H.G. Infra Engineering (HGINFRA) Q4 25/26 earnings summary

Executive summary

• FY 2026 was marked by significant geopolitical and macroeconomic headwinds, leading to higher input costs, supply chain disruptions, and subdued order inflows, especially in the road sector.

• Revenue for FY26 declined 6.4% year-over-year to ₹56,667 Mn, with Q4 FY26 revenue down 31.4% year-over-year to ₹13,539 Mn.

• Despite challenges, the company diversified into renewables, battery energy storage, and power transmission, securing major projects in these segments.

• Total order book as of March 31, 2026, stood at ₹1,01,471 Mn, increasing to ₹1,57,386 Mn after new orders post-March 2026.

• Audited standalone and consolidated financial statements for FY ended March 31, 2026, were approved, with a final dividend of Rs. 2.00 per share recommended, subject to shareholder approval.

Financial highlights

• Standalone Q4 FY 2026 revenue: INR 1,354 crore; EBITDA: INR 127 crore (9.37% margin); PAT: INR 99 crore (7.35% margin), down from Q4 FY 2025.

• FY 2026 standalone revenue: INR 5,667 crore; EBITDA: INR 733 crore (12.94% margin); PAT: INR 389 crore (6.87% margin), both lower year-over-year.

• Consolidated revenue for FY26 was Rs. 52,346.74 million, up from Rs. 50,561.82 million in FY25; consolidated net profit after tax was Rs. 3,298.09 million, down from Rs. 5,054.01 million.

• Standalone EBITDA margin for FY 2026: 12.94%; PAT margin: 6.87%.

• Final dividend of Rs. 2.00 per share recommended for FY26.

Outlook and guidance

• FY 2027 order inflow targeted at INR 11,000–12,000 crore, with 70% from roads/railways and 30% from new verticals.

• Revenue guidance for FY 2027 is INR 6,500–7,000 crore, with margin recovery expected to 14% for the full year after a weak Q1.

• FY 2028 revenue execution targeted at INR 8,000 crore, with sustainable margins of 13–14%.

• Significant new orders received after March 2026 totaling ₹55,914 Mn, boosting future revenue visibility.

• The Board scheduled the 24th AGM for August 19, 2026, with a record date for dividend entitlement set as August 12, 2026.