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

Executive summary

• Celebrated 24 years in infrastructure, expanding into solar, transmission, and battery storage to diversify offerings and support India's dynamic needs.

• 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.

• EBITDA margins remained robust, though slightly lower year-over-year, with consolidated EBITDA margin at 21.7% in Q3 FY26.

• 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.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, were approved by the Board on February 12, 2026.

Financial highlights

• Standalone Q3 FY26 revenue: INR 14,498 million; EBITDA: INR 2,243 million (15.5% margin); PAT: INR 969 million (6.7% margin), down 29.1% YoY.

• Consolidated Q3 FY26 revenue: INR 14,212 million, up 12.4% YoY; EBITDA: INR 3,088 million (21.7% margin); PAT: INR 941 million (6.6% margin), down 18.3% YoY.

• Nine months FY26 standalone revenue: INR 43,128 million; EBITDA: INR 6,070 million (14.1% margin); PAT: INR 2,896 million (6.7% margin), down 20.6% YoY.

• Consolidated nine months FY26 revenue: INR 38,079 million; EBITDA: INR 7,750 million (20.3% margin); PAT: INR 2,452 million (6.4% margin), down 31.6% YoY.

• Exceptional gain of INR 573.71 million (standalone) and INR 164.46 million (consolidated) from sale of H.G. Rewari Bypass Private Limited in FY25.

Outlook and guidance

• FY26 revenue expected to surpass last year, despite delays from monsoon and project appointments; Q4 FY26 revenue guidance around INR 20,000 million.

• FY27 execution target: INR 70,000 million, with INR 15,000 million from new projects; order inflow target for FY27: INR 100,000–120,000 million.

• Margins for existing projects expected to remain at 15–16%, but future bids may see margins around 14% due to market competition.

• Orderbook remains robust and diversified across highways, railways, metro, BESS, and solar projects, totaling INR 136,244 million as of December 2025.

• New project wins and appointed dates for major projects signal continued growth momentum into FY27.