H.G. Infra Engineering Ltd.

•

hginfra.comBSE: 541019NSE: HGINFRA

Market Cap₹ 3,154 Cr.

Current Price

High / Low₹ 1,050 / 430

Stock P/E16.9

Book Value₹ 494

Price to Book0.86

Dividend Yield0.41 %

ROCE12.1 %

ROE10.6 %

Face Value₹ 10

Add ratio to table

ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Construction: 97.9% • Renewable: 2.1%

AI Sector View

AI GENERATED

Construction

Buy

Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.

Confidence

80%

View full sector analysis →

PROS

Company has consistently been profitable over the last 5 years
Working capital cycle has improved - days down from 102 to 29
Company has a consistent dividend-paying track record

CONS

Recent results are weak - TTM profit is down 62.2% versus prior year
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.68x)
Promoter holding has decreased over last 2 years: -2.8pp
Interest coverage is weak at 2.0x - earnings barely cover interest
Operating cash flow has been negative in recent years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ConstructionInfrastructureEngineering - Construction

Part ofNIFTY MICROCAP250 NIFTY TOTAL MKT

S.No.	Name
1.	LT	3915.00	32.47	538651.57	0.97	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	205.00	47.52	42742.91	0.35	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1435.05	21.56	24506.71	0.77	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.64	24.86	23721.19	1.32	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1244.10	35.53	21372.09	0.24	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	269.20	19.30	15130.18	1.86	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	972.50	26.24	11310.13	0.72	93.33	-31.44	630.34	19.84	14.86	15.79
8.	WELENT	782.75	35.45	10834.34	0.38	56.36	-44.29	773.72	-8.44	16.44	19.49
9.	KEC	406.45	19.54	10819.70	1.35	72.62	-41.72	5023.54	0.01	16.35	5.79
10.	IRCON	113.20	20.33	10646.64	1.68	92.03	-43.92	1955.83	9.49	10.15	9.81
11.	AFCONS	253.95	64.55	9339.89	0.79	303.00	120.52	26710.00	692.49	12.88	9.42
12.	HGINFRA	483.95	16.92	3153.96	0.41	-44.52	-144.85	1100.59	-25.75	12.12	27.58

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	1,351	955	1,365	1,708	1,528	902	1,265	1,361	1,482	904	1,421	1,427	1,101
	1,070	734	1,136	1,376	1,216	683	978	1,121	1,223	698	1,112	1,189	959
Operating Profit	281	220	228	333	312	220	287	239	260	206	309	237	141
OPM %	20.78%	23.07%	16.73%	19.47%	20.44%	24.33%	22.68%	17.59%	17.52%	22.80%	21.73%	16.64%	12.82%
	5	3	22	6	4	4	3	19	2	13	4	60	152
Interest	52	59	57	48	57	62	75	71	95	108	129	137	118
Depreciation	31	35	37	38	35	36	36	37	36	40	44	48	45
Profit before Tax	203	129	156	252	225	125	179	151	132	72	139	112	-0
Tax %	25.92%	25.56%	34.57%	24.58%	27.70%	35.64%	36.22%	2.53%	24.56%	26.93%	32.26%	25.17%	-10865.02%
Net Profit	0	0	0	0	163	81	115	147	99	52	94	85	-45
	23.08	14.75	15.66	29.16	24.94	12.38	17.66	22.56	15.23	7.95	14.44	12.99	-6.83

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	1,056	1,393	2,014	2,217	2,610	3,751	4,622	5,378	5,056	5,235	4,853
	932	1,186	1,710	1,862	2,127	3,042	3,727	4,317	4,009	4,227	3,959
Operating Profit	124	207	305	355	483	710	895	1,062	1,047	1,008	894
OPM %	11.76%	14.87%	15.12%	16.02%	18.52%	18.91%	19.37%	19.74%	20.71%	19.25%	18.41%
	4	6	12	14	7	8	18	36	41	83	229
Interest	19	40	49	60	94	118	154	217	265	469	492
Depreciation	26	54	75	76	84	85	96	141	144	168	177
Profit before Tax	83	119	194	231	312	515	665	740	681	455	323
Tax %	35.93%	29.05%	34.50%	27.85%	24.15%	26.15%	25.79%	27.21%	25.76%	27.46%	42.32%
Net Profit	53	84	127	167	237	380	493	539	505	330	186
EPS	9.88	15.39	19.54	25.57	36.31	58.31	75.68	82.64	77.56	50.69	—
Dividend Payout %	0.00%	3.87%	2.56%	0.00%	2.20%	1.71%	1.65%	1.82%	2.58%	3.95%	—

COMPOUNDED SALES GROWTH

10 Years:: 22%
5 Years:: 15%
3 Years:: 4%

COMPOUNDED PROFIT GROWTH

10 Years:: 25%
5 Years:: 7%
3 Years:: -13%

STOCK PRICE CAGR

10 Years:: —
5 Years:: -4%
3 Years:: -20%
1 Year:: -50%

RETURN ON EQUITY

10 Years:: 24%
5 Years:: 23%
3 Years:: 18%
Last Year:: 11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	18	65	65	65	65	65	65	65	65	65
Minority Interest	0	0	0	0	0	0	0	0	0	16
	158	476	598	761	997	1,371	1,857	2,390	2,884	3,200
	233	453	434	596	773	1,187	1,928	1,314	3,757	4,218
Trade Payables	87	279	346	544	415	432	724	836	1,271	1,543
	98	246	180	317	496	337	505	996	894	1,874
Total Liabilities	594	1,519	1,623	2,283	2,746	3,392	5,079	5,601	8,872	10,916
	204	412	462	483	484	451	627	736	882	2,294
Capital Work in Progress	1	9	0	11	2	2	72	14	1,349	740
	0	0	3	0	0	0	10	10	12	12
	49	107	116	106	168	184	235	297	451	375
	0	0	0	0	0	0	0	673	671	788
Cash & Bank	48	229	100	115	263	164	270	207	197	254
	292	763	941	1,568	1,830	2,591	3,864	3,664	5,310	6,454
Total Assets	594	1,519	1,623	2,283	2,746	3,392	5,079	5,601	8,872	10,916

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	89	33	123	115	149	-205	36	-311	-878	250
Cash from Investing	-114	-446	9	-85	-103	-66	-378	17	-1,461	-1,074
Cash from Financing	62	443	-78	71	152	293	562	319	2,310	832
	13	-11	-3	21	120	-95	44	26	-28	8

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.53	71.78	71.78	71.78	71.78	71.78	71.78	71.78	71.78
	2.04	2.60	2.76	2.87	2.43	2.32	1.92	1.39	1.37
	12.13	12.70	12.14	12.02	11.65	11.61	11.14	10.66	10.11
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	11.30	12.92	13.31	13.33	14.13	14.29	15.16	16.17	16.73

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-05

Credit Rating- Revision

2026-09-05 - H.G. Infra Engineering Limited has informed the Exchange about Credit Rating- Revision

2026-08-21

Credit Rating- Revision

2026-08-21 - H.G. Infra Engineering Limited has informed the Exchange about Credit Rating- Revision

2026-08-19

Change in Management

2026-08-19 - H.G. Infra Engineering Limited has informed the Exchange about change in Management

2026-08-19

Shareholders meeting

2026-08-19 - H.G. Infra Engineering Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 19, 2026. Further, the company has submitted the Exchange a copy of Scrutinizers report along with voting results.

2026-08-18

Updates

2026-08-18 - H.G. Infra Engineering Limited has informed the Exchange regarding 'Receipt of Letter of Intent from REC Power Development and Consultancy Limited'.

2026-08-17

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-17 - H.G. Infra Engineering Limited has informed the Exchange about Transcript

2026-08-14

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-14 - H.G. Infra Engineering Limited has informed the Exchange about Link of Recording

2026-08-13

Copy of Newspaper Publication

2026-08-13 - H.G. Infra Engineering Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-13

Investor Presentation

2026-08-13 - H.G. Infra Engineering Limited has informed the Exchange about Investor Presentation