H.G. Infra Engineering Ltd.

•

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

News

Recent coverage and analyst commentary for HGINFRA

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H.G. Infra Engineering Ltd.

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Free 5nance Account

Name

3915.00

32.47

538651.57

0.97

4988.03

15.51

67941.74

6.69

15.98

12.00

RVNL

205.00

47.52

42742.91

0.35

159.52

18.73

4321.23

10.55

10.81

4.41

KPIL

1435.05

21.56

24506.71

0.77

311.53

45.85

6407.97

3.84

18.95

8.77

IRB

19.64

24.86

23721.19

1.32

3062.70

1412.58

21372.72

918.25

7.72

53.93

CEMPRO

1244.10

35.53

21372.09

0.24

140.83

2.64

2720.92

7.02

33.53

10.09

ENGINERSIN

269.20

19.30

15130.18

1.86

157.94

141.49

819.84

-5.80

30.94

20.61

TECHNOE

972.50

26.24

11310.13

0.72

93.33

-31.44

630.34

19.84

14.86

15.79

WELENT

782.75

35.45

10834.34

0.38

56.36

-44.29

773.72

-8.44

16.44

19.49

KEC

406.45

19.54

10819.70

1.35

72.62

-41.72

5023.54

0.01

16.35

5.79

IRCON

113.20

20.33

10646.64

1.68

92.03

-43.92

1955.83

9.49

10.15

9.81

AFCONS

253.95

64.55

9339.89

0.79

303.00

120.52

26710.00

692.49

12.88

9.42

HGINFRA

483.95

16.92

3153.96

0.41

-44.52

-144.85

1100.59

-25.75

12.12

27.58

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

OPM %

16.11%

15.91%

16.19%

16.16%

16.39%

16.58%

14.34%

13.79%

12.70%

15.47%

9.37%

0.39%

109

-27

Interest

Depreciation

Profit before Tax

160

264

212

190

119

186

268

167

142

120

Tax %

26.13%

25.76%

22.21%

24.45%

26.43%

25.64%

26.72%

20.82%

25.04%

31.56%

17.03%

22.73%

Net Profit

118

205

160

140

137

212

125

100

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

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%

119

104

Interest

116

178

184

Depreciation

141

144

136

134

Profit before Tax

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

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%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

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

279

346

544

415

432

724

836

1,271

1,633

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

261

355

745

628

1,369

1,812

107

116

106

168

184

235

297

543

425

914

1,374

1,710

Cash & Bank

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

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

144

328

596

224

744

271

120

253

Cash from Investing

-114

-446

-11

-162

-270

-173

-683

-87

-696

-636

Cash from Financing

443

-78

-72

-141

-34

117

-146

494

374

-11

-3

116

-93

-82

-9

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

74.53

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

11.30

12.92

13.31

13.33

14.13

14.29

15.16

16.17

16.73

H.G. Infra Engineering Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

H.G. Infra Engineering Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI