NSE: HGINFRA · BSE: 541019
H.G.INFRA ENGINEERING LTD
Operates as an EPC contractor building roads, railways, metro, solar, battery storage and power transmission projects. Construction accounted for 100% of segment revenue in the FY26 period, with EBIT of Rs 596.972 crore on segment revenue of Rs 5,666.677 crore. A separate Renewable Energy segment appears in historical trend data, recording Rs 111.996 crore of revenue for the year ending March 2026. The BRSR filing shows road construction makes up 97.86% of turnover and solar power 2.14%. Order book at the end of FY26 stood at about Rs 10,147 crore, with new orders of about Rs 4,504 crore secured during the year. Materials at 36% of revenue and other operating expenses at 38% are the largest cost components, with capex at 18.2% of revenue indicating an asset-heavy operating model. The company has been pruning its solar SPV portfolio, with several step-down subsidiaries struck off in mid-2026, while taking on a power transmission SPV (WR ER Part C) for Rs 5 lakh cash consideration. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Construction (100%), Renewable Energy. Order-driven, asset-heavy civil construction EPC with growing exposure to renewables and power transmission
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,751 | 4,622 | 5,378 | 5,056 | 5,235 |
| EBITDA (ex other income) | 710 | 895 | 1,080 | 1,075 | 1,063 |
| margin % | 18.9 | 19.4 | 20.1 | 21.3 | 20.3 |
| Owners' profit | 380 | 493 | 539 | 505 | 330 |
| EPS, as reported (₹) | 58.31 | 75.68 | 82.64 | 77.55 | 50.61 |
| ROE % · ROCE % | 26.5 · 26.0 | 25.7 · 23.6 | 21.9 · 24.7 | 17.1 · 14.9 | 10.1 · 13.0 |
| Debt / equity (x) | 0.82 | 0.99 | 0.61 | 1.39 | 1.50 |
| Cash from operations | (322) | (139) | (311) | (422) | 250 |
| Capex | (68) | (338) | (233) | (1,559) | (953) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 902 | 1,265 | 1,361 | 1,482 | 905 | 1,421 | 1,427 | 1,101 |
| Profit before tax | 125 | 179 | 151 | 132 | 72 | 139 | 112 | (0) |
| Net profit | 81 | 115 | 147 | 99 | 52 | 94 | 85 | (45) |
| EPS (₹) | 12.38 | 17.66 | 22.56 | 15.23 | 7.95 | 14.44 | 12.99 | (6.83) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Construction | 6,006 | 98.2 |
| Renewable Energy | 101 | 1.6 |
| Renewable energy | 11 | 0.2 |
| Total, before eliminations | 6,118 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,22,964 | 31.5 | 4.07 | 19.0 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 38,385 | 42.7 | 3.91 | 27.6 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 22,786 | 20.1 | 2.95 | 10.3 | 13.3 | 15.0 | 16.0 | 10.0 |
| CEMINDIA PROJECTS LIMITED | 21,114 | 35.1 | 8.80 | 17.9 | 24.9 | 31.7 | 29.8 | 10.5 |
| IRB INFRA DEV LTD. | 19,421 | 14.9 | 0.93 | 9.4 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 18,857 | 25.5 | 5.86 | 15.3 | 23.1 | 29.7 | 13.5 | 9.6 |
| ENGINEERS INDIA LTD | 14,470 | 18.5 | 4.60 | 16.1 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 9,873 | 22.9 | 2.38 | 16.2 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.3 | 13.5 | 50 of 101 | 51% |
| P/B | 0.8 | 1.3 | 22 of 85 | 74% |
| ROCE | 6.4 | 10.0 | 66 of 107 | 39% |
| ROE | 10.1 | 9.1 | 39 of 87 | 56% |
| Debt / Equity | 1.5 | 0.4 | 82 of 87 | 6% |
| EBITDA margin | 14.8 | 12.4 | 39 of 88 | 56% |
| Revenue growth | (25.8) | 6.2 | 76 of 86 | 12% |
| Profit growth | (144.8) | 2.7 | 77 of 84 | 8% |
| Market cap | 2482 | 456 | 30 of 107 | 73% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 12 Oct 2026 · Routine compliance certificate filed with stock exchanges | compliance | minimal | — | — |
| 11 Oct 2026 · H.G. Infra incorporates Section 8 SPV for PM-SETU ITI project | strategic transactions | medium | — | — |
| 7 Oct 2026 · H.G. Infra submits ISIN details for debt securities for H2 FY26 | compliance | minimal | — | — |
| 7 Oct 2026 · H.G. Infra files half-yearly ISIN details for INR 400 Cr NCDs | compliance | minimal | — | — |
| 6 Oct 2026 · Karnataka tax demand of Rs 94 crore fully dropped | regulatory legal | high | — | — |
| 29 Sept 2026 · HG Infra subsidiary achieves financial closure for Rs 1,582 Cr Odisha highway project | business updates | medium | — | — |
| 26 Sept 2026 · H.G. Infra acquires 100% stake in Ranipur Chunar Power Transmission SPV | strategic transactions | high | — | — |
| 24 Sept 2026 · H.G. Infra receives completion certificate for Delhi road project worth about 1,393 crore | business updates | medium | — | — |
| 22 Sept 2026 · Trading Window Closure for Q2 FY26-27 Results | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.