H.G. Infra Engineering Ltd.

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hginfra.comBSE: 541019NSE: HGINFRA

Market Cap₹ 3,154 Cr.

Current Price

High / Low₹ 1,050 / 430

Stock P/E10.8

Book Value₹ 504

Price to Book0.86

Dividend Yield0.41 %

ROCE15.8 %

ROE12.7 %

Face Value₹ 10

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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 a healthy return on capital (ROCE) of 24.5%
Company has a good return on equity (ROE) track record: 3 Years ROE 20.5%
Company has delivered good sales growth of 17.5% CAGR over last 5 years
Working capital cycle has improved - days down from 63 to 34
Company has a consistent dividend-paying track record
Company maintains a comfortable, low leverage position

CONS

Recent results are weak - TTM profit is down 52.2% versus prior year
Receivables are growing faster than sales - a possible quality concern
Promoter holding has decreased over last 2 years: -2.8pp
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.43x)
Total debt has risen sharply - up 52.4% year on year
Recurring exceptional / one-off items are inflating headline profit

* 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

Standalone Figures in Rs. Crores / View Consolidated

	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
	1,271	869	1,346	1,635	1,506	1,064	1,509	1,973	1,709	1,154	1,450	1,354	907
	1,067	731	1,132	1,370	1,263	890	1,258	1,690	1,474	1,007	1,225	1,227	904
Operating Profit	205	138	214	265	243	174	250	283	236	147	224	127	4
OPM %	16.11%	15.91%	15.91%	16.19%	16.16%	16.39%	16.58%	14.34%	13.79%	12.70%	15.47%	9.37%	0.39%
	4	2	109	5	3	3	2	64	2	17	3	78	-27
Interest	17	22	23	19	22	23	30	41	38	39	51	50	43
Depreciation	31	35	37	38	35	36	36	37	33	34	35	35	30
Profit before Tax	160	83	264	212	190	119	186	268	167	90	142	120	37
Tax %	26.13%	25.76%	22.21%	24.45%	26.43%	25.64%	26.72%	20.82%	25.04%	25.04%	31.56%	17.03%	22.73%
Net Profit	118	62	205	160	140	89	137	212	125	67	97	100	28
	18.16	9.46	31.53	24.54	21.41	13.60	20.95	32.59	19.25	10.33	14.86	15.27	4.34

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	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	2,010	2,196	2,535	3,615	4,419	5,122	6,052	5,667	4,865
	932	1,186	1,707	1,854	2,117	3,031	3,708	4,300	5,112	4,938	4,363
Operating Profit	124	207	303	342	418	584	710	822	940	729	501
OPM %	11.76%	14.87%	15.09%	15.57%	16.49%	16.16%	16.08%	16.05%	15.53%	12.87%	10.31%
	4	6	12	14	8	8	18	119	84	104	71
Interest	19	40	49	52	60	53	63	81	116	178	184
Depreciation	26	54	75	76	84	85	96	141	144	136	134
Profit before Tax	83	119	190	228	282	455	569	719	763	519	388
Tax %	35.93%	29.05%	35.05%	27.33%	25.22%	25.49%	25.91%	24.15%	24.40%	24.97%	24.72%
Net Profit	53	84	124	166	211	339	421	545	577	389	292
EPS	9.88	15.39	18.96	25.43	32.37	51.98	64.66	83.70	88.55	59.71	—
Dividend Payout %	0.00%	3.87%	2.64%	0.00%	2.47%	1.92%	1.93%	1.79%	2.26%	3.35%	—

COMPOUNDED SALES GROWTH

10 Years:: 23%
5 Years:: 17%
3 Years:: 9%

COMPOUNDED PROFIT GROWTH

10 Years:: 29%
5 Years:: 13%
3 Years:: -3%

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:: 20%
Last Year:: 13%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	158	476	594	756	967	1,299	1,713	2,253	2,820	3,194
	233	453	434	447	373	318	525	372	784	1,260
Trade Payables	87	279	346	544	415	432	724	836	1,271	1,633
	98	246	179	321	422	364	618	731	1,046	1,150
Total Liabilities	595	1,519	1,618	2,133	2,242	2,479	3,645	4,257	5,986	7,302
	204	412	462	482	483	450	627	736	683	592
Capital Work in Progress	1	9	0	11	2	2	72	4	3	0
	0	0	20	91	261	355	745	628	1,369	1,812
	49	107	116	106	168	184	235	297	543	425
	0	0	0	0	0	0	0	914	1,374	1,710
Cash & Bank	48	229	100	114	258	158	179	199	134	129
	292	763	920	1,329	1,070	1,330	1,787	1,479	1,880	2,634
Total Assets	595	1,519	1,618	2,133	2,242	2,479	3,645	4,257	5,986	7,302

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	89	33	144	328	596	224	744	271	120	253
Cash from Investing	-114	-446	-11	-162	-270	-173	-683	-87	-696	-636
Cash from Financing	62	443	-78	-72	-141	-34	117	-146	494	374
	13	-11	-3	21	116	-93	22	38	-82	-9

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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