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H.G. Infra Engineering Ltd.
(HGINFRA)
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Rating:54Neutral
Price Target:
₹395.00
▼(-26.40% Downside)
Action:Reiterated
Date:08/30/26
The score is held back primarily by weak financial quality—persistent negative operating/free cash flow alongside rising leverage—despite historically strong revenue scaling and still-decent operating margins. Technical indicators also point to a downtrend with negative momentum. Valuation is relatively reasonable (P/E 17.39) but the low dividend yield offers limited support, keeping the overall score in the mid-range.
Positive Factors
Long-term Revenue Scale
Revenue has more than doubled across the reported period, demonstrating the company’s ability to scale its infrastructure execution platform and win or deliver larger volumes of work. This broader operating base can support continued participation in India’s road and highway investment cycle.
Negative Factors
Persistent Negative Cash Flow
Repeated negative operating and free cash flow shows that reported earnings are not consistently converting into cash. The resulting funding gap can constrain project flexibility and increase dependence on external financing, making cash generation a durable weakness alongside ongoing construction activity.
Read all positive and negative factors
Positive Factors
Negative Factors
Long-term Revenue Scale
Revenue has more than doubled across the reported period, demonstrating the company’s ability to scale its infrastructure execution platform and win or deliver larger volumes of work. This broader operating base can support continued participation in India’s road and highway investment cycle.
Read all positive factors
H.G. Infra Engineering Ltd. (HGINFRA) vs. iShares MSCI India ETF (INDA)
Market Cap
₹24.67B
Dividend Yield0.53%
Average Volume (3M)40.79K
Price to Earnings (P/E)13.3
Beta (1Y)1.83
Revenue Growth-3.14%
EPS Growth-57.80%
CountryIN
Employees5,077
SectorGeneral
Sector StrengthN/A
IndustryEngineering & Construction
Share Statistics
EPS (TTM)28.55
Shares Outstanding65,171,110
10 Day Avg. Volume5,041
30 Day Avg. Volume40,791
Financial Highlights & Ratios
PEG Ratio-0.25
Price to Book (P/B)0.86
Price to Sales (P/S)0.54
P/FCF Ratio-2.46
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)50.88
Revenue Forecast (FY)₹55.34B
H.G. Infra Engineering Ltd. Business Overview & Revenue Model
Company Description
H.G. Infra Engineering Limited, an Indian firm, specializes in road construction and comprehensive engineering, procurement, and construction (EPC) services. Its operations encompass the development and maintenance of critical transport infrastruc...
How the Company Makes Money
HGINFRA makes money mainly by executing infrastructure construction contracts and recognizing revenue based on progress/milestones under those contracts. Its key revenue streams are: (1) EPC contract revenue from building roads/highways and associ...
H.G. Infra Engineering Ltd. Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
58
Neutral
Cash Flow
22
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 48.59B | 52.35B | 50.56B | 53.78B | 44.66B | 36.63B |
| Gross Profit | 13.81B | 9.64B | 14.68B | 15.24B | 7.38B | 7.92B |
| EBITDA | 11.38B | 10.91B | 10.64B | 10.59B | 9.12B | 7.16B |
| Net Income | 1.86B | 3.30B | 5.05B | 5.39B | 4.93B | 3.80B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 109.01B | 87.73B | 54.34B | 49.27B | 32.92B |
| Cash, Cash Equivalents and Short-Term Investments | 2.49B | 2.49B | 1.97B | 2.04B | 2.67B | 566.37M |
| Total Debt | 0.00 | 50.29B | 41.70B | 15.13B | 19.10B | 11.84B |
| Total Liabilities | -32.81B | 76.20B | 58.23B | 29.79B | 30.05B | 18.56B |
| Stockholders Equity | 32.81B | 32.65B | 29.50B | 24.55B | 19.22B | 14.36B |
Cash Flow | ||||||
| Free Cash Flow | -12.44B | -11.45B | -24.36B | -5.44B | -4.78B | -3.89B |
| Operating Cash Flow | -5.35B | -1.91B | -8.78B | -3.11B | -1.39B | -3.22B |
| Investing Cash Flow | -7.51B | -10.87B | -14.61B | 169.55M | -3.78B | -656.42M |
| Financing Cash Flow | 12.60B | 12.87B | 23.10B | 3.19B | 5.62B | 2.93B |
H.G. Infra Engineering Ltd. Technical Analysis
Negative
536.65
Price Trends
445.59
Negative
499.50
Negative
543.78
Negative
Market Momentum
-19.22
Negative
28.77
Positive
18.15
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:HGINFRA, the sentiment is Negative. The current price of 536.65 is above the 20-day moving average (MA) of 398.95, above the 50-day MA of 445.59, and below the 200-day MA of 543.78, indicating a bearish trend. The MACD of -19.22 indicates Negative momentum. The RSI at 28.77 is Positive, neither overbought nor oversold. The STOCH value of 18.15 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:HGINFRA.
H.G. Infra Engineering Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ₹30.64B | 8.05 | ― | 0.98% | -2.47% | -6.60% | |
66 Neutral | ₹43.11B | 19.89 | ― | 1.10% | -29.86% | -22.89% | |
59 Neutral | ₹27.73B | 7.03 | ― | 0.25% | -37.51% | -58.59% | |
56 Neutral | ₹27.06B | 1.09 | ― | 0.65% | -24.59% | 39.70% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | ₹24.67B | 13.30 | ― | 0.53% | -3.14% | -57.80% | |
52 Neutral | ₹27.56B | 25.42 | ― | 0.31% | 44.77% | 231.43% |
* General Sector Average
IN:HGINFRA
H.G. Infra Engineering Ltd.
378.55
-540.48
-58.81%
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H.G. Infra Engineering Ltd. Corporate Events
H.G. Infra Engineering Files SEBI Compliance Certificate With Stock Exchanges
Oct 12, 2026
H.G. Infra Engineering Ltd. has notified the stock exchanges that it received a compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 from its registrar and share transfer agent, MUFG Intime In...
H.G. Infra Sets Up Section 8 Subsidiary for PM-SETU ITI Project
Oct 11, 2026
H.G. Infra Engineering Ltd. has incorporated a not-for-profit subsidiary, H.G. Talent Edge Foundation ITI Bhiwadi, under Section 8 of the Companies Act, 2013, to serve as a special purpose vehicle for operating and managing the ITI Bhiwadi Cluster...
H.G. Infra Secures Financial Closure for Rs 1,582 Crore Odisha Ring Road Project
Sep 29, 2026
H.G. Infra Engineering Ltd. announced that its wholly owned subsidiary, H.G. Gobindpur Tangi Highway Private Limited, has achieved financial closure for a major highway project in Odisha. The National Highways Authority of India has issued the fin...
H.G. Infra posts Q1 FY27 earnings call transcript for investors
Aug 17, 2026
H.G. Infra Engineering Ltd. has notified exchanges that the transcript of its earnings conference call for the first quarter of FY27, covering unaudited standalone and consolidated financial results for the period ended June 30, 2026, has been mad...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.