HILINFRA
Highway Infrastructure financials
- Market cap
- ₹328 Cr
- Sector
- Services
- Calls analysed
- 4
Highway Infrastructure Limited Q1 FY27
What went well
- Total income for Q1 FY27 increased by 170.6% year-on-year to INR 304.3 crores.
- Secured a new tollway collection contract for Kozhinjipatti toll plaza valued at INR 28.7 crores.
- Received Letter of Acceptance for toll operations at Krishnagiri-Thumbipadi section of NH-44 with a contract value of INR 80 crores.
What to watch
- Q1 FY27 profitability was significantly impacted by temporary factors, including lower traffic volumes due to geopolitical developments and global trade disruptions.
- A temporary bidding restriction from NHAI and the voluntary surrender of an economically unfavorable toll project also contributed to the impact on profitability.
What Highway Infrastructure Limited does
Highway Infrastructure Limited operates across three verticals: EPC infrastructure construction (roads, bridges, industrial parks, affordable housing and town-planning works for government and private clients), toll fee-plaza collection and management under contracts with NHAI and state highway bodies, and real estate development (residential projects plus commercial properties leased out for hospitality and retail use). It also runs ancillary services at some toll plazas such as food courts, fuel stations and parking facilities.
Segments
- EPC Infra
- Tollway Collection
- Real Estate
- Execution experience
- 30+ years
- Geographic presence
- 11 States & 1 Union Territory
- Total completed projects
- 105+ (30+ ongoing)
- EPC Infra projects
- 72 completed, 25 under construction
- Tollway Collection projects
- 34 completed, 7 ongoing
- Real estate units delivered
- 2,600+ residential and commercial units
Guidance record · Q1 FY27
what the last two calls moved 14 tracked 3 delivered 1 missed 10 open- Order Book Value delivered said Q2 FY26 Promised: targeting to make an order book of Rs. 1,000 crores by the end of this year. Q1 FY27: Promise was for FY26 and remains achieved. No new updates.
- EPC Bid Win Rate went quiet said Q4 FY26 Promised: Approximately 20% to 25%. Q1 FY27: No specific update was provided on the EPC bid win rate for the quarter.
- EBITDA Margin at risk said Q2 FY26 Promised: expecting 8%-12% in FY27-28. Q1 FY27: Q1 FY27 EBITDA margin was very low (~1.6%) due to temporary factors. Management expects recovery, but this is a significant negative deviation from the target range, putting the promise at risk.
All 14 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 170.9%, net profit down 85.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 117 | 140 | 132 | 112 | 95 −19% | 127 −9% | 275 +108% | 303 +171% |
| EBITDA | 1 | 6 | 15 | 12 | -7 −648% | 8 +25% | 14 −11% | 4 −67% |
| Net profit | 2 | 5 | 12 | 7 | 10 +516% | 6 +34% | 9 −27% | 1 −85% |
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 −52.9% 1Y
1Y: ₹88.14 on 10 Sept 2025 → ₹41.53. High ₹90.45 (18 Sept 2025), low ₹41.03 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +4.1%
- 18 Aug
- Q4 FY26
- −0.7%
- 2 Jun
- Q3 FY26
- +1.3%
- 9 Feb
- Q2 FY26
- −0.7%
- 7 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 22.7% a year over 1 year, FY25 to FY26. Operating margin narrowed to 4.3%.
| Year ending | FY25 | FY26 |
|---|---|---|
| Revenue | ₹496 Cr | ₹608 Cr |
| Operating profit | ₹31 Cr | ₹26 Cr |
| Operating margin | 6.3% | 4.3% |
| Interest | ₹7 Cr | ₹6 Cr |
| Depreciation | ₹2 Cr | ₹3 Cr |
| Net profit | ₹22 Cr | ₹32 Cr |
| Net margin | 4.5% | 5.2% |
| Cash from operations | ₹-5 Cr | ₹-66 Cr |
| Free cash flow | ₹-1 Cr | ₹-74 Cr |
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 ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹10 Cr | ₹10 Cr | ₹10 Cr | ₹10 Cr | ₹36 Cr | ₹36 Cr |
| Reserves | ₹44 Cr | ₹53 Cr | ₹65 Cr | ₹84 Cr | ₹175 Cr | ₹192 Cr |
| Borrowings | ₹28 Cr | ₹43 Cr | ₹47 Cr | ₹70 Cr | ₹58 Cr | ₹104 Cr |
| Other liabilities | ₹42 Cr | ₹35 Cr | ₹19 Cr | ₹39 Cr | ₹40 Cr | ₹45 Cr |
| Total liabilities | ₹124 Cr | ₹140 Cr | ₹141 Cr | ₹203 Cr | ₹309 Cr | ₹377 Cr |
| Fixed assets | ₹17 Cr | ₹30 Cr | ₹14 Cr | ₹28 Cr | ₹59 Cr | ₹83 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹1 Cr |
| Investments | ₹18 Cr | ₹1 Cr | ₹15 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹89 Cr | ₹109 Cr | ₹112 Cr | ₹175 Cr | ₹250 Cr | ₹293 Cr |
| Total assets | ₹124 Cr | ₹140 Cr | ₹141 Cr | ₹203 Cr | ₹309 Cr | ₹377 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 Sep 2025, the public added +1.62 pp while DIIs trimmed −1.61 pp. The shareholder count shrank 11% to 58,170.
- Promoters
- 70.0%
- DIIs
- 0.4%
- Public
- 29.6%
Since Sep 2025
- Public +1.62 pp
- DIIs −1.61 pp
- Promoters 0.00 pp
How it drifted, 4 quarters
Over this window the public went from 27.9% to 29.6% — +1.6 pp.
Ownership split by quarter, oldest first. Sep '25: Promoters 70.0%, DIIs 2.0%, Public 27.9%.Dec '25: Promoters 70.0%, FIIs 0.0%, DIIs 0.7%, Public 29.3%.Mar '26: Promoters 70.0%, FIIs 0.0%, DIIs 0.4%, Public 29.6%.Jun '26: Promoters 70.0%, DIIs 0.4%, Public 29.6%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Highway Infrastructure Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Anoop Agrawal | 26.78% | unchanged |
| Arun Kumar Jain | 24.59% | unchanged |
| Riddharth Jain | 7.42% | unchanged |
| Jyoti Jain | 4.03% | unchanged |
| Neetu Agrawal | 3.94% | unchanged |
| Rachna Agrawal | 3.15% | unchanged |
| Alok Agrawal | 3.07% | unchanged |
| Arun Jain Huf | 0.21% | unchanged |
| Vikas Agrawal HUF | 0.00% | unchanged |
| Rinku Gupta | 0.00% | unchanged |
| Subhash Chand Agrawal | 0.00% | unchanged |
| Omprakash Gupta HUF | 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.
All earnings calls (4)
Read the Q1 FY27 call →Learn to analyse Highway Infrastructure Limited
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