Highway Infrastructure Limited (HILINFRA)

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Highway Infrastructure Limited (HILINFRA) · mywealthgrid

About

Highway Infrastructure Limited operates toll roads and related assets under annuity and hybrid-annuity concession models within India's transport infrastructure sector. With a market cap of ₹318.78 Cr and quarterly revenues around ₹300 Cr, the company generates earnings from collected tolls and contracted annuity payments on assigned road stretches. The moderately leveraged structure (D/E 0.45) positions it as a mid-sized road-asset operator.

Face value: ₹5

Market cap

₹323 Cr

P/E

12.6×

P/B

1.4×

Dividend yield

ROE

13.9%

ROCE

20%

Debt / equity

0.45

OPM

4.3%

EPS (TTM)

₹3.6

Book value

₹31.8

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

OPM deteriorated from 6.3% (Dec 2025) to 1.07% (Jun 2026) despite revenue growth—verify whether margin compression reflects project ramp-up, toll-collection timing, or structural cost pressures.
Net profit collapsed 88% from ₹9.19 Cr (Mar 2026) to ₹1.07 Cr (Jun 2026) in a single quarter—clarify cost drivers and distinguish project-accounting timing from ongoing profitability headwinds.
Toll-revenue collection depends on traffic cycles, user adoption, and timely state/central disbursement; verify receivables aging, payment delays, and revenue visibility.
Toll rates and annuity payments are subject to government approval and periodic revision; verify escalation clauses and downside protection in concession agreements.

Generated analysis · source review pending

Growth drivers

Revenue scaled 3x from ₹94.6 Cr (Sep 2025) to ₹302 Cr (Jun 2026)—verify whether this reflects full ramp of existing concessions or new project awards and pipeline timing.
D/E of 0.45 leaves debt headroom relative to the equity base; verify capital allocation plans for funding additional toll-road or hybrid-annuity acquisitions.
Hybrid-annuity revenue model (part of the operating mix) provides government-backed contracted cash flows; verify contract terms, escalation mechanics, and counterparty payment cycles.

Generated analysis · source review pending

278 historical price candles were omitted because the exchange source has not been verified.

₹45.1+4.2%1Y

Quick read

rule-based

Pros

+High return on capital employed of 20%
+High promoter holding of 70% with no pledge

Cons

−Thin operating margin of 4.3%

Research score

Structured signal from quality, growth, valuation and momentum.

56/100

Business quality: 42
Growth: 50
Valuation: 76

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.

Screen this industry Compare top 5 side-by-side

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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 2026
Revenue	608
COGS	556
Gross profit	52
	25
	26
OPM %	4.3%
Depreciation	3
Interest	6
	25
Profit before tax	43
Tax	11
Tax %	25.4%
PAT	32
PAT margin %	5.2%
EPS (₹)	4.8
EPS adjusted (₹)	4.4

₹ Cr	Mar 2022	Mar 2023	Mar 2024	Mar 2026
Equity capital	10	10	10	36
Reserves	53	64	84	192
Minority interest	1	1	7	0
	57	63	70	104
	35	18	33	45
Total equity & liabilities	155	157	203	377
	15	14	13	16
CWIP	0	0	0	1
Investments	—	—	—	68
	140	143	190	293
Total assets	155	157	203	377

₹ Cr	Mar 2026
	-66
	-48
	109
Net cash flow	-6
Free cash flow	-73
CFO / Operating profit %	-254.8%

Return on equity

7 years: —
5 years: —
3 years: —
Last year: 14%

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities
Toll Division	471.44	30.92	0	0
Work Contract Division Machineries & Equipments Hire Division	126.44	16.02	0	0
Real Estate Division	10.13

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Ratios

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

Consolidated Standalone

Consolidated figures

Ratio	Mar 2026
Margins
Gross margin %	8.5%
EBITDA margin %	4.3%
EBIT margin %	3.9%
PAT margin %	5.2%
Working capital
Receivable days	39
Inventory days	59
Payable days	7
NWC days	91
Leverage
Current ratio	2.09
Debt to EBITDA	3.98
Debt to equity	0.45
Interest coverage	7.7
Asset turnover	1.61
Return ratios
Return on assets %	8.4%
Return on capital employed %	20%
Return on equity %	13.9%

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 (%)	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	70.04%	70.04%	70.04%	70.04%	70.04%
	0.55%	0%	0.04%	0.01%	0%
	5.65%	2.01%	0.66%	0.4%	0.4%
Government	0%	0%	0%	0%	0%
	23.76%	27.95%	29.26%	29.55%	29.56%
No. of shareholders	—	65,400	63,010	60,459	58,170

Promoter holding up 0 percentage points since Jun 2025.

1 deal · 20 Aug 2025 – 20 Aug 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
20 Aug 2025	MANSI SHARE AND STOCK BROKING PRIVATE LIMITED	Bulk	BSE	Buy	4,05,353	₹105.07	₹4.26 Cr

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1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. Arun Kumar JainExecutive Director-Chairperson-MD
Mr. Anoop AgrawalExecutive Director
Mr. Riddharth JainExecutive Director-CEO
Mrs. Ritika AgrawalNon-Executive - Independent Director
Mr. Ujjwal Kumar GhoshNon-Executive - Independent Director
Mr. Vinayak ParkhiNon-Executive - Independent Director
Ms. Palak RathoreCompany 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.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Highway Infrastructure Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

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

Announcements

Offer and rights documents

Highway Infrastructure Limited — PROSPECTUSListing · 11 Aug 2025

Credit ratings

Investor Presentation and earnings call

Aug 2026Transcript AI Summary PPTREC
Jun 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

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

1

Board meeting to consider results11 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

32 announcementsExport CSV

1 Oct 2026, 4:00 pmCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

30 Sept 2026, 9:17 pmCompany Update

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

Award of Order / Receipt of Order PDF

30 Sept 2026, 5:43 pmCompany Update

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

Award of Order / Receipt of Order PDF

28 Sept 2026, 12:47 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

18 Sept 2026, 10:13 amCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

16 Sept 2026, 5:50 pmCompany Update

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

Award of Order / Receipt of Order PDF

25 Aug 2026, 4:30 pmCompany Update

Announcement Under Regulation 30 (LODR) - Letter To Shareholders

General PDF

25 Aug 2026, 2:32 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

Date	Category	Subject	Filing
1 Oct 2026, 4:00 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
30 Sept 2026, 9:17 pm	Company Update Award of Order / Receipt of Order	Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

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Ratio	Mar 2026
Margins
Gross margin %	8.5%
EBITDA margin %	4.3%
EBIT margin %	3.9%
PAT margin %	5.2%
Working capital
Receivable days	39
Inventory days	59
Payable days	7
NWC days	91
Leverage
Current ratio	2.09
Debt to EBITDA	3.98
Debt to equity	0.45
Interest coverage	7.7
Asset turnover	1.61
Return ratios
Return on assets %	8.4%
Return on capital employed %	20%
Return on equity %	13.9%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Bf Utilities LimitedBFUTILITIEBFUTILITIE	₹1,903 Cr	₹2,835 Cr	₹886 Cr	₹670 Cr	74%	₹158 Cr	40.4%	28%	114%	401
Innovision LimitedINNOVISIONINNOVISION	₹602 Cr	₹726 Cr	₹981 Cr	₹55 Cr	5.6%	₹37 Cr	3.7%	19.5%	12.6%	58
Highway Infrastructure LimitedHILINFRAHILINFRA	₹323 Cr	₹427 Cr	₹799 Cr	₹18 Cr	4.3%	₹26 Cr	5.2%	20%	13.9%	91
Atlantaa LimitedATLANTAAATLANTAA	₹291 Cr	₹606 Cr	₹78 Cr	₹32 Cr	49%	₹-5 Cr	-2.3%	3.1%	-0.8%	2,888
Noida Toll Bridge Company LimitedNOIDATOLLNOIDATOLL	₹66 Cr	₹109 Cr	₹44 Cr	₹12 Cr	28.1%	₹28 Cr	63.5%	398.1%	—	26
Gayatri Highways LimitedGAYAHWSGAYAHWS	₹41 Cr	₹445 Cr	₹22 Cr	₹-1 Cr	-10.5%	₹-2 Cr	-8.4%	14.3%	—	33
Mep Infrastructure Developers LimitedMEPMEP	—	—	₹41 Cr	₹-142 Cr	-914.3%	₹-259 Cr	—	-73.6%	—	-16,374

Highway Infrastructure Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Return on equity

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Offer and rights documents

Credit ratings

Investor Presentation and earnings call

Events

Board meetings1

Announcements

Ratio timeline

Not in the F&O segment

No fund holdings on record

Board meetings1

Quarterly record

Bulk & block deals

Board and management

Announcements

Offer and rights documents

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Return on equity

Segment results

Real Estate Division · revenue

1

1