Future growth expectations in earnings/operating earnings/profits/EPS?

FY27 execution guidance targets revenue of approx. INR7,000 crores (page 15). Order inflow target for FY26-27 is INR10,000 to INR12,000 crores to fuel future growth (page 15). Expectation of 10-12% year-on-year revenue growth in FY27 (page 15). EBITDA margin guidance around 15% for Q4 FY26, with future projects expected margin to be ~14% (pages 14,10). PAT margin has declined to ~6.7% in recent quarters from ~9% previously, attributed to some project modifications and tax provisioning (pages 14,6). Company confident in maintaining steady EBIT margins between 14-16% amid competitive bidding env

Any current/future new fundraising through debt or equity?

No major new equity fundraising is mentioned; solar projects' full equity of INR731 crores is already invested with no further requirement. For BESS projects, around INR99 crores equity is expected in FY26-27, with a total equity requirement of INR605 crores over FY26-27 including HAM projects. Additional working capital limits have been availed temporarily to bridge funding gaps for solar project completion. No explicit mention of new large debt raisings; current consolidated gross debt stands at INR6,032 crores with consol cash at INR255 crores. Solar project debt disbursement of INR425 cror

Any current/future capex/capital investment/strategic investment?

Capex in 9 months FY26: Around INR305 crores, mainly for equipment; minimal further capex expected due to existing machinery and equipment. (Page 13) BESS (Battery Energy Storage Systems) equity investment: INR16 crores invested till date; expected equity requirement of INR99 crores for FY26-27; total equity for FY26-27 around INR605 crores including HAM projects. (Page 13) Solar projects: Full equity of INR731 crores already invested; no further equity required. (Page 13) Strategic investment in BESS projects includes forming SPVs, land purchase for Banaskantha project, with approvals and

Future growth expectations in sales/revenue/volumes?

FY27 revenue execution is guided at approximately INR7,000 crores, reflecting a 10-12% year-on-year growth. Of the INR7,000 crores, about INR5,500 crores are expected from existing projects, excluding MSRDC, and INR1,500 crores from new projects including MSRDC. Order inflow target for FY27 is set between INR10,000 crores to INR12,000 crores. The company aims to maintain a 10-15% year-on-year growth streak by adding new orders in forthcoming months. Execution of BESS projects is a focus, with around 85% expected to be completed by March FY27. Bid pipeline remains strong, with INR14,000 crores

Current/ Expected Orderbook/ Pending Orders?

Current order inflow for the year-to-date is INR 3,300 crores (Page 15). New projects worth INR 4,000 to INR 5,000 crores are expected to be added by March 2026 (Page 6, 11). Total bid size for highway projects already submitted is around INR 14,000 crores, with INR 48,000 crores worth of projects expected to be bid by March 2026 (Page 12). Targets for order inflow in FY26-27 are INR 10,000 to INR 12,000 crores (Page 15). Order book includes roads and rail projects; also involved in BESS and solar sectors (Page 15). Specific orders like the MSRDC project are pending LOA, expected to start in t

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H.G. Infra Engineering LtdQ4 FY27Construction

H.G. Infra Engineering Ltd Q4 FY27 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹564P/E: 10.2Market Cap: ₹3.9K CrSector: Construction

Management growth scorecard

Revenue

Category 3

Margin

Category 4

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→FY27 revenue execution is guided at approximately INR7,000 crores, reflecting a 10-12% year-on-year growth.
→Of the INR7,000 crores, about INR5,500 crores are expected from existing projects, excluding MSRDC, and INR1,500 crores from new projects including MSRDC.
→Order inflow target for FY27 is set between INR10,000 crores to INR12,000 crores.
→The company aims to maintain a 10-15% year-on-year growth streak by adding new orders in forthcoming months.
→Execution of BESS projects is a focus, with around 85% expected to be completed by March FY27.
→Bid pipeline remains strong, with INR14,000 crores of highway projects already bid and INR48,000 crores planned to be bid by March.
→Margins are expected around 14-15%, with a caution toward slight margin correction due to competition.

Margin guidance

Category 4

→FY27 execution guidance targets revenue of approx. INR7,000 crores (page 15).
→Order inflow target for FY26-27 is INR10,000 to INR12,000 crores to fuel future growth (page 15).
→Expectation of 10-12% year-on-year revenue growth in FY27 (page 15).
→EBITDA margin guidance around 15% for Q4 FY26, with future projects expected margin to be ~14% (pages 14,10).
→PAT margin has declined to ~6.7% in recent quarters from ~9% previously, attributed to some project modifications and tax provisioning (pages 14,6).
→Company confident in maintaining steady EBIT margins between 14-16% amid competitive bidding environment (page 10).
→New sector entries (solar, BESS, rail) and order wins from groups like Adani expected to contribute positively to earnings growth (pages 15, 10).
→Minimal capex planned, supporting margin sustainability (page 13).

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Fundraise plans

→No major new equity fundraising is mentioned; solar projects' full equity of INR731 crores is already invested with no further requirement.
→For BESS projects, around INR99 crores equity is expected in FY26-27, with a total equity requirement of INR605 crores over FY26-27 including HAM projects.
→Additional working capital limits have been availed temporarily to bridge funding gaps for solar project completion.
→No explicit mention of new large debt raisings; current consolidated gross debt stands at INR6,032 crores with consol cash at INR255 crores.
→Solar project debt disbursement of INR425 crores is expected by March-April 2026, which will reduce overall debt.
→HAM projects require scheduled equity infusion of INR117 crores in 3 months, INR220 crores in FY27, and INR171 crores in FY28.
→No new fundraising through IPO or major debt issuance discussed in the call.

Order book

Yes

→Current order inflow for the year-to-date is INR 3,300 crores (Page 15).
→New projects worth INR 4,000 to INR 5,000 crores are expected to be added by March 2026 (Page 6, 11).
→Total bid size for highway projects already submitted is around INR 14,000 crores, with INR 48,000 crores worth of projects expected to be bid by March 2026 (Page 12).
→Targets for order inflow in FY26-27 are INR 10,000 to INR 12,000 crores (Page 15).
→Order book includes roads and rail projects; also involved in BESS and solar sectors (Page 15).
→Specific orders like the MSRDC project are pending LOA, expected to start in the second half of the year (Page 14, 9).
→Order backlog includes 3 EPC and 5 HAM projects with results awaited (Page 12).

Capex plans

Yes

→Capex in 9 months FY26: Around INR305 crores, mainly for equipment; minimal further capex expected due to existing machinery and equipment. (Page 13)
→BESS (Battery Energy Storage Systems) equity investment: INR16 crores invested till date; expected equity requirement of INR99 crores for FY26-27; total equity for FY26-27 around INR605 crores including HAM projects. (Page 13)
→Solar projects: Full equity of INR731 crores already invested; no further equity required. (Page 13)
→Strategic investment in BESS projects includes forming SPVs, land purchase for Banaskantha project, with approvals and financial closures ongoing; final orders of long lead components likely by March 2026. (Page 5)
→Monetization of 5 HAM assets with expected INR500-600 crores inflow within current financial year; equity infusion for 11 HAM projects totaling INR1,750 crores, with INR117 crores due in next 3 months, INR220 crores in FY27, and INR171 crores in FY28. (Page 5)

How does H.G. Infra Engineering Ltd rank vs peers in Construction?

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1H.G. Infra Engineering Ltd

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