HGINFRA
Micro CapH.G. Infra Engineering Limited
Infra
H.G. Infra Engineering Ltd. is an Indian infrastructure company focused on building highways and connecting destinations. The company has been operating for 24 years, emphasizing trust, passion, and quality in its projects.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100PAT -42% YoY · margin compression · Rev +5% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,427 Cr | +4.8% | +0.4% |
| EBITDA | ₹237 Cr | -0.8% | -23.3% |
| Operating margin | 17.0% | -100 bps | -500 bps |
| PAT | ₹85 Cr | -42.2% | -9.6% |
| PAT margin | 6.0% | -484 bps | -66 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Standalone Q4 FY26 revenue declined 31.4% YoY, with full-year FY26 revenue down 6.4% YoY. EBITDA and PAT margins compressed significantly for both periods, while the order book saw large project removals.
Standalone Q4 and FY26 results show substantial revenue and profit declines, with EBITDA and PAT margins compressing. The removal of two large MSRDC projects from the order book, despite new inflows, raises concerns about execution and future revenue visibility.
Consolidated Debt Break up – March 2026
Latest issuer-disclosed distribution across 2 reported categories.
Diversification into BESS
Awarded a 300 MW/600MWh battery energy storage system project for GUVNL (₹6,465 Mn).
Metro and Railway Infrastructure
Secured Thane Metro project (₹5,660 Mn HGINFRA part) and MP Railway Infrastructure project (₹4,013.3 Mn).
HAM Projects
Expanding order book with various Hybrid Annuity Mode (HAM) projects.
New Project Awards
Significant new orders received in FY25-26 across various infrastructure segments, including BESS, metro, and roads.
Order Book Reduction
MSRDC NC-4 & NC-5 projects (~₹4,142 Cr) were removed from the order book.
Profitability Compression
Significant YoY decline in EBITDA and PAT margins for Q4 and FY26 on a standalone basis.
Execution Risk
The removal of large projects from the order book suggests potential challenges in project execution or contract finalization.
Working Capital Management
Standalone working capital debt increased from INR 4,041.24 Mn in March 2025 to INR 7,310.51 Mn in March 2026.
Increased Debt Levels
Total consolidated debt increased by ~20% YoY, and standalone debt by ~52% YoY.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Q4 results show immediate operational performance and sequential momentum, while full-year results provide a broader view of annual execution and profitability trends in a project-based business.
Revenue From Operations (Standalone)
Q4 FY26: INR 13,539.20 Mn (-31.4% YoY); FY26: INR 56,666.77 Mn (-6.4% YoY)
EBITDA (Standalone)
Q4 FY26: INR 1,268.54 Mn (-55.2% YoY); FY26: INR 7,334.15 Mn (-22.9% YoY)
EBITDA Margin % (Standalone)
Q4 FY26: 9.37% (vs 14.34% YoY); FY26: 12.94% (vs 15.71% YoY)
PAT (Standalone)
Q4 FY26: INR 994.99 Mn (-53.1% YoY); FY26: INR 3,891.36 Mn (-32.6% YoY)
Order Book Offset
Management stated that the MSRDC project removals were offset by new projects awarded.
HAM Equity Commitment
Equity commitment for HAM projects is 'comfortably met'.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Inflow | MSRDC projects removed, new orders received in FY25-26. | Pace and quality of new order wins to replenish the order book and ensure future revenue visibility. |
| Margin Trends | EBITDA margin 12.94% (FY26) vs 15.71% (FY25); PAT margin 6.87% (FY26) vs 9.54% (FY25). | Stabilization or improvement in EBITDA and PAT margins to restore profitability. |
| Working Capital Cycle | Standalone working capital debt increased to INR 7,310.51 Mn in March 2026. | Changes in working capital requirements and efficient management of receivables. |
| Debt Levels | Consolidated debt INR 49,339.34 Mn; Standalone debt INR 16,274.41 Mn as of March 2026. | Monitoring consolidated and standalone debt levels, particularly the growth in working capital debt. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
42NeutralSMA20 -10.3% / mo
Technical chart
HGINFRAweekly · 1Y-46.4%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 41.
- SMA20 falling (~11.5% over last month) — short-term momentum negative.
- RSI(14) at 41 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 50% off 52W high · 32% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 18.9%.
- Valuation contributes 23/30 to the score.
- Growth contributes 8/25 to the score.
Main drags
- Altman Z is 1.6, in distress territory.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Balance sheet is weaker at 1/15; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: Claim history is still being built. It ranks around the 5th percentile of the scored universe and 7th percentile within Infra. Main check: cash conversion is weak at 28/100.
Mixed Trust Lite: Promoter holding is 71.8%. Key concern: Operating cash flow is negative at ₹-878 Cr.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Infra: 7th pctile, median 65 · Micro: 3rd pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Weak Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 71.8%.
- ▸Promoter pledge is zero.
Trust risks
- ▸Operating cash flow is negative at ₹-878 Cr.
- ▸Altman Z is 1.66.
- ▸2 recent quarters had PAT decline worse than 25% YoY.
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 12.40
- P/B
- 1.13
- EV/EBITDA
- 7.38
- Market Cap
- 3677.00Cr
Profitability
- ROE
- 9.56%
- ROCE
- 11.30%
- ROA
- 3.03%
- Dividend Y
- 0.35%
Growth (CAGR)
- Revenue 5Y
- 15.00%
- EPS 5Y
- 5.00%
- Revenue 3Y
- 4.00%
- EPS 3Y
- -16.00%
Balance Sheet
- Debt/Equity
- 1.54
- Interest Coverage
- 2.16×
- Altman Z
- 1.59
- Book Value
- 501.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- 250.00 Cr
- EPS TTM
- 50.69
Shareholding
- Promoter Hold
- 71.78%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 19%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.