Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹2737 Cr.
Stock P/E
8.3
P/B
0.8
Current Price
₹419.9
Book Value
₹ 494.2
Face Value
10
52W High
₹974.4
52W Low
₹ 409
Dividend Yield
0.48%

H.G. Infra Engg. Overview

Business

H.G. Infra Engineering Ltd. is an Indian infrastructure development company primarily engaged in the Engineering, Procurement, and Construction (EPC) and Hybrid Annuity Model (HAM) segments. Its core business involves the construction of roads, highways, bridges, and flyovers. The company has recently diversified into railway infrastructure (earthwork, minor bridges, track linking) and water supply projects (water pipelines, related infrastructure) under various government schemes like Jal Jeevan Mission. The company generates revenue by executing projects for government authorities (like NHAI, MoRTH, Railways, State PWDs) and private clients, with payments received based on project milestones or annuity streams for HAM projects.

Revenue Mix

The company's revenue is predominantly driven by its road and highway construction segment, which includes EPC and HAM projects. While specific percentage breakdowns can fluctuate, the road segment typically accounts for over 80-85% of its total revenue. The newer segments like railways and water infrastructure are currently smaller contributors but are growing as the company diversifies its order book.

Industry

H.G. Infra operates in the highly competitive Indian infrastructure construction sector, which is characterized by significant government spending, project-based tenders, and a mix of large, diversified players and mid-sized specialists. The industry is cyclical, tied closely to economic growth and government budgetary allocations. H.G. Infra is positioned as a mid-tier player with a strong focus on execution, particularly in North and West India. It competes with larger national players (e.g., L&T, IRB Infra) and other mid-cap players (e.g., PNC Infratech, KNR Constructions, Dilip Buildcon) by emphasizing timely project delivery, quality, and cost efficiency.

MOAT

Execution Track Record: A strong history of timely and quality project completion enhances its credibility and strengthens its position in competitive bidding, leading to repeat business and better pre-qualification for larger projects.

Asset Ownership: The company owns a large fleet of modern construction equipment, which reduces reliance on rented machinery, improves operational efficiency, and helps in cost control and timely project execution.

In-house Capabilities: Strong in-house engineering, project management, and design capabilities reduce dependence on external consultants and offer better control over project timelines and costs.

Financial Prudence: Historically maintained a relatively healthy balance sheet with manageable debt levels compared to some peers, which supports its bidding capacity for capital-intensive projects.

Growth Drivers

Government Infrastructure Push: Sustained high budgetary allocations and policy thrust (e.g., Bharatmala Pariyojana, PM Gati Shakti, National Infrastructure Pipeline, Jal Jeevan Mission) by the Indian government towards road, railway, and water infrastructure.

Healthy Order Book: Continuous growth in new project awards and efficient execution of its existing robust order book.

Diversification: Successful expansion into railway and water infrastructure segments provides new avenues for revenue growth and reduces over-reliance on the road sector.

Hybrid Annuity Model (HAM): Increased proportion of HAM projects in the order book provides better revenue visibility, potentially stable cash flows, and comparatively lower execution risk than EPC projects.

Risks

Execution Risks: Delays in land acquisition, environmental and regulatory clearances, or unforeseen geological challenges can lead to project delays, cost overruns, and penalties.

Raw Material Price Volatility: Fluctuations in prices of key raw materials like bitumen, steel, and cement can impact project profitability, especially for fixed-price contracts.

Working Capital Intensity: The construction business inherently requires high working capital, and delays in client payments or extended project cycles can strain liquidity and increase borrowing needs.

Intense Competition: Aggressive bidding by competitors can lead to margin pressure and impact the ability to secure new projects at favorable terms.

Policy & Regulatory Changes: Any adverse changes in government policies, funding patterns, or environmental regulations can impact project viability and the business environment.

Management & Ownership

H.G. Infra Engineering Ltd. is promoted by Mr. Harendra Singh, who serves as the Chairman and Managing Director. The company is primarily promoter-driven, with the founding family holding a significant stake, reflecting a strong commitment to the business. Mr. Singh has extensive experience in the infrastructure and construction sector, driving the company's operational focus and growth strategy. The management is generally perceived to have a strong track record of project execution and operational efficiency.

Outlook

H.G. Infra is well-positioned to benefit from the Indian government's continued thrust on infrastructure development. The company's established execution capabilities, significant equipment fleet, and diversification efforts into railways and water projects provide potential avenues for growth. However, the sector remains highly competitive and capital-intensive, with inherent risks like raw material price volatility, land acquisition hurdles, and high working capital requirements. Its ability to maintain a healthy order book, execute projects efficiently within timelines and budgets, and manage working capital effectively will be crucial for sustained performance.

H.G. Infra Engg. Share Price

Live · BSE / NSE · Inception: 2003
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

H.G. Infra Engg. Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 1708 1528 902 1265 1361 1482 905 1421 1427 1101
Other Income 6 4 4 3 3 2 13 4 9 5
Total Income 1714 1532 906 1268 1364 1485 918 1425 1435 1106
Total Expenditure 1376 1216 683 978 1121 1223 698 1112 1189 797
Operating Profit 338 316 223 290 242 262 220 312 246 309
Interest 48 57 62 75 71 95 108 129 137 118
Depreciation 38 35 36 36 37 36 40 44 48 45
Exceptional Income / Expenses 0 0 0 0 16 0 0 0 51 -147
Profit Before Tax 252 225 125 179 151 132 72 139 112 -0
Provision for Tax 62 62 45 65 4 32 19 45 28 44
Profit After Tax 190 162 80 114 147 99 52 94 84 -44
Adjustments 0 0 0 1 0 -1 -0 -0 1 -1
Profit After Adjustments 190 163 81 115 147 99 52 94 85 -45
Adjusted Earnings Per Share 29.2 24.9 12.4 17.7 22.6 15.2 8 14.5 13.1 -6.9

H.G. Infra Engg. Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 741 1056 1393 2014 2217 2610 3751 4622 5378 5056 5235 4854
Other Income 2 4 6 12 14 7 8 18 18 25 32 31
Total Income 743 1060 1398 2026 2231 2617 3759 4640 5396 5081 5267 4884
Total Expenditure 663 932 1186 1710 1862 2127 3042 3727 4317 4009 4227 3796
Operating Profit 81 128 213 316 369 491 717 914 1080 1072 1040 1087
Interest 16 19 40 49 60 94 118 154 217 265 469 492
Depreciation 18 26 54 75 76 84 85 96 141 144 168 177
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 18 16 51 -96
Profit Before Tax 46 83 119 194 231 312 515 665 740 681 455 323
Provision for Tax 16 30 34 67 64 75 135 171 201 175 125 136
Profit After Tax 30 53 84 127 167 237 380 493 539 505 330 186
Adjustments 5 0 0 0 0 0 0 0 0 0 1 0
Profit After Adjustments 35 53 84 127 167 237 380 493 539 505 330 186
Adjusted Earnings Per Share 6.5 9.9 12.9 19.5 25.6 36.3 58.3 75.7 82.6 77.6 50.7 28.7

H.G. Infra Engg. Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 123 176 541 663 826 1063 1436 1922 2455 2950 3265
Minority's Interest 0 0 0 0 0 0 0 0 0 0 16
Borrowings 28 63 125 59 213 557 966 1482 1092 3142 2950
Other Non-Current Liabilities 46 27 43 50 73 82 20 59 91 338 247
Total Current Liabilities 238 328 811 850 1170 1044 970 1616 1759 2441 3814
Total Liabilities 435 594 1519 1623 2283 2746 3392 5079 5601 8872 10916
Fixed Assets 116 204 412 462 483 484 451 627 736 882 2294
Other Non-Current Assets 69 26 48 27 137 446 1152 1777 1606 4142 3455
Total Current Assets 250 364 1060 1133 1663 1817 1789 2674 2939 3848 4236
Total Assets 435 594 1519 1623 2283 2746 3392 5079 5601 8872 10916

H.G. Infra Engg. Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 5 4 17 6 3 25 144 49 93 115 87
Cash Flow from Operating Activities 29 64 -8 66 36 71 -322 -139 -311 -878 250
Cash Flow from Investing Activities -66 -114 -446 9 -85 -103 -66 -378 17 -1461 -1074
Cash Flow from Financing Activities 36 62 443 -78 71 152 293 562 319 2310 832
Net Cash Inflow / Outflow -0 13 -11 -3 21 120 -95 44 26 -28 8
Closing Cash & Cash Equivalent 4 17 6 3 25 144 49 93 119 87 95

H.G. Infra Engg. Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 6.54 9.88 12.93 19.54 25.57 36.31 58.31 75.68 82.64 77.56 50.69
CEPS(Rs) 8.98 14.62 21.2 31.12 37.17 49.27 71.37 90.47 104.3 99.7 76.31
DPS(Rs) 0 0 0.5 0.5 0 0.8 1 1.25 1.5 2 2
Book NAV/Share(Rs) 22.67 32.58 82.99 101.73 126.78 163.04 220.34 294.9 376.71 452.6 500.99
Core EBITDA Margin(%) 10.55 11.76 14.87 15.12 16.02 18.52 18.91 19.37 19.74 20.71 19.25
EBIT Margin(%) 8.39 9.68 11.4 12.08 13.11 15.56 16.86 17.71 17.79 18.7 17.64
Pre Tax Margin(%) 6.24 7.9 8.53 9.65 10.42 11.96 13.72 14.38 13.76 13.46 8.69
PAT Margin (%) 4.07 5.06 6.05 6.32 7.51 9.07 10.13 10.67 10.01 10 6.3
Cash Profit Margin (%) 6.55 7.48 9.92 10.07 10.93 12.3 12.4 12.76 12.64 12.85 9.5
ROA(%) 8.69 10.38 7.97 8.11 8.53 9.41 12.38 11.64 10.09 6.98 3.33
ROE(%) 29.16 35.77 23.5 21.16 22.38 25.06 30.42 29.38 24.61 18.7 10.61
ROCE(%) 30.88 32.72 23.95 24.47 24.37 25.61 28.43 25.38 24.57 17.19 12.12
Receivable days 33.19 47.28 79.98 94.58 106.97 88.58 59.21 53.84 47.54 48.51 50.87
Inventory Days 16.09 16.03 20.44 20.19 18.24 19.13 17.1 16.54 18.05 27 28.81
Payable days 51.48 61.67 122.38 127.98 181.93 147.5 86.23 98.44 125.79 162.04 272.75
PER(x) 0 0 23.13 14.49 6.7 8.19 9.54 10.32 11.01 13.62 8.51
Price/Book(x) 0 0 3.6 2.78 1.35 1.82 2.53 2.65 2.41 2.33 0.86
Dividend Yield(%) 0 0 0.17 0.18 0 0.27 0.18 0.16 0.16 0.19 0.46
EV/Net Sales(x) 0.18 0.16 1.53 1.06 0.68 0.94 1.24 1.46 1.34 2.13 1.43
EV/Core EBITDA(x) 1.69 1.36 9.99 6.73 4.11 4.98 6.48 7.36 6.69 10.06 7.2
Net Sales Growth(%) 102.94 42.54 31.88 44.64 10.06 17.71 43.75 23.21 16.37 -5.99 3.53
EBIT Growth(%) 112.01 64.4 55.32 53.28 19.42 39.71 55.69 29.42 16.92 -1.18 -2.35
PAT Growth(%) 227.29 76.98 57.75 51.12 30.84 42.04 60.59 29.77 9.2 -6.16 -34.74
EPS Growth(%) 545 51.11 30.85 51.12 30.84 42.04 60.59 29.77 9.2 -6.15 -34.64
Debt/Equity(x) 1 1.16 0.75 0.57 0.63 0.72 0.82 0.99 0.61 1.39 1.51
Current Ratio(x) 1.05 1.11 1.31 1.33 1.42 1.74 1.84 1.65 1.67 1.58 1.11
Quick Ratio(x) 0.87 0.96 1.17 1.2 1.33 1.58 1.65 1.51 1.5 1.39 1.01
Interest Cover(x) 3.89 5.42 3.96 4.96 4.86 4.31 5.37 5.32 4.41 3.57 1.97
Total Debt/Mcap(x) 0 0 0.21 0.21 0.46 0.4 0.33 0.37 0.25 0.59 1.75

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +4% +4% +15% +22%
Operating Profit CAGR -3% +4% +16% +29%
PAT CAGR -35% -13% +7% +27%
Share Price CAGR -56% -24% -9% —
ROE Average +11% +18% +23% +25%
ROCE Average +12% +18% +22% +25%

H.G. Infra Engg. Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 71.78 %
FII 1.38 %
DII (MF + Insurance) 10.11 %
Public (retail) 16.73 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 74.5374.5371.7871.7871.7871.7871.7871.7871.7871.78
FII 1.682.042.62.772.862.432.321.921.391.38
DII 12.4912.1312.712.1412.0211.6611.6111.1410.6610.11
Public 11.311.312.9213.3113.3314.1314.2915.1616.1716.73
Others 0000000000
Total 100100100100100100100100100100

H.G. Infra Engg. Peer Comparison

Engineering - Construction Edit Columns

H.G. Infra Engg. Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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H.G. Infra Engg. Pros & Cons

Pros

  • Stock is trading at 0.8 times its book value
  • Company has reduced debt.

Cons

  • Debtor days have increased from 162.04 to 272.75days.
  • The company has delivered a poor profit growth of 6% over past five years.
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