Highway Infrastructure Ltd.

•

highwayinfrastructure.inBSE: 544477NSE: HILINFRA

Market Cap₹ 318 Cr.

Current Price

High / Low₹ 94 / 41

Stock P/E12.2

Book Value₹ 32

Price to Book1.29

Dividend Yield0.00 %

ROCE20.0 %

ROE18.8 %

Face Value₹ 5

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Toll Business: 78.5% • Civil Contracters: 21.4% • Property Developers: 0.1%

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 delivered good profit growth of 33.0% CAGR over last 5 years
Promoters have been increasing their shareholding - up 70.0pp over 2 years
Company has a healthy return on capital (ROCE) of 21.4%
Company has a good return on equity (ROE) track record: 3 Years ROE 20.2%
Company has delivered good sales growth of 32.6% CAGR over last 5 years

CONS

Operating cash flow has been negative in recent years
A large part of profit comes from other income (63.2% of PBT)
Recent results are weak - TTM profit is down 31.9% versus prior year
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -1.00x)
Receivables are growing faster than sales - a possible quality concern

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

Peer comparison

ConstructionInfrastructureEngineering - Construction

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	LT	3966.00	32.89	545668.49	0.96	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	212.00	49.14	44202.43	0.33	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1406.55	21.14	24020.01	0.78	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.65	24.87	23733.27	1.32	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1296.70	37.03	22275.70	0.23	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	279.45	20.03	15706.27	1.79	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	979.25	26.42	11388.64	0.71	93.33	-31.44	630.34	19.84	14.86	15.79
8.	WELENT	813.00	36.82	11253.04	0.37	56.36	-44.29	773.72	-8.44	16.44	19.49
9.	IRCON	119.20	21.41	11210.95	1.59	92.03	-43.92	1955.83	9.49	10.15	9.81
10.	KEC	408.35	19.63	10870.28	1.35	72.62	-41.72	5023.54	0.01	16.35	5.79
11.	AFCONS	292.55	74.36	10759.54	0.68	303.00	120.52	26710.00	692.49	12.88	9.42
12.	HILINFRA	44.29	12.28	317.65	0.00	1.06	-85.27	303.28	170.91	18.96	1.25

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	82	97	111	129	114	88	128	271	302
	77	96	110	114	103	95	120	259	302
Operating Profit	5	1	1	15	11	-7	8	12	-0
OPM %	6.15%	0.81%	0.82%	11.36%	9.65%	-7.45%	6.24%	4.55%	-0.01%
	1	2	5	4	1	21	2	3	2
Interest	2	2	1	2	2	2	1	2	3
Depreciation	1	1	1	1	1	1	1	1	1
Profit before Tax	4	0	4	16	10	13	8	13	2
Tax %	23.43%	27.78%	-4.24%	25.88%	25.88%	23.63%	22.07%	29.20%	30.91%
Net Profit	3	0	4	12	7	10	6	9	1
	0.55	0.05	0.77	2.04	1.25	1.27	0.92	1.37	0.16

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
	80	95	98	100	147	292	266	401	418	600	789
	67	80	85	87	132	275	247	374	398	576	775
Operating Profit	13	15	13	13	15	17	19	27	21	25	14
OPM %	16.12%	15.46%	12.80%	12.68%	10.10%	5.80%	6.98%	6.74%	4.97%	4.10%	1.74%
	1	1	1	3	1	2	4	7	13	27	28
Interest	5	4	4	4	4	6	5	7	7	6	7
Depreciation	3	4	3	3	3	3	2	2	2	2	3
Profit before Tax	6	7	7	9	10	11	15	25	25	43	35
Tax %	34.14%	33.33%	26.25%	21.50%	21.59%	25.80%	22.04%	22.57%	20.31%	25.50%	25.67%
Net Profit	4	5	5	7	8	8	12	19	20	32	26
EPS	0.00	0.00	5.22	6.95	8.01	8.61	12.15	19.81	3.40	4.48	—
Dividend Payout %	5.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 26%
5 Years:: 33%
3 Years:: 31%

COMPOUNDED PROFIT GROWTH

10 Years:: 22%
5 Years:: 33%
3 Years:: 40%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: -52%

RETURN ON EQUITY

10 Years:: 18%
5 Years:: 21%
3 Years:: 20%
Last Year:: 19%

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	1	10	10	10	10	10	10	10	29	36
	28	25	30	37	44	53	64	84	84	192
	27	22	20	25	36	39	39	48	59	89
Trade Payables	13	24	13	12	17	9	5	13	15	11
	34	12	31	26	16	19	17	25	32	46
Total Liabilities	103	92	104	109	124	130	136	179	220	375
	27	28	22	20	17	15	13	13	11	16
Capital Work in Progress	0	0	0	0	0	0	0	0	0	1
	10	12	16	28	18	16	15	5	5	0
	41	38	27	33	41	48	42	48	62	68
	0	0	0	0	0	0	0	26	40	63
Cash & Bank	5	5	2	0	1	1	0	14	12	14
	20	8	37	28	47	50	65	74	90	214
Total Assets	103	92	104	109	124	130	136	179	220	375

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
	15	17	11	0	-2	4	8	3	-11	-63
Cash from Investing	-17	-6	-1	2	-2	-2	-0	4	6	-45
Cash from Financing	4	-8	-6	-1	7	-0	-5	0	4	107
	-0	0	1	-1	1	-0	-0	7	-1	-1

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
PER SHARE
EPS (₹)	47.21	5.08	5.22	6.95	8.01	8.61	12.15	19.81	3.40	4.48
Book Value (₹)	335.15	35.55	41.16	48.11	56.12	64.74	76.89	96.71	19.52	31.83
Dividend per Share (₹)	2.50	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	1.22	1.48	1.44	1.66	1.81	1.87	2.45	3.73	3.80	4.82
PROFITABILITY
Operating Margin %	17.17%	16.29%	14.07%	15.53%	11.55%	6.65%	8.57%	6.74%	4.97%	4.10%
Net Margin %	5.16%	5.17%	5.14%	6.70%	5.26%	2.84%	4.41%	4.76%	4.70%	5.35%
ROE %	15.03%	15.40%	13.61%	15.57%	15.37%	26.61%	17.16%	22.82%	19.09%	18.83%
ROCE %	19.44%	18.24%	16.40%	19.04%	17.70%	32.01%	18.32%	24.48%	19.83%	20.01%
	4.82%	5.03%	5.15%	6.30%	6.64%	12.78%	8.82%	12.12%	9.85%	10.80%
EFFICIENCY
Debtor Days	46	26	50	79	39	20	26	22	29	31
Inventory Days	155	152	122	109	92	60	62	41	48	39
Payable Days	64	90	85	113	43	45	53	162	306	536
	136	88	86	75	88	35	34	-99	-229	-466
FINANCIAL HEALTH
Debt to Equity (x)	1.21x	0.86x	0.61x	0.49x	0.52x	0.68x	0.57x	0.54x	0.54x	0.40x
Interest Coverage (x)	2.38x	2.67x	2.87x	3.07x	3.80x	2.99x	3.86x	4.46x	4.65x	7.82x
	1.06x	1.03x	1.10x	1.28x	1.75x	1.84x	1.62x	1.63x	1.67x	1.85x
GROWTH
Revenue Growth %	30.24%	18.08%	3.37%	2.10%	46.82%	0.00%	-8.95%	50.95%	4.32%	43.50%
Operating Profit Growth %	51.51%	12.02%	-10.74%	12.70%	9.21%	0.00%	17.24%	50.41%	-1.54%	53.80%
Net Profit Growth %	-4.22%	18.45%	2.66%	33.13%	15.32%	0.00%	41.10%	62.99%	3.03%	63.34%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	62.98%	-82.83%	31.61%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	9.16x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.29x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.33x	2.30x	7.17x

Shareholding Pattern

Numbers in percentages

	Sep 2014	Sep 2015	Sep 2016	Mar 2018	Aug 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	0.00	97.66	98.23	98.85	70.04	70.04	70.04	70.04	70.04
	0.00	0.00	0.00	0.00	0.55	0.00	0.04	0.01	0.00
	0.00	0.00	0.00	0.00	5.55	2.01	0.66	0.40	0.40
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	100.00	2.34	1.77	1.15	23.86	27.95	29.26	29.55	29.56

Documents

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

2026-08-25

General Updates

2026-08-25 - Highway Infrastructure Limited has informed the Exchange about General Updates

2026-08-25

Copy of Newspaper Publication

2026-08-25 - Highway Infrastructure Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-24

Shareholders meeting

2026-08-24 - Highway Infrastructure Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 24, 2026

2026-08-24

Shareholders meeting

2026-08-24 - Highway Infrastructure Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 24, 2026

2026-08-22

General Updates

2026-08-22 - Highway Infrastructure Limited has informed the Exchange about General Updates

2026-08-21

Bagging/Receiving of orders/contracts

2026-08-21 - Highway Infrastructure Limited has informed the Exchange about Bagging/Receiving of orders/contracts

2026-08-21

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-21 - Highway Infrastructure Limited has informed the Exchange about Transcript

2026-08-20

Copy of Newspaper Publication

2026-08-20 - Highway Infrastructure Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-18

Press Release

2026-08-18 - Highway Infrastructure Limited has informed the Exchange regarding a press release dated August 18, 2026, titled "Highway Infrastructure Limited Expands Southern Presence with Rs. 80.17 Crore Toll Operations Contract from NHAI".

News

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