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H.G. Infra Engineering Limited (HGINFRA)

₹407.45 -0.12% last close, 16 Oct

📊 NSE: HGINFRA 🏢 Construction 📢 Latest filing: 11 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, H.G. Infra's revenue was ₹1,101 Cr (-25.7% year on year, -22.9% on the previous quarter), and net profit ₹-44.5 Cr (against a profit a year earlier); the operating margin was 27.6%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹1,101	-25.7%	-22.9%
Operating profit	₹304	+17.3%	+28.2%
Net profit	₹-44.5	to loss	to loss
EPS (₹)	-6.83	to loss	to loss
Operating margin	27.6%	—	—

Full quarterly financials → Results calendar →

HGINFRA delivery percentage and bulk deals

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 41.61% of the HGINFRA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 41.9%. That is close to its usual level. Volume was under a tenth of its average. 8 bulk or block deals were reported in HGINFRA in the last 60 days: ₹107 Cr bought and ₹106 Cr sold.

41.61%Delivery, 16 Oct

41.9%Own 20-session average

<0.1×Volume vs its average

₹407.45NSE close · -0.12%

Delivery in the last 5 sessions: 33.0% · 39.8% · 35.4% · 47.6% · 41.6%

Date	Side	Counterparty	Value	Price	Quantity	Type
24 Sep	Sell	Microcurves Trading Private Limited	₹42.86 Cr	₹483.81	885,986	Bulk
24 Sep	Buy	Microcurves Trading Private Limited	₹42.83 Cr	₹483.42	885,986	Bulk
24 Sep	Sell	Nk Securities Research Private Limited	₹24.53 Cr	₹489.52	501,175	Bulk
24 Sep	Buy	Nk Securities Research Private Limited	₹24.52 Cr	₹489.26	501,175	Bulk
24 Sep	Buy	Irage Broking Services Llp	₹22.54 Cr	₹485.06	464,764	Bulk

Delivery across the market →All bulk and block deals →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

H.G. Infra Incorporates Section 8 SPV With Rs 51,000 Equity For PM-SETU ITI Project

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Oct 2026, 10:49 AM

H.G. Infra Engineering Limited has incorporated a Section 8 (not-for-profit) subsidiary named 'H.G. Talent Edge Foundation ITI Bhiwadi' on October 10, 2026. The entity was created as a mandated SPV following the award of the ITI Bhiwadi Cluster Operation and Management project under the PM-SETU scheme from the Government of Rajasthan. H.G. Infra holds a 51% stake via an initial cash investment of Rs 51,000 against an authorised capital of Rs 1,00,000. Due to its non-profit structure and negligible capital commitment, the development has no material impact on the company's financial metrics.

Incorporated Section 8 not-for-profit company 'H.G. Talent Edge Foundation ITI Bhiwadi' on October 10, 2026
Acquired 51% stake with initial cash subscription of Rs 51,000 across 5,100 equity shares of Rs 10 each
Authorised and subscribed capital of the new entity stands at Rs 1,00,000 (10,000 shares of Rs 10 each)
SPV formed in compliance with RFP conditions for the PM-SETU ITI Bhiwadi Cluster project

💡 Track subsequent execution milestones or potential project-related revenue flows stemming from the PM-SETU ITI Bhiwadi Cluster contract.

Commercial Tax Dept Drops Entire Rs 94.00 Cr Demand Against H.G. Infra

🟢 POSITIVE ⭐ 6/10

LEGAL 📅 06 Oct 2026, 01:24 PM

H.G. Infra Engineering received an order from the Deputy Commissioner of Commercial Taxes, Bengaluru, dropping the entire tax demand of Rs 94.00 crore. The proceedings under the show cause notice dated September 16, 2026, have been formally closed with NIL demand of tax, interest, or penalty. This resolves a significant potential contingent liability, which represented approximately 50.5% of the company's TTM net profit of Rs 186 crore and 3.6% of its market capitalization.

Tax demand of Rs 94.00 crore dropped in its entirety by Bengaluru tax authority
Show cause notice proceedings closed with NIL demand for tax, interest, and penalty
Order passed on October 05, 2026, following the company's detailed reply
Follows earlier disclosure regarding the notice dated September 16, 2026

💡 Track whether any further departmental appeals are filed against this order, and monitor upcoming quarterly results following the loss incurred in Q1 FY27 (Jun 2026).

H.G. Infra Achieves Financial Closure for Rs 1,582.11 Cr Odisha HAM Ring Road Project

🟢 POSITIVE ⭐ 7/10

OTHER 📅 29 Sep 2026, 10:43 AM

H.G. Infra Engineering's wholly owned subsidiary, H.G. Gobindpur Tangi Highway Private Limited, has received a formal letter of Financial Close from NHAI. The project entails constructing a six-lane access-controlled Capital Region Ring Road (Package-III) spanning 40.33 km in Odisha on a Hybrid Annuity Mode (HAM). With a project cost of Rs 1,582.11 Cr, it represents ~32.6% of the company's TTM revenue of Rs 4,853 Cr. The construction period is scheduled for 910 days, clearing the path to commence full execution.

NHAI approved financial closure letter dated September 28, 2026 (effective date September 16, 2026)
Total project cost is Rs 1,582.11 Cr, representing ~32.6% of FY26 TTM revenue
Scope covers 40.33 km of six-lane access controlled highway in Odisha
Construction period stipulated at 910 days under Hybrid Annuity Mode (HAM)

💡 Track the declaration of the Appointed Date by NHAI to mark the official start of construction and subsequent billing over the 910-day execution period.

H.G. Infra Acquires 100% of Ranipur Chunar Power Transmission SPV for ₹5 Lakh

🟡 NEUTRAL ⭐ 5/10

M&A 📅 26 Sep 2026, 02:45 PM

H.G. Infra Engineering has acquired 100% equity stake in Ranipur Chunar Power Transmission Limited from REC Power Development and Consultancy for a cash consideration of Rs 500,000 (50,000 shares at Rs 10 each). The acquisition executes terms of an earlier project award to establish an Intra-State Transmission System in Uttar Pradesh for a 35-year concession period. The project involves constructing 220/132/33 kV AIS Substations at Ranipur (Mau) and Chunar (Mirzapur) along with associated transmission lines. This marks progress in H.G. Infra's stated strategy to diversify into the power transmission sector alongside its core road EPC business.

Acquired 100% equity shares (50,000 shares @ Rs 10 each) for Rs 500,000 in cash
Target SPV incorporated on December 12, 2025, with nil historical turnover
SPV granted project rights for 35 years in Uttar Pradesh for 220/132/33 kV substations and lines
Follows previous project award intimations dated May 26, 2026, and August 18, 2026

💡 Track the financial closure, total project capex, and execution timelines for this transmission line project in upcoming quarterly updates.

H.G. Infra Receives Completion Certificate for ₹1,393.11 Cr UER-II Delhi Project

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 24 Sep 2026, 12:59 PM

H.G. Infra Engineering Limited has received the project completion certificate from the Authority Engineer for its 6-lane Urban Extension Road (UER)-II Package 1 project in Delhi. The project, awarded by NHAI on an EPC mode, has a bid project cost of ₹1,393.11 Cr, representing approximately 28.7% of the company's TTM revenue (₹4,853 Cr). The project was declared fit for commercial operations retrospectively with effect from February 28, 2025.

Received completion certificate for NHAI project with bid cost of ₹1,393.11 Cr
Project represents ~28.7% of HGINFRA's TTM revenue of ₹4,853 Cr
Declared fit for entry into commercial operation on February 28, 2025
Completion certificate issued by Authority Engineer vide letter dated September 23, 2026
Scope covered 6-lane Urban Extension Road (UER) -II - NH-344 M, Package 1 (Km -0+700 to 15+000)

💡 Watch for the release of final retention money and bank guarantees associated with this completed EPC project in upcoming quarterly balance sheets.

H.G. Infra Receives ₹94.00 Cr GST Show Cause Notice for FY 2022-23

🔵 WATCH ⭐ 6/10

LEGAL 📅 16 Sep 2026, 05:49 PM

H.G. Infra Engineering Limited received a Show Cause Notice on September 16, 2026, from the Deputy Commissioner of Commercial Taxes, Karnataka, alleging an aggregate liability of ₹94,00,00,328 for FY 2022-23. The notice pertains to input tax credit observations and turnover reconciliation between GST returns and financial statements under Section 73(1) of the CGST and KGST Acts. The demanded amount represents approximately 50.5% of the company's TTM net profit of ₹186 Cr and 3.1% of its market capitalization. Management stated that the claims are not sustainable on facts or law and plans to file a detailed response before the assessing authority.

Received Show Cause Notice under Section 73(1) on September 16, 2026
Aggregate alleged liability under the notice stands at ₹ 94,00,00,328
Pertains to GST audit proceedings for FY 2022-23 regarding ITC and turnover reconciliation
Proposed demand equates to roughly 50.5% of HGINFRA's TTM PAT of ₹186 Cr

💡 Track the company's formal response submission to the Karnataka tax authority and watch for any subsequent adjudication orders or required tax provisions.

CARE Reaffirms H.G. Infra's Rs 140 Cr Facilities at 'CARE AA', Revises Outlook to Negative

🔴 NEGATIVE ⭐ 6/10

REGULATORY 📅 05 Sep 2026, 03:19 PM

CARE Ratings Limited has reaffirmed H.G. Infra Engineering Limited's credit rating for its Long-Term Bank Facilities at 'CARE AA' while revising the outlook from 'Stable' to 'Negative'. The revision applies to bank facilities amounting to Rs 140.00 crore, representing approximately 8.5% of the company's total debt of Rs 1,645 crore. A negative outlook indicates downside risk to the rating if financial leverage, working capital elongation, or operational performance deteriorates further.

Long-Term Bank Facilities rated at Rs 140.00 crore
Credit rating reaffirmed at 'CARE AA'
Rating outlook revised from 'Stable' to 'Negative'
Intimation filed under SEBI LODR Regulations 30 and 51 on September 05, 2026

💡 Track the detailed CARE rating rationale when published for specific triggers behind the negative outlook, alongside monitoring upcoming quarterly working capital and debt metrics.

ICRA Reaffirms H.G. Infra's ₹5,600 Cr Facilities at [ICRA]AA-; Revises Outlook to Stable from Positive

🟡 NEUTRAL ⭐ 6/10

REGULATORY 📅 21 Aug 2026, 05:29 PM

ICRA Limited has reaffirmed the credit ratings for H.G. Infra Engineering's ₹5,600.00 crore debt and bank facilities at [ICRA]AA- and [ICRA]A1+, but revised the rating outlook to 'Stable' from 'Positive'. The total rated facilities comprise ₹900 crore fund-based cash credit, ₹4,300 crore non-fund based bank guarantees, and ₹400 crore in non-convertible debentures. While the ratings remain robust in the high-investment-grade category, the outlook revision signals a tempering of near-term upgrade expectations.

Total bank facilities and NCDs rated by ICRA aggregate to ₹5,600.00 crore
Long-term rating of ₹900.00 crore cash credit reaffirmed at [ICRA]AA- with outlook revised to Stable from Positive
Non-fund based bank guarantee facilities of ₹4,300.00 crore reaffirmed at [ICRA]AA- / [ICRA]A1+
Non-Convertible Debentures of ₹400.00 crore reaffirmed at [ICRA]AA- (outlook revised to Stable from Positive)

💡 Track execution in non-highway projects, working capital cycle, and progress on asset monetization (monetization of HAM assets to recycle capital) in upcoming quarterly updates.

H.G. Infra AGM: Re-Appointment of MD & WTD Approved for 5 Years, Rs 2/Share Dividend Cleared

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 19 Aug 2026, 09:10 PM

At the 24th Annual General Meeting held on August 19, 2026, shareholders of H.G. Infra Engineering approved the re-appointment of Mr. Harendra Singh as Managing Director and Mr. Vijendra Singh Choudhary as Whole Time Director for a 5-year term starting May 15, 2027. Shareholders also passed an ordinary resolution approving a final dividend of Rs 2 per equity share (face value Rs 10) for FY26. Additionally, resolutions enabling increases in borrowing limits and charge creation under Section 180 of the Companies Act were approved with over 99.99% majority.

Re-appointment of MD Harendra Singh approved for a 5-year term effective May 15, 2027
Re-appointment of Whole Time Director Vijendra Singh Choudhary approved for 5 years effective May 15, 2027
Final dividend of Rs 2 per equity share for FY26 approved by shareholders
All 8 resolutions passed with 99.9999% votes in favor across e-voting

💡 Track the dividend distribution timeline and monitor the utilization of expanded borrowing limits in upcoming quarterly balance sheets.

H.G. Infra Shareholders Approve ₹2/Share Dividend & 5-Year Term for Managing Director

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 19 Aug 2026, 08:55 PM

H.G. Infra Engineering Limited announced the conclusion and voting results of its 24th Annual General Meeting held on August 19, 2026. Shareholders approved all 8 ordinary and special resolutions with over 99.99% majority. Key approvals include the declaration of a final dividend of ₹2 per equity share for FY26 and the 5-year re-appointments of Mr. Harendra Singh as Managing Director and Mr. Vijendra Singh Choudhary as Whole Time Director effective May 15, 2027. Additionally, shareholders approved enhanced borrowing limits and charge creation limits under Section 180 of the Companies Act, 2013.

Approved final dividend of ₹2 per equity share of face value ₹10 each for FY26.
Shareholders approved 5-year re-appointments for MD Harendra Singh and WTD Vijendra Singh Choudhary effective May 15, 2027.
Special resolutions passed to increase borrowing limits (Section 180(1)(c)) and creation of charges (Section 180(1)(a)).
All 8 resolutions passed with >99.99% of total valid votes cast in favour.

💡 Track the upcoming dividend payout dates and monitor debt levels as the company utilizes higher borrowing limits to fund its project execution pipeline.

HGINFRA Receives Letter of Intent from REC Power Dev for UP Substation Projects

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 18 Aug 2026, 05:20 PM

H.G. Infra Engineering Limited has received a Letter of Intent (LoI) on August 18, 2026, from REC Power Development and Consultancy Limited. The project covers the construction of 220/132/33 kV AIS Substations at Ranipur (Mau) and Chunar (Mirzapur), along with associated transmission lines in Uttar Pradesh. The contract was secured through a tariff-based competitive bidding process. While contract value was not restated in this filing (referred to the May 26, 2026 disclosure), the award strengthens the company's growing non-highway transmission order book.

Received Letter of Intent on August 18, 2026, from REC Power Development and Consultancy Limited
Scope covers 220/132/33 kV AIS Substation at Ranipur (Mau) and Chunar (Mirzapur) with associated lines
Project awarded through tariff-based competitive bidding in Uttar Pradesh
Follows initial disclosure submitted on May 26, 2026

💡 Track subsequent disclosures for formal contract signing, EPC contract value, and commercial execution timelines.

H.G. Infra Releases Transcript of Q1 FY27 Earnings Conference Call

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 17 Aug 2026, 06:08 PM

H.G. Infra Engineering Limited has informed stock exchanges that the transcript of its Q1 FY27 earnings conference call is now accessible on its website. The conference call with analysts and institutional investors was held on August 14, 2026, following the release of financial results for the quarter ended June 30, 2026. In Q1 FY27, the company reported a standalone/consolidated revenue of Rs 1,100.59 Cr and a net loss of Rs 44.52 Cr. This filing represents a routine statutory disclosure under SEBI LODR regulations.

Transcript for Q1 FY27 earnings conference call published on August 17, 2026
Earnings call was conducted on August 14, 2026
Disclosed in compliance with Regulation 30 of SEBI Listing Regulations

💡 Investors may review the full transcript on the company website for detailed management commentary regarding project execution timelines, margins, and order inflow guidance.

H.G. Infra Releases Q1 FY27 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 14 Aug 2026, 02:58 PM

H.G. Infra Engineering Limited has released the audio recording of its Q1 FY27 earnings conference call held on August 14, 2026. The call discussed the company's unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. Investors can access management commentary regarding the current order book of Rs 14,656 Cr and the ongoing diversification into Solar EPC and BESS segments. This filing is a standard regulatory requirement following quarterly results.

Earnings conference call for Q1 FY27 conducted on August 14, 2026
Order book visibility of Rs 14,656 Cr as of June 30, 2025, representing 2.4x FY25 revenue
Non-highway segment contribution reached 34% of the total order book by 2025
Targeting monetization of 5 HAM assets to recycle Rs 767 Cr of equity by FY26

💡 Investors should review the recording for management's outlook on the 12-15% expected growth rate and the impact of elongated billing cycles on working capital.

HGINFRA Q1 FY27: Standalone Revenue falls 47% YoY to ₹907 Cr; Consolidated Net Loss of ₹44.5 Cr

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 13 Aug 2026, 11:38 AM

H.G. Infra Engineering reported a weak Q1 FY27 with standalone revenue declining 46.9% YoY to ₹907.2 Cr and standalone PAT falling 77.5% to ₹28.3 Cr. The consolidated performance was severely impacted by a ₹146.8 Cr exceptional loss, leading to a net loss of ₹44.5 Cr for the quarter compared to a ₹99.3 Cr profit last year. Despite the earnings dip, the order book remains robust at ₹14,502 Cr, providing 2.77x revenue visibility relative to TTM revenue. The company continues its diversification into Solar and Railways, which now form a significant portion of the backlog.

Standalone revenue decreased by 46.9% YoY to ₹907.2 Cr in Q1 FY27 from ₹1,709.2 Cr in Q1 FY26
Consolidated net loss of ₹44.5 Cr reported, primarily due to a ₹146.8 Cr exceptional item
Order book stands at ₹14,502 Cr as of June 2026, covering 2.77x of TTM revenue
Standalone EBITDA margins contracted sharply to 8.49% in Q1 FY27 from 13.79% in Q1 FY26
Diversified portfolio now includes 163 solar plants and 10 railway projects across 14 states

💡 Investors should monitor the recovery in execution pace in the coming quarters and seek clarity on the nature of the ₹146.8 Cr consolidated exceptional loss. Watch for the successful monetization of the remaining 5 HAM assets planned for FY26 to recycle capital.

HGINFRA Q1 Results: Consolidated Net Loss of ₹44.5 Cr; Standalone Revenue Drops 47% YoY

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 12 Aug 2026, 05:10 PM

H.G. Infra Engineering reported a weak Q1 FY27 with standalone revenue falling 46.9% YoY to ₹907.24 Cr compared to ₹1,709.24 Cr in Q1 FY26. The company swung to a consolidated net loss of ₹44.52 Cr from a profit of ₹99.26 Cr in the year-ago period. Performance was impacted by lower execution and an exceptional item of ₹30.11 Cr. Additionally, the company disclosed ongoing CBI search proceedings involving the CMD and employees, though management claims no material impact on operations.

Standalone Revenue from operations declined 46.9% YoY to ₹907.24 Cr.
Consolidated Net Profit swung to a loss of ₹44.52 Cr from a profit of ₹99.26 Cr YoY.
Standalone EPS dropped significantly to ₹4.34 from ₹19.25 in the same quarter last year.
Consolidated Operating Margin improved to 27.60% from 17.52% YoY, despite lower revenue.
CBI confiscated ₹0.77 million from an employee and ₹0.93 million from the CMD's residence during search proceedings.

💡 Investors should monitor the execution timeline for the ₹14,656 Cr order book to see if the Q1 revenue dip is temporary. The outcome of the CBI investigation and the progress of the planned monetization of 5 HAM assets are key variables to watch.

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.