H.G. Infra Engineering (HGINFRA) Q3 25/26 earnings summary

Executive summary

• Celebrated 24 years in infrastructure, expanding into solar, transmission, and battery storage sectors.

• Achieved strong revenue growth both on a standalone and consolidated basis for Q3 FY26 and 9M FY26, with consolidated revenue up 12.4% year-over-year in Q3 and 3.0% for 9M.

• Order book at INR 13,624 crore as of Q3 FY26, with roads/highways at 64%, railways 20%, renewables 15%.

• Major projects in roads, railways, and renewables progressing, with several nearing completion.

• PAT declined year-over-year due to higher finance costs and depreciation, with consolidated PAT down 18.3% in Q3 FY26 and 31.6% in 9M FY26.

Financial highlights

• Standalone Q3 FY26 revenue: INR 1,450 crore; EBITDA: INR 224 crore (15.5% margin); PAT: INR 97 crore (6.7% margin), down from 9.1% margin YoY.

• Consolidated Q3 FY26 revenue: INR 1,421 crore; EBITDA: INR 309 crore (21.1% margin); PAT: INR 94 crore (6.6% margin), down from 9.1% YoY.

• Nine months FY26 standalone revenue: INR 4,313 crore; EBITDA: INR 607 crore (14.1% margin); PAT: INR 290 crore (6.7% margin), down from 9.9% YoY.

• Consolidated nine months FY26 revenue: INR 3,308 crore; EBITDA: INR 775 crore (20.3% margin); PAT: INR 245 crore (6.4% margin), down from 9.7% YoY.

• Exceptional gain of INR 57.37 crore (standalone) and INR 16.45 crore (consolidated) from sale of H.G. Rewari Bypass Private Limited in FY25.

Outlook and guidance

• FY26 revenue expected to surpass last year, despite delays; Q4 FY26 revenue targeted at INR 2,000 crore.

• FY27 execution guidance at INR 7,000 crore, with INR 1,500 crore from new projects.

• Order inflow target for FY27: INR 10,000–12,000 crore.

• Orderbook remains robust and diversified across highways, railways, metro, BESS, and solar projects, totaling INR 13,624 crore as of December 2025.