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H.G. Infra Engineering Ltd

₹ 740-1.33%
06 Jan – close price
🔗hginfra.com•BSE: 541019•NSE: HGINFRA
Market Cap₹ 4,823 Cr.
Current Price₹ 740
High / Low₹ 1,473
Stock P/E9.72
Book Value₹ 470
Dividend Yield0.27 %
ROCE24.4 %
ROE20.5 %
Face Value₹ 10.0
Sales₹ 6,345 Cr.
OPM14.4 %
Mar Cap₹ 4,823 Cr.

ABOUT

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]

KEY POINTS

Service OfferingsThe company specializes in road construction through its EPC business, with a selective focus on HAM projects. It has diversified into railways, metro, solar power, and water projects. It has completed 10+ HAM projects and is executing 26 projects across 13 states in India, supported by a fleet of 3,000+ modern equipment.[1][2]

Also present in buckets:
Aggressive Growth TriggersExcellent ResultsAsset Base ExpansionCapacity Expansion And ProductsOrder Book PositionLarge Order ReceiptsJv Partnerships AcquisitionsCredit Rating UpdatesRed Flags And Poor Performance

Peer Comparision

S.No.NameCurrent Price (Rs.)Price to EarningMarket Capitalization (Rs.Cr.)Dividend yield (%)Net Profit latest quarter (Rs.Cr.)YOY Quarterly profit growth (%)Sales latest quarter (Rs.Cr.)YOY Quarterly sales growth (%)Return on capital employed (%)Sales (Rs.Cr.)OPM (%)Profit after tax (Rs.Cr.)Profit after tax latest quarter (Rs.Cr.)Price to book valueReturn on assets (%)Debt to equity
1.Larsen & Toubro4140.6035.43569573.020.824678.0115.6367983.5310.4414.49270722.5112.6716074.883926.095.624.981.32
2.Rail Vikas358.3065.8074706.270.48230.52-19.735122.975.5214.7220026.004.701135.41230.297.826.400.52
3.NBCC118.5447.9332005.800.57156.6925.712910.2018.9933.1712751.715.04667.83153.5211.984.680.00
4.IRB Infra.Devl.41.8928.9025297.370.72140.8241.001751.0210.427.828024.6748.08875.41140.821.242.011.02
5.Kalpataru Proj.1194.5024.8520398.780.75237.3991.276528.5732.4315.9525498.998.25821.04240.052.932.360.69
6.KEC International727.8028.3619374.040.76160.7588.216091.5619.1317.9823335.947.26683.11160.753.432.750.94
7.Ircon Intl.177.2627.7616671.581.49136.51-32.681976.75-19.2311.609787.967.43600.65138.652.583.740.80
8.H.G. Infra Engg.740.109.724823.310.2767.31-24.061153.758.3924.406344.5414.43496.2867.311.5710.760.54
–Median: 116 Co.130.218.88536.580.09.2123.05149.5710.7318.45510.6712.7931.749.162.266.930.44

Quarterly Results

Standalone figures in ₹ crores

Dec 2022Dec 2023Dec 2024Jun 2023Jun 2024Jun 2025Mar 2023Mar 2024Mar 2025Sep 2022Sep 2023Sep 2024Sep 2025
Sales
1,1311,3461,5091,2711,5061,7091,4701,6351,9737528691,0641,154
Expenses
9421,1321,2581,0671,2631,4741,2321,3701,6906317318901,007
Operating Profit
189214250205243236238265283121138174147
Other Income
41092432856432317
Profit before tax
151264186160190167200212268868311990
Tax %
26%22%27%26%26%25%26%24%21%25%26%26%25%
Net Profit
11120513711814012514816021265628967
EPS in Rs
17.1031.5320.9518.1621.4119.2522.6624.5432.599.929.4613.6010.33

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

Mar 2012Mar 2013Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
2863247121,0561,3932,0102,1962,5353,6154,4195,1226,0526,345
Expenses
2482796349321,1851,7071,8542,1163,0293,7084,2985,1015,429
Operating Profit
394578124208303342419586710824951915
Other Income
12235121477181187285
Interest
913161940495260536381116148
Depreciation
11141826547576848596141144140
Profit before tax
20204683119190228282455569719763712
Net Profit
1313305384124166211339421545577542
EPS in Rs
10.758.8516.7529.6412.9318.9625.4332.3751.9864.6683.7088.5583.12
Dividend Payout %
0%0%0%0%4%3%0%2%2%2%2%2%–

Compounded Profit Growth

10 Years:%
5 Years:26%
3 Years:16%
TTM:-3%

Compounded Sales Growth

10 Years:%
5 Years:22%
3 Years:19%
TTM:14%

Return on Equity

10 Years:%
5 Years:24%
3 Years:23%
Last Year:21%

Stock Price CAGR

10 Years:%
5 Years:25%
3 Years:4%
1 Year:-49%

Balance Sheet

Standalone figures in ₹ crores

Mar 2012Mar 2013Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
12151818656565656565656565
Reserves
39541051584765947569671,2991,7132,2532,8202,999
Borrowings
89921232044083803712903165074601,0761,652
Other Liabilities
47651301925355298768587001,2241,3231,8651,678
Total Liabilities
1872273755721,4841,5682,0682,1812,3803,5094,1015,8266,395
Fixed Assets
9498116204412462482483459635742687640
Gross Block
119.35136.64198.60229.72490.40614.60697.60765.65823.141,052.271,257.881,326.25–
Accumulated Depreciation
25.0338.7082.4425.3478.50152.71215.17282.58364.18417.64515.68639.64–
CWIP
005190112272430
Investments
0000020912613547456281,3691,877
Other Assets
921292543671,0641,0861,4841,4351,5652,0582,7273,7673,878
Total Assets
1872273755721,4841,5682,0682,1812,3803,5094,1015,8266,395

Cash Flows

Standalone Figures in ₹ Crores / Yearly

Mar 2012Mar 2013Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
17––64-886255527114587271120
Cash from Investing Activity
-35––-114-446-11-162-270-173-683-87-696
Cash from Financing Activity
26––62443-78-72-141-34117-146494
Net Cash Flow
8––13-11-321116-932238-82

Ratios

Standalone Figures in ₹ Crores / Yearly

Mar 2012Mar 2013Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
324047631131131349470726583
Inventory Days
–4357447148435237404874
Days Payable
–54607818714222212888123135173
Cash Conversion Cycle
32294429-319-451820-11-22-16
Working Capital Days
60604-4529382652296055
ROCE %
25%22%–33%24%24%25%27%34%32%27%24%

Shareholding Pattern

Numbers in percentages

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Promoters
74.53%74.53%74.53%74.53%74.53%74.53%74.53%71.77%71.78%71.78%71.78%71.78%
FIIs
0.57%1.34%1.59%1.67%1.56%1.68%2.04%2.60%2.76%2.87%2.43%2.32%
DIIs
14.04%14.01%13.14%13.05%12.45%12.50%12.13%12.70%12.14%12.02%11.65%11.61%
Public
10.87%10.12%10.73%10.74%11.47%11.30%11.30%12.92%13.31%13.33%14.13%14.29%

* The classifications might have changed from Sep'2022 onwards.ℹ️

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

H.G. Infra Engineering Announces Senior Management Change

31st March 2026, 10:11 pm

H.G. Infra Sells 49% Stake in Subsidiary to Neo Infra Fund for ₹233.77 Crore

31st March 2026, 3:27 am

H.G. Infra Engineering Announces Senior Management Resignation

26th March 2026, 12:13 am

H.G. Infra Engineering Invests ₹48.52 Crore in Subsidiary for Business Expansion

24th March 2026, 1:03 am

H.G. Infra Engineering: Trading Window to Close from April 1 for Q4FY26 Results

23rd March 2026, 9:35 pm

Published by Other Websites

External media mentions & references

Stocks Surge Amid Market Plunge: Appliances, Gas, Infra Lead Gains

11th March 2026, 3:56 pm

Jal Jeevan Mission Extended to 2028; Infra Stocks Rally Up To 20%

11th March 2026, 12:28 pm

HG Infra Soars 10% After ₹401 Cr Thermal Power Project Order

11th March 2026, 9:50 am

Reliance US Deal, IndiGo CEO Exit, Adani Infra Boost: Stocks to Watch

11th March 2026, 8:00 am

Infosys AI Deal, IndiGo CEO Exit Lead Stocks to Watch on March 11

11th March 2026, 7:39 am

News Articles

Editorial & research coverage

RIL, HDFC Bank, Wipro Post Q3 Results; IndiGo Fined ₹22 Cr. 16 Stocks in Focus.
RIL, HDFC Bank, Wipro Post Q3 Results; IndiGo Fined ₹22 Cr. 16 Stocks in Focus.

19th January 2026, 6:30 am

HG Infra Subsidiary Secures ₹763 Cr UP Highway Project, Construction Set to Begin
HG Infra Subsidiary Secures ₹763 Cr UP Highway Project, Construction Set to Begin

17th January 2026, 2:37 pm

HG Infra Secures ₹763 Cr UP Highway Project, Appointed Date Granted
HG Infra Secures ₹763 Cr UP Highway Project, Appointed Date Granted

16th January 2026, 11:13 pm

Indian Markets Slip Second Day; Infosys Misses Profit Despite Guidance
Indian Markets Slip Second Day; Infosys Misses Profit Despite Guidance

16th January 2026, 6:59 am

Steel Probe Rocks Market; Titan, Jubilant Shine on Strong Q3
Steel Probe Rocks Market; Titan, Jubilant Shine on Strong Q3

7th January 2026, 8:10 am

Documents

Announcements

Intimation Under Regulations 30 & 51 Of SEBI (LODR) Regulations, 2015 ('SEBI Listing Regulations')

8h - Income Tax demand notice dated Jan 06, 2026 for AY 2018-19 of Rs.154.55 crore; company to appeal.

Announcement under Regulation 30 (LODR)-Change in Management

1d - Abhishek Goenka resigned as Head–Strategy effective close of business January 05, 2026.

Announcement under Regulation 30 (LODR)-Acquisition

3 Jan - Invested Rs45,78,00,000 for 5,23,200 shares @ Rs875 in subsidiary; completed Jan 03, 2026.

Announcement under Regulation 30 (LODR)-Change in Management

30 Dec - Ms. Rachna Mohan resigns as CHRO, effective close of business December 30, 2025.

Intimation For The Execution Of Securities Purchase Agreement With Neo Infra Income Opportunities Fund

26 Dec - Executed SPA on Dec 26, 2025 to sell 100% stake in SPV to Neo Infra Income Opportunities Fund.

Annual Reports

Financial Year 2025

(from bse)

Financial Year 2024

(from bse)

Financial Year 2023

(from bse)

Financial Year 2022

(from bse)

Financial Year 2021

(from bse)

Financial Year 2020

(from bse)

Financial Year 2019

(from bse)

Financial Year 2018

(from bse)

Financial Year 2017

(from bse)

Credit Ratings

Rating update

22 Aug 2025 from icra

Rating update

13 May 2025 from icra

Rating update

4 Apr 2025 from care

Rating update

6 Jan 2025 from icra

Rating update

6 Feb 2024 from icra

Rating update

25 Apr 2023 from icra

Concalls

Nov 2025

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Stock Analysis

Description

  1. H.G. Infra Engineering Limited (HGIEL) is an Indian infrastructure company focused on road construction and maintenance, with diversified operations in railways, metro, solar power, and water projects. They specialize in EPC and Hybrid Annuity Model (HAM) projects.

Key Growth Triggers

  1. The declaration of the appointed date for the ₹763.11 Crore Hybrid Annuity Mode road project in Uttar Pradesh marks the official commencement of execution. This project, along with the company's existing robust order book and its strategic diversification into new energy ventures, are key drivers for future growth and revenue generation.

Order Book

  1. Order Book: The company has a significant order book, with this latest HAM project valued at ₹763.11 Crore. As of recent reports, the overall order book stood at approximately ₹1,46,563 Million (₹1.46 Lakh Crore).

Key Red Flags

  1. Recent Q2 FY26 results indicated a decline in consolidated PAT and an increase in consolidated Debt/Equity ratio to 1.80. However, the company has successfully resolved GST proceedings for FY23 with a NIL demand order, mitigating a potential liability.

Key Dates To Watch

  1. Appointed Date: January 16, 2026, for the NH 227B project.

Corporate Announcements

31st Mar 26
Impact Rating: 4
H.G. Infra Engineering Limited has officially announced the resignation of Col Satyajeet Ghoshal, its Chief of Staff and a Senior Management Personnel. This change will take effect from the close of business hours on March 30, 2026, citing personal reasons.
30th Mar 26
Impact Rating: 7
H.G. Infra Engineering Limited sold 49% of its wholly owned subsidiary H.G. Khammam Devarapalle PKG-1 Private Limited for ₹233.77 crore, ceasing its wholly-owned status.
25th Mar 26
Impact Rating: 7
H.G. Infra Engineering announces resignation of Dr. Puneet Gupta, Head - New Energy Verticals, effective March 25, 2026. The departure is attributed to personal family commitments.
23rd Mar 26
Impact Rating: 7
H.G. Infra Engineering Limited acquired equity in its subsidiary H.G. Banaskantha Bess Private Limited for ₹48.52 crore via rights issue. This investment aims at business expansion into battery energy storage systems.
23rd Mar 26
Impact Rating: 6
H.G. Infra Engineering announced that its trading window for dealing in the company's securities will be closed for all designated persons and their immediate relatives. The closure begins on April 1, 2026.