Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 1 Oct - Highway Infrastructure won Rs. 24.46 crore NHAI toll operations contract in Tamil Nadu for 90 days.
Source: Bse
Highway Infrastructure Limited (HILINFRA)
Small CapInfra stocks · Small cap · NSE
Highway Infrastructure Limited operates in Roads, within the Infra sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result16 Aug, 01:40 am 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
56NeutralSMA20 +6.8% / mo · MACD + · sector -2.7pp vs Nifty 500 (3M)
Stock trend: 69
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
HILINFRAD candles · FIT view+2.6%Latest close ₹53.25 on 2026-10-19
Bar
-0.2%
RSI
68
MACD hist
0.90
52W pos
31%
2026-10-19O ₹53.38H ₹53.93L ₹50.00C ₹53.25Vol 4.5L 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
HILINFRANifty InfraNifty 500
- HILINFRA
- +22.0%
- Nifty 500
- -5.6%
- Nifty Infra
- -8.2%
- Vs Nifty 500
- +27.5 pp
Chart stats
19 Oct 2026- From 52W high
- -36.2%
- 52W range position
- 30%
- ATR (14)
- 5.1%
- Volume vs 20D
- 1.35x
- Avg traded value
- ₹1.7 Cr
- 20D price channel
- ₹41.6 - ₹56.2
₹83.5
₹40.1 - ₹83.5
₹2.7
Latest completed session
20-session average
46.8% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, 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 · FAIR VALUE51
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad2
Revenue +170.9% · PAT -85.3% YoY
Technical
Neutral56
Price trend and sector-relative-strength timing.
Valuation
Legacy model+36.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence60
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 · 2/100PAT -85% YoY · margin compression · Rev +171% YoY · +10% QoQ
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹303.3 Cr | +170.9% | +10.4% |
| EBITDA | ₹3.8 Cr | -67.1% | -71.9% |
| Operating margin | 1.3% | -905 bps | -367 bps |
| PAT | ₹1.1 Cr | -85.3% | -87.8% |
| PAT margin | 0.3% | -607 bps | -281 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 12.10
- P/B
- 1.37
- EV/EBITDA
- 19.86
- Market Cap
- 313.00Cr
Profitability
- ROE
- 18.80%
- ROCE
- 18.80%
- ROA
- 6.90%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 33.00%
- EPS 5Y
- 31.00%
- Revenue 3Y
- 32.00%
- EPS 3Y
- 40.00%
Balance Sheet
- Debt/Equity
- 0.46
- Interest Coverage
- 2.57×
- Altman Z
- 4.47
- Book Value
- 31.80
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- -66.00 Cr
- EPS TTM
- 3.61
Shareholding
- Promoter Hold
- 70.04%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 8%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 608+22.6% vs prev
Net Profit
₹ CrLatest: 32.0+45.5% vs prev
Return on Equity
%Latest: 14.0-27.9% vs prev
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 uptrend intact. RSI 68. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~6.3% over last month) — short-term momentum positive.
- RSI(14) at 68 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 36% off 52W high · 33% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
44
RS percentile
Stage 1 Base / Transition
1M return
+21.2%
3M return
+22.0%
6M return
-4.5%
1Y return
-30.9%
RS 1D
+5
RS 20D
+32
Sector rank
#16
Industry rank
#70
Stage evidence
- Price is 12.5% above the 30-week proxy without full trend alignment.
- The 30-week proxy changed -1.4% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price above
200-DMA
price above
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 68.03+2.41%
RS vs Nifty 50068
Valuation & peers
U-Score 51 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 51 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
FAIR_VALUE
Fundamental score breakdown
U band · FAIR VALUEValuation11/30
Growth20/25
Quality12/20
Balance Sheet8/15
Cash Flow1/10
Piotroski
4/9 (+1)
Penalties
-2
Raw sum
51
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
51/100 · legacy band FAIR VALUE
Positive drivers
- Fair-value margin of safety is positive at 36.1%.
- Growth contributes 20/25 to the score.
- Quality contributes 12/20 to the score.
Main drags
- Penalty bucket subtracts 2 points.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
- Valuation is weaker at 11/30; 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
12.1
PB
1.4
EV/EBITDA
19.9
ROE
18.8%
ROCE
18.8%
FCF Yield
—
Debt/Equity
0.5
MoS
+36.1%
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
51
Previous: 51
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+36.1%
Previous: +39.7%
Score history
12 stored score snapshots. Latest stored move: -3 points.
20 Oct 2026
v4.3-runtime-valuation
61
55
55
55
51
51
52
52
51
54
54
51
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹50.82
-4.8% MoS
Growth-justified P/E
23.1
Growth-justified Value
₹83.39
+36.1% MoS
PEG
0.35
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 91
24
—
—
—
OVERVALUED
BRNL
Small
Bharat Road Network Limited
Construction & Engineering
match 86
23
—
-8.2%
—
OVERVALUED
AVPINFRA
SME
AVP Infracon Ltd.
Construction & Engineering
match 82
70
4.1
27.7%
+84%
UNDERVALUED
GRINFRA
Micro
G R Infraprojects Limited
Construction & Engineering
match 77
36
8.1
9.2%
-27%
WATCHLIST
HGINFRA
Micro
H.G. Infra Engineering Limited
Construction & Engineering
match 76
27
10.3
8.5%
-58%
OVERVALUED
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
Issuer presentation review pending
Highway Infrastructure Limited operates in Roads, within the Infra sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers. The structured result feed currently covers the quarter ended 30 Jun 2026. Investor presentations and earnings-call PDFs will be added as issuer-backed evidence before management claims appear here.
Trust Score
60Limited 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 28th percentile of the scored universe and 37th percentile within Infra. Main check: results consistency is weak at 31/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
22 docs text-extracted · 5 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
28th percentile
overall median 67 · Infra: 37th pctile, median 64 · Small: 32nd pctile, median 66
Evidence depth
Financial-only
22 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
Acceptable, but check the weakest sub-score before increasing exposure.
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
40
weak · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
58
watch · capital discipline
Results
31
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 70%.
- ▸Promoter pledge is zero.
Trust risks
- ▸Operating cash flow is negative at ₹-66 Cr.
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -2.9%.
- ▸OPM spread across recent quarters is 18.9%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Highway Infrastructure Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 30 Sep - Entered 2-year Rs 220.66 crore contract for Gorakhpur Link Expressway toll operations and patrol vehicles.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 30 Sep - NHAI awarded Highway Infrastructure Rs.24.46 crore fee plaza operations contract in Tamil Nadu for 90 days.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 25 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 18 Sep - Highway Infrastructure wins Rs. 220.66 crore, 2-year toll operations contract for Gorakhpur Link Expressway.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 16 Sep - UPEIDA awards 2-year ₹220.66 crore LOA for Gorakhpur Link Expressway toll operations.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 25 Aug - Newspaper Publication regarding Notice of the 21st Annual General Meeting.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 21 Aug - Entered 90-day NHAI contract for Palayam Fee Plaza operations worth ₹80.17 crore.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 18 Aug - HIL wins Rs. 80.17 crore NHAI toll collection contract at Palayam Fee Plaza for 90 days.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 17 Aug - NHAI awarded Highway Infrastructure ₹80.17 crore Palayam Fee Plaza operation contract for 90 days.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Change in Management 15 Jul - Shareholders approved dividend waiver clause and reappointed MD Arun Kumar Jain and WTD Anoop Agrawal for 3 years.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.