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HILINFRA - Highway Infra

📊 NSE: HILINFRA 🏢 Road AssetsToll, Annuity, Hybrid-Annuity 📅 Last Updated: 11/13/2025 15:25

📢 Recent Corporate Announcements

Highway Infrastructure Expands Scope to Include Toll Operations, Renewables, and Hospitality

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 13 Apr 2026, 04:42 PM

Highway Infrastructure Limited (HILINFRA) has received shareholder approval to significantly broaden its business objects through amendments to its Memorandum of Association (MOA). The company is now authorized to enter high-growth sectors including toll collection, wayside amenities, renewable energy projects (solar/wind), and hospitality infrastructure like hotels and hospitals. This strategic shift allows the company to move beyond pure construction into operational management and diversified asset ownership. Additionally, the Articles of Association (AOA) were updated to formalize the promoter director list and streamline administrative processes.

Shareholders approved MOA and AOA amendments via postal ballot with results finalized on April 13, 2026.
New Object Clause III A (5) enables entry into hospitality, healthcare, malls, and renewable energy sectors.
New Object Clause III A (6) specifically authorizes the company to engage in toll collection and management of highway amenities.
The company can now participate in Public-Private Partnership (PPP) models for toll systems and EV charging infrastructure.
AOA updated to list Anoop Agrawal, Arun Kumar Jain, and Riddharth Jain as the official promoter directors.

💡 Investors should view this as a long-term positive move toward business diversification and recurring revenue streams. Monitor upcoming project bids in the tolling and renewable energy sectors to gauge the execution of this new strategy.

HILINFRA Shareholders Approve MOA and AOA Alterations with 99.99% Majority

🟡 NEUTRAL ⭐ 6/10

REGULATORY 📅 13 Apr 2026, 04:16 PM

Highway Infrastructure Limited (HILINFRA) has successfully passed two special resolutions via postal ballot to alter its Memorandum of Association (MOA) and Articles of Association (AOA). The primary change involves the 'Object Clause' of the MOA, which typically indicates a shift or expansion in the company's business focus. The resolutions received near-unanimous support, with 53,197,086 votes in favor out of 53,197,658 total votes cast. This high level of consensus, including 100% support from the promoter group, suggests strong alignment on the company's future strategic direction.

Special resolutions for altering the MOA Object Clause and AOA were passed with over 99.99% majority.
Total valid votes polled amounted to 53,197,658 shares, with only 572 votes cast against the proposals.
The promoter group, holding 50,231,344 shares, voted 100% in favor of both resolutions.
Public non-institutional shareholders polled 2,966,314 votes, with 99.98% supporting the changes.

💡 Investors should watch for subsequent filings to understand the specific new business activities enabled by the altered Object Clause. The overwhelming shareholder support is a positive sign of confidence in management's proposed strategic changes.

Highway Infrastructure Debarred by NHAI for 3 Months Following LOA Withdrawal

🔴 NEGATIVE ⭐ 7/10

REGULATORY 📅 09 Apr 2026, 10:51 PM

Highway Infrastructure Limited has decided to withdraw its acceptance of the Letter of Acceptance (LOA) for the Venkatapalem Fee Plaza operations in Andhra Pradesh. As a direct consequence of this non-acceptance, the National Highway Authority of India (NHAI) has debarred the company, including all its directors and owners, from the list of pre-qualified bidders. This debarment is effective for a period of three months, during which the company cannot participate in any new NHAI tenders. This development represents a temporary halt in the company's ability to secure new business from a primary government authority.

Withdrawal of Letter of Acceptance (LOA) for Venkatapalem Fee Plaza operations in Andhra Pradesh
NHAI has debarred the company and all directors from bidding for a period of 3 months
Company is ineligible to participate in any NHAI tenders during the debarment period
The decision follows the company's own management choice to not proceed with the LOA issued in late March 2026

💡 Investors should exercise caution as the 3-month debarment will restrict order book growth from NHAI, a key client. It is important to monitor if this withdrawal indicates underlying operational or financial constraints within the company's project execution strategy.

Highway Infrastructure Limited to Close Trading Window from April 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Mar 2026, 02:38 PM

Highway Infrastructure Limited (HILINFRA) has announced the closure of its trading window starting April 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations. This closure is ahead of the company's consideration and approval of audited financial results for the quarter and year ended March 31, 2026. The window will remain closed for all designated persons and their immediate relatives until 48 hours after the results are declared. Additionally, the company confirmed that PANs of designated persons will be frozen by NSDL during this period.

Trading window closure effective from April 1, 2026, for all insiders and designated persons.
Closure is in view of the audited financial results for the quarter and year ending March 31, 2026.
The window will reopen 48 hours after the official declaration of the financial results.
PANs of designated persons will be frozen by NSDL as per SEBI circular dated July 19, 2023.

💡 No action is required as this is a routine regulatory filing. Investors should look forward to the upcoming annual financial results to evaluate the company's performance.

Highway Infrastructure Bags ₹35.44 Crore NHAI Contract for Venkatapalem Fee Plaza

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 26 Mar 2026, 09:50 AM

Highway Infrastructure Limited has secured a Letter of Acceptance from the National Highways Authority of India (NHAI) for user fee collection operations. The contract is valued at approximately ₹35.44 Crores and pertains to the Venkatapalem Fee Plaza in Andhra Pradesh. The project involves the 6-laning of the Vijayawada Bypass on NH-16 and includes maintenance of adjacent facilities. The execution period for this contract is set at 90 days, indicating a short-term revenue boost.

Contract awarded by NHAI for user fee collection at Venkatapalem Fee Plaza
Total contract value stands at ₹35,43,99,930 (approx. ₹35.44 Crores)
The project covers the Vijayawada Bypass section of NH-16 in Andhra Pradesh
Execution timeline is short, spanning 90 days
Includes maintenance of adjacent toilet blocks and consumable recouping

💡 Investors should monitor the company's ability to secure similar short-term high-value contracts to maintain revenue momentum. The quick execution cycle suggests immediate impact on the upcoming quarterly financials.

Highway Infrastructure Bags ₹15.64 Cr NHAI Contract for Katiyara Fee Plaza

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 23 Mar 2026, 05:38 PM

Highway Infrastructure Limited (HILINFRA) has officially signed a contract agreement with the National Highways Authority of India (NHAI) for the operation and collection of user fees at the Katiyara Fee Plaza in Bihar. The contract is valued at approximately ₹15.64 crores and is scheduled for a 90-day execution period. The company will formally take over operations on April 5, 2026, following the Letter of Acceptance issued in February. This move solidifies the company's revenue pipeline in the toll management segment.

Contract value is fixed at ₹15,63,99,930 for user fee collection and maintenance
Project covers the Katiyara Fee Plaza on the Pararia-Mohania section of NH-319 in Bihar
Execution timeline is set for 90 days with operations commencing April 5, 2026
Awarded by a domestic government entity, the National Highways Authority of India (NHAI)

💡 Investors should view this as a positive development for short-term revenue visibility and monitor the company's efficiency in managing high-velocity tolling contracts.

HILINFRA Proposes Expansion into Hospitality, Toll Management, and Renewable Energy

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 09 Mar 2026, 02:59 PM

Highway Infrastructure Limited is seeking shareholder approval via postal ballot to significantly broaden its business scope. The proposed changes to the Memorandum of Association include entering the hospitality, healthcare, and renewable energy sectors. Furthermore, the company plans to engage in toll collection and management services for various infrastructure projects. This move suggests a strategic pivot towards a diversified infrastructure and services model.

Proposed addition of Clause III A (5) to MoA covering hotels, hospitals, malls, and sports complexes.
Proposed addition of Clause III A (6) for toll collection and management on highways and expressways.
Expansion into green energy including solar parks, wind farms, and EV charging infrastructure.
Remote e-voting period set for March 13, 2026, to April 11, 2026, with results by April 13, 2026.

💡 Investors should monitor the company's upcoming capital expenditure plans and project announcements related to these new segments. While diversification can provide new revenue streams, the execution risk in non-core areas like hospitality and renewable energy should be carefully assessed.

Highway Infrastructure Ltd Updates MCA Status to Listed with ₹35.86 Cr Paid-up Capital

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 03 Mar 2026, 12:00 PM

Highway Infrastructure Limited (HILINFRA) has announced the formal update of its Corporate Identification Number (CIN) status from unlisted to listed in the MCA Master Data. The company's paid-up capital is reported at ₹35.86 crores out of an authorized capital of ₹40 crores. This update ensures that the Ministry of Corporate Affairs records are now aligned with the company's current status on the stock exchanges. The company remains in 'ACTIVE' compliance status with its last AGM conducted on July 17, 2025.

CIN updated to L45203MP2006PLC018398 reflecting listed status in MCA records
Paid-up capital stands at ₹35,86,03,160 against an authorized capital of ₹40,00,00,000
Company maintains 'ACTIVE' compliance status with ROC Gwalior
Last Annual General Meeting (AGM) was successfully held on July 17, 2025

💡 This is a routine administrative update following the company's listing and does not impact business operations. Investors should continue to monitor the company's project execution and quarterly financial performance.

Highway Infrastructure Bags ₹15.64 Cr NHAI Order for Katiyara Fee Plaza Operations

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 25 Feb 2026, 07:22 PM

Highway Infrastructure Limited (HILINFRA) has received a Letter of Acceptance from the National Highways Authority of India (NHAI) for a contract worth ₹15.64 crore. The order involves the operation and collection of user fees at the Katiyara Fee Plaza located on NH-319 in Bihar. This domestic contract has a short execution timeline of 90 days. The scope also includes the maintenance of adjacent toilet blocks and management of consumables at the site.

Total contract value awarded by NHAI is ₹15,63,99,930
Project involves user fee collection at Katiyara Fee Plaza, Rohtas district, Bihar
The contract duration is specified as 90 days for execution
Includes upkeep and maintenance of adjacent toilet facilities at the plaza

💡 This short-term contract provides immediate revenue visibility; however, investors should monitor the company's ability to secure longer-term O&M projects. Watch for execution efficiency as these fee-collection contracts typically operate on high-volume, tight-margin models.

Highway Infrastructure Bags ₹154.60 Cr NHAI Contract for Fee Plaza Operations in Gujarat

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 20 Feb 2026, 06:33 PM

Highway Infrastructure Limited has officially signed a contract agreement with the National Highways Authority of India (NHAI) for user fee collection operations. The contract is valued at approximately ₹154.60 Crores and involves managing the Moti Naroli, Ena, and Gandevi Fee Plazas on the Vadodara-Mumbai Expressway in Gujarat. The project has a short execution timeline of 90 days, providing immediate revenue visibility for the company. This follows the Letter of Acceptance previously received on February 16, 2026.

Awarded a contract worth ₹154,59,99,930 by the National Highways Authority of India (NHAI).
Scope includes user fee collection at Moti Naroli, Ena, and Gandevi Fee Plazas on the Vadodara-Mumbai Expressway.
The contract covers multiple sections of the expressway spanning from Ankleshwar to Gandeva in Gujarat.
Execution timeline is set for a period of 90 days.
Includes additional responsibility for the upkeep and maintenance of adjacent toilet blocks.

💡 Investors should view this as a positive development for short-term revenue growth and monitor the company's ability to secure similar high-value operational contracts from NHAI.

Highway Infrastructure Limited to Host One-on-One Investor Meetings in Mumbai on Feb 20, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 17 Feb 2026, 07:00 PM

Highway Infrastructure Limited (HILINFRA) has scheduled in-person one-on-one meetings with institutional investors and analysts in Mumbai. The event is set for February 20, 2026, between 11:00 AM and 5:00 PM. This disclosure is made under Regulation 30 of SEBI (LODR) Regulations, 2015. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be discussed during these sessions.

Scheduled one-on-one meetings with investors and analysts on February 20, 2026.
Interaction will take place in-person in Mumbai from 11:00 AM to 5:00 PM.
Compliance disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015.
Company confirmed that no Unpublished Price Sensitive Information will be shared.

💡 Investors should monitor the company's website or exchange filings for any post-meet presentations or transcripts that may provide insights into the company's growth strategy. No immediate trading action is required as this is a routine investor relations activity.

Highway Infrastructure Limited: Group Corporate Legal Officer Khushboo Palod Resigns

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 16 Feb 2026, 12:21 PM

Highway Infrastructure Limited (HILINFRA) has announced the resignation of Ms. Khushboo Palod from her role as Group Corporate Legal Officer. The resignation is effective from the close of business hours on February 16, 2026. The company disclosed this change in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This is a routine management transition and no immediate operational impact is expected.

Ms. Khushboo Palod resigned as Group Corporate Legal Officer effective February 16, 2026.
The resignation was processed and announced on the same day, February 16, 2026.
The filing was made under SEBI Listing Regulations and Master Circular dated November 11, 2024.
No specific successor has been named in the current regulatory filing.

💡 This is a routine administrative change and does not require any immediate action from investors. Monitor future filings for the appointment of a new legal officer to ensure continued regulatory compliance.

HILINFRA Q3 FY26: Record Order Book of ₹1,160 Cr and 34% YoY PAT Growth

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 12 Feb 2026, 06:15 PM

Highway Infrastructure Limited reported a 34.3% YoY increase in consolidated PAT to ₹6.3 crores for Q3 FY26, while 9M FY26 PAT surged 121.5% to ₹23.1 crores. The company's consolidated order book reached a record ₹1,160 crores as of January 2026, a 4x increase compared to March 2025. Management highlighted the acquisition of the ₹328.8 crore Kaza Fee Plaza mandate as a transformative milestone for their tolling vertical. The company is diversifying geographically into Gujarat and the Northeast while maintaining a 77% government client mix.

Consolidated order book reached ₹1,160 crores, a 181% increase since September 2025
9M FY26 Standalone PAT grew by 192% YoY to ₹22.9 crores
Secured the company's largest tollway collection mandate worth ₹328.8 crores in Andhra Pradesh
EPC vertical has visibility for ₹400-450 crores in project completions over the next two years
77% of the customer mix consists of government entities, ensuring payment security

💡 The massive jump in the order book provides strong revenue visibility for the next two fiscal years; investors should monitor execution efficiency. The transition to an asset-light tolling model is a positive structural shift that could significantly improve long-term return ratios.

HILINFRA Bags ₹64.69 Crore NHAI Contract for Mundka Fee Plaza Operations

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 10 Feb 2026, 05:18 PM

Highway Infrastructure Limited (HILINFRA) has signed a formal contract agreement with the National Highways Authority of India (NHAI) for toll collection operations. The contract involves the operation and collection of user fees at the Mundka Fee Plaza in Delhi and Haryana for a period of 90 days. Valued at approximately ₹64.69 Crores, the project also includes the maintenance of adjacent facilities. The company is scheduled to take over the plaza operations on February 26, 2026.

Contract awarded by National Highways Authority of India (NHAI) for the Mundka Fee Plaza.
Total contract consideration is valued at ₹64,68,99,930.
The execution period for the contract is set for 90 days.
Official takeover of the fee plaza is scheduled for February 26, 2026.
Scope includes user fee collection and upkeep of adjacent toilet blocks and consumables.

💡 Investors should view this as a positive short-term revenue driver, though the 90-day duration suggests it is a temporary mandate. Monitor if the company can convert such short-term NHAI contracts into long-term operational assets.

Highway Infrastructure Ltd Shares Q3 FY26 Earnings Call Recording

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Feb 2026, 04:40 PM

Highway Infrastructure Limited (HILINFRA) has released the audio recording of its Q3 FY 2025-26 earnings conference call held on February 9, 2026. The call provided a platform for management to discuss the unaudited financial results for the quarter ended December 31, 2025. This filing is a mandatory disclosure under SEBI LODR Regulations to ensure transparency for all shareholders. Investors can access the detailed discussion through the provided web link on the company's official website.

Q3 FY 2025-26 earnings call recording made available on February 9, 2026
Discussion centered on unaudited financial results for the period ending December 31, 2025
The disclosure follows SEBI Listing Obligations and Disclosure Requirements (LODR) 2015
Weblink provided for investors to access management commentary and Q&A sessions

💡 Investors should review the recording for qualitative insights into the company's project pipeline and margin guidance. This is a routine update and does not change the fundamental outlook on its own.

View All HILINFRA Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Revenue is dominated by Tollway Collection which contributed 73% in FY25 and increased to 78% in H1 FY26. EPC Infra contributed 23% in FY25 (declining to 20% in H1 FY26), while Real Estate and Others accounted for 4% in FY25 (2% in H1 FY26). Total revenue grew from INR 266.48 Cr in FY23 to INR 402 Cr in FY24 (a 50.8% increase) and reached INR 495.7 Cr in FY25.

Geographic Revenue Split

The company has a presence across 11 states and 1 Union Territory, with a strong historical concentration in Madhya Pradesh (Indore). It is actively expanding into high-growth states including Assam, Gujarat, and Daman & Diu to diversify its regional footprint.

Profitability Margins

PAT margins improved from 4.39% in FY23 to 4.70% in FY24. In H1 FY26, the PAT margin saw a significant jump to 7.4% compared to 2.5% in H1 FY25, driven by a 192% YoY increase in PAT to INR 16.9 Cr. Gross margins for H1 FY26 stood at 16.5% compared to 8.9% in H1 FY25.

EBITDA Margin

EBITDA margin for H1 FY26 was 11.3%, a significant improvement from 5.6% in H1 FY25. This 102% YoY growth in EBITDA (INR 25.8 Cr vs INR 12.7 Cr) is attributed to lower raw material costs and reduced finance costs. Management targets an EBITDA range of 8-12% for FY27-28.

Capital Expenditure

The company maintains an asset-light model in real estate but requires significant capital for EPC and toll deposits. Networth increased to INR 211.1 Cr as of September 2025 from INR 117.7 Cr in March 2025, providing a cushion for planned expansions without major debt-funded capex.

Credit Rating & Borrowing

CRISIL reaffirmed 'CRISIL BBB/Positive' for long-term and 'CRISIL A3+' for short-term facilities. Borrowing costs are declining as the debt-to-equity ratio improved from 0.61x in March 2025 to 0.28x in September 2025. Interest coverage is comfortable at approximately 4.5 to 5 times.

⚙️ Operational Drivers

Raw Materials

Key raw materials include bitumen, steel, cement, and other construction aggregates required for EPC projects. While specific percentage splits per material are not disclosed, they constitute the bulk of the COGS which was INR 190.3 Cr in H1 FY26.

Import Sources

Sourced primarily from domestic suppliers within India, particularly in states where projects are executed such as Madhya Pradesh and Gujarat, to minimize logistics costs.

Key Suppliers

Not disclosed in available documents, though the company maintains established relationships with a diversified base of local suppliers and customers.

Capacity Expansion

HIL has completed 90+ projects and has 25+ ongoing projects. It is expanding its execution capacity to target an order book of INR 1,000 Cr by the end of FY26, up from the current ~INR 775 Cr.

Raw Material Costs

COGS as a percentage of revenue decreased significantly in H1 FY26, supporting a gross profit of INR 37.5 Cr (up 86.6% YoY). Procurement strategies focus on passing on government-led SEZ benefits and raw material cost reductions to improve margins.

Manufacturing Efficiency

Execution efficiency is critical as 60-65% of revenue is typically booked in Q3 and Q4 due to the seasonal nature of construction and contract billing cycles.

📈 Strategic Growth

Expected Growth Rate

27%

Growth Strategy

HIL aims to achieve growth by aggressively bidding for new contracts (25% success ratio) to reach a INR 1,000 Cr order book. It is shifting focus toward higher-margin EPC projects (12-13% margin) over toll management (5-5.5% margin) and expanding geographically into Assam and Gujarat.

Products & Services

Roads, bridges, and building construction (EPC); Toll collection management services; Residential housing (PMAY); Commercial real estate leasing and hospitality properties.

Brand Portfolio

Karuna Sagar, Neww York City (Residential Real Estate projects).

New Products/Services

Venturing into newer infrastructure models beyond HAM (Hybrid Annuity Model) and expanding commercial real estate lease rentals to create steady annuity-like revenue streams.

Market Expansion

Targeting high-growth states like Assam, Gujarat, and Daman & Diu to reduce geographic concentration in Madhya Pradesh.

Strategic Alliances

Collaborates with government departments including NHAI, MPIDC, AICTSL, and Indore Municipal Corporation for work orders.

🌍 External Factors

Industry Trends

The industry is shifting toward technological advancements in tolling (FASTag, NPCI) which enhances user experience and collection efficiency. The National Highway network has grown 60% since 2014, creating a massive tailwind for maintenance and tolling contracts.

Competitive Landscape

Intense competition in the construction and tolling sectors requires aggressive bidding, which historically restricted HIL's operating margins to around 7%.

Competitive Moat

Moat is built on 20+ years of promoter experience and established relationships with government bodies. This provides a 'start-up benefit' when venturing into newer infrastructure models, though the moat is subject to intense competition.

Macro Economic Sensitivity

Highly sensitive to government infrastructure spending. The Union Budget 2025-26 allocated INR 2.87 lakh crore to MoRTH (up 2.4% YoY), which directly impacts HIL's tender pipeline.

Consumer Behavior

Rapid urbanization and population growth are increasing vehicular traffic, which directly drives revenue growth in the Tollway Collection segment.

Geopolitical Risks

Minimal direct exposure as operations are domestic, but macro-economic shifts affecting interest rates impact finance costs for capital-intensive projects.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by NHAI and MoRTH regulations for road construction and tolling. Compliance with PMAY guidelines is required for residential projects.

Taxation Policy Impact

The company incurred a tax expense of INR 5.5 Cr in H1 FY26 on a PBT of INR 22.4 Cr, representing an effective tax rate of approximately 24.5%.

Legal Contingencies

HIL was previously noted for non-cooperation with Brickwork Ratings in 2020 due to non-furnishing of information. No other specific pending court cases or values were disclosed.

⚠️ Risk Analysis

Key Uncertainties

Revenue is 100% dependent on winning tenders; failure to win new bids would significantly impact revenue visibility. Cyclicality in the construction industry remains a core risk.