Update on Projects
HGINFRA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
H.G. Infra Engineering Ltd, which had been declared L1 bidder for two Nagpur-Chandrapur Expressway packages (NC-04 and NC-05), has disclosed that MSRDC unexpectedly returned the Bank Guarantees submitted for these projects without providing any reasons. The two EPC road projects had a combined bid value of approximately INR 4,142 crore (NC-04: INR 1,991.11 crore for 28.2 km; NC-05: INR 2,151.11 crore for 31.75 km). Despite seeking clarification from MSRDC, the company has received no formal response regarding the project status. As a precautionary measure, the company has decided not to include these projects in its executable order book until clarity emerges.
This is a significant negative development as the company loses visibility on two large-value projects totaling over INR 4,100 crore. Until MSRDC provides clarity, investors should expect the executable order book to remain lower than previously anticipated, which could impact near-term revenue guidance.