H.g. Infra Engineering Limited (HGINFRA)

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H.g. Infra Engineering Limited (HGINFRA) · mywealthgrid

About

Civil construction company within India's Industrials sector. Operates at market cap ₹3,414.85 Cr with recent quarterly revenues of ₹900–₹1,450 Cr; operating margins averaged 19.33%, with peaks of 27.6% in some quarters. Recent Q1 FY2027 net loss of ₹44.52 Cr and 45.73% 1-year stock decline indicate financial or execution challenges.

Face value: ₹10

Market cap

₹2,738 Cr

P/E

14.7×

P/B

0.8×

Dividend yield

0.5%

ROE

10.6%

ROCE

13%

Debt / equity

1.51

OPM

19.3%

EPS (TTM)

₹28.6

Book value

₹501.0

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Q1 FY2027 net loss of ₹44.52 Cr despite operating margin of 27.6%: high debt (D/E 1.51) financing costs are eroding profitability—verify leverage risk, covenant compliance, refinancing needs
Operating margins volatile across quarters (8.49%–27.6%), indicating inconsistent project execution or mix variation—verify margin drivers and project pipeline quality
Stock down 45.73% in 1 year despite reasonable operating margins; market skepticism on fundamentals—verify order book depth, project delays, or competitive threats
Civil construction sector exposure to execution risk, cost inflation, project delays, working capital intensity—verify current project pipeline health

Generated analysis · source review pending

Growth drivers

Operating margins of 19.33% (current) and 27.6% peak show cost control and execution capability—verify whether margins can be sustained as revenue expands
Quarterly revenue base of ₹900–₹1,450 Cr—verify new project wins and order pipeline to drive growth from current scale
Consistent annual dividends (2022–2026) despite recent loss signal underlying cash generation—verify free cash flow trends and payout sustainability
India's infrastructure construction sector growth—verify order pipeline, tender demand, and competitive positioning

Generated analysis · source review pending

2,111 historical price candles were omitted because the exchange source has not been verified.

₹419.9-4.2%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 15% over the last 5 years
+High promoter holding of 71.8% with no pledge

Cons

−Heavily leveraged (debt/equity 1.5)
−Weak interest coverage of 1.9×
−Low dividend payout of 7% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

39/100

Business quality: 26
Growth: 4
Valuation: 86

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

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Techno Electric & Engineering Company LimitedTECHNOETECHNOE	₹11,614 Cr	₹11,686 Cr	₹3,356 Cr	₹469 Cr	14.2%	₹431 Cr	14.6%	13.6%	12%	-33
Ircon International LimitedIRCONIRCON	₹10,369 Cr	₹16,033 Cr	₹9,241 Cr	₹771 Cr	8.4%	₹524 Cr	6.5%	7.8%	9.2%	-469
Rites LimitedRITESRITES	₹10,068 Cr	₹10,068 Cr	₹2,458 Cr	₹555 Cr	22.9%	₹417 Cr	18.8%	19.3%	15.4%	-2,276
Welspun Enterprises LimitedWELENTWELENT	₹10,026 Cr	₹11,998 Cr	₹3,544 Cr	₹716 Cr	20.7%	₹308 Cr	10.9%	17.3%	12.5%	-422
Kec International LimitedKECKEC	₹9,912 Cr	₹15,015 Cr	₹23,506 Cr	₹1,599 Cr	7.1%	₹554 Cr	2.6%	23.1%	10.5%	-132

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,015	2,217	2,602	3,751	4,622	5,378	5,056	5,235
COGS	892	893	1,186	1,792	2,144	2,263	2,373	1,883
Gross profit	1,123	1,324	1,417	1,960	2,479	3,115	2,684	3,352
	815	972	941	1,249	1,582	2,053	1,624	2,340
	307	353	476	710	897	1,062	1,060	1,012
OPM %	15.3%	15.9%	18.3%	18.9%	19.4%	19.8%	21%	19.3%
Depreciation	75	76	84	85	96	141	144	168
Interest	49	60	94	118	154	217	265	469
	11	14	15	7	18	36	30	79
Profit before tax	194	231	312	515	665	740	681	455
Tax	67	64	75	135	171	201	175	125
Tax %	34.5%	27.9%	24.2%	26.2%	25.8%	27.2%	25.8%	27.5%
	127	167	237	380	493	539	505	330
PAT margin %	6.3%	7.5%	9.1%	10.1%	10.7%	10%	10%	6.3%
EPS (₹)	19.5	25.6	36.3	58.3	75.7	82.6	77.6	50.6
EPS adjusted (₹)	19.5	25.6	36.3	58.3	75.7	82.6	77.6	50.7
	2.6%	0%	2.2%	1.7%	1.7%	1.8%	2.6%	4%
Annual report	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	65	65	65	65	65	65	65	65	65
Reserves	476	598	—	997	1,371	1,857	2,390	2,884	3,200
Minority interest	—	—	—	—	0	0	—	0	16
	301	242	—	689	1,183	1,907	1,504	4,092	4,934
	643	668	—	932	673	1,098	1,475	1,731	2,686
Total equity & liabilities	1,484	1,573	—	2,684	3,292	4,927	5,434	8,773	10,901
	412	462	483	484	451	627	736	882	2,294
CWIP	9	0	—	2	2	72	14	1,349	740
Investments	—	—	—	0	9	18	16	16	15
	1,064	1,110	—	2,198	2,830	4,210	4,668	6,527	7,852
Total assets	1,484	1,573	—	2,684	3,292	4,927	5,434	8,773	10,901

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Construction	6,005.85	856.43	7,927.16	6,018.31	1,908.85	44.87
Renewable Energy	112	51.53

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	55.7%	59.7%	54.4%	52.2%	53.6%	57.9%	53.1%	64%
EBITDA margin %	15.1%	16%	18.3%	18.9%	19.4%	19.7%	20.9%	19.3%
EBIT margin %	11.4%	12.6%	15%	16.7%	17.3%	17.1%	18.1%	16.1%
PAT margin %	6.3%	7.5%	9.1%	10.1%	10.7%	10%	10%	6.3%
Working capital
Receivable days	112	—	82	62	58	46	48	55
Inventory days	48	—	52	37	40	48	69	73
Payable days	1	—	128	88	123	135	196	299
NWC days	158	—	6	11	-26	-41	-78	-171
Leverage
Current ratio	1.36	—	1.79	1.95	1.72	1.76	1.58	1.11
Debt to EBITDA	0.79	—	1.45	1.67	2.13	1.42	3.87	4.88
Debt to equity	0.36	—	0.65	0.82	0.99	0.61	1.39	1.51
Interest coverage	4.9	4.9	4.3	5.4	5.3	4.3	3.5	1.9
Asset turnover	1.28	—	0.97	1.14	0.94	0.99	0.58	0.48
Return ratios
Return on assets %	8.1%	—	8.8%	11.5%	10%	9.9%	5.8%	3%
Return on capital employed %	30.9%	—	23.8%	30.5%	27.7%	25.6%	18.2%	13%
Return on equity %	19.2%	—	22.3%	26.5%	25.7%	21.9%	17.1%	10.1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.53%	74.53%	74.53%	74.53%	71.78%	71.78%	71.78%	71.78%	71.78%	71.78%	71.78%	71.78%
	1.67%	1.56%	1.68%	2.04%	2.6%	2.77%	2.86%	2.43%	2.32%	1.92%	1.39%	1.38%
	13.04%	12.44%	12.49%	12.13%	12.7%	12.14%	12.02%	11.66%	11.61%	11.14%	10.66%	10.11%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	10.76%	11.47%	11.3%	11.3%	12.92%	13.31%	13.34%	14.13%	14.29%	15.16%	16.17%	16.73%
No. of shareholders	—	—	—	—	—	—	—	—	1,29,217	1,25,621	1,21,715	1,20,066

Promoter holding down 2.75 percentage points since Sep 2023.

31 deals · 20 Aug 2024 – 24 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
24 Sept 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Sell	8,85,986	₹483.81	₹42.86 Cr
24 Sept 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Buy	8,85,986	₹483.42	₹42.83 Cr
24 Sept 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	5,01,175	₹489.26	₹24.52 Cr
24 Sept 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	5,01,175	₹489.52	₹24.53 Cr
24 Sept 2026	IRAGE BROKING SERVICES LLP	Bulk	NSE	Buy	4,64,764	₹485.06	₹22.54 Cr
24 Sept 2026	IRAGE BROKING SERVICES LLP	Bulk	NSE	Sell	4,53,027	₹485.12	₹21.98 Cr
24 Sept 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Sell	3,51,730	₹483.88	₹17.02 Cr
24 Sept 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Buy	3,50,543	₹483.58	₹16.95 Cr
15 Apr 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Sell	4,67,373	₹633.90	₹29.63 Cr
15 Apr 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Buy	4,67,373	₹633.69	₹29.62 Cr

1–10 of 31

1 / 4

Mr. Harendra SinghExecutive Director-Chairperson related to Promoter-MD
Mr. Vijendra Singh ChoudharyExecutive Director
Mr. Devendra Bhushan GuptaExecutive Director
Mr. Manjit SinghNon-Executive - Independent Director
Mr. Ashok Kumar ThakurNon-Executive - Independent Director
Mr. Sunil Kumar ChaudharyNon-Executive - Independent Director
Ms. Sharada SunderNon-Executive - Independent Director
Ms. Monica WidhaniNon-Executive - Independent Director
Mr. Vikas JainChief Financial Officer
Mrs. Ankita MehraCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 5 fund houses

Held by these funds

4.15%

of the company's equity

All mutual funds

8.6%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

6 schemes · 5 fund houses

		Shares
SMALL CAP FUND	Nippon India Mutual Fund	22.15 L	108.54	0.13%	3.397%	-0
India T.I.G.E.R. Fund (The Infrastructure Growth and Economic Reforms Fund)	DSP Mutual Fund	2.42 L	11.88	0.18%	0.372%	-0
Portfolio of Kotak Infrastructure & Economic Reform FundNEW	Kotak Mahindra Mutual Fund	1.98 L	9.68	0.39%	0.303%	—
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	47,972	2.35	0.09%	0.074%	-1,050
IB18-Groww Nifty Total Market Index Fund	Groww Mutual Fund	328	0.02	0%	0.001%	+2
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	54	0	0%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

27 announcementsExport CSV

29 Sept 2026, 10:42 amCompany Update

Intimation Of Financial Closure - H.G. Gobindpur Tangi Highway Private Limited

General PDF

22 Sept 2026, 4:36 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

16 Sept 2026, 5:47 pmCompany Update

Intimation Under Regulations 30 & 51 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015

General PDF

5 Sept 2026, 3:16 pmCompany Update

Announcement under Regulation 30 (LODR)-Credit Rating

Credit Rating PDF

31 Aug 2026, 11:55 amOthers

Compliances-Reg. 57 (1) - Certificate of interest payment/Principal in case of NCD

Reg. 57 (1) - Certificate of interest payment/Principal in case of NCD PDF

21 Aug 2026, 5:27 pmCompany Update

Announcement under Regulation 30 (LODR)-Credit Rating

Credit Rating PDF

19 Aug 2026, 9:15 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

19 Aug 2026, 9:10 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

Date	Category	Subject	Filing
29 Sept 2026, 10:42 am	Company Update General	Intimation Of Financial Closure - H.G. Gobindpur Tangi Highway Private Limited	PDF
22 Sept 2026, 4:36 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	55.7%	59.7%	54.4%	52.2%	53.6%	57.9%	53.1%	64%
EBITDA margin %	15.1%	16%	18.3%	18.9%	19.4%	19.7%	20.9%	19.3%
EBIT margin %	11.4%	12.6%	15%	16.7%	17.3%	17.1%	18.1%	16.1%
PAT margin %	6.3%	7.5%	9.1%	10.1%	10.7%	10%	10%	6.3%
Working capital
Receivable days	112	—	82	62	58	46	48	55
Inventory days	48	—	52	37	40	48	69	73
Payable days	1	—	128	88	123	135	196	299
NWC days	158	—	6	11	-26	-41	-78	-171
Leverage
Current ratio	1.36	—	1.79	1.95	1.72	1.76	1.58	1.11
Debt to EBITDA	0.79	—	1.45	1.67	2.13	1.42	3.87	4.88
Debt to equity	0.36	—	0.65	0.82	0.99	0.61	1.39	1.51
Interest coverage	4.9	4.9	4.3	5.4	5.3	4.3	3.5	1.9
Asset turnover	1.28	—	0.97	1.14	0.94	0.99	0.58	0.48
Return ratios
Return on assets %	8.1%	—	8.8%	11.5%	10%	9.9%	5.8%	3%
Return on capital employed %	30.9%	—	23.8%	30.5%	27.7%	25.6%	18.2%	13%
Return on equity %	19.2%	—	22.3%	26.5%	25.7%	21.9%	17.1%	10.1%

₹ Cr	Mar 2018	Mar 2019	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-8	66	71	-322	-139	-311	-878	250
	-446	9	-103	-66	-378	17	-1,461	-1,074
	443	-78	152	293	562	319	2,310	832
Net cash flow	-11	-3	120	-95	44	26	-28	8
Free cash flow	—	—	-27	-389	-477	-543	-2,436	-704
CFO / Operating profit %	—	21.5%	14.8%	-45.3%	-15.6%	-29.3%	-82.9%	24.7%

H.g. Infra Engineering Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

8

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Construction · revenue

H.g. Infra Engineering Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends8

Board meetings1

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Construction · revenue

8

1