MarketFriction

H.G. Infra Engineering Ltd

NSE HGINFRA · BSE 541019 · Civil Construction
₹419.90 -2.97%
NSE close2026-10-01
52 week range429.50 - 976.45
Market cap₹2,854 Cr.
P/E11.0
IPO 2018 · +56% since Microcap 250 Price band 20% Delivery 47.9%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales9551,3651,7081,5289021,2651,3611,4829041,4211,4271,101
Expenses7341,1361,3761,2166839781,1211,2236991,1131,189797
Operating Profit220228333312220287239259206309237304
OPM %23%17%19%20%24%23%18%18%23%22%17%28%
Other Income322644420213460-141
Interest5957485762757195108129137118
Depreciation353738353636373640444845
Profit before tax12915625222512518015113271139113-0
Tax %26%35%25%28%36%36%3%25%27%32%25%10,759%
Net Profit961021901638111514799529485-45
EPS in Rs14.7515.6629.1624.9512.3917.6722.5515.168.0114.4713.06-6.93
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales7411,0561,3932,0142,2172,6103,7514,6225,3785,0565,2354,853
Expenses6639321,1851,7101,8642,1253,0403,7274,3153,9984,2213,798
Operating Profit781242083053534847118951,0641,0581,0141,055
OPM %11%12%15%15%16%19%19%19%20%21%19%22%
Other Income23514146619343277-64
Interest161940496094118154217265469492
Depreciation1826547576848596141144168177
Profit before tax4683119194231312515665740681455323
Tax %35%36%29%34%28%24%26%26%27%26%27%
Net Profit305384127167237380493539505330186
EPS in Rs16.7529.6412.9319.5425.5736.3158.3175.6882.6477.5650.6928.61
Dividend Payout %0%0%4%3%0%2%2%2%2%3%4%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth22%15%4%-3%
Compounded Profit Growth24%2%-19%-40%
Stock Price CAGR%-8%-23%-53%
Return on Equity21%20%16%9%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital1818656565656565656565
Reserves1051584765987619971,3711,8572,3902,8843,200
Borrowings1232044083805207681,1841,9101,5134,1705,029
Other Liabilities1531925355298698506601,0741,4351,5702,530
Total Liabilities3985721,4841,5732,2162,6803,2804,9065,4038,69010,824
Fixed Assets1162044124624834844596357428852,297
CWIP5190112272141,349740
Investments000300010101212
Other Assets2773671,0641,1081,7222,1952,8194,1894,6376,4447,775
Total Assets3985721,4841,5732,2162,6803,2804,9065,4038,69010,824
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity64-8663671-322-139-311-878250
Cash from Investing Activity-114-4469-85-103-66-37817-1,461-1,074
Cash from Financing Activity62443-78711522935623192,310832
Net Cash Flow13-11-321120-954426-288
Free Cash Flow-44-260-63-58-16-379-457-525-2,415-702
CFO/OP71%16%40%33%31%-29%4%-11%-62%42%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days4663113111113816258464855
Inventory Days56447143523740486973
Days Payable667818722212888123135196299
Cash Conversion Cycle3629-3111-66511-26-41-78-171
Working Capital Days50-4533113716462748733
ROCE %33%24%24%24%26%28%25%24%17%11%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters74.53%74.53%74.53%74.53%71.77%71.78%71.78%71.78%71.78%71.78%71.78%71.78%
FIIs1.67%1.56%1.68%2.04%2.60%2.76%2.87%2.43%2.32%1.92%1.39%1.37%
DIIs13.05%12.45%12.50%12.13%12.70%12.14%12.02%11.65%11.61%11.14%10.65%10.11%
Public10.74%11.47%11.30%11.30%12.92%13.31%13.33%14.13%14.29%15.16%16.18%16.74%
No. of Shareholders77,39078,47585,5961,04,6921,33,1541,38,3601,37,4361,28,6021,29,2171,25,6211,21,7151,20,066

Fundamentals

Market Cap₹ 2,854 Cr.
Current Price₹ 438
Stock P/E11.0
Book Value₹ 501
ROCE11.3 %
ROE8.52 %
Dividend Yield0.46 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)-3%
Compounded Profit Growth (TTM)-40%
Consolidated figures.
Valuation
Market capRs 2,737 Cr
Enterprise valueRs 7,512 Cr
P/E (TTM)14.68x
Price to book0.84x
Price to sales0.56x
EV / EBITDA7.58x
EV / EBIT9.23x
EV / sales1.55x
Price to cash flow10.96x
Earnings yield6.81%
Dividend yield0.48%
P/E, 3-year average11.05x
P/B, 3-year average1.87x
P/E, 5-year average10.61x
P/B, 5-year average2.16x
Profitability
Operating margin (excl. other income)19.37%
Operating margin (incl. other income)20.84%
EBITDA margin20.43%
Pre-tax margin6.65%
Net profit margin3.84%
Net margin, latest quarter-4.10%
ROE10.63%
ROCE11.98%
ROA3.39%
ROE, 3-year average17.98%
ROCE, 3-year average17.86%
ROA, 3-year average7.00%
ROE, 5-year average22.75%
ROCE, 5-year average21.47%
ROA, 5-year average9.16%
ROIC (approx.)7.35%
Tax rate27.46%
Other income / net worth2.35%
Growth
Sales growth (latest year)3.53%
Profit growth (latest year)-34.64%
Sales CAGR, 3 years4.24%
Sales CAGR, 5 years14.94%
Profit CAGR, 3 years-12.50%
Profit CAGR, 5 years6.90%
Sales growth QoQ-22.86%
Profit growth QoQ-153.05%
Sales growth YoY (latest quarter)-25.75%
Profit growth YoY (latest quarter)-145.68%
Per share
EPS (TTM)Rs 28.60
EPS (latest year)Rs 50.69
EPS (latest quarter)Rs -6.93
EPS, 3-year averageRs 70.30
EPS, 5-year averageRs 68.98
Book value per shareRs 500.99
Sales per shareRs 744.66
Cash flow per shareRs 38.32
Free cash flow per shareRs -107.72
Dividend per share (latest year)Rs 2.00
Dividend per share, 3-year averageRs 1.83
Dividend per share, 5-year averageRs 1.55
Dividends
Dividend payout3.94%
Dividend payout, 3-year average2.78%
Dividend payout, 5-year average2.34%
Efficiency
Asset turnover0.48x
Fixed asset turnover2.28x
Inventory turnover10.07x
Inventory days36 days
Debtor days55 days
Debtors turnover6.64x
Creditor days299 days
Cash conversion cycle-171 days
Working capital days33 days
Leverage
Total debtRs 5,029 Cr
Cash and bankRs 254 Cr
Net debtRs 4,776 Cr
Debt to equity1.54x
Net debt / EBITDA4.82x
Interest coverage1.66x
Current ratio (filing 2026-03-31)1.11x
Quick ratio (filing 2026-03-31)1.01x
Trade payables (filing 2026-03-31)Rs 1,543 Cr
Owners' fund to total sources30.16%
Debt to assets46.46%
Cash flow
Cash from Operating Activity (latest year)Rs 250 Cr
Cash from Investing Activity (latest year)Rs -1,074 Cr
Cash from Financing Activity (latest year)Rs 832 Cr
Net Cash Flow (latest year)Rs 8 Cr
Free cash flow (latest year)Rs -702 Cr
FCFE (approx.: FCF + change in debt)Rs 157 Cr
Cash from ops / profit, 5 years-0.62x
Sales to cash flow20.96x
Statement figures
Net sales (TTM)Rs 4,853 Cr
Net sales (latest year)Rs 5,235 Cr
Sales (latest quarter)Rs 1,101 Cr
Operating profit excl. other income (latest year)Rs 1,014 Cr
Operating profit (latest quarter)Rs 304 Cr
Other income (TTM)Rs -64 Cr
EBITDA (TTM)Rs 991 Cr
PBDT (TTM)Rs 500 Cr
Profit before tax (TTM)Rs 323 Cr
Tax (latest year)Rs 125 Cr
Net profit (TTM)Rs 186 Cr
Net profit (latest year)Rs 330 Cr
Net profit (latest quarter)Rs -45 Cr
Depreciation (TTM)Rs 177 Cr
Depreciation (latest quarter)Rs 45 Cr
Interest (TTM)Rs 492 Cr
Cost of goods sold (latest year)Rs 3,778 Cr
Total expenditure (latest year)Rs 4,221 Cr
Total income (latest year)Rs 5,311 Cr
Share capitalRs 65 Cr
ReservesRs 3,200 Cr
Shareholders' fundsRs 3,265 Cr
Total assetsRs 10,824 Cr
Net blockRs 2,297 Cr
Capital work in progressRs 740 Cr
InvestmentsRs 12 Cr
ReceivablesRs 788 Cr
InventoryRs 375 Cr
Other liabilitiesRs 2,530 Cr
Shares outstanding (crore)6.52
Ownership
Promoter holding71.78% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 14.7 is at the 61th percentile of its own 8.7-year range (median 13.3, low 7.0, high 41.0).
P/B 0.84 is the lowest in 8.7 years (median 2.71).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodHGINFRANifty 50Difference
1 week-10.3%-2.8% -7.5 pts
1 month-12.9%-6.8% -6.1 pts
3 months-26.6%-7.6% -18.9 pts
6 months-2.7%+0.4% -3.1 pts
1 year-56.5%-9.9% -46.6 pts
2 years-72.6%-13.6% -59.0 pts
3 years-55.4%+14.2% -69.6 pts
5 years-35.9%+27.9% -63.8 pts
21 mutual fund schemes hold about ₹283 Cr. Over three months 15 bought more and 0 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Nippon India Small Cap Fund0.13%109 +11%
Aditya Birla SL Flexi Cap Fund0.20%59 +7%
Bandhan Infrastructure Fund0.94%13 +25%
UTI Small Cap Fund0.25%13 +12%
UTI Infrastructure Fund0.61%13 +19%
DSP India T.I.G.E.R Fund0.18%12 +12%
Aditya Birla SL Infrastructure Fund0.92%11 +15%
Aditya Birla SL Multi Asset Allocation Fund0.14%11 +7%
Kotak Infra & Eco Reform Fund0.39%10 +15%
Kotak Infra & Eco Reform Fund0.39%9 +15%
Tata Multi Asset Allocation Fund0.15%8 +15%
Aditya Birla SL Mfg. Equity Fund0.52%7 +3%
UTI Balanced Advantage Fund0.16%5 +17%
Motilal Oswal Nifty Microcap 250 Index Fund0.09%2 +9%
Aditya Birla SL Retirement Fund-400.32%0 +14%
Aditya Birla SL Retirement Fund-500.12%0 +16%
Groww Nifty Total Market Index Fund0.00%0
Angel One Nifty Total Market Index Fund0.00%0
Mirae Asset Nifty Total Market Index Fund0.00%0
Bandhan Nifty Total Market Index Fund0.00%0
Motilal Oswal BSE 1000 Index Fund0.00%0

Red flags

F-score 4 of 8
explainWeak cash conversion Cash from operations was -68% of net profit over the last 3 years
lookRegulator order or action Regulator order or action 2026-02-27: H.G. Infra Engineering Limited has informed the Exchange about Action(s) taken or orders passed
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹1,101 Cr -25.7% vs Jun 2025. Net loss ₹45 Cr.
Against our estimate for Jun 2026: sales -31.6%, profit -144.5% big miss. Our estimate for Sep 2026: sales Rs 810 Cr, profit Rs 47 Cr (how).

Activity

Compare
CompanyMcap (Cr)P/EROCE
Larsen & Toubro Ltd515,83729.314.6 %
Rail Vikas Nigam Ltd41,26345.910.8 %
Kalpataru Projects International Ltd23,31221.018.3 %
NBCC (India) Ltd21,06330.829.3 %
Cemindia Projects Ltd21,01534.932.8 %
IRB Infrastructure Developers Ltd20,50820.87.47 %
Engineers India Ltd17,43522.230.4 %
Central Mine Planning & Design Institute Ltd15,21723.338.1 %
Techno Electric & Engineering Company Ltd11,74822.815.2 %
Welspun Enterprises Ltd10,30229.116.7 %
KEC International Ltd10,07216.816.5 %
Ircon International Ltd9,63718.49.27 %
Rites Ltd9,24222.123.0 %
Afcons Infrastructure Ltd9,01444.013.9 %
NCC Ltd8,05311.216.8 %
No bulk or block deals on record.
Ex-dateActionFactor
2026-08-12Dividend - Rs 2 Per Share
2025-08-12Dividend - Rs 2 Per Share
2024-08-14Dividend - Rs 1.50 Per Share
2023-08-14Dividend - Rs 1.25 Per Share
2022-07-21Dividend - Re 1 Per Share
2021-08-27 Annual General Meeting/Dividend - Rs 0.80 Per Share
2019-08-01 Annual General Meeting/Dividend - Rs 0.50 Per Share
2018-08-31 Annual General Meeting/Dividend Re 0.50 Per Share
DateTypeWhat it says
2026-09-29UpdatesIntimation of Financial Closure - H.G. Gobindpur Tangi Highway Private Limited.
2026-09-26AcquisitionAcquisition
2026-09-24UpdatesReceipt of Completion Certificate for the Project in the state of Delhi.
2026-09-16LitigationPendency of Litigation(s)/dispute(s) or the outcome impacting the Company
2026-09-05Credit Rating- RevisionCredit Rating- Revision
2026-08-21Credit Rating- RevisionCredit Rating- Revision
2026-08-19Change in ManagementChange in Management
2026-08-19Shareholder meetingProceedings of Annual General Meeting held on August 19, 2026. Further, the company has submitted the Exchange a copy of Scrutinizers report along wit...
2026-08-18UpdatesReceipt of Letter of Intent from REC Power Development and Consultancy Limited.
2026-08-17Concall / analyst meetTranscript
2026-08-14Concall / analyst meetLink of Recording
2026-08-13Investor PresentationInvestor Presentation
2026-08-12Board meeting outcomeH.G. Infra Engineering Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-11UpdatesReceipt of Letter of Award (LOA) from Department of Skill, Employment & Entrepreneurship Government of Rajasthan.
2026-08-10Concall / analyst meetSchedule of meet
2026-08-06AcquisitionAcquisition
2026-08-03Updates.
2026-07-29UpdatesLetter Sent to non email members.
2026-07-28UpdatesBusiness Responsibility and Sustainability Reporting.
2026-07-28Shareholder meetingNotice of Annual General Meeting to be held on August 19, 2026
2026-07-28UpdatesGeneral Update.
2026-07-23Sale or disposalSale or disposal
2026-07-13UpdatesH.G. Infra Engineering Limited has been declared as L-1 bidder by the Department of Skill, Employment & Entrepreneurship Government of Rajasthan.
2026-07-10Other RestructuringIncorporation of a Wholly Owned Subsidiary Company ( WoS )
2026-07-07UpdatesGeneral Update.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of H.G. Infra Engineering Ltd?

H.G. Infra Engineering Ltd (HGINFRA) has a market capitalisation of Rs 2,854 Cr. at the 2026-10-01 close.

What is the P/E ratio of H.G. Infra Engineering Ltd?

H.G. Infra Engineering Ltd trades at a P/E of 11.0 on trailing twelve-month profit, at the 2026-10-01 close.

What were H.G. Infra Engineering Ltd's latest quarterly results?

In the Jun 2026 quarter, H.G. Infra Engineering Ltd sales was Rs 1,101 Cr (-25.7% vs Jun 2025) with a net loss of Rs 45 Cr.

What is the 52-week high and low of H.G. Infra Engineering Ltd?

The 52-week high is Rs 976.45 and the 52-week low is Rs 429.50.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03