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H.g.infra Engineering Q2 FY27 results: net profit up 53.9% to ₹79.76 crore, revenue up 7.6%
H.G. Infra Engineering reported consolidated Q2 FY27 revenue of ₹973.59 crore, up 7.6% from a year earlier, while net profit rose 53.9% to ₹79.76 crore. EBITDA increased 21.0% to ₹249.53 crore and margin improved to 25.6% from 22.8%, although revenue and EBITDA were lower than in Q1 FY27.
Key points
- Consolidated revenue was ₹973.59 crore in Q2 FY27, up 7.6% from ₹904.50 crore in Q2 FY26 but down 11.5% from Q1 FY27.
- EBITDA rose to ₹249.53 crore from ₹206.23 crore a year earlier, while margin increased to 25.6% from 22.8%.
- Net profit was ₹79.76 crore, up 53.9% from ₹51.84 crore in Q2 FY26 and higher than the ₹44.52 crore loss in Q1 FY27.
- Basic EPS was ₹12.24, up from ₹7.95 in Q2 FY26; consolidated H1 FY27 revenue fell 13.1% while PAT rose 20.5%.
How did H.g.infra Engineering perform in Q2 FY27?
H.G. Infra Engineering reported consolidated revenue of ₹973.59 crore for Q2 FY27, up ₹69.09 crore, or 7.6%, from ₹904.50 crore in Q2 FY26. Against Q1 FY27, revenue fell ₹127 crore, or 11.5%, from ₹1,101 crore. Total income was ₹997.47 crore, up 8.7% from a year earlier but down 9.8% sequentially.
Consolidated EBITDA was ₹249.53 crore, up ₹43.30 crore, or 21.0%, from ₹206.23 crore in Q2 FY26 and down ₹54.27 crore, or 17.9%, from Q1 FY27. EBITDA margin was 25.6%, compared with 22.8% a year earlier and 27.6% in the previous quarter.
Profit before tax was ₹104.73 crore, up 46.4% from ₹71.55 crore in Q2 FY26 and a ₹104.90 crore improvement from the ₹0.17 crore loss in Q1 FY27. Net profit was ₹79.76 crore, up 53.9% from ₹51.84 crore a year earlier and ₹124.28 crore above the ₹44.52 crore loss in Q1 FY27. Basic EPS was ₹12.24, compared with ₹7.95 in Q2 FY26 and a loss of ₹6.83 in Q1 FY27.
On a standalone basis, Q2 FY27 revenue was ₹883.22 crore, down 23.4% from the year-ago period, while PAT was ₹32.13 crore against profit before exceptional item of ₹67.31 crore. The quarter’s consolidated figures therefore differed from the standalone presentation.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 973.59 | 1,101 | 904.50 | +7.6% | −11.5% |
| Other income | 23.88 | 5.47 | 13.48 | +77.2% | +336.6% |
| Total expenses | 892.74 | 959.44 | 846.43 | +5.5% | −7.0% |
| EBITDA | 249.53 | 303.80 | 206.23 | +21.0% | −17.9% |
| EBITDA margin | 25.6% | 27.6% | 22.8% | +2.8 pp | −2.0 pp |
| Profit before tax | 104.73 | −0.17 | 71.55 | +46.4% | turned to profit |
| Tax | 24.95 | 44.11 | 19.27 | +29.5% | −43.4% |
| Net profit | 79.76 | −44.52 | 51.84 | +53.9% | turned to profit |
| EPS (₹) | 12.24 | −6.83 | 7.95 | +54.0% | turned to profit |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in H.g.infra Engineering's costs and profit?
Cost of materials fell ₹61.83 crore, or 19.5%, to ₹255.87 crore from ₹317.70 crore in Q2 FY26. Employee cost was nearly unchanged, rising ₹0.64 crore, or 0.8%, to ₹85.32 crore, while finance costs rose ₹7.94 crore, or 7.3%, to ₹116.05 crore.
Depreciation increased ₹12.58 crore, or 31.4%, to ₹52.63 crore, and other expenses rose ₹86.98 crore, or 29.4%, to ₹382.87 crore. Total expenses increased ₹46.31 crore, or 5.5%, to ₹892.74 crore, lower than the ₹959.44 crore reported in Q1 FY27.
Other income increased ₹10.40 crore, or 77.2%, to ₹23.88 crore from ₹13.48 crore in Q2 FY26. Tax expense rose ₹5.68 crore, or 29.5%, to ₹24.95 crore. There was no exceptional item in Q2 FY27, compared with a ₹146.78 crore charge in Q1 FY27.
The filings did not state a specific reason for the year-on-year movement in other expenses. Q1 FY27 had an exceptional charge of ₹146.78 crore, which the filing lists as a charge, while Q2 FY27 recorded no exceptional item.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 255.87 | 317.70 | −61.83 | −19.5% |
| Employee cost | 85.32 | 84.68 | +0.64 | +0.8% |
| Finance costs | 116.05 | 108.11 | +7.94 | +7.3% |
| Depreciation | 52.63 | 40.05 | +12.58 | +31.4% |
| Other expenses | 382.87 | 295.89 | +86.98 | +29.4% |
| Total expenses | 892.74 | 846.43 | +46.31 | +5.5% |
| Other income | 23.88 | 13.48 | +10.40 | +77.2% |
| Tax | 24.95 | 19.27 | +5.68 | +29.5% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, consolidated revenue was ₹2,074.17 crore, down ₹312.53 crore, or 13.1%, from ₹2,386.7 crore in H1 FY26. Total income fell 12.4% to ₹2,103.52 crore from ₹2,402.53 crore.
Profit before tax increased 23.6% to ₹251.34 crore from ₹203.39 crore, and PAT rose ₹30.92 crore, or 20.5%, to ₹182.02 crore from ₹151.1 crore. H1 FY27 EPS was ₹5.41, compared with ₹23.19 in H1 FY26. The consolidated investor presentation reported H1 FY27 PAT of ₹352.44 crore and EPS of 1.7% under its presentation format.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 2,074 | 2,387 | −13.1% |
| Profit before tax | 251.34 | 203.39 | +23.6% |
| Net profit | 182.02 | 151.10 | +20.5% |
| EPS (₹) | 5.41 | 23.19 | −76.7% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets were ₹10,130.92 crore as of 30 September 2026, compared with ₹10,901.02 crore as of 31 March 2026. Total equity was ₹3,305.24 crore against ₹3,281.43 crore, while borrowings fell to ₹4,880.77 crore from ₹4,933.93 crore.
Cash declined to ₹90.14 crore from ₹95.01 crore. Inventories rose to ₹480.2 crore from ₹375.12 crore, trade receivables fell to ₹601.34 crore from ₹788.17 crore, and trade payables declined to ₹1,188.25 crore from ₹1,543.02 crore.
For H1 FY27, operating cash flow was ₹230.3 crore, compared with an outflow of ₹439.36 crore in H1 FY26. Investing cash flow was ₹209.33 crore against an outflow of ₹750.6 crore, financing cash flow was a ₹297.71 crore outflow against ₹1,164.92 crore of inflow, and capex was ₹221.4 crore against ₹708.1 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 10,131 | 10,901 |
| Total equity | 3,305 | 3,281 |
| Borrowings | 4,881 | 4,934 |
| Cash and equivalents | 90.14 | 95.01 |
| Inventories | 480.20 | 375.12 |
| Trade receivables | 601.34 | 788.17 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 230.30 | −439.36 |
| Cash from investing | 209.33 | −750.60 |
| Cash from financing | −297.71 | 1,165 |
| Capital expenditure | 221.40 | 708.10 |
Source: Company's results filing (XBRL).
How has H.g.infra Engineering done over the last 8 quarters?
Revenue reached its highest reported level of ₹1,482.2 crore in Q1 FY26 and its lowest level of ₹904.5 crore in Q2 FY26. It then moved to ₹1,100.59 crore in Q1 FY27 and ₹973.59 crore in Q2 FY27, so the latest quarter was lower than the preceding quarter.
PAT peaked at ₹147.01 crore in Q4 FY25 and bottomed at a ₹44.52 crore loss in Q1 FY27. It recovered to ₹79.76 crore in Q2 FY27, above the ₹51.84 crore reported in Q2 FY26.
EBITDA margin reached 27.6% in Q1 FY27, its highest point in the reported series, and was 25.6% in Q2 FY27. The lowest margin was 16.6% in Q4 FY26. The latest margin was higher than the 22.8% recorded in Q2 FY26 but lower than in Q1 FY27.
Which businesses drove the quarter?
Construction revenue was ₹948.89 crore in Q2 FY27, down 24.1% from ₹1,250.66 crore in the year-ago quarter. Segment EBIT was ₹138.48 crore, compared with ₹199.78 crore in Q2 FY26, and the reported EBIT margin was 14.6%.
Renewable Energy revenue increased 160.1% to ₹57.72 crore from ₹22.19 crore in Q2 FY26. Segment EBIT rose to ₹29.07 crore from ₹11.37 crore, with a reported EBIT margin of 50.4%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Construction | 948.89 | −24.1% | 138.48 | 14.6% |
| Renewable Energy | 57.72 | +160.1% | 29.07 | 50.4% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
On 3 November 2026, the board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026 and took note of the limited review reports issued by the joint statutory auditors. The filing did not announce a dividend or fund raise.
The same-day investor presentation reported an order book of ₹13,685 crore as of September 2026, covering 36 active projects across roads, railway, transmission, BESS and solar. It also recorded new projects and updates on HAM projects. The board-meeting filing did not report any appointments.
The limited review report noted uncertainty concerning search proceedings by the Central Bureau of Investigation and the Anti-Corruption Bureau, Patna. The company stated that the matter had no impact on the standalone financial results at that stage, and the auditors said their conclusion was not modified in respect of it.
What did H.g.infra Engineering's management say?
Management identified land acquisition, unavailable work fronts and local disruptions as factors delaying roads, rail and metro projects. It also cited commodity inflation, competition and legacy losses as constraints on margins, and said HAM monetisation and collections depend on COD, approvals and completion of contractual conditions.
How did H.g.infra Engineering shares react?
The filing appeared after market hours. From the price when the filing appeared, HGINFRA rose 1.4% after five minutes, 3.0% after 15 minutes and 2.5% after 30 minutes. On the reaction day, the stock closed 1.8% below its previous close.
By the next day’s close, the stock was up 3.1% from its pre-results close. The Civil Construction sector’s median move was 1.8% on the reaction day and 3.0% by the next close, leaving HGINFRA 3.6 percentage points below the sector median on the reaction day and 0.2 percentage points above it by the next close. The Nifty Microcap 250 was up 2.2% on the reaction day.
Earlier results-day moves were negative on 12 August 2026, 28 May 2026, 12 February 2026, 12 November 2025, 13 August 2025 and 21 May 2025, at 4.2%, 2.7%, 1.6%, 2.3%, 3.2% and 6.5%, respectively. The stock had also fallen 5.3% on 11 November 2024 and risen 1.8% on 5 February 2025.
| After the filing | Stock | Civil Construction median |
|---|---|---|
| 5 minutes | +1.4% | |
| 15 minutes | +3.0% | |
| 30 minutes | +2.5% | |
| Reaction day | −1.8% | +1.8% |
| Next day | +3.1% | +3.0% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 12 August 2026 | −4.2% |
| 28 May 2026 | −2.7% |
| 12 February 2026 | −1.6% |
| 12 November 2025 | −2.3% |
| 13 August 2025 | −3.2% |
| 21 May 2025 | −6.5% |
| 5 February 2025 | +1.8% |
| 11 November 2024 | −5.3% |
Source: MarketPing price-reaction measurement.
How did other Civil Construction companies do?
Thirty-eight other Civil Construction companies had filed results for the quarter by 6 November 2026. Their median revenue growth was 16.2%, compared with 7.6% revenue growth at H.G. Infra Engineering.
Of the other companies, 16 grew revenue more slowly than H.G. Infra Engineering and 22 grew faster. Among the peers compared for profit, 28 reported higher profit.
| H.g.infra Engineering revenue growth (YoY) | +7.6% |
|---|---|
| Median of 38 other Civil Construction companies | +16.2% |
| Companies with slower revenue growth than H.g.infra Engineering | 16 of 38 |
| Companies with faster revenue growth than H.g.infra Engineering | 22 of 38 |
| Companies whose net profit rose | 28 of 38 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was H.g.infra Engineering's revenue in Q2 FY27?
Revenue from operations was ₹973.59 crore, up 7.6% from ₹904.50 crore in Q2 FY26 (consolidated).
Did H.g.infra Engineering make a profit in Q2 FY27?
Yes. Net profit was ₹79.76 crore, against a net profit of ₹51.84 crore in Q2 FY26.
What was H.g.infra Engineering's EPS in Q2 FY27?
Basic earnings per share were ₹12.24, against ₹7.95 in Q2 FY26.
How did H.g.infra Engineering shares react to the Q2 FY27 results?
On the reaction day the stock moved −1.8% from the previous close; the median Civil Construction stock moved +1.8%.
When did H.g.infra Engineering announce its Q2 FY27 results?
On 3 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Intimation Of Board Meeting Under Regulations 29 And 50 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 (BSE, 28 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting (BSE, 3 November 2026) · PDF
- Financial Results (BSE, 3 November 2026) · PDF
- The earnings call (4 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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