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HGINFRA - H.G. Infra Engg.

📊 NSE: HGINFRA 🏢 Construction 📅 Last Updated: 12/13/2025 22:46

📢 Recent Corporate Announcements

H.G. Infra Secures INR 401.33 Crore Railway Infrastructure Order in Madhya Pradesh

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 10 Mar 2026, 04:58 PM

H.G. Infra Engineering Limited (HGINFRA) has bagged a significant order worth INR 401.33 crore from Anuppur Thermal Energy (MP) Private Limited. The project involves civil and P-way works for developing railway infrastructure at a 2x800 MW thermal power plant in Madhya Pradesh. With a construction period of 18 months, this order provides strong revenue visibility for the company's non-road segment. This win underscores HGINFRA's successful diversification into the railway and industrial infrastructure sectors.

Total project cost is INR 401.33 crore, including GST
Scope includes earthwork, bridges, station buildings, and P-way works
Project execution timeline is fixed at 18 months
Contract awarded by a domestic private entity for a 2x800 MW thermal power project

💡 Investors should view this as a positive development for the company's order book and diversification strategy. Monitor the company's execution pace and margin performance in this segment compared to its core road projects.

H.G. Infra Achieves Financial Closure for INR 763.11 Cr UP Highway Project

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 07 Mar 2026, 10:54 AM

H.G. Infra Engineering's wholly owned subsidiary, H.G. Bahuvan Jagarnathpur Highway Private Limited, has successfully achieved financial closure for a highway project in Uttar Pradesh. The project involves the up-gradation of NH 227B (84 Kosi Parikrama Marg) to a two-lane configuration with paved shoulders. Valued at INR 763.11 crore, the project will be executed under the Hybrid Annuity Mode (HAM). This milestone is critical as it secures the necessary funding to proceed with the two-year construction phase.

Total project cost is INR 763.11 crore under the Hybrid Annuity Mode (HAM)
Project involves 63.84 KM of NH 227B (84 Kosi Parikrama Marg) in Uttar Pradesh
Construction period is scheduled for 2 years from the commencement date
Financial closure letter received from the National Highway Division, PWD, Ayodhya
The project was secured through a wholly owned subsidiary of H.G. Infra Engineering

💡 Investors should view this as a positive milestone that de-risks the project's commencement and ensures funding is in place. Monitor the company's execution progress over the next 24 months to ensure timely revenue recognition.

H.G. Infra Secures Rs 1,582.11 Crore NHAI Project for Capital Region Ring Road in Odisha

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 27 Feb 2026, 09:15 PM

H.G. Infra Engineering Limited (HGINFRA) has received a Letter of Award (LOA) from the National Highways Authority of India (NHAI) for a significant infrastructure project in Odisha. The project involves constructing a 40.33 km six-lane access-controlled ring road under the Hybrid Annuity Mode (HAM). With a bid cost of Rs 1,582.11 crore, this project strengthens the company's order book and provides revenue visibility for the next 30 months. The bid price is approximately 13.4% lower than the NHAI's initial estimate of Rs 1,827.33 crore.

Awarded the construction of Six-lane Access Controlled Capital Region Ring Road Package-III in Odisha.
HGINFRA's bid project cost is Rs 1,582.11 crore excluding GST.
The project covers a total length of 40.33 Km to be executed under Hybrid Annuity Mode (HAM).
Construction period is set at 910 days (approximately 2.5 years).
The bid cost is lower than the NHAI estimated project cost of Rs 1,827.33 crore.

💡 Investors should monitor the company's ability to maintain margins given the competitive bidding below NHAI estimates. This order win is a positive indicator of the company's strong positioning in the road construction sector.

H.G. Infra CMD and Four Officials Granted Bail in CBI Investigation Case

🟢 POSITIVE ⭐ 8/10

LEGAL 📅 27 Feb 2026, 01:10 PM

H.G. Infra Engineering Limited has announced a significant legal update regarding the ongoing CBI investigation. The Court of Spl. Judge, CBI-1, Patna, has granted bail to four company officials who were previously in judicial custody. Crucially, the Chairman and Managing Director, Mr. Harendra Singh, has also been granted anticipatory bail. While the investigation continues, the release of these key personnel reduces immediate operational and leadership risks for the firm.

Four company officials, including Mr. Anoop Singh and Mr. Dhiraj Virmani, released from judicial custody.
Chairman & Managing Director Mr. Harendra Singh granted anticipatory bail by the Patna CBI Court.
The update follows a series of regulatory filings regarding CBI searches initiated in January 2026.
Company confirms continued cooperation with enforcement agencies regarding the ongoing matter.

💡 The granting of bail is a relief for the stock as it mitigates immediate management vacuum risks. Investors should remain cautious and monitor the final outcome of the CBI investigation for any long-term impact on project bidding eligibility.

H.G. Infra Declared L-1 Bidder for Rs 1,582.11 Cr NHAI Project in Odisha

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 24 Feb 2026, 07:39 PM

H.G. Infra Engineering has been declared the lowest (L-1) bidder for a major NHAI project in Odisha valued at Rs 1,582.11 crore. The project involves the construction of a 40.33 km six-lane access-controlled ring road under the Hybrid Annuity Mode (HAM). With a construction period of 910 days, this project provides significant revenue visibility for the company over the medium term. This win further strengthens H.G. Infra's position in the domestic infrastructure space.

Declared L-1 bidder for NHAI's Capital Region Ring Road Package-III in Odisha.
Project bid cost of Rs 1,582.11 crore, which is lower than the NHAI estimate of Rs 1,827.33 crore.
Scope includes 40.33 km of six-lane road construction under the Hybrid Annuity Mode (HAM).
Execution timeline is set at 910 days, ensuring steady work for the next 2.5 years.

💡 This order win is a positive signal for growth; investors should maintain a positive outlook while tracking the formal contract signing and execution progress.

H.G. Infra Releases Q3 & 9MFY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 13 Feb 2026, 06:03 PM

H.G. Infra Engineering Limited has officially released the audio recording of its earnings conference call held on February 13, 2026. The call focused on the company's unaudited standalone and consolidated financial results for the third quarter and nine-month period ending December 31, 2025. This filing is a routine regulatory requirement under SEBI (LODR) Regulations to ensure transparency for all shareholders. Investors can access the full recording via the company's website to hear management's detailed commentary on operational performance.

Audio recording of the Q3 & 9MFY26 earnings call is now available for public access.
The call was conducted on February 13, 2026, following the announcement of financial results.
Covers financial performance for the quarter and nine months ended December 31, 2025.
Compliance filing under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 Investors should listen to the recording to understand management's outlook on the order book and execution timelines for the upcoming fiscal year.

H.G. Infra Engineering Updates Insider Trading Code of Conduct

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 12 Feb 2026, 09:55 PM

H.G. Infra Engineering Limited has informed the exchanges that its Board of Directors approved a revised Code of Conduct for the Prohibition of Insider Trading during a meeting on February 12, 2026. This update is designed to regulate, monitor, and report trading activities by designated persons in alignment with SEBI Regulations, 2015. Such revisions are standard corporate governance practices to ensure compliance with evolving regulatory frameworks. The announcement is administrative in nature and does not affect the company's financial performance or business operations.

Board approved the revised Code of Conduct on February 12, 2026.
The update complies with SEBI (Prohibition of Insider Trading) Regulations, 2015.
The code regulates and monitors trading activities of designated persons within the company.
Routine compliance filing with no impact on financial or operational metrics.

💡 No action is required as this is a routine regulatory update. Investors should remain focused on the company's project execution and order book growth.

H.G. Infra Q3FY26: Standalone PAT Drops 29% YoY to ₹969 Mn; Orderbook Robust at ₹13,624 Cr

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 12 Feb 2026, 09:42 PM

H.G. Infra Engineering reported a weak Q3FY26 on a standalone basis, with PAT declining 29.1% YoY to ₹969 Mn and EBITDA margins contracting to 15.5% from 16.6%. While standalone revenue dipped 3.9% YoY, consolidated revenue showed a growth of 12.4% reaching ₹14,212 Mn. The company maintains a strong and diversified order book of ₹1,36,244 Mn, with significant traction in non-road segments like Railways, BESS, and Solar. However, rising finance costs, which jumped to ₹1,292 Mn on a consolidated basis, remain a key concern for profitability.

Standalone PAT fell 29.1% YoY to ₹969 Mn, while EBITDA margins compressed to 15.5%.
Total order book stands at ₹1,36,244 Mn, with Roads contributing 64% and Railways/Metro 20%.
Diversification into BESS (Battery Energy Storage) now accounts for ₹16,196 Mn of the total order book.
Consolidated finance costs surged to ₹1,291.77 Mn in Q3FY26 compared to ₹748.67 Mn in Q3FY25.
Major new project wins include Thane Metro (₹5,660 Mn HG share) and GUVNL BESS project (₹6,465 Mn).

💡 Investors should be cautious regarding the sharp decline in net profit and the impact of rising interest expenses on the bottom line. While the order book diversification is a long-term positive, the immediate focus should be on margin recovery and execution efficiency in the new BESS and Railway segments.

H.G. Infra Q3 PAT Drops 29% YoY to ₹968.6 Mn; CBI Investigation Disclosed

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 12 Feb 2026, 09:01 PM

H.G. Infra Engineering reported a weak set of standalone results for Q3 FY26, with Profit After Tax (PAT) declining 29.1% year-on-year to ₹968.62 million. Revenue from operations also saw a marginal decline of 3.9% YoY to ₹14,497.67 million. A significant 71% surge in finance costs and higher contract expenses impacted margins. Furthermore, the company disclosed a legal overhang involving a CBI investigation and the custody of four employees on corruption charges, though management claims no operational impact.

Standalone Revenue for Q3 FY26 decreased to ₹14,497.67 million from ₹15,085.38 million YoY.
Net Profit (PAT) fell significantly to ₹968.62 million compared to ₹1,365.64 million in the previous year's quarter.
Finance costs surged by 71% YoY to ₹510.47 million, weighing heavily on profitability.
CBI/ACB Patna took 4 employees into custody in January 2026 under the Prevention of Corruption Act; office searches were conducted.
Company has executed a Share Purchase Agreement for the divestment of 100% stake in five wholly-owned subsidiaries.

💡 Investors should exercise caution as the company faces both financial pressure from rising interest costs and reputational/legal risks from the ongoing CBI investigation. Monitor the progress of the five subsidiary divestments which are critical for capital recycling.

H.G. Infra Engineering Schedules Q3 & 9M FY26 Earnings Call for Feb 13, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Feb 2026, 12:25 PM

H.G. Infra Engineering Limited has announced its earnings conference call to discuss the unaudited standalone and consolidated financial results for the third quarter and nine months ended December 31, 2025. The call is scheduled for Friday, February 13, 2026, at 4:00 PM IST. Senior management, including the Chairman & Managing Director and the Chief Financial Officer, will be present to address investor queries. This is a routine regulatory filing ahead of the financial results disclosure.

Earnings conference call scheduled for February 13, 2026, at 16:00 IST
Discussion will cover financial performance for Q3 FY26 and 9M FY26
Key participants include Chairman & MD Harendra Singh and CFO Rajeev Mishra
The event is hosted by Go India Advisors with pre-registration available via Diamond Pass
Universal dial-in numbers provided are +91 22 6280 1557 and +91 22 7115 8383

💡 Investors should track the upcoming financial results and listen to the management commentary for updates on the order book and execution timelines. No immediate action is required based on this scheduling announcement.

ICRA Reaffirms H.G. Infra's AA- (Positive) Rating for Rs 4,900 Cr Facilities

🔵 WATCH ⭐ 7/10

REGULATORY 📅 02 Feb 2026, 04:28 PM

ICRA has maintained H.G. Infra Engineering's credit rating at [ICRA]AA- with a Positive outlook for total facilities worth Rs 4,900 crore. This rating action follows a review prompted by CBI and ACB search operations on January 21, 2026, and the subsequent judicial custody of four employees on bribery allegations. Despite these legal developments, ICRA has kept the outlook positive, indicating confidence in the company's current financial standing. The rated amount includes Rs 3,800 crore in bank guarantees and Rs 400 crore in Non-Convertible Debentures.

ICRA reaffirms [ICRA]AA- (Positive) and [ICRA]A1+ ratings for Rs 4,900 crore total facilities.
Rating covers Rs 3,800 crore in non-fund based bank guarantees and Rs 700 crore in cash credit.
Review triggered by CBI/ACB raids and judicial custody of four employees on bribery allegations.
Maintains Positive outlook despite the ongoing legal and investigative challenges.
Rs 400 crore in Non-Convertible Debentures (NCDs) also maintained at [ICRA]AA- (Positive).

💡 Investors should remain cautious and monitor the CBI investigation closely, as bribery allegations could potentially impact future government contract eligibility. The maintenance of a Positive outlook by ICRA is a stabilizing sign, but legal risks remain a primary concern.

H.G. Infra CMD Harendra Singh Granted Interim Protection by CBI Court in Patna

🔵 WATCH ⭐ 8/10

LEGAL 📅 28 Jan 2026, 11:20 PM

H.G. Infra Engineering Limited has announced that its Chairman and Managing Director, Mr. Harendra Singh, was granted interim protection with no coercive steps by the Special CBI Court in Patna on January 27, 2026. This follows earlier disclosures regarding a CBI FIR where Mr. Singh has been named as a party, though the company notes the FIR has not yet been formally served. The company maintains that it is cooperating fully with the investigation and that business operations continue as normal. While the interim protection provides temporary relief to the leadership, the underlying legal matter remains a key risk factor.

Interim protection granted to CMD Harendra Singh by the Court of Spl. Judge, CBI-1, Patna on Jan 27, 2026.
Certified copy of the court order was received by the company on January 28, 2026.
CMD Harendra Singh is named in a CBI FIR, though the company has not yet been formally served a copy.
Management confirms full cooperation with the CBI and states business operations are unaffected.
Company has filed an application for a certified copy of the FIR to understand the specific allegations.

💡 Investors should remain cautious and monitor the legal developments closely, as investigations involving top management can impact corporate reputation and future bidding eligibility. Maintain a 'Watch' stance until the specific nature of the CBI allegations is clarified.

CBI Takes Four H.G. Infra Engineering Officials into Custody

🔴 NEGATIVE ⭐ 9/10

LEGAL 📅 23 Jan 2026, 03:00 PM

H.G. Infra Engineering Limited has reported that four of its officials, including Anoop Singh and Gaurav Kushwaha, have been taken into custody by the Central Bureau of Investigation (CBI). This follows a previous disclosure on January 22, 2026, although the CBI has not yet shared the FIR or specific details of the case with the company. The company is currently evaluating legal options while maintaining that business operations continue in the normal course. This development raises significant concerns regarding corporate governance and potential legal liabilities.

Four company officials, including Anoop Singh and Gaurav Kushwaha, taken into custody by the CBI
CBI has not yet provided the FIR or specific details of the investigation to the company
The company is currently examining the matter and evaluating appropriate legal steps
Management states that business operations are continuing in the normal course despite the arrests

💡 Investors should exercise extreme caution and monitor for further disclosures regarding the nature of the CBI investigation. The arrest of multiple officials could lead to management instability and negative sentiment in the short term.

CBI and ACB Conduct Search Operations at H.G. Infra Offices Under Prevention of Corruption Act

🔴 NEGATIVE ⭐ 8/10

LEGAL 📅 22 Jan 2026, 09:11 PM

H.G. Infra Engineering Limited has reported that the Central Bureau of Investigation (CBI) and Anti-Corruption Bureau (ACB), Patna, conducted search operations at its corporate, regional, and project site offices. The searches, which occurred between January 21 and 22, 2026, are related to alleged violations under the Prevention of Corruption Act, 1988. While the company maintains that business operations are unaffected and continuing as usual, the financial impact is currently unquantifiable. This development introduces significant regulatory risk and potential impact on the company's reputation and future government contract eligibility.

Search operations conducted at the Jaipur Corporate Office, Gurugram Regional Office, and Aurangabad (Bihar) project site.
Action initiated under Sections 7, 7A, 8, and 9 of the Prevention of Corruption Act, 1988.
The search procedure lasted approximately 7 hours, concluding at 1:00 A.M. on January 22, 2026.
The company stated that business operations remain unaffected and they are cooperating with authorities.
Specific details of the alleged violations and quantifiable financial impact are yet to be determined.

💡 Investors should exercise caution and monitor the situation closely as CBI investigations can lead to project delays or potential blacklisting from government tenders. It is advisable to wait for further clarity on the nature of the allegations before making new investment decisions.

H.G. Infra's Joint Statutory Auditor M S K A & Associates Converts to LLP

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 16 Jan 2026, 09:57 PM

H.G. Infra Engineering Limited has informed the exchanges that its Joint Statutory Auditor, M/s. M S K A & Associates, has converted into a Limited Liability Partnership (LLP). The firm is now known as M S K A & Associates LLP, effective from January 13, 2026. This conversion follows the provisions of the Limited Liability Partnership Act, 2008. The ICAI Firm Registration Number is now 105047W/W101187. The auditors will continue to fulfill their duties for the remaining period of their appointment.

Conversion of Joint Statutory Auditor M/s. M S K A & Associates to M S K A & Associates LLP.
The change in legal structure became effective as of January 13, 2026.
The new ICAI Firm Registration Number is 105047W/W101187.
The firm will continue to discharge its obligations for the remaining tenure of its appointment.

💡 This is a routine administrative disclosure with no impact on business operations or financials. No action is required from investors.

View All HGINFRA Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Standalone revenue grew 18.16% to INR 6,051.88 Cr in FY25. Segmental order book contribution: Highways (66%), Railways (19%), and Solar/BESS/Metro (15%).

Geographic Revenue Split

Geographically diversified across 13-15 states in India, mitigating regional execution risks and adverse local developments.

Profitability Margins

Standalone PAT margin stood at 9.5% in FY25, down from 10.7% in FY24. H1FY26 PAT margin further moderated to 6.7% due to higher finance costs and changing segment mix.

EBITDA Margin

EBITDA margin was 15.7% in FY25, a slight decrease from 16.0% in FY24. Q2 FY26 margin dipped to 12.7% due to increased site expenses and segment diversification.

Capital Expenditure

Planned capital expenditure of INR 75-100 Cr for FY2026, primarily for equipment and machinery to support execution ramp-up.

Credit Rating & Borrowing

Credit rating reaffirmed at AA- (Positive) by ICRA and CARE. Borrowing costs are supported by a strong interest coverage ratio of over 8 times.

⚙️ Operational Drivers

Raw Materials

Bitumen, cement, and steel represent the primary raw materials. Cost of materials consumed was INR 1,220.83 Cr in H1FY26, accounting for 42.6% of standalone revenue.

Capacity Expansion

Order book of INR 14,656 Cr as of June 30, 2025, provides 2.4x revenue visibility relative to FY25 income.

Raw Material Costs

Raw material costs increased 1.6% YoY in H1FY26 to INR 1,220.83 Cr. Procurement strategies focus on bulk sourcing for large-scale EPC projects.

Manufacturing Efficiency

Demonstrated efficiency through early completion bonuses and maintaining EBITDA margins ~2-3% above the industry average of 13%.

Logistics & Distribution

Contract and site expenses, including logistics, rose to INR 1,027.74 Cr in H1FY26, representing 35.9% of revenue.

📈 Strategic Growth

Expected Growth Rate

12-15%

Growth Strategy

Growth will be achieved by diversifying into Solar EPC, BESS, and Transmission (non-highway share rose from 0% in FY22 to 34% in 2025) and recycling capital through the monetization of 5-6 completed HAM assets to fund new bids.

Products & Services

EPC services for roads, highways, bridges, railway tracks, metro rail, solar power plants, and battery energy storage systems (BESS).

Brand Portfolio

H.G. Infra Engineering Limited (HGINFRA).

New Products/Services

New segments include Solar power generation and Battery Energy Storage Systems (BESS), with non-highway works now contributing 34% of the total order book.

Market Expansion

Expanding PAN India presence across 15+ states and entering new sectors like airports, water, and ropeways.

Strategic Alliances

Collaborations with Adani Group, Tata Projects, and IRB; JVs like HGIEPL-MGCPL (dissolved Jan 2025).

🌍 External Factors

Industry Trends

The industry is shifting toward green energy and multi-modal transport; HGINFRA is positioning itself by increasing its non-highway order book from 0% in FY22 to 34% in 2025.

Competitive Landscape

Stiff competition in road EPC from players like IRB and Tata Projects, leading to potential pressure on new order inflow margins.

Competitive Moat

Moat is built on a 20-year execution track record and cost leadership, evidenced by EBITDA margins consistently 200-300 bps higher than peers.

Macro Economic Sensitivity

Highly sensitive to government infrastructure budgetary allocations; 99% of revenue is dependent on public sector spending.

Geopolitical Risks

Trade barriers or supply disruptions for solar cells and lithium-ion batteries could delay project timelines in the renewable segment.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by NHAI/MoRTH contractual standards and pollution norms for construction machinery; discontinuation of Atmanirbhar Bharat concessions has impacted liquidity.

Taxation Policy Impact

Effective tax rate of approximately 25%, with tax expenses of INR 64.39 Cr on PBT of INR 257.16 Cr in H1FY26.

Legal Contingencies

Exposed to contingent liabilities in the form of bank guarantees for performance and mobilization advances; no history of guarantee invocation reported.