NSE: HILINFRA · BSE: 544477
HIGHWAY INFRASTRUCTURE L
Operates highway toll plazas, executes infrastructure construction work and hires out machinery across India. Highway Infrastructure Limited, listed on NSE and BSE, recorded FY26 revenue of Rs 608.002 cr (net profit Rs 31.806 cr) split across three divisions: Toll at Rs 471.435 cr (77.5% of segment revenue, EBIT Rs 30.921 cr), Work Contract and Machineries & Equipments Hire at Rs 126.438 cr (20.8%, EBIT Rs 16.023 cr), and Real Estate at Rs 10.129 cr (1.7%, EBIT Rs 4.603 cr). The tolling arm collects user fees from vehicles on national and state highways under contracts from NHAI and other public agencies, with the largest single mandate being the Kaza Fee Plaza on NH16 worth Rs 328.8 cr. The construction and machinery-hire arm builds roads and other infrastructure and rents out equipment, primarily to government clients; the real estate arm runs commercial properties, with management positioning it for recurring annuity income via leasing. Materials accounted for 94.1% of revenue (employees 2.3%, other opex 1.9%), an input-heavy cost shape consistent with a subcontracted contracting model. Management has guided FY27 revenue of about Rs 1,000 cr, split roughly Rs 700 cr from EPC and Rs 300 cr from toll plus real estate. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Toll Division (78%), Work Contract and Machineries & Equipments Hire Division (21%), Real Estate Division (2%). Asset-light infrastructure services spanning toll collection, EPC contracting and equipment hire
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 608 |
| EBITDA (ex other income) | 26 |
| margin % | 4.3 |
| Owners' profit | 32 |
| EPS, as reported (₹) | 4.80 |
| ROE % · ROCE % | 13.9 · 20.0 |
| Debt / equity (x) | 0.45 |
| Cash from operations | (66) |
| Capex | (7) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|
| Revenue | 112 | 207 | 127 | 275 | 303 |
| Profit before tax | 10 | 22 | 8 | 12 | 2 |
| Net profit | 7 | 17 | 6 | 9 | 1 |
| EPS (₹) | 1.25 | 2.53 | 0.96 | 1.31 | 0.16 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Toll Division | 563 | 78.2 |
| Work Contract Division Machineries & Equipments Hire Division | 60 | 8.3 |
| Real Estate Division | 11 | 1.5 |
| Work Contract Division and Machineries & Equipments Hire Division | 87 | 12.0 |
| Total, before eliminations | 720 | 100.0 |
Exhibit 4: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · NHAI awards Rs 91.77 crore fee collection contract | business updates | medium | — | — |
| 24 Oct 2026 · Share capital audit confirms no discrepancies | compliance | minimal | — | — |
| 23 Oct 2026 · NHAI awards Rs 340.08 crore toll collection contract | business updates | medium | — | — |
| 22 Oct 2026 · EGM notice published in newspapers; meeting on November 13, 2026 | compliance | minimal | — | — |
| 21 Oct 2026 · EGM on Nov 13 to consider share capital hike and promoter warrants issue | board shareholder meetings | low | — | — |
| 16 Oct 2026 · Highway Infrastructure appoints Finportal as Investor Relations agency | business updates | low | — | — |
| 14 Oct 2026 · Board nod for promoter warrants and subsidiary acquisition | fund raising | high | — | — |
| 14 Oct 2026 · Highway Infra acquires 51% stake, plans promoter warrant issue | strategic transactions | high | — | — |
| 14 Oct 2026 · Board okays Rs 49.82 cr promoter warrants, capital hike, 51% acquisition | corporate actions | medium | — | — |
| 14 Oct 2026 · Board okays Rs 49.82 cr warrants to promoters, 51% acquisition | board shareholder meetings | low | — | — |
How to read this document
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|---|---|---|
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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.