H.G. Infra Engineering Ltd

- The company expects a total equity infusion of Rs. 775 crore for the current year, with Rs. 425 crore to be infused in the remaining 9 months of FY ‘25 and the balance in FY ‘26 and FY ‘27 (Page 8). - Equity requirement for 10 HAM projects totals Rs. 1,461 crore; Rs. 728 crore already infused as of June 2024 (Page 5). - Debt position: consolidated gross debt is approximately Rs. 2,015 crore as of Q1 FY ‘25 with expectations that gross debt will remain around Rs. 500 crore to Rs. 600 crore replacing higher-interest mobilization advances with term loans at lower rates (Pages 14, 5, 8). - CapEx guidance for FY ‘25 is Rs. 75 crore; Rs. 15 crore spent in Q1 FY ‘25 (Page 9). - No explicit mention of any new equity or debt fundraising beyond planned equity infusion for projects and routine debt management.

- FY '25 CapEx guidance is approximately Rs. 75 crore, with Rs. 15 crore already spent in Q1. - Equity investment for HAM projects remains at about 15% to 18% of project cost (including GST). - For a solar park project (50 to 100 MW for C&I customers), capital commitment expected is around Rs. 40-50 crore. - In solar, some projects involve investing Rs. 40-50 crore, with potential additions of Rs. 100 crore in the shorter term. - Strategic focus on land aggregation and infrastructure development for solar parks to enable third-party installations. - Monetization of five HAM projects is underway, with expressions of interest from funds, targeting completion and data sharing by October-November 2024. - No plans for solar module manufacturing or aggressive expansion in international markets or hydrogen sector currently; plans are gradual.

- H.G. Infra aims for revenue growth of 17% to 18% in FY ‘25 (Page 6). - Target order inflow for FY ‘25 is Rs. 11,000 to 12,000 crore (Page 6, 9). - Execution expected at around Rs. 6,000 crore with margins of 15%-16% (Page 6). - Solar segment expected to contribute 15%-20% of the order mix with margins around 11%-12% for EPC solar projects (Page 17). - Highways to continue to dominate order inflows with about 60%-65% share, railways about 20%, and solar & water making up the rest (Page 14). - Completion of solar Rs.1,700 crore order book expected by 1H FY ‘26; Rs. 900 crore revenue execution expected in FY ‘25 (Page 22). - The company is optimistic about substantial opportunities post-election with increased infrastructure awarding (Page 3).

- H.G. Infra expects revenue growth of 17% to 18% in FY ‘25, driven by strong order inflow and execution. - The company targets EBITDA margins of 15% to 16%, maintaining margin sustainability through strategic project selection. - Solar EPC margins are expected around 12%-18%, with overall blended margins around 15%-16% considering roads, railways, and water projects. - Equity IRR for solar projects is targeted at approximately 15%, with EPC margins near 18%. - Order inflows are anticipated in the range of Rs. 11,000 to Rs. 12,000 crores for FY ‘25, with potential upside given an aggressive government ordering pipeline. - Monetization of five HAM projects is planned by March next year, which may improve financial metrics. - Execution for FY ‘25 is expected at about Rs. 6,000 crores, supporting earnings growth. - Overall, H.G. Infra aims for steady expansion with focused diversification into solar, railways, and water projects while maintaining healthy margins.

- As of June 30, 2024, H.G. Infra Engineering's order book stands at Rs. 15,642 crores, up 34% from Q1 FY24. - Order book composition: Rs. 11,452 crores from roads and highways, Rs. 2,498 crores from railway and metro, Rs.1,691 crores from solar. - Around 28% of the order book is HAM projects and 78% is EPC. - The company has bid for approximately Rs. 8,000 crores of railway projects (EPC) and Rs. 9,000 crores of highway projects (mainly HAM). - Expected order inflow for FY25 is Rs. 11,000 to Rs. 12,000 crores, with 60%-65% from highways (mostly HAM), about 20% from railways (EPC), plus some from water and solar segments. - Solar order book is around Rs. 1,691 crores; approx. Rs. 900 crores will be executed in FY25; entire solar order revenue expected by 1H FY26. - Monetization discussions are active for 5 HAM projects; equity infusion and completion expected by FY25 to FY27.