Order Book
₹13,624 crore
+?% YoY
Order book includes roads (₹8,734 cr), railways (₹2,779 cr), renewables (₹1,620 cr), and others.
HGINFRAENGINEERING
Infrastructure
10 Feb 2026
HG Infra Engineering Ltd — Q3 FY26
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.
Financial stats pending filing verification
2-Minute Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Solar Project Completion
95.8%
+?pp QoQ
Physical progress of solar projects; commissioning expected by March 2026.
HAM Asset Monetization Proceeds
₹500-600 crore
N/A
Expected first tranche from divestment of 5 HAM SPVs, likely in Q4 FY26.
Order Inflow YTD
₹3,300 crore
N/A
New orders secured in 9M FY26; target of ₹4,000-5,000 crore by March 2026.
Management Guidance
Q4 FY26 revenue guidance of ~₹2,000 crore
Management expects standalone revenue of around ₹2,000 crore in Q4 FY26, driven by execution catch-up.
Management guidance revenueFY27 revenue guidance of ~₹7,000 crore
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 guidance revenueFY27 order inflow target of ₹10,000-12,000 crore
Management targets order inflows of ₹10,000-12,000 crore in FY27, including roads, railways, and BESS projects.
Management guidance growthEBITDA margin guidance of ~14-15% for new projects
Margins on new bids are expected to be around 14-15%, down from historical 15-16%, due to competitive pressure.
Management guidance marginsKey Risks
CBI investigation impact
CBI searched company offices in January 2026; management provided no details beyond stock exchange disclosures, creating uncertainty.
high · analyst_questionDelay in HAM asset monetization
Monetization of 5 HAM assets is pending lender NOCs; only 3 of 5 SPVs expected to close in FY26, delaying cash inflows.
medium · management_commentaryMargin compression from competitive bidding
Management acknowledged that new project margins may fall to ~14% from historical 15-16% due to market correction.
medium · management_commentaryExecution risk from delayed appointed dates
Key projects like Varanasi-Kolkata Package 10 and Nagpur EPC orders face delays, impacting revenue visibility.
medium · data_observationNotable 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.
Frequently Asked Questions
What was HG Infra Engineering's revenue in Q3 FY26?
HG Infra Engineering reported revenue of ₹1,450 Cr in Q3 FY26, representing a — change compared to the same quarter last year.
What guidance did HG Infra Engineering management give for FY27?
Q4 FY26 revenue guidance of ~₹2,000 crore: Management expects standalone revenue of around ₹2,000 crore in Q4 FY26, driven by execution catch-up. FY27 revenue guidance of ~₹7,000 crore: 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. FY27 order inflow target of ₹10,000-12,000 crore: Management targets order inflows of ₹10,000-12,000 crore in FY27, including roads, railways, and BESS projects. EBITDA margin guidance of ~14-15% for new projects: Margins on new bids are expected to be around 14-15%, down from historical 15-16%, due to competitive pressure.
What are the key risks for HG Infra Engineering in FY27?
Key risks include CBI investigation impact — CBI searched company offices in January 2026; management provided no details beyond stock exchange disclosures, creating uncertainty.; Delay in HAM asset monetization — Monetization of 5 HAM assets is pending lender NOCs; only 3 of 5 SPVs expected to close in FY26, delaying cash inflows.; Margin compression from competitive bidding — Management acknowledged that new project margins may fall to ~14% from historical 15-16% due to market correction.; Execution risk from delayed appointed dates — Key projects like Varanasi-Kolkata Package 10 and Nagpur EPC orders face delays, impacting revenue visibility..
Did HG Infra Engineering meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full HG Infra Engineering Q3 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.