansion and capex

Recent developments

Signal history

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