H.G. Infra Engineering Ltd

- 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.

- 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)

- 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.

- 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).

- 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).