H.G. Infra Engineering Ltd

Instruments and Ratings

• Cash credit Rs 900 Cr: AA- (Stable); outlook Revised to Stable from Positive.
• Bank guarantees Rs 4300 Cr: AA- (Stable)/A1+; outlook Revised to Stable from Positive.
• Non-convertible debentures Rs 400 Cr: AA- (Stable); outlook Revised to Stable from Positive.
• Total rated exposure: Rs 5600 Cr.

Rating Agency

• Agency: ICRA Limited.

Rationale

• Reaffirmation with outlook revision; rationale details not disclosed in the filing.

Change since last rating

• Outlook moved from Positive to Stable on all ratings.

AGM Details

• Date and time: 19 August 2026 at 2:00 PM IST via VC/OAVM.
• Record date: 12 August 2026.
• Remote e-voting: 16–18 August; voting during AGM.
• Meeting concluded at 3:54 PM IST.

Key Resolutions

• Resolution 1: Adoption of standalone and consolidated financial statements.
• Resolution 2: Final dividend of Rs 2 per equity share.
• Resolution 3: Re-appointment of Vijendra Singh Choudhary as Director.
• Resolution 4: Re-appointment of Harendra Singh as Managing Director for five years.
• Resolution 5: Re-appointment of Vijendra Singh Choudhary as Whole-Time Director for five years.
• Resolution 6: Increase in borrowing limits under section 180(1)(c).
• Resolution 7: Increase in limits for creation of charges and securities under section 180(1)(a).
• Resolution 8: Ratify remuneration payable to Cost Auditors for FY 2027.

Voting Results

• Resolution 1: Passed; one abstention by a member holding 12,895 shares.
• Resolution 2: Passed.
• Resolution 3: Passed.
• Resolution 4: Passed.
• Resolution 5: Passed.
• Resolution 6: Passed.
• Resolution 7: Passed.
• Resolution 8: Passed.

Dividend

• Final dividend of Rs 2 per equity share approved.

Director Changes

• Harendra Singh re-appointed as Managing Director for a third term.
• Effective from 15 May 2027, tenure five years.
• Vijendra Singh Choudhary re-appointed as Whole-Time Director for five years.
• Effective from 15 May 2027.

Auditors

• Cost Auditors remuneration ratified for FY 2027.

Other Material Approvals

• Borrowing limits increased.
• Creation of charges and securities limits increased.

LOI details

• LOI dated August 18, 2026 from REC Power Development and Consultancy Limited.
• Construction of 220/132/33 kV AIS Substations at Ranipur (Mau) and Chunar (Mirzapur) in Uttar Pradesh.
• Procurement through tariff-based competitive bidding; REC Power is a wholly owned subsidiary of REC Limited.
• This LOI follows the May 26, 2026 announcement with SEBI-required details.

Filing Status

• Transcript of Q1 FY27 earnings call (June 30, 2026) available online; wrapper notice only here.

Q1 FY27 earnings call recording

• Earnings conference call recording for Q1 FY27 (quarter ended Jun 30, 2026) released.
• Unaudited standalone and consolidated results discussed.
• Recording date: August 14, 2026.
• Audio recording URL: https://www.hginfra.com/earnings_call/q1_fy27_earnings_conference_call_recordings_aug_14_2026.mp3

Business overview

• Five segments: roads, railway, solar, BESS, and transmission & distribution.
• Strategic focus on HAM-based EPC and expanding HAM project portfolio.

Operational highlights

• Order book as of June 2026: ₹1,45,019 Mn; EPC 69%, HAM 31%.
• Highway remains the largest segment within the order book (65%).
• Major state exposure includes Maharashtra, Jharkhand, Odisha, Uttar Pradesh, Gujarat.
• HAM project expansions; equity commitments comfortably met.

Financial performance

• Standalone revenue ₹9,072.36 Mn; YoY -46.9%.
• Consolidated revenue ₹11,005.85 Mn; YoY -25.7%.
• Standalone EBITDA ₹770.16 Mn; margin 8.49%.
• Consolidated EBITDA ₹3,038.02 Mn; margin 27.60%.
• Standalone PAT ₹282.72 Mn; margin 3.12%.
• Consolidated PAT ₹-445.18 Mn; margin -4.04%.

Capital structure & liquidity

• Total sanctioned debt ₹32,140 Mn.
• Debt outstanding ₹12,668 Mn as of June 2026.
• Invested equity till June-26 ₹7,158 Mn.

Strategic priorities & outlook

• Expand HAM projects to grow the order book further.
• Maintain equity commitments for HAM expansions; leverage EPC/HAM mix.

Standalone results

• Quarter ended Jun 30, 2026: standalone revenue from operations Rs 9,072.36mn.
• Standalone total income Rs 9,101.37mn; expenses Rs 9,036.62mn.
• Standalone PBT before exceptional items Rs 64.75mn; after exceptional items Rs 365.87mn.
• Standalone exceptional item Rs 301.12mn.
• Standalone PAT after tax Rs 282.72mn; standalone EPS Rs 4.34.
• Standalone year-end EPS Rs 59.71.
• Single EPC segment is the only reportable segment.
• Two subsidiaries incorporated in the quarter.
• Board approved results Aug 12, 2026.
• SPV divestments yielded several exceptional items; details in notes.
• CBI case: no impact on operations or financials.

Consolidated results

• Consolidated revenue from operations Rs 11,005.85mn.
• Consolidated total income Rs 11,060.51mn.
• Consolidated expenses Rs 9,594.42mn.
• Consolidated PBT before exceptional items Rs 1,463.75mn.
• Consolidated exceptional items Rs -1,467.81mn.
• Consolidated PBT after exceptional items Rs -4.06mn.
• Consolidated PAT after tax Rs -445.18mn; consolidated EPS Rs -6.83.
• Group identifies two reportable segments: Construction and Renewable Energy.

Other notes

• Two subsidiaries incorporated in quarter.
• Board approved results Aug 12, 2026.

LOA details

• LOA dated Aug 10, 2026 from Government of Rajasthan for ITI Bhiwadi PPP project.
• HGINFRA's anchor share is 17.10 crore of estimated Rs 241 crore project cost.
• O&M period under PM-SETU PPP is 10 years.
• Earlier SEBI LODR details disclosed on July 13, 2026.
• LOA received on Aug 11, 2026 for record.

Earnings call details

• Earnings conference call for Q1 FY27 to discuss results for quarter ended June 30, 2026.
• Scheduled for Friday, August 14, 2026 at 11:00 AM IST.
• Hosted by Go India Advisors.
• Company participants: Harendra Singh (CMD) and Vikas Jain (CFO).
• Pre-registration required; join with Diamond Pass.
• Dial-in numbers: +91 22 6280 1557 / +91 22 7115 8383.