H.G. Infra Engineering Q1 FY27 Results: Revenue Declines, Order Book Stands at ₹14,502 Crore

BY ADMIN • FILED 13 Aug 2026, 2:20 PM

H.G. Infra Engineering Limited has released its Q1 FY27 investor presentation covering the quarter ended June 30, 2026. The company highlighted its strong order book, infrastructure project portfolio and ongoing expansion across roads, highways, railways, solar, battery energy storage systems and transmission and distribution.

At the same time, Q1 FY27 financial performance was impacted by lower revenue and profitability on a year-on-year basis, particularly on a standalone basis.

H.G. Infra Q1 FY27: Key Highlights

Order book: ₹14,502 crore as of June 2026
Revenue from operations: ₹907.24 crore standalone
Consolidated revenue: ₹1,100.59 crore
Standalone EBITDA: ₹77.02 crore
Consolidated EBITDA: ₹303.80 crore
Standalone PAT: ₹28.27 crore
Consolidated PAT: Loss of ₹44.52 crore
Presence across 14 states
36+ active projects
4,800+ employees
2868 modern fleet and equipment assets
163 solar plants
19 road projects
10 railway projects
6 BESS and T&D projects

Order Book Stands at ₹14,502 Crore

H.G. Infra’s order book stood at approximately ₹14,502 crore as of June 2026.

The company has diversified its project portfolio across several infrastructure segments, including roads and highways, railway and metro projects, solar projects, battery energy storage systems, and transmission and distribution.

The company currently has a pan-India presence across 14 states and more than 36 active projects.

A large order book provides visibility for future execution, although the pace of project execution and conversion of the order book into revenue will remain important factors for investors.

Roads and Highways Remain Core Business

Roads and highways continue to form a major part of H.G. Infra’s infrastructure portfolio.

The company has 19 road projects, alongside railway, solar, BESS, and transmission and distribution projects.

This diversification allows H.G. Infra to participate in multiple segments of India’s infrastructure development cycle.

HAM Portfolio Continues to Expand

H.G. Infra has continued to expand its Hybrid Annuity Model (HAM) project portfolio.

The company’s presentation highlighted projects including:

Raipur–Visakhapatnam AP-1
Karnal Ring Road
Varanasi–Kolkata Package 10
Varanasi–Kolkata Package 13
Chennai–Tirupati II
Kosi Parikrama
Narol–Sarkhej
Gobindpur–Tangi

The presentation showed total figures of ₹32,140 million for the highlighted HAM projects, with ₹7,158 million of equity invested and ₹12,668 million of debt as of June 2026.

One of the projects, Gobindpur–Tangi, was shown as awaiting financial closure.

Q1 FY27 Revenue Declines

On a standalone basis, H.G. Infra reported revenue from operations of ₹907.24 crore in Q1 FY27, compared with ₹1,709.24 crore in Q1 FY26.

This represents a year-on-year decline of approximately 46.9%.

Consolidated revenue from operations stood at ₹1,100.59 crore, compared with ₹1,482.20 crore in Q1 FY26, a decline of approximately 25.7%.

The lower revenue indicates weaker execution during the quarter compared with the corresponding period last year.

Consolidated EBITDA Increases

Despite the decline in consolidated revenue, consolidated EBITDA increased.

Consolidated EBITDA rose to ₹303.80 crore in Q1 FY27 from ₹259.64 crore in Q1 FY26, representing growth of approximately 17%.

Consolidated EBITDA margin increased to 27.60% from 17.52%.

This indicates that the consolidated EBITDA performance was stronger despite lower revenue.

On a standalone basis, however, EBITDA declined to ₹77.02 crore from ₹235.67 crore, while the EBITDA margin fell to 8.49% from 13.79%.

Profitability Under Pressure

Standalone profit before tax declined to ₹36.59 crore in Q1 FY27 from ₹167.38 crore in Q1 FY26.

Standalone PAT fell to ₹28.27 crore from ₹125.47 crore.

Standalone PAT margin declined to 3.12% from 7.34%.

On a consolidated basis, profit before tax stood at a loss of ₹4.06 crore, compared with a profit of ₹131.65 crore in Q1 FY26.

Consolidated PAT was a loss of ₹44.52 crore compared with a profit of ₹99.26 crore in the corresponding quarter last year.

Long-Term Growth Track Record

H.G. Infra’s presentation highlighted its long-term growth across revenue, EBITDA and PAT.

The company reported a revenue CAGR of 17.5% between FY21 and FY26.

EBITDA CAGR during the same period was 11.9%, while PAT CAGR was 13.0%.

The presentation also showed standalone revenue increasing from ₹21,961 million in FY20 to ₹56,667 million in FY26.

Standalone EBITDA increased from ₹3,419 million to ₹7,334 million over the same period.

Diversification Beyond Roads

H.G. Infra is expanding beyond its traditional roads and highways business.

The company’s portfolio now includes:

Roads and highways
Railway and metro projects
Solar
Battery Energy Storage Systems
Transmission and distribution

The presentation shows 163 solar plants, 19 road projects, 10 railway projects, and 6 BESS and T&D projects.

This diversification could provide additional growth opportunities as India’s infrastructure and renewable energy investment increases.

What Investors Should Watch

For H.G. Infra investors, several factors will be important in the coming quarters.

Order Book Execution

The ₹14,502 crore order book provides significant future revenue visibility, but execution will be the key factor determining how quickly this order book translates into revenue.

Project Execution

The company’s performance will depend on the timely execution of road, railway, solar, BESS and T&D projects.

HAM Investments

The growing HAM portfolio requires continued equity investment and financial management.

Margins

The sharp difference between standalone and consolidated EBITDA performance makes margin trends an important area to monitor.

New Business Segments

The company’s expansion into solar, BESS, and transmission and distribution could become increasingly important to its future growth profile.

H.G. Infra Engineering enters FY27 with a substantial ₹14,502 crore order book and a diversified infrastructure portfolio spanning roads, highways, railways, solar, BESS and transmission and distribution.

Q1 FY27 revenue declined on both standalone and consolidated bases. Standalone profitability also declined sharply. However, consolidated EBITDA increased 17% year-on-year, with the consolidated EBITDA margin improving to 27.60%.

The key focus for investors will be order book execution, project completion, margins, HAM investments and the company’s ability to scale its newer infrastructure businesses.

The Q1 FY27 investor presentation was released by H.G. Infra Engineering Limited on August 13, 2026, and covers the unaudited financial results for the quarter ended June 30, 2026.

This article is based on the company’s Q1 FY27 investor presentation and is intended for informational purposes only. It should not be considered investment advice.