Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹126.86 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹9.6 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Highway Infrastructure reported a transformative Q3 FY26, with consolidated total income of 128.4 crore and PAT of 6.3 crore, up 34.3% YoY. The standout was a record order book of 1,160 crore, over 4x higher than March 2025, driven by the largest toll collection mandate (328.8 crore plaza) and strong EPC wins. Management guided for FY27 revenue of 1,000 crore (700 crore EPC, 300 crore toll/real estate) and expects EBITDA margin expansion of 2-3% as higher-value contracts kick in. The company is diversifying geographically into Gujarat, Rajasthan, and Northeast, and exploring adjacencies like renewable EPC and EV charging. Risk: execution risk on the massive new toll plaza and potential margin pressure from competitive bidding in EPC.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects total revenue of 1,000 crore in FY27, with 700 crore from EPC and 300 crore from toll collection and real estate.
- Management targets a 2-3% increase in EBITDA margins as higher-value contracts with less competition contribute.
- Management expects the order book to grow by approximately 50% in the coming financial year, though selectivity remains key.
Risks flagged
- The 328.8 crore Kaza plaza is the largest ever; any operational issues could impact revenue and margins.
- Analyst raised concern about intensifying competition; management acknowledged but noted less competition for high-value toll contracts.
- Entering new states like Gujarat and Northeast may face local regulatory and operational hurdles.
Key quotes
- Q3 has been transformative for highway infrastructure. We secured the largest tollway collection mandate in our history.
- Our only target is not to just increase the order book but also increase the revenue in terms of profitability.
- The toll collection is projected to surge from 55,000 crores to 1.4 lakh crores within two years.
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