Highway Infrastructure Ltd

AGM notice and email-registration update

• The company has started dispatching letters to shareholders without registered emails for AGM notice.
• A web-link will access the AGM notice and Annual Report for those without registered emails.
• The 21st AGM is scheduled for 24 September 2026 at 3:00 PM IST via VC/OAVM.
• Email-address update cutoff date is 14 August 2026 for non-registered holders.
• Annual Report for FY2025-26 is available on the company's website and stock exchanges.
• Dematerialised holders should update their email addresses with their Depository Participant.

Financial snapshot

• Consolidated total income ₹633.4 crore, up 25.6% YoY.
• EBITDA ₹51.5 crore, up 28.4% YoY.
• PAT ₹31.8 crore, up 42% YoY.
• PAT CAGR FY23-FY26: 32.1%.
• Order book ₹1,133 crore, crossing ₹1,000 crore.

Business mix and segment performance

• Tollway Collection contributes 73.7% of revenue FY26.
• EPC 19.8% and Real Estate 6.5% of revenue.
• Tollway order book ₹542 crore; EPC ₹591 crore.
• Kaza Fee Plaza Toll contract ₹328.8 crore, largest to date.
• In-house toll tech enables tighter revenue control.

Order book and project portfolio

• Order book crossed ₹1,000 crore in FY26; ended at ₹1,133 crore.
• EPC order book ₹591 crore; 25 EPC projects active.
• Tollway contracts: 7 active; focus on high-traffic corridors.
• Kaza Fee Plaza and PMAY/Delhi-Ma Expressway projects highlighted.

Capital structure and liquidity

• Debt-to-Equity 0.45x; net worth ₹228.5 crore (FY26).
• Gearing ratio 28.11% (FY26).
• Undrawn committed borrowing limits ₹224.82 million as of FY26.

IPO, listing and equity structure

• IPO on NSE/BSE completed; listing on 12 Aug 2025.
• IPO proceeds ₹1,300 million; Fresh issue ₹975.2 million; OFS ₹324.8 million.
• IPO price ₹70; 1,85,71,428 equity shares issued.
• Authorized share capital ₹40 crore; issued ₹35.86 crore as of Mar 31, 2026.
• Dividend: not declared for FY26.

Governance and board changes

• Vinayak Parkhi appointed Independent Director from 6 Nov 2025; shareholders approved 14 Jan 2026.
• Om Prakash Shrivastava resigned as Independent Director on 28 Jan 2026.
• Riddharth Jain appointed CEO w.e.f. 6 Sep 2025; Khushboo Palod resigned 16 Feb 2026.

Regulatory and risk disclosures

• NHAI order: ₹26 lakh penalty; 3-month LOA debarment from 8 Apr 2026.
• Quarterly financial reporting and half-year RPT disclosures maintained.
• Auditors: M/s Anil Kamal Garg & Co; Secretarial Auditor: M/s Ragini Chokshi & Co; new secretarial firm appointed 2026-27.

CSR, ESG and governance

• CSR committee: 3 members; CSR spend ₹42 lakh in 2025-26; carry forward ₹1.44 lakh.
• ESG initiatives include sustainability framework, governance, and safety programs.

Outlook and growth strategy

• FY27 revenue guidance: over ₹900 crore.
• Growth pillars: scale core, geographic expansion, adjacencies, and stronger balance sheet.
• Opportunities: MLFF tolling, wayside amenities, ropeways; renewable EPC and solar energy.

AGM details

• AGM date/time: 24 September 2026, 3:00 PM IST, via VC/OAVM.
• Venue deemed at registered office; attendance through VC/OAVM.
• Record date for e-voting: 18 September 2026.

Ordinary resolutions

• Adopt Audited Standalone and Consolidated financial statements for year ended 31 March 2026.
• Re-appoint Anoop Agrawal as Director, liable to retirement by rotation.

Secretarial Auditor appointment

• Appoint M/s Ritesh Gupta & Co as Secretarial Auditor for five-year term.
• Remuneration ₹1,00,000 for FY2026-27; five-year tenure, subject to approval.

AGM Details

• 21st AGM scheduled for 24 September 2026 at 3:00 PM IST, conducted via VC/OAVM.

Award details

• Awarding entity: National Highways Authority of India for Palayam Fee Plaza BOT operation.
• Scope: Operation and collection of user fees at Palayam Fee Plaza.
• Contract value: Rs 80,16,99,930.
• Execution period: 90 days.
• Domestic entity; no promoter group interest; no related party transactions.

Financial Performance

• Q1 FY27 total income: INR 304.3 crores; up 170.6% YoY (consolidated)
• EBITDA for Q1 FY27: INR 4.8 crores (consolidated)
• PAT for Q1 FY27: INR 1.1 crores (consolidated)

Order Book and New Wins

• Consolidated order book: approximately INR 778 crores as of June 30, 2026
• July 2026 toll win: Kozhinjipatti toll plaza, NH-44, Tamil Nadu, ~INR 28.7 crores
• LOA for toll operations at NH-44 Krishnagiri-Thumbipadi: ~INR 80 crores
• July 2026 tolling: new toll projects in Tamil Nadu ~INR 120 crores
• Total work orders: ~INR 900 crores; EPC ~INR 500 crores; Toll ~INR 400 crores

Projects and Growth Plans

• Beverly Hills project: value ~INR 70 crores; execution 15–16 months
• Beverly Hills EPC revenue expected ~INR 150 crores in 15–16 months
• Beverly Hills contribution: ~40–45% of revenue in the next 15–16 months
• Geographic expansion: Tamil Nadu; focus on Andhra Pradesh and Telangana; exploring West Bengal
• Strategy: technology integration to boost efficiency, margins, and data-driven decision making
• Pursuing larger EPC tenders; open to strategic JV partnerships
• Kaza toll plaza performed better than expected; Ena/Moti Naroli ~70% larger

Q&A Highlights

• Traffic recovery: some regions normal; Western Front slower; overall improvement expected
• Margin outlook: near-term weakness from geopolitical factors; margins likely to recover as traffic normalizes
• Bid-to-win: Toll 25%–30%; EPC 25%–30%
• 9–12 month milestones: bid larger EPC tenders; grow private works; TN/East focus
• FY27–28 turnover guidance: INR 850 crores for FY27; INR 1,200 crores for FY28
• Kaza vs Ena/Moti Naroli: Ena/Moti Naroli ~70% larger than Kaza

Guidance and Outlook

• FY26-27 turnover guidance: INR 850 crores (toll INR 700 crores; EPC INR 150 crores)
• FY27-28 turnover guidance: INR 1,200 crores

Contract win

• LOA from NHAI for toll collection at Palayam Fee Plaza on NH-44 awarded.
• Total contract value Rs 80.17 crore; contract period 90 days.

Meeting Details

• Post results/earnings conference call to discuss Q1 FY2026-27 hosted on 18 August 2026.

Participants

• Company Secretary & Compliance Officer (Palak Rathore) participated.

Purpose

• Discuss unaudited Q1 FY2026-27 results.

Additional Notes

• Audio recording of the call is available; no transcript or presentation details provided.