Highway Infrastructure Ltd.

•

highwayinfrastructure.inBSE: 544477NSE: HILINFRA

Market Cap₹ 318 Cr.

Current Price

High / Low₹ 94 / 41

Stock P/E12.3

Book Value₹ 32

Price to Book1.29

Dividend Yield0.00 %

ROCE19.0 %

ROE18.6 %

Face Value₹ 5

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Toll Division: 77.5% • Work Contract Division Machineries & Equipments Hire Division: 20.8% • Real Estate Division: 1.7%

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

Promoters have been increasing their shareholding - up 70.0pp over 2 years
Company has a healthy return on capital (ROCE) of 22.2%
Company has a good return on equity (ROE) track record: 3 Years ROE 22.0%
Company has consistently been profitable over the last 5 years
Company generates healthy free cash flow
Company comfortably covers its interest (7.7x coverage)

CONS

A large part of profit comes from other income (59.6% of PBT)
Receivables are growing faster than sales - a possible quality concern
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.12x)
Equity base is being diluted - shares outstanding up 272.3%
Total debt has risen sharply - up 44.4% year on year

* 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

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	107	117	140	132	112	95	127	275	303
	99	116	133	117	100	102	119	261	303
Operating Profit	8	1	6	15	12	-7	8	14	0
OPM %	7.92%	1.10%	4.59%	11.45%	10.29%	-7.41%	6.35%	4.92%	0.16%
	0	3	2	4	1	21	2	3	1
Interest	2	1	3	2	2	0	1	3	3
Depreciation	1	1	0	1	1	1	1	1	1
Profit before Tax	6	2	6	16	10	13	8	12	2
Tax %	34.42%	16.93%	21.55%	25.23%	25.88%	23.62%	20.58%	29.86%	31.23%
Net Profit	0	0	0	0	7	10	6	9	1
	0.54	0.27	0.81	2.05	1.25	1.28	0.96	1.31	0.16

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	355	455	573	496	608	799
	338	427	535	464	582	784
Operating Profit	17	28	38	31	26	15
OPM %	4.88%	6.08%	6.70%	6.32%	4.29%	1.88%
	3	2	3	9	25	26
Interest	6	7	9	7	6	7
Depreciation	3	3	3	2	3	3
Profit before Tax	12	19	30	30	43	34
Tax %	26.35%	29.20%	28.45%	25.97%	25.38%	25.51%
Net Profit	9	14	21	22	32	26
EPS	8.65	12.16	19.69	3.40	4.47	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: 10%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: 40%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: —
5 Years:: 20%
3 Years:: 22%
Last Year:: 19%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	10	10	10	29	36
Minority Interest	1	1	7	5	0
	53	64	84	84	192
	54	64	68	70	101
Trade Payables	21	7	14	15	11
	17	11	29	36	47
Total Liabilities	155	157	211	239	388
	15	14	13	11	16
Capital Work in Progress	0	0	0	0	1
	60	60	70	87	90
	0	0	27	40	65
Cash & Bank	10	9	23	15	14
	70	73	78	87	202
Total Assets	155	157	211	239	388

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	5	9	14	-5
Cash from Investing	-16	-4	-6	12
Cash from Financing	18	-1	-3	-5
	1	-0	5	2

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	8.65	12.16	19.69	3.40	4.47
Book Value (₹)	64.86	76.95	96.73	19.53	31.82
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	1.92	2.82	4.16	4.29	4.78
PROFITABILITY
Operating Margin %	5.70%	6.46%	6.70%	6.32%	4.29%
Net Margin %	2.40%	3.03%	3.73%	4.52%	5.23%
ROE %	13.64%	20.21%	25.60%	21.75%	18.65%
ROCE %	14.83%	20.95%	25.94%	21.70%	18.96%
	5.49%	8.85%	11.64%	9.94%	10.14%
EFFICIENCY
Debtor Days	17	16	16	25	31
Inventory Days	62	48	41	58	53
Payable Days	-392	0	232	398	279
	472	64	-174	-316	-194
FINANCIAL HEALTH
Debt to Equity (x)	0.91x	0.85x	0.75x	0.64x	0.45x
Interest Coverage (x)	2.89x	3.64x	4.32x	5.07x	7.72x
	1.55x	1.83x	1.64x	1.84x	2.01x
GROWTH
Revenue Growth %	0.00%	28.20%	26.00%	-13.56%	22.65%
Operating Profit Growth %	0.00%	45.15%	41.40%	-3.56%	28.43%
Net Profit Growth %	0.00%	61.99%	55.17%	4.60%	42.00%
	0.00%	0.00%	61.90%	-82.71%	31.34%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	9.17x
P/B (x)	0.00x	0.00x	0.00x	0.00x	1.29x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	1.35x	2.14x	7.45x

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".

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