Highway Infrastructure Ltd(HILINFRA)

NSE: HILINFRABSE: 544477

₹ 54.43+0.52%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 390 crWebsite: www.highwayinfrastructure.inUpdated: 24 Oct 2026

About

Highway Infrastructure Ltd runs three verticals: EPC infrastructure, tollway collection and real estate. Over 30 years it has completed 72 EPC projects spanning roads, bridges, housing and industrial infrastructure. Its toll business works on an asset-light model under NHAI contracts, and tollway collection made up 73.7% of consolidated revenue in FY26. FY26 revenue was Rs 608.0 Cr.^[1][2]

Business segments

Tollway collection was the largest revenue contributor in FY26 at 73.7% of consolidated revenue.^[1]
Segment revenue in Q1 FY27: tollway collection Rs. 273.9 Cr (90.3%), EPC Rs. 27.9 Cr (9.2%) and real estate Rs. 1.5 Cr (0.5%). Management's stated long-term target is a 50:50 mix.^[3]
Real estate revenue rose from INR 8.0 Cr in FY25 to INR 41.6 Cr in FY26.^[4]
In FY26 reported segments, the toll division had revenue of Rs 471.44 Cr (77.5%) and the work contract and equipment hire division had Rs 126.44 Cr (20.8%).^[5]

Services and operating model

Tollway collection runs on an asset-light model under NHAI contracts. HIL supplies technology systems and operating teams but does not own the toll infrastructure.^[1]
In-house software handles transaction-level monitoring, discrepancy detection and FASTag validation for toll operations.^[1]
The company has no manufacturing plant or facility.^[1]
As of the Q4 FY26 call, management said the company collects tolls in 11 states and 1 union territory.^[4]
Phase-IV of the Neww York City township in Indore was launched in Q2 FY26, adding 0.17 million sq ft of saleable area.^[6]

Order book

Consolidated order book was Rs. 778 Cr at June 30, 2026: EPC Rs. 507 Cr and tollway collection Rs. 271 Cr.^[3]
Two Tamil Nadu toll wins after the quarter took the order book to about Rs. 900 Cr (Aug'26): about Rs. 500 Cr EPC and about Rs. 400 Cr toll.^[3]
Order book grew from ₹225 crore in March 2023 to ₹1,133 crore in March 2026.^[1]
Tollway order book rose from ₹114 crore in March 2025 to ₹542 crore in March 2026. Over the same period the EPC order book rose from ₹417 crore to ₹591 crore.^[1]
Management stated a bid-to-win ratio of 25-30% for both toll and EPC in Q1 FY27. The annual report gives a historical EPC win rate of 20-25% on a ₹300-400 crore pipeline.^[3][1]

Toll portfolio

Kaza Fee Plaza on NH16 in Andhra Pradesh, at INR 328.8 Cr, is the largest toll contract in the company's history. Management said in Q1 FY27 that it had beaten expectations.^[7][3]
The Moti Naroli toll plaza (Rs. 154.6 Cr contract) was voluntarily surrendered in Q1 FY27 after lower traffic linked to disruption in port-linked freight.^[3]
In FY26 the company withdrew from Venkatapalam Fee Plaza (penalty INR 26.33 lakh) and handed over Katiyara Fee Plaza in Bihar, saying both were not commercially attractive.^[4]
The company said a temporary NHAI bidding restriction affected Q1 FY27.^[3]

Customers and geography

Government clients, including NHAI, IDA, PWD, MPIDC, MPRRDA, MPBDC and IMC, make up 64.9% of the EPC order book (FY26).^[1]
Active EPC projects are concentrated in Madhya Pradesh, with a growing presence in Uttar Pradesh, Gujarat and Chhattisgarh (FY26).^[1]
State revenue mix as of Jan 2026: MP 28.1%, UP 25.5%, Maharashtra 17.0%, Rajasthan 14.8%, Haryana 9.6%.^[7]
The company entered Tamil Nadu for the first time in Q2 FY27 with NH-44 toll contracts: Kozhinjipatti (Rs. 28.7 Cr) and Krishnagiri-Thumbipadi (Rs. 80 Cr).^[3]

Expansion and new areas

Execution began in Q1 FY27 on the private Beverly Hills housing EPC project (about Rs. 70 Cr, 15-16 month timeline).^[3]
Andhra Pradesh and Telangana toll markets are named as the next areas of focus. West Bengal and Assam are under study (Q1 FY27).^[3]
The company is bidding for wayside amenity sites on controlled-access corridors on 30-year contracts. Two EV charging projects have been commissioned in Indore (FY26).^[4]
Renewable energy EPC (solar and EV infrastructure) is being evaluated as a new segment, with no bids placed yet as of Q1 FY27.^[3]

Recent developments

Sep 2026: won a Rs. 220,66,33,332 contract from UPEIDA to collect user fees and run toll plazas on the Gorakhpur Link Expressway, including 4 patrol vehicles. Term is 2 years with 10% annual escalation.^[8][9]
Sep-Oct 2026: won a Rs. 24.46 crore NHAI contract to run the Velanchettiyur Fee Plaza in Tamil Nadu, with a 90-day execution period.^[10][11]
FY27 revenue target was revised to Rs. 850 Cr (Rs. 700 Cr from toll) in Q1 FY27, down from INR 950 Cr guided at Q4 FY26. The FY28 target of Rs. 1,200 Cr was reaffirmed.^[3][4]

Market Cap

₹390 Cr

High / Low

₹83 / 41

Stock P/E

14.9

Price / Book

1.7

Book Value

₹32

EPS

₹4.4

No. of Shares

7.17 Cr

ROCE

14.7%

ROE

13.9%

OPM

7.7%

Debt / Equity

0.45

Sales

₹608 Cr

Net Profit

₹32 Cr

Promoter holding

70.0%

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