HILINFRA Q1 FY27 earnings call.
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Revenue
₹303.28 Cr
verified against source
Revenue YoY
170.6%
reported change
EBITDA
₹4.8 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Highway Infrastructure Limited reported Q1 FY27 total income of 34.3 crore with robust 170.6% YoY growth, though this reflects a low base. EBITDA stood at 4.8 crore with PAT of 1.1 crore, indicating compressed margins impacted by geopolitical disruptions affecting the Moti Noli toll project and a temporary NHAI bidding restriction. The order book of 778 crore (including ~500 crore EPC) provides healthy revenue visibility, with new wins including a 28.7 crore Tamil Nadu toll contract and 89 crore NH44 Krishna Kundi project. Management targets 850 crore revenue for FY27 (700 crore from EPC), rising to 1,200 crore in FY28. Geographic expansion into South India and the eastern belt, coupled with technology integration (AI, data analytics), represents the strategic growth lever. Near-term risks include traffic recovery uncertainty in western regions and margin pressure from project-specific headwinds. The diversified business model—balancing toll collection, EPC, and near-scale real estate—positions the company to navigate near-term volatility while capturing India's infrastructure growth opportunity.
Colored figures show movement against the previous available record.
Guidance to track
- Company targets consolidated turnover of 850 crore for fiscal year 2026-27, with EPC segment expected to contribute 700 crore. Full order book visibility supports this guidance.
- Management projects 1,200 crore turnover for FY28, implying ~41% growth from FY27 target, driven by order book execution and new project wins.
- First-time entry into Tamil Nadu via NH44 Tozhukku-Kaza project, with active research for West Bengal, Assam, and northeastern states expansion. Eastern belt pipeline expected to flow in 6-12 months.
- Positioning as a technology-integrated infrastructure company with focus on AI, data analytics, and BIM to improve site management efficiency and reduce manpower deployment across pan-India operations.
Risks flagged
- Geopolitical disruptions and global trade impacts continue to affect western toll operations, particularly at Moti Noli. Management indicated western regions may take additional time to normalize despite July 2026 recovery signs.
- Management deflected questions on EV infrastructure and renewables opportunity pipeline, stating they need more time before concrete disclosures, suggesting no near-term revenue contribution from new verticals.
- Q1 profitability impacted by temporary factors including lower traffic volumes, NHAI restriction, and unfavorable toll surrender. Management claims absorption in Q1 but EBITDA margin remains compressed at ~14%.
- Current PQ limits bidding to 50-250 crore range. Company needs to complete existing projects to increase PQ for larger, higher-margin contracts where competition is lower.
Key quotes
- While Q1 FI27 was impacted by certain temporary and project specific challenges, our underlying business fundamentals remain strong and with improving traffic trends, new order wins and continued focus on discipline execution, we remain committed to creating sustainable long-term value for all stakeholders.
- What the company has been actively doing is that technology is very very important for us. How do we position ourselves as a technology integrated infrastructure company where our focus would be on our core business such as the infrastructure development that we do the toll collection that we do but how do we leverage this technology.
- Kaza has been one of the projects which has outperformed our expectations. Definitely when we did we did expect this out of Kaza. Why? Because I think there have been very good development in the Amraati region.
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