H.G. Infra: Company Bags Major Contract from NHAI; Check the Order Value

Synopsis: The stock with a market cap of more than Rs 3,600 Cr surged after winning an NHAI project of more than Rs 1,582 Cr, bidding 13 percent below estimates for a 40 km road project in Odisha. This adds to the company’s robust order book of more than Rs 13,600 crore.

A small-cap company in the business of engineering, procurement, and construction across highways, railways, metro, renewable energy, and transmission has announced that it emerged as the L1 bidder for a Rs 1,800 Cr NHAI six-lane access-controlled highway project in Odisha, after a bidding price 13 percent lower than the estimated cost. The company in context has seen its profits grow by 81 percent on a QoQ basis.

With a market cap of more than Rs 3,600 Cr, H.G. Infra Engineering Ltd. saw its stock hit an intraday high of Rs 608, which is 7 percent higher than the previous close of Rs 569. 

News

H.G. Infra Engineering Limited has been declared the L1 bidder by National Highways Authority of India for a six-lane access-controlled Capital Region Ring Road Package-III project in Odisha. The project spans 40.33 km from Gobindpur (NH-55) to Tangi near Bandola Toll Plaza (NH-16) under Hybrid Annuity Mode (HAM).

The estimated project cost is a little more than Rs 1,827 crore, while HGINFRA’s bid stood at Rs 1,582 crore, making this bid 13 percent lower than the estimated cost. The construction period is 910 days. 

Order Book 

H.G. Infra Engineering Ltd reported a robust and diversified order book of more than Rs 13,600 crore as of Q3FY26, driven mainly by road and highway EPC projects that dominate at 64 percent with Rs 8733 Cr, followed by railways at 20 percent with Rs 2,779 Cr, while the rest comes from BESS, solar, building, and other types of orders. Major projects include large highway projects such as Nagpur-Chandrapur NC-04 and railway corridor projects such as New Delhi Railway Station work. 

The biggest contributors to the order book are roads and highways, accounting for the largest share, followed by railways and metro projects. Region-wise, Maharashtra contributes more than 39 percent, Gujarat 16 percent, and Jharkhand at 15 percent, together forming the core geographical base, supported by healthy exposure in other states and UTs such as Delhi, Uttar Pradesh, and Andhra Pradesh.

Business & Financial Overview

H.G. Infra Engineering Ltd is a leading Indian infrastructure company engaged in engineering, procurement, and construction across highways, railways, metro, renewable energy, and transmission projects. Founded in 2003, it delivers EPC and HAM projects with strong execution capabilities, technological integration, and a growing pan-India presence. 

The company has received major new order from clients like- Maharashtra Metro Rail Corp Ltd, DLF Cyber City Developers Ltd and Military Engineer Services.

In the latest quarter the company saw a YoY revenue growth of 12 percent, going from Rs 1,265 Cr in Q3FY25 to Rs 1,421 Cr in Q3FY26, while the QoQ went up by 57 percent from Rs 904 Cr in Q2FY26. The YoY Net Profits fell by 18 percent, going from Rs 115 Cr in Q3FY25 to Rs 94 Cr in Q3FY26, while the QoQ growth stood at 81 percent from Rs 52 Cr in Q2FY26.

The company has a 3 year sales CAGR of 10 percent, while the TTM is at a negative 4 percent. The company’s 3 year profit CAGR is at 9 percent, while the TTM number is at a negative 30 percent. The company also has a ROCE of 17 percent and a ROE of 18 percent.

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