Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 5 Sep - CARE reaffirmed H.G. Infra's ₹140 crore long-term bank facilities at CARE AA, outlook negative.
Source: Bse
H.G. Infra Engineering Limited (HGINFRA)
Micro CapInfra stocks · Micro cap · NSE
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.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result12 Aug, 05:25 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Infra P/E 15.4 (n=87)
Technical timing lens
Trend score and candlestick chart
28Bearishfull bear SMA stack · SMA20 -12.5% / mo · MACD + · near 52W low · sector -2.7pp vs Nifty 500 (3M)
Stock trend: 24
Sector RS: 35
Sector 3M: -8.3% vs Nifty 500 -5.6%
Infra FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
HGINFRAD candles · FIT view-33.5%Latest close ₹400.95 on 2026-10-19
Bar
-1.7%
RSI
30
MACD hist
1.14
52W pos
0%
2026-10-19O ₹408.05H ₹408.90L ₹398.40C ₹400.95Vol 52,702 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
HGINFRANifty InfraNifty 500
- HGINFRA
- -28.4%
- Nifty 500
- -5.6%
- Nifty Infra
- -8.2%
- Vs Nifty 500
- -22.8 pp
Chart stats
19 Oct 2026- From 52W high
- -57.5%
- 52W range position
- 0%
- ATR (14)
- 3.6%
- Volume vs 20D
- 0.07x
- Avg traded value
- ₹36.2 Cr
- 20D price channel
- ₹398.4 - ₹513.5
₹943
₹398.4 - ₹943
₹14.3
Latest completed session
20-session average
32.8% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED26
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -25.7% · PAT -145.4% YoY
Technical
Bearish28
Price trend and sector-relative-strength timing.
Valuation
Legacy model-58.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence51
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100Rev -26% YoY · PAT -145% YoY · margin expansion
Filed 12 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,101 Cr | -25.7% | -22.9% |
| EBITDA | ₹304 Cr | +17.4% | +28.3% |
| Operating margin | 28.0% | +1000 bps | +1100 bps |
| PAT | ₹-45 Cr | -145.4% | -152.9% |
| PAT margin | -4.1% | -1077 bps | -1005 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 10.30
- P/B
- 0.82
- EV/EBITDA
- 6.25
- Market Cap
- 2668.00Cr
Profitability
- ROE
- 8.52%
- ROCE
- 11.30%
- ROA
- 1.72%
- Dividend Y
- 0.49%
Growth (CAGR)
- Revenue 5Y
- 15.00%
- EPS 5Y
- 2.00%
- Revenue 3Y
- 4.00%
- EPS 3Y
- -19.00%
Balance Sheet
- Debt/Equity
- 1.54
- Interest Coverage
- 2.14×
- Altman Z
- 1.50
- Book Value
- 501.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- 250.00 Cr
- EPS TTM
- 28.61
Shareholding
- Promoter Hold
- 71.78%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 2%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 1,101-22.8% vs prev
Net Profit
₹ CrLatest: -45.0-152.9% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 30. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~14.2% over last month) — short-term momentum negative.
- RSI(14) at 30 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
4
RS percentile
Stage 4 Downtrend
1M return
-9.4%
3M return
-28.4%
6M return
-35.2%
1Y return
-56.1%
RS 1D
0
RS 20D
-2
Sector rank
#16
Industry rank
#70
Stage evidence
- Price is 24.7% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.4%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 43.94-0.57%
RS vs Nifty 50044
Valuation & peers
U-Score 26 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 26 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · OVERVALUEDValuation12/30
Growth8/25
Quality0/20
Balance Sheet1/15
Cash Flow1/10
Piotroski
6/9 (+3)
Penalties
1
Raw sum
26
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
26/100 · legacy band OVERVALUED
Positive drivers
- Valuation contributes 12/30 to the score.
- Growth contributes 8/25 to the score.
- Cash flow contributes 1/10 to the score.
Main drags
- Altman Z is 1.5, in distress territory.
- Fair-value margin of safety is negative at -58.3%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
10.3
PB
0.8
EV/EBITDA
6.3
ROE
8.5%
ROCE
11.3%
FCF Yield
—
Debt/Equity
1.5
MoS
-58.3%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
26
Previous: 27 (-1)
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-58.3%
Previous: -58.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
26
26
26
26
25
26
26
26
27
27
27
27
Factor attribution
Valuation
12-1
was 13
Modelled fair value
Graham Number
₹567.9
+29.4% MoS
Growth-justified P/E
8.8
Growth-justified Value
₹253.2
-58.3% MoS
PEG
5.15
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
GAYAHWS
Small
Gayatri Highways Limited
Construction & Engineering
match 86
24
—
—
—
OVERVALUED
HILINFRA
Small
Highway Infrastructure Limited
Construction & Engineering
match 85
51
12.1
18.8%
+40%
FAIR VALUE
GRINFRA
Micro
G R Infraprojects Limited
Construction & Engineering
match 83
36
8.1
9.2%
-27%
WATCHLIST
BRNL
Small
Bharat Road Network Limited
Construction & Engineering
match 78
23
—
-8.2%
—
OVERVALUED
AVPINFRA
SME
AVP Infracon Ltd.
Construction & Engineering
match 75
70
4.1
27.7%
+84%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-03T08:39:18.887Z
Management commentary snapshot
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.
Current business mix
Consolidated Debt Break up – March 2026
Latest issuer-disclosed distribution across 2 reported categories.
Project Debt67.0%
Standalone Debt33.0%
Growth engines
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.
Tailwinds
New Project Awards
Significant new orders received in FY25-26 across various infrastructure segments, including BESS, metro, and roads.
Headwinds
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.
Risk radar
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.
Management accountability
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.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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)
Management forward view
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'.
Thesis monitor
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.
Trust Score
51Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 9th percentile of the scored universe and 16th percentile within Infra. Main check: balance sheet trust is weak at 35/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
103 docs text-extracted · 22 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
9th percentile
overall median 67 · Infra: 16th pctile, median 64 · Micro: 6th pctile, median 73
Evidence depth
Financial-only
103 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
35
weak · leverage and solvency
Discipline
50
watch · capital discipline
Results
39
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 71.8%.
- ▸Promoter pledge is zero.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Altman Z is 1.54.
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸Only 1 years of positive FCF.
- ▸Debt/equity is 1.54.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching H.G. Infra Engineering Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 21 Aug - ICRA reaffirmed AA- ratings on ₹5,600 crore facilities; outlook revised to stable from positive.
Source: Bse
Concall transcript
Announcement under Regulation 30 (LODR)-Earnings Call Transcript 17 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 13 Jul - Declared L-1 bidder for Rajasthan ITI upgradation PPP project, 10 years, estimated cost Rs 241 crore.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 18 Jun - Newspaper publication pertaining to submission of Notice to Equity Shareholders of the Company regarding transfer of Equity Shares to Investor Education and Protection Fund (IEPF) …
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026 from bse
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.