H.G. Infra Engineering Ltd. (IN:HGINFRA)
:HGINFRA
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H.G. Infra Engineering Ltd.
(HGINFRA)
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Rating:59Neutral
Price Target:
₹611.00
▼(-17.93% Downside)
Action:Reiterated
Date:05/30/26
The score is held back primarily by persistent negative operating/free cash flow and sharply higher leverage despite solid historical revenue scaling. Technicals are mixed with the stock below key longer-term moving averages. A reasonable P/E provides some support, but the dividend yield is low.
Positive Factors
Revenue scale
Meaningful revenue scaling over the multi-year period demonstrates a proven ability to win and execute larger EPC contracts. Scale supports better fixed-cost absorption, stronger supplier negotiating leverage, and a deeper project pipeline, improving resilience in the medium term.
Negative Factors
Persistent negative cash flow
Chronic negative operating and free cash flow indicates earnings are not converting to cash, increasing reliance on external funding. This undermines liquidity, raises funding costs, and constrains the company's ability to self-finance working capital, bid capacity, and capital expenditure.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue scale
Meaningful revenue scaling over the multi-year period demonstrates a proven ability to win and execute larger EPC contracts. Scale supports better fixed-cost absorption, stronger supplier negotiating leverage, and a deeper project pipeline, improving resilience in the medium term.
Read all positive factors
H.G. Infra Engineering Ltd. (HGINFRA) vs. iShares MSCI India ETF (INDA)
Market Cap
₹37.03B
Dividend Yield0.25%
Average Volume (3M)9.64K
Price to Earnings (P/E)11.3
Beta (1Y)1.79
Revenue Growth3.53%
EPS Growth-34.73%
CountryIN
Employees4,848
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)63.40
Shares Outstanding65,171,110
10 Day Avg. Volume7,417
30 Day Avg. Volume9,642
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)66.5
Revenue Forecast (FY)₹62.08B
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 primarily makes money by executing infrastructure construction contracts awarded by government and quasi-government bodies and other project owners. Its main revenue stream is contract revenue from EPC projects, recognized as work progress...
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 | 50.12B | 52.35B | 50.56B | 53.78B | 44.66B | 36.63B |
| Gross Profit | 14.51B | 9.64B | 14.68B | 15.24B | 7.38B | 7.92B |
| EBITDA | 10.10B | 10.23B | 10.64B | 10.58B | 9.12B | 7.16B |
| Net Income | 4.13B | 3.30B | 5.05B | 5.39B | 4.93B | 3.80B |
Balance Sheet | ||||||
| Total Assets | 103.94B | 109.01B | 87.73B | 54.34B | 49.27B | 32.92B |
| Cash, Cash Equivalents and Short-Term Investments | 9.52B | 2.54B | 1.97B | 2.04B | 2.67B | 566.37M |
| Total Debt | 56.69B | 50.29B | 41.70B | 15.13B | 19.10B | 11.84B |
| Total Liabilities | 72.91B | 76.20B | 58.23B | 29.79B | 30.05B | 18.56B |
| Stockholders Equity | 30.87B | 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
744.45
Price Trends
574.56
Negative
590.21
Negative
745.74
Negative
Market Momentum
-8.94
Positive
42.05
Neutral
11.89
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 744.45 is above the 20-day moving average (MA) of 593.56, above the 50-day MA of 574.56, and below the 200-day MA of 745.74, indicating a bearish trend. The MACD of -8.94 indicates Positive momentum. The RSI at 42.05 is Neutral, neither overbought nor oversold. The STOCH value of 11.89 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 (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | ₹46.48B | 23.17 | ― | 1.03% | -43.10% | -32.97% | |
65 Neutral | ₹35.74B | 8.17 | ― | 0.16% | -41.35% | -56.36% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | ₹53.45B | 20.11 | ― | 0.06% | 11.38% | 31.55% | |
59 Neutral | ₹37.03B | 11.27 | ― | 0.25% | 3.53% | -34.73% | |
58 Neutral | ₹52.09B | 6.27 | ― | 0.23% | -20.69% | 1.98% | |
57 Neutral | ₹70.96B | 2.73 | ― | 0.21% | -20.36% | 91.60% |
* Industrials Sector Average
IN:HGINFRA
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H.G. Infra Engineering Ltd. Corporate Events
H.G. Infra forms new highway SPV for Rs 1,582 crore Odisha project
Apr 19, 2026
H.G. Infra Engineering Ltd. has incorporated a wholly owned subsidiary, H.G. Gobindpur Tangi Highway Private Ltd., as a special purpose vehicle to execute a National Highways Authority of India project in Odisha. The SPV will construct a new six-l...
H.G. Infra to Strike Off Eight Dormant Solar Project Subsidiaries
Mar 30, 2026
H.G. Infra Engineering Limited has decided to voluntarily dissolve eight step-down wholly owned subsidiaries incorporated in 2024 for proposed solar projects in locations such as Nagaur, Behror, Bhilwara, Bhiwadi, Ghiloth, Kota, Tapukara and Tijar...
H.G. Infra Closes Trading Window Ahead of FY26 Results
Mar 23, 2026
H.G. Infra Engineering Ltd. has announced that its trading window for dealing in company securities will be closed for all designated persons and their immediate relatives from April 1, 2026. The window will reopen 48 hours after the announcement ...
H.G. Infra Sells Khammam Devarapalle Road Project SPV for ₹213.85 Crore
Mar 20, 2026
H.G. Infra Engineering Ltd. has completed the sale of its wholly owned subsidiary, H.G. Khammam Devarapalle PKG-2 Private Limited, transferring 100% of its 14,10,500 equity shares to Neo Infra Income Opportunities Fund on March 20, 2026. The subsi...
H.G. Infra Engineering Wins Rs 401 Crore Railway Infra Order for Anuppur Thermal Plant
Mar 10, 2026
H.G. Infra Engineering Limited has secured a domestic civil works contract from Anuppur Thermal Energy (MP) Private Limited in Madhya Pradesh. The project involves earthwork, bridges, station buildings, and track-related (P-way) construction for r...
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.