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

The company is focusing on expanding its EPC order book with an expected growth of about 50% in the coming financial year, targeting quality projects that benefit EBITDA and margins. There are ongoing strategic moves to diversify into renewable energy EPC and renewable energy power supply logistics, with openness to partnerships and joint ventures for expertise. Expansion plans include venturing into new regions such as Gujarat, Rajasthan, North-East, and South India to balance portfolio and counter seasonal risks. Commercial real estate development is targeted to create recurring annuit

Future growth expectations in sales/revenue/volumes?

Revenue target for FY27 is around INR 1,000 crores, with EPC contributing about INR 700 crores and toll & real estate about INR 300 crores. Order book expected to grow by approximately 50% in the coming financial year. Approximately INR 750-800 crores of current orders are executable in FY26 and FY27. Tollway collection industry is expected to double in the next two years from INR 55,000 crores to INR 1.4 lakh crores. The company targets a 20%-30% revenue contribution from new regions by FY27. Margin improvement anticipated, with EBITDA margins currently around 6-7%, expected to increase by 2%

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

FY27 revenue target: INR 1,000 crores, with EPC contributing INR 700 crores and toll & real estate INR 300 crores. EBITDA margins expected to improve by 2%-3% due to higher value contracts and less competition. Q3 FY26 standalone PAT rose 38% YoY; 9M FY26 PAT surged 192% YoY, indicating strong earnings growth momentum. Consolidated 9M FY26 PAT increased by 121.5% YoY to INR 23.1 crores. Order book expected to grow by 50% aiming for profitable, margin-accretive projects, which will support sustained revenue and profit growth. Government support and infrastructure expansion suggest tol

Current/ Expected Orderbook/ Pending Orders?

The consolidated order book stands at INR 1,160 crores, showing a 181% growth since September 2025. Breakdown: Approximately INR 623.6 crores in EPC and around INR 536.5 crores in tollway collection. Recently secured about INR 507 crores in new mandates across both EPC and tollway verticals. Toll business work orders valued at INR 550 crores are to be completed by next year. EPC work orders total INR 630 crores, with INR 250 crores expected to be completed in FY27. Approximately INR 750-800 crores of orders are executable in the near term. Targeting a 50% increase in the order book in the comi

Any current/future new fundraising through debt or equity?

The transcript does not explicitly mention any current or planned fundraising through debt or equity. However, it is noted that the company has received funds from its IPO in the past, which supports its growth and expansion. The management emphasizes focusing on profitable project selection and sustainable growth rather than just expanding the order book. No direct reference to new equity or debt raising initiatives for upcoming projects or expansion was made during the call. The company is open to partnerships and joint ventures, especially in the renewable energy EPC segment, indicating pos

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Highway Infrastructure LtdQ4 FY27Transport Infrastructure

Highway Infrastructure Ltd Q4 FY27 Earnings Call Analysis

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

Price: ₹47P/E: 10.7Market Cap: ₹372 CrSector: Transport Infrastructure

Management growth scorecard

Revenue

Category 2

Margin

Category 1

Fundraise

N/A

Order

Yes

Capex

Yes

3 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→Revenue target for FY27 is around INR 1,000 crores, with EPC contributing about INR 700 crores and toll & real estate about INR 300 crores.
→Order book expected to grow by approximately 50% in the coming financial year.
→Approximately INR 750-800 crores of current orders are executable in FY26 and FY27.
→Tollway collection industry is expected to double in the next two years from INR 55,000 crores to INR 1.4 lakh crores.
→The company targets a 20%-30% revenue contribution from new regions by FY27.
→Margin improvement anticipated, with EBITDA margins currently around 6-7%, expected to increase by 2%-3% as higher-value contracts with lesser competition are acquired.
→Expansion plans include venturing further into renewable energy EPC and commercial leasing to build recurring revenue streams.
→Growth focus on public-funded tolls and EPC projects fueled by government infrastructure spending and new highway constructions.

Margin guidance

Category 1

→FY27 revenue target: INR 1,000 crores, with EPC contributing INR 700 crores and toll & real estate INR 300 crores.
→EBITDA margins expected to improve by 2%-3% due to higher value contracts and less competition.
→Q3 FY26 standalone PAT rose 38% YoY; 9M FY26 PAT surged 192% YoY, indicating strong earnings growth momentum.
→Consolidated 9M FY26 PAT increased by 121.5% YoY to INR 23.1 crores.
→Order book expected to grow by 50% aiming for profitable, margin-accretive projects, which will support sustained revenue and profit growth.
→Government support and infrastructure expansion suggest toll collection revenues could double in coming years, aiding profit growth.
→Diversification into renewable EPC, EV charging, and commercial leasing expected to improve earnings quality and create recurring income streams.
→Management focused on sustained growth, margin improvement, and operational efficiency for strong future EPS growth.

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Fundraise plans

→The transcript does not explicitly mention any current or planned fundraising through debt or equity.
→However, it is noted that the company has received funds from its IPO in the past, which supports its growth and expansion.
→The management emphasizes focusing on profitable project selection and sustainable growth rather than just expanding the order book.
→No direct reference to new equity or debt raising initiatives for upcoming projects or expansion was made during the call.
→The company is open to partnerships and joint ventures, especially in the renewable energy EPC segment, indicating possible strategic collaborations rather than immediate fundraising.
→Overall, no clear indication of imminent fundraising through debt or equity was discussed in this call.

Order book

Yes

→The consolidated order book stands at INR 1,160 crores, showing a 181% growth since September 2025.
→Breakdown: Approximately INR 623.6 crores in EPC and around INR 536.5 crores in tollway collection.
→Recently secured about INR 507 crores in new mandates across both EPC and tollway verticals.
→Toll business work orders valued at INR 550 crores are to be completed by next year.
→EPC work orders total INR 630 crores, with INR 250 crores expected to be completed in FY27.
→Approximately INR 750-800 crores of orders are executable in the near term.
→Targeting a 50% increase in the order book in the coming financial year, focusing on profitable projects.

Capex plans

Yes

→The company is focusing on expanding its EPC order book with an expected growth of about 50% in the coming financial year, targeting quality projects that benefit EBITDA and margins.
→There are ongoing strategic moves to diversify into renewable energy EPC and renewable energy power supply logistics, with openness to partnerships and joint ventures for expertise.
→Expansion plans include venturing into new regions such as Gujarat, Rajasthan, North-East, and South India to balance portfolio and counter seasonal risks.
→Commercial real estate development is targeted to create recurring annuity-style income through hospitality and commercial leasing, leveraging owned land assets with strategic development for rental revenue growth.
→Growth in toll operations includes acquiring new toll plazas like Kaza with expectations of daily toll collections around INR 1 crore, aligning with increased government focus and funding in infrastructure.
→The company expects strong capex mainly aligned with these operational expansions and infrastructure development, supported by government allocations in road construction and tollway projects.

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