H.G. Infra Engineering (HGINFRA) Q2 26/27 earnings summary

Executive summary

• Order book was ₹136,849 million across 36 projects at September 2026, spanning roads, railways, transmission, BESS and solar; FY27 order-inflow target is ₹10,000–11,000 crore, with ~₹5,500 crore secured through Q2.

• Strategy emphasizes execution, disciplined bidding and diversification across highways, rail, metro, renewables and power transmission.

Financial highlights

• Standalone Q2 FY27 revenue was ₹8,832.19 million and PAT ₹321.31 million, down 23.4% and 52.3% YoY; H1 revenue was ₹17,904.55 million and PAT ₹604.03 million, down 37.5% and 68.7%.

• Consolidated Q2 FY27 revenue was ₹9,735.87 million and PAT ₹797.61 million, up 7.6% and 53.9% YoY; PBT before exceptional items and associate results was ₹1,047.30 million vs ₹715.53 million.

• Consolidated H1 FY27 revenue was ₹20,741.72 million and PAT ₹352.43 million; PAT fell 76.7% YoY and included a ₹1,467.81 million exceptional loss.

• Standalone EBITDA margins were 11.86% in Q2 and 10.2% in H1; consolidated EBITDA margins were 25.6% and 26.7%, respectively.

• Standalone H1 included exceptional gains of ₹279.89 million; consolidated H1 PBT was ₹1,043.09 million.

Outlook and guidance

• FY27 order-inflow target is ₹10,000–11,000 crore; ~₹5,500 crore was secured through Q2, with ₹5,000–6,000 crore of new awards expected in the remaining five months.

• FY27 revenue target is ~₹6,000 crore, including ~₹4,200 crore in H2; FY28 revenue target is ~₹7,000 crore.

• EBITDA margin guidance is 13%–14% for Q3 and Q4 and is expected to continue into FY28; margins may not return to 15%+ in the next one to two years.

• Pune–Shirur is targeted to contribute ~₹700 crore revenue in FY27; appointed dates for Pune–Shirur and Odisha Capital Region Ring Road Package III were expected by November-end or early December.