HGINFRA

H.G. Infra Engineering share price & financials

Price
₹582.85
Market cap
₹3.1k Cr
Sector
Construction
Calls analysed
6
Latest concall · Q4 FY26 · call held 29 May 2026

H.G. Infra Engg. Q4 FY26

Standalone Revenue ₹1,354 cr Standalone EBITDA ₹127 cr Standalone EBITDA Margin 9.37% Standalone PAT ₹99 cr

What went well

  • Order book at INR 10,147 crores as of Q4 FY26, providing revenue visibility.
  • Targeting significant order inflow of INR 11,000-12,000 crores for FY27, with INR 5,500 crores already secured in the first two months.
  • Successful monetization of HAM projects, with INR 1,000 crores expected in H1 FY27 to aid debt reduction.

What to watch

  • Standalone Q4 FY26 PAT margin declined to 7.35% from 10.76% in Q4 FY25.
  • New order inflows for FY26 were only INR 1,300 crores against an initial target of INR 10,000 crores.
Read the full call →

What H.G. Infra Engineering Limited does

H.G. Infra Engineering is a Rajasthan-based infrastructure construction company that designs, builds and, in some cases, operates transportation and energy assets for government and private clients. It earns through Engineering, Procurement and Construction (EPC) contracts and Hybrid Annuity Model (HAM) road concessions, historically centred on national highways and increasingly diversified into railways, metro, water infrastructure, solar power and battery energy storage systems (BESS). The company also monetises completed HAM road assets by selling stakes in project SPVs once they reach commercial operation.

Segments

  • Roads and Highways
  • Railways and Metro
  • Solar and Renewable Energy
  • Water Infrastructure
  • Battery Energy Storage Systems (BESS) and Transmission
Active infrastructure projects
28+
Completed projects since inception
45+
States of operation in India
13
Modern fleet/construction equipment owned
3,000+
Track record of project execution
24+ years
Hybrid Annuity Model (HAM) road concessions
11
Headquarters Jaipur, Rajasthan, India Company website

Guidance record · Q4 FY26

what the last two calls moved 14 tracked 1 delivered 6 missed 7 open
  • Standalone Gross Debt missed said Q3 FY25 Promised: INR 600-700 crores by March '25 Q4 FY26: Promise deadline passed. Not mentioned.
  • FY27 Revenue revised down said Q4 FY25 Promised: INR 8,000-plus crores Q4 FY26: Guidance further revised down to 'INR 6,500-7,000 crores' for FY27.
  • FY27 Order Inflow open said Q4 FY26 Promised: INR 11,000-12,000 crores Q4 FY26: We are confidently targeting INR11,000 crores to INR12,000 crores of order inflow for FY27.

All 14 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 46.9%, net profit down 77.6% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,064 1,509 1,973 1,709 1,154 +8%1,450 −4%1,354 −31%907 −47%
EBITDA174 250 283 236 147 −16%224 −10%127 −55%77 −67%
Net profit89 137 212 125 67 −25%97 −29%100 −53%28 −78%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −50.8% 1Y

₹0.4k₹0.6k₹0.8k₹1.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 13 Nov 2025Q3 FY26 — 13 Feb 2026Q4 FY26 — 29 May 2026

1Y: ₹983.7 on 10 Sept 2025 → ₹484. High ₹1,033.6 (17 Sept 2025), low ₹431.5 (30 Mar 2026).

How the price took the results

close before → close after

Q4 FY26
−3.6%
29 May
Q3 FY26
−0.9%
13 Feb
Q2 FY26
−2.7%
13 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 7.0% a year over 3 years, FY23 to FY26. Operating margin narrowed to 13.0%.

Year endingFY23FY24FY25FY26
Revenue₹4.6k Cr₹5.1k Cr₹6.1k Cr₹5.7k Cr
Operating profit₹895 Cr₹822 Cr₹950 Cr₹734 Cr
Operating margin19.4%16.1%15.7%13.0%
Interest₹154 Cr₹81 Cr₹116 Cr₹178 Cr
Depreciation₹96 Cr₹141 Cr₹144 Cr₹137 Cr
Net profit₹493 Cr₹545 Cr₹578 Cr₹389 Cr
Net margin10.7%10.6%9.6%6.9%
Cash from operations₹587 Cr₹271 Cr₹120 Cr₹253 Cr
Free cash flow₹269 Cr₹66 Cr₹50 Cr₹217 Cr
ROCE32.0%27.0%24.0%14.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹65 Cr₹65 Cr₹65 Cr₹65 Cr₹65 Cr₹65 Cr
Reserves₹967 Cr₹1.3k Cr₹1.7k Cr₹2.3k Cr₹3.0k Cr₹3.2k Cr
Borrowings₹290 Cr₹316 Cr₹507 Cr₹460 Cr₹5.7k Cr₹1.6k Cr
Other liabilities₹858 Cr₹700 Cr₹1.2k Cr₹1.3k Cr₹1.6k Cr₹2.3k Cr
Total liabilities₹2.2k Cr₹2.4k Cr₹3.5k Cr₹4.1k Cr₹10.4k Cr₹7.2k Cr
Fixed assets₹483 Cr₹459 Cr₹635 Cr₹742 Cr₹1.6k Cr₹595 Cr
Capital work in progress₹2 Cr₹2 Cr₹72 Cr₹4 Cr₹1.3k Cr₹0 Cr
Investments₹261 Cr₹354 Cr₹745 Cr₹628 Cr₹11 Cr₹1.8k Cr
Other assets₹1.4k Cr₹1.6k Cr₹2.1k Cr₹2.7k Cr₹7.5k Cr₹4.8k Cr
Total assets₹2.2k Cr₹2.4k Cr₹3.5k Cr₹4.1k Cr₹10.4k Cr₹7.2k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +2.61 pp while DIIs trimmed −1.54 pp. The shareholder count shrank 7% to 1,20,066.

Promoters
71.8%
FIIs
1.4%
DIIs
10.1%
Public
16.7%

Since Jun 2025

  • Public +2.61 pp
  • DIIs −1.54 pp
  • FIIs −1.06 pp

How it drifted, 12 quarters

Over this window the public went from 10.7% to 16.7% — +6.0 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 74.5%, FIIs 1.7%, DIIs 13.1%, Public 10.7%.Dec '23: Promoters 74.5%, FIIs 1.6%, DIIs 12.4%, Public 11.5%.Mar '24: Promoters 74.5%, FIIs 1.7%, DIIs 12.5%, Public 11.3%.Jun '24: Promoters 74.5%, FIIs 2.0%, DIIs 12.1%, Public 11.3%.Sep '24: Promoters 71.8%, FIIs 2.6%, DIIs 12.7%, Public 12.9%.Dec '24: Promoters 71.8%, FIIs 2.8%, DIIs 12.1%, Public 13.3%.Mar '25: Promoters 71.8%, FIIs 2.9%, DIIs 12.0%, Public 13.3%.Jun '25: Promoters 71.8%, FIIs 2.4%, DIIs 11.7%, Public 14.1%.Sep '25: Promoters 71.8%, FIIs 2.3%, DIIs 11.6%, Public 14.3%.Dec '25: Promoters 71.8%, FIIs 1.9%, DIIs 11.1%, Public 15.2%.Mar '26: Promoters 71.8%, FIIs 1.4%, DIIs 10.7%, Public 16.2%.Jun '26: Promoters 71.8%, FIIs 1.4%, DIIs 10.1%, Public 16.7%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of H.G. Infra Engineering Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Vijendra Singh Family Trust 23.95%unchanged
Harendra Singh Family Trust 23.93%unchanged
Girishpal Singh Family Trust 23.90%unchanged
Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund3.40%unchanged
Aditya Birla Sun Life Trustee Private Limited A/C - Aditya Birla Sun Life Large Cap Fund Mutual fund2.78%−0.06 pp
Abakkus Emerging Opportunities Fund-1 AIF1.36%unchanged
Vijendra Singh 0.00%unchanged
Hodal Singh 0.00%unchanged
Vaibhav Choudhary 0.00%unchanged
Harendra Singh Huf 0.00%unchanged
Poonam Singh 0.00%unchanged
Girishpal Singh 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in HGINFRA

Filings to Aug 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds
₹109 Cr
1 schemes
Biggest holder
Nippon India Small Cap Fund
₹109 Cr · 0.1% of that fund
SchemeHoldingLast month
Nippon India Small Cap Fund Nippon India Mutual Fund₹109 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 0 trimmed — net 0 shares (+0.0%)

Funds are sitting on
+127%
vs est. average cost
Held by funds
₹109 Cr
1 schemes · ≈ 4.1% of the company

Shares held by these funds −22%

Aug '23 22.15 L shares Jul '26

All earnings calls (6)

Read the Q4 FY26 call →

Learn to analyse H.G. Infra Engineering Limited

Guides on how to read this kind of business and the numbers that matter.