H.G. Infra Engineering Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹2,527 Cr
- P/E
- 9.73
- ROE
- 8.52%
- PEG
- -0.53
- Price to sales
- 0.53
- Debt to equity
- 1.54
- 52W high / low
- ₹928 / ₹378
- Sales growth (5Y)
- 14.94%
- EBITDA margin
- 21.75%
- Net profit margin
- 5.05%
- Promoter holding
- 71.78%
- Sales (last year)
- ₹4,853 Cr
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]
Guidance scorecard · Q1 FY27 call
What H.G. Infra Engineering Ltd's management guided
and where it ranks in Construction
Construction
RevenueQ1 FY27 call
10–20%- For FY27, H.G. Infra is hopeful to achieve revenue between INR 6,000 crores to INR 6,500 crores, targeting to match or exceed FY25's INR 6,100+ crores despite a slow Q1.
- In FY28, with the current orders in hand, revenue is expected to grow to around INR 7,000 crores.
- Execution momentum is expected to improve significantly in Q3 and Q4 FY27, leading to more aggressive revenue growth in the second half of the year.
- Order inflow for FY27 is confidently targeted between INR 11,000 crores and INR 12,000 crores.
2 more points from H.G. Infra Engineering Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what H.G. Infra Engineering Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Total equity requirement for ongoing and upcoming projects (HAM, solar, BESS, transmission) is around INR 3,019 crores as of June 26, 2026.
- INR 1,665 crores has already been infused; the remaining equity will be infused over next 9 months of FY27 and FY28, FY29.
- Equity infusion planned includes INR 309 crores balance for FY27 and INR 235 crores for FY28, plus INR 72 crores for FY29 in HAM projects.
- For solar, BESS, and transmission projects, INR 275 crores is planned for FY27 and INR 390 crores for FY28, balance INR 75 crores for FY29.
- Strategic focus on accelerating growth in energy sectors like solar, BESS, and transmission along with traditional roads and highway projects.
2 more points from H.G. Infra Engineering Ltd's call on capex
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FundraisingQ1 FY27 call
PlannedSee what H.G. Infra Engineering Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- As of Q1 FY27, the company's order book stood at INR 14,502 crores.
- Pending projects of about INR 6,000+ crores (out of INR 14,500 crores order book) are not executable currently due to land acquisition and other approvals.
- Expect appointed dates for three large projects (including Mirzapur and Ringroad) by October (Q3 FY27).
- Target order inflow for FY27: INR 11,000 to 12,000 crores with INR 5,500 crores already received in Q1 FY27.
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Construction
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Construction companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹6,531 Cr | 11.7 | |
| 2 | 40%+ | Flat | ₹1,089 Cr | 9.3 | |
| 3 | 40%+ | Flat | ₹898 Cr | 7.6 | |
| 4 | 40%+ | Flat | ₹807 Cr | 14.7 | |
| 5 | 40%+ | Flat | ₹554 Cr | 13.1 | |
| 6 | 40%+ | Flat | ₹516 Cr | 30.7 |
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Pro shows every company guiding 40%+ revenue growth →Full Construction rankingH.G. Infra Engineering Ltd announcements
All announcements →- Acquisition / mergerNotableH.G. Infra Engineering Ltd acquires 100% equity shares of Ranipur Chunar Power Transmission Ltd
Financials of H.G. Infra Engineering Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of H.G. Infra Engineering Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,535 | 1,351 | 955 | 1,365 | 1,708 | 1,528 | 902 | 1,265 | 1,361 | 1,482 | 904 | 1,421 | 1,427 |
| Expenses + | 1,238 | 1,070 | 734 | 1,136 | 1,376 | 1,216 | 683 | 978 | 1,121 | 1,223 | 699 | 1,113 | 1,189 |
| Operating Profit | 297 | 281 | 220 | 228 | 333 | 312 | 220 | 287 | 239 | 259 | 206 | 309 | 237 |
| OPM % | 19% | 21% | 23% | 17% | 19% | 20% | 24% | 23% | 18% | 18% | 23% | 22% | 17% |
| Other Income + | 7 | 6 | 3 | 22 | 6 | 4 | 4 | 4 | 20 | 2 | 13 | 4 | 60 |
| Interest | 47 | 52 | 59 | 57 | 48 | 57 | 62 | 75 | 71 | 95 | 108 | 129 | 137 |
| Depreciation | 26 | 31 | 35 | 37 | 38 | 35 | 36 | 36 | 37 | 36 | 40 | 44 | 48 |
| Profit before tax | 231 | 203 | 129 | 156 | 252 | 225 | 125 | 180 | 151 | 132 | 71 | 139 | 113 |
| Tax % | 26% | 26% | 26% | 35% | 25% | 28% | 36% | 36% | 3% | 25% | 27% | 32% | 25% |
| Net Profit + | 171 | 150 | 96 | 102 | 190 | 163 | 81 | 115 | 147 | 99 | 52 | 94 | 85 |
| EPS in Rs | 26.23 | 23.08 | 14.75 | 15.66 | 29.16 | 24.95 | 12.39 | 17.67 | 22.55 | 15.16 | 8.01 | 14.47 | 13.06 |
Financials of H.G. Infra Engineering Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 365 | 741 | 1,056 | 1,393 | 2,014 | 2,217 | 2,610 | 3,751 | 4,622 | 5,378 | 5,056 | 5,235 |
| Expenses + | 321 | 663 | 932 | 1,185 | 1,710 | 1,864 | 2,125 | 3,040 | 3,727 | 4,315 | 3,998 | 4,223 |
| Operating Profit | 44 | 78 | 124 | 208 | 305 | 353 | 484 | 711 | 895 | 1,064 | 1,058 | 1,012 |
| OPM % | 12% | 11% | 12% | 15% | 15% | 16% | 19% | 19% | 19% | 20% | 21% | 19% |
| Other Income + | 3 | 2 | 3 | 5 | 14 | 14 | 6 | 6 | 19 | 34 | 32 | 79 |
| Interest | 16 | 16 | 19 | 40 | 49 | 60 | 94 | 118 | 154 | 217 | 265 | 469 |
| Depreciation | 17 | 18 | 26 | 54 | 75 | 76 | 84 | 85 | 96 | 141 | 144 | 168 |
| Profit before tax | 14 | 46 | 83 | 119 | 194 | 231 | 312 | 515 | 665 | 740 | 681 | 455 |
| 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 |
| 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 |
| Dividend Payout % | 0% | 0% | 0% | 4% | 3% | 0% | 2% | 2% | 2% | 2% | 3% | 4% |
Financials of H.G. Infra Engineering Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | 2,607 | |
| Total Liabilities | 398 | 572 | 1,484 | 1,573 | 2,216 | 2,680 | 3,280 | 4,906 | 5,403 | 8,690 | 10,901 | |
| 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 | 7,852 | |
| Total Assets | 398 | 572 | 1,484 | 1,573 | 2,216 | 2,680 | 3,280 | 4,906 | 5,403 | 8,690 | 10,901 |
Financials of H.G. Infra Engineering Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 64 | -8 | 66 | 36 | 71 | -322 | -139 | -311 | -878 | |||
| Cash from Investing Activity + | -114 | -446 | 9 | -85 | -103 | -66 | -378 | 17 | -1,461 | |||
| Cash from Financing Activity + | 62 | 443 | -78 | 71 | 152 | 293 | 562 | 319 | 2,310 | |||
| Net Cash Flow | 13 | -11 | -3 | 21 | 120 | -95 | 44 | 26 | -28 | |||
| Free Cash Flow | -44 | -260 | -63 | -58 | -16 | -379 | -457 | -525 | -2,415 | |||
| CFO/OP | 71% | 16% | 40% | 33% | 31% | -29% | 4% | -11% | -62% |
Financials of H.G. Infra Engineering Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | 36 | ||
| Days Payable | 66 | 78 | 187 | 222 | 128 | 88 | 123 | 135 | 196 | 150 | ||
| Cash Conversion Cycle | 36 | 29 | -3 | 111 | -66 | 5 | 11 | -26 | -41 | -78 | -59 | |
| 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% |
Guidance history
How H.G. Infra Engineering Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Flat | Planned | Planned | — |
| Q4 FY26 call → | 10–20% | Up 0–2% | Planned | Planned | Rising |
| Q3 FY26 call → | 10–20% | Down 0–2% | Planned | — | Rising |
| Q2 FY26 call → | 10–20% | Flat | Planned | Planned | Flat |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
2 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −58.2% | 2% |
| Last 6 months | −34.9% | 4% |
| Last 3 months | −27.3% | 5% |
The price is 78% below its all-time high of ₹1,763.35 (28 Jun 2024). Stocks more than 20% below their peak have their score halved, so 3 became 2.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For H.G. Infra Engineering Ltd: 0.4 × 2 + 0.4 × 4 + 0.2 × 5 = 3, halved to 2 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What H.G. Infra Engineering Ltd's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q3 FY25 earnings call analysis →
- Q1 FY26 earnings call →
- Q4 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
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