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Revenue
₹1,421 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹224 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
HG Infra reported Q3 FY26 standalone revenue of ₹1,450 crore with EBITDA margin of 15.5%, while PAT declined to ₹97 crore (6.7% margin) due to higher tax provisions. The order book stands at ₹13,624 crore, with roads contributing 64%, railways 20%, and renewables 15%. Execution was impacted by prolonged monsoon and delayed appointed dates for key projects like Varanasi-Kolkata Package 10. Management expects Q4 revenue of ~₹2,000 crore and FY27 revenue of ~₹7,000 crore, driven by existing orders and new project wins. Order inflow target for FY27 is ₹10,000-12,000 crore. Risks include margin compression from competitive bidding, delays in HAM asset monetization, and the ongoing CBI investigation which management declined to elaborate on.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects standalone revenue of around ₹2,000 crore in Q4 FY26, driven by execution catch-up.
- Revenue target for FY27 is approximately ₹7,000 crore, with ₹5,500 crore from existing projects and ₹1,500 crore from new projects like MSRDC.
- Management targets order inflows of ₹10,000-12,000 crore in FY27, including roads, railways, and BESS projects.
- Margins on new bids are expected to be around 14-15%, down from historical 15-16%, due to competitive pressure.
Risks flagged
- CBI searched company offices in January 2026; management provided no details beyond stock exchange disclosures, creating uncertainty.
- Monetization of 5 HAM assets is pending lender NOCs; only 3 of 5 SPVs expected to close in FY26, delaying cash inflows.
- Management acknowledged that new project margins may fall to ~14% from historical 15-16% due to market correction.
- Key projects like Varanasi-Kolkata Package 10 and Nagpur EPC orders face delays, impacting revenue visibility.
Key quotes
- We are quite hopeful that we will be overpassing the last year number and looking at this the appointed date of jaran package 10 which was not issued has impacted around 2 to 300 rupees otherwise we would be in and around the last year number plus some percentage.
- As of now the project which we are already having in hand we do have this margin this is for sure but in near future definitely as the market trend is giving a bit of a sense of correction where the margins are likely to be not in the same number would be around 14 or say that number.
- This is not any new related to this particular matter.
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