HG Infra Engineering logo

HG Infra Engineering

HGINFRA NSE

Key Fundamentals

MicrocapCivil ConstructionConstruction
Market Cap
₹3,128 Cr
Volatility
Moderate
P/E Ratio
16.92
EBITDA
₹1,040 Cr
Return on Equity
10.05%
Debt to Equity
1.54
Book Value
₹500.99
EPS
₹82.75
52W High
₹1,049.95
52W Low
₹429.5

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Stock is trading at 0.97 times its book value
  • Company's working capital requirements have reduced from 64.8 days to 33.2 days

Weaknesses

2
  • Company has low interest coverage ratio.
  • Dividend payout has been low at 2.78% of profits over last 3 years

Growth Rate

Revenue Growth
3.8% lower than 3Y
Net Income Growth
-34.74% lower than 3Y
Cash Flow Change
128% lower than 3Y
ROE
-41.33% lower than 3Y
ROCE
-4.29% higher than 3Y
EBITDA Margin (Avg.)
-6.53% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 69d ago
AI opinion · based on fundamentals
Risk high

H.G. Infra Engineering Ltd trades at a PE of 11.3x and 1.14x book value with a market cap of ~₹3,690 crore. The company grew revenues at a 22% CAGR over 10 years but saw TTM profit decline of 40% and a sharp stock correction of 46% over the past year. Its order book stood at ₹10,147 crore as of Q4 FY26 with FY27 execution guidance of ₹7,000 crore, providing revenue visibility but operating margins have compressed in recent quarters.

Bull Case 8
  • Undemanding valuation at PE of 11.3x and PB of 1.14x, well below historical averages for infrastructure peers
  • Strong long-term revenue track record with 10-year compounded sales CAGR of 22% and median sales growth of 20.5%
  • Order book of ₹10,147 crore as of March 2026, providing ~1.7x book-to-bill on FY25 revenue of ₹6,052 crore
  • Post-March 2026 order inflows took total order book to ₹15,739 crore, indicating healthy order pipeline
  • Working capital efficiency improved significantly from 64.8 days to 33.2 days, freeing up cash flow
  • Diversification beyond highways into railways (20%), renewables (15%), and metro projects reduces single-sector dependence
  • 5-year compounded profit CAGR of 5% and 5-year ROE average of 20% demonstrate sustained capital efficiency over cycles
  • FY25 operating income grew 18% YoY to ₹6,052 crore from ₹5,122 crore in FY24, showing top-line momentum
Bear Case 8
  • TTM profit declined 40% with quarterly net profit falling from ₹212 crore in Q4 FY25 to ₹99.5 crore in Q4 FY26
  • Stock has corrected 46% over the past year, signaling sustained negative market sentiment
  • Operating margins compressed sharply — Q4 FY26 operating profit was ₹127 crore vs ₹283 crore in Q4 FY25, a 55% decline
  • Low interest coverage ratio indicates rising debt servicing burden as secured loans increased from ₹451 crore (FY24) to ₹1,068 crore (FY25)
  • Last year ROE dropped to 10% from a 5-year average of 20%, indicating deteriorating return on capital
  • Dividend payout of only 2.78% of profits over last 3 years with a 0.35% yield offers minimal income return
  • 3-year compounded profit CAGR is negative at -16%, showing a sustained earnings downturn beyond one quarter
  • Financial expenses nearly doubled from ₹81 crore in FY24 to ₹116 crore in FY25, pressuring net margins

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 69d ago
Positives 2
  • LOI for Jharkhand transmission project Jun 13

    HG Infra received an LOI from REC Power Development to build a transmission system in Jharkhand under the WR-ER Inter-Regional Network Expansion Scheme, signaling continued order inflow in the power transmission segment.

  • Power transmission subsidiary acquired Jun 30

    HG Infra acquired 100% equity of WR ER Part C Power Transmission Limited for ₹5,00,000 via a Share Purchase Agreement, expanding its power transmission portfolio.

Neutral 3
  • New CFO Vikas Jain appointed Jun 18

    Vikas Jain was appointed CFO effective June 18, 2026, replacing Rajeev Mishra who moved to Head – Investor Relations and Corporate Affairs. Sanjay Bafna ceased to be designated as Senior Management Personnel.

  • Trading window closed for Q1FY27 Jun 22

    Trading window closed from July 1, 2026 until 48 hours after Q1FY27 results are declared, per SEBI insider trading regulations.

  • 51% stake in subsidiary transferred Jun 9

    HG Infra transferred its remaining 51% stake in H.G. Khammam Devarapalle PKG-1 Private Limited to Neo Infra Income Opportunities Fund. The entity ceases to be a subsidiary, indicating asset monetization.

TL;DR: HG Infra is actively expanding into power transmission with a new Jharkhand LOI and a subsidiary acquisition, while monetizing completed road assets through stake transfers. Management reshuffling at the CFO level is notable but appears orderly. No material headwinds emerged in this period; the trend is mildly positive with diversification into transmission infrastructure providing a fresh growth avenue heading into Q1FY27.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,351
955
1,365
1,708
1,528
902
1,265
1,361
1,482
904
1,421
1,427
1,101
Expenses
1,070
734
1,136
1,376
1,216
683
978
1,121
1,223
699
1,113
1,189
797
Operating Profit
281
220
228
333
312
220
287
239
259
206
309
237
304
OPM %
21%
23%
17%
19%
20%
24%
23%
18%
18%
23%
22%
17%
28%
Other Income
6
3
22
6
4
4
4
20
2
13
4
60
-141
Interest
52
59
57
48
57
62
75
71
95
108
129
137
118
Depreciation
31
35
37
38
35
36
36
37
36
40
44
48
45
PBT
203
129
156
252
225
125
180
151
132
71
139
113
0
Tax %
26%
26%
35%
25%
28%
36%
36%
3%
25%
27%
32%
25%
10759%
Net Profit
150
96
102
190
163
81
115
147
99
52
94
85
-45
EPS in Rs
23.08
14.75
15.66
29.16
24.95
12.39
17.67
22.55
15.16
8.01
14.47
13.06
-6.93
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
365
741
1,056
1,393
2,014
2,217
2,610
3,751
4,622
5,378
5,056
5,235
4,853
Expenses
321
663
932
1,185
1,710
1,864
2,125
3,040
3,727
4,315
3,998
4,221
3,798
Operating Profit
44
78
124
208
305
353
484
711
895
1,064
1,058
1,014
1,055
OPM %
12%
11%
12%
15%
15%
16%
19%
19%
19%
20%
21%
19%
22%
Other Income
3
2
3
5
14
14
6
6
19
34
32
77
-64
Interest
16
16
19
40
49
60
94
118
154
217
265
469
492
Depreciation
17
18
26
54
75
76
84
85
96
141
144
168
177
PBT
14
46
83
119
194
231
312
515
665
740
681
455
323
Tax %
32%
35%
36%
29%
34%
28%
24%
26%
26%
27%
26%
27%
—
Net Profit
9
30
53
84
127
167
237
380
493
539
505
330
186
EPS in Rs
6.05
16.75
29.64
12.93
19.54
25.57
36.31
58.31
75.68
82.64
77.56
50.69
28.61
Div. Payout %
0%
0%
0%
4%
3%
0%
2%
2%
2%
2%
3%
4%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
—
18
18
65
65
65
65
65
65
65
65
65
Reserves
—
105
158
476
598
761
997
1,371
1,857
2,390
2,884
3,200
Borrowings
—
123
204
408
380
520
768
1,184
1,910
1,513
4,170
5,029
Other Liabilities
—
153
192
535
529
869
850
660
1,074
1,435
1,570
2,530
Total Liabilities
—
398
572
1,484
1,573
2,216
2,680
3,280
4,906
5,403
8,690
10,824
Fixed Assets
—
116
204
412
462
483
484
459
635
742
885
2,297
CWIP
—
5
1
9
0
11
2
2
72
14
1,349
740
Investments
—
0
0
0
3
0
0
0
10
10
12
12
Other Assets
—
277
367
1,064
1,108
1,722
2,195
2,819
4,189
4,637
6,444
7,775
Total Assets
—
398
572
1,484
1,573
2,216
2,680
3,280
4,906
5,403
8,690
10,824
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
—
—
64
-8
66
36
71
-322
-139
-311
-878
250
Investing
—
—
-114
-446
9
-85
-103
-66
-378
17
-1,461
-1,074
Financing
—
—
62
443
-78
71
152
293
562
319
2,310
832
Net Cash Flow
—
—
13
-11
-3
21
120
-95
44
26
-28
8
Free Cash Flow
—
—
-44
-260
-63
-58
-16
-379
-457
-525
-2,415
-702
CFO/OP
—
—
71
16
40
33
31
-29
4
-11
-62
42
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
—
46
63
113
111
113
81
62
58
46
48
55
Inventory Days
—
56
44
71
—
43
52
37
40
48
69
73
Days Payable
—
66
78
187
—
222
128
88
123
135
196
299
Cash Conversion Cycle
—
36
29
-3
111
-66
5
11
-26
-41
-78
-171
Working Capital Days
—
50
-4
5
33
113
71
64
62
74
87
33
ROCE %
—
—
33%
24%
24%
24%
26%
28%
25%
24%
17%
11%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

FIIs1.38%Promot.71.78%Others2.32%DIIs10.11%Public14.42%As ofJun 2026

Documents

Frequently Asked Questions about HG Infra Engineering

What does H.G. Infra Engineering Ltd do?
H.G. Infra Engineering Limited (HGIEL) is an Indian Road Infrastructure Company engaged in the business of Engineering, Procurement and Construction (EPC) Services, Maintenance of roads, bridges, flyovers and other infrastructure contract works. [1]
Where is H.G. Infra Engineering Ltd (HGINFRA) listed?
H.G. Infra Engineering Ltd trades as HGINFRA on the NSE and under code 541019 on the BSE.
Which sector does H.G. Infra Engineering Ltd belong to?
H.G. Infra Engineering Ltd is classified under the Construction sector, in the Civil Construction industry.
What is the market capitalisation of H.G. Infra Engineering Ltd?
H.G. Infra Engineering Ltd has a market capitalisation of ₹3,128 Cr, which places it in the Small Cap band.
What is the PE ratio of H.G. Infra Engineering Ltd?
H.G. Infra Engineering Ltd trades at a PE ratio of 16.92, on earnings per share of ₹82.75, against a book value of ₹500.99 per share.
What is the 52-week high and low of H.G. Infra Engineering Ltd?
Over the last 52 weeks H.G. Infra Engineering Ltd has traded between ₹429.5 and ₹1,049.95.
Does H.G. Infra Engineering Ltd pay dividends?
H.G. Infra Engineering Ltd has a dividend yield of 0.41%.
What is the Return on Equity (ROE) of H.G. Infra Engineering Ltd?
H.G. Infra Engineering Ltd reported a return on equity of 10.05%. Its debt-to-equity ratio is 1.54.

Company Information

H.G. Infra Engineering Limited (HGIEL) is an Indian Road Infrastructure Company engaged in the business of Engineering, Procurement and Construction (EPC) Services, Maintenance of roads, bridges, flyovers and other infrastructure contract works. [1]

Website hginfra.com
CEO Mr. Harendra Singh
Employees 5,385
Listed 2018-03-09
Face Value ₹ 10
Issued Size 6,51,71,111

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