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.

• PAT for FY26 decreased 32.6% year-over-year to ₹3,891 Mn, with Q4 PAT down 53.1% to ₹995 Mn.

• 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 FY26 revenue: INR 5,667 crore; EBITDA: INR 733 crore (12.94% margin); PAT: INR 389 crore (6.87% margin), down from FY25.

• Consolidated FY26 revenue: INR 5,235 crore; EBITDA: INR 1,012 crore (19.33% margin); PAT: INR 330 crore (6.3% margin).

• Standalone Q4 FY26 revenue: INR 1,354 crore; EBITDA: INR 127 crore (9.37% margin); PAT: INR 99 crore (7.35% margin), down from Q4 FY25.

• Standalone debt as of March 2026 was ₹16,274 Mn; consolidated debt at ₹49,339 Mn.

• Earnings per share (EPS) for FY26: Standalone Rs. 59.71, Consolidated Rs. 50.61.

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 year, though Q1 may remain subdued.

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

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

• Debt expected to reduce to INR 800–1,000 crore by September 2026, with further reduction by March 2027.