Company Disclosure

Operational & Order Book Highlights

Order Book Composition (as of September 2026)

Total Order Book: ₹136,849 million

Sector-wise Breakdown:

  • Road: ₹87,921 million (64%)
  • Railway: ₹28,833 million (21%)
  • Transmission: ₹14,001 million (10%)
  • BESS: ₹5,026 million (4%)
  • Solar: ₹1,068 million (1%)

Project Type Breakdown:

  • EPC: ₹95,234 million (70%)
  • HAM-Road: ₹41,615 million (30%)

Client Type Breakdown:

  • Government: ₹88,440 million (65%)
  • Private: ₹48,409 million (35%)

Geographical Distribution

36 projects across 14 states:

  • Maharashtra: 35.1% share
  • Jharkhand: 19.6% share
  • Odisha: 12.4% share
  • Uttar Pradesh: 10.2% share
  • Gujarat: 6.6% share
  • Delhi: 5.5% share
  • Other states: 11.6% share

Significant Events and Project Updates (Till September 2026)

L1 Status Declared

1. Mirzapur Thermal Energy, UP (Railway) - LOA Date: April 14, 2026

2. Welspun Enterprises Ltd (Road - Pune-Shirur) - LOA Date: May 11, 2026

3. REC Power Development (Transmission - WR-ER Part-C) - LOA Date: June 12, 2026

4. REC Power Development (Transmission - Ranipur-Chunar) - LOA Date: August 18, 2026

5. Govt of Rajasthan (L&D - ITI Upgradation Bhiwadi Cluster) - LOA Date: August 14, 2026

Appointed Date Declaration

  • Jharkhand Package-10 HAM Project: Construction of 6-lane Greenfield Varanasi Ranchi Kolkata Highway - Appointed Date: May 30, 2026

Contract Agreements Signed

1. OD-3 (CRRR) Govindpur-Tangi: April 24, 2026

2. WR-ER Part-C (T&D): June 30, 2026

3. Ranipur-Chunar (T&D): September 26, 2026

4. ITI Upgradation Bhiwadi Cluster (L&D): September 07, 2026

Completion Certificates

  • UER-2, Delhi: Development of 6-lane Urban Extension Road - Completion certificate effective February 28, 2025 (Letter no. 1536 dated September 23, 2026)
  • Ganga Expressway, UP: Provisional Completion Certificate effective April 30, 2026 (Letter no. ARTL/1909 dated May 30, 2026)

HAM Projects Update

Equity and Debt Deployment (All figures in ₹ Million)

| Project | State | BPC | Grant Amount | Invested Equity | Total Sanctioned Debt | Debt as of Sept 2026 |

| Raipur Visakhapatnam AP-1* | Andhra Pradesh | 10,601 | 4,240 | 1,687 | 4,379 | 4,153 |

| Karnal Ringroad | Haryana | 9,971 | 3,988 | 1,574 | 4,650 | 4,481 |

| Varanasi Kolkata Pkg-10 | Jharkhand | 13,031 | 5,212 | 807 | 6,200 | 1,541 |

| Varanasi Kolkata Pkg-13 | Jharkhand | 9,251 | 3,700 | 718 | 4,470 | 1,355 |

| Chennai Tirupati II** | Andhra Pradesh | 8,167 | 3,267 | 1,154 | 4,043 | 2,100 |

| 84 Kosi Parikrama | Uttar Pradesh | 7,631 | 3,052 | 714 | 3,900 | 963 |

| Narol Sarkhej | Gujarat | 7,811 | 3,124 | 1,027 | 4,050 | 1,611 |

| Gobindpur Tangi | Odisha | 15,821 | 6,328 | 25 | 8,200 | - |

| Total | | | | 7,706 | 39,892 | 16,204 |

*BPC including GST

**After BPC descope of ₹454.3 million and Debt reduction of ₹306.8 million

Financial Performance

Standalone Results (₹ Million)

| Particulars | Q2 FY27 | Q2 FY26 | YoY Change | H1 FY27 | H1 FY26 | YoY Change |

| Revenue from Operations | 8,832.19 | 11,537.47 | -23.4% | 17,904.55 | 28,629.90 | -37.5% |

| EBITDA | 1,047.26 | 1,465.65 | -28.5% | 1,817.42 | 3,822.32 | -52.5% |

| EBITDA Margin % | 11.9% | 12.7% | | 10.2% | 13.4% | |

| PAT | 321.31 | 673.06 | -52.3% | 604.03 | 1,927.75 | -68.7% |

| PAT Margin % | 3.6% | 5.8% | | 3.4% | 6.7% | |

| Exceptional Item | -21.23 | - | | 279.89 | - | |

Consolidated Results (₹ Million)

| Particulars | Q2 FY27 | Q2 FY26 | YoY Change | H1 FY27 | H1 FY26 | YoY Change |

| Revenue from Operations | 9,735.87 | 9,045.03 | +7.6% | 20,741.72 | 23,867.05 | -13.1% |

| EBITDA | 2,495.26 | 2,062.33 | +21.0% | 5,533.28 | 4,658.73 | +18.8% |

| EBITDA Margin % | 25.6% | 22.8% | | 26.7% | 19.5% | |

| PAT | 797.62 | 518.36 | +53.9% | 352.44 | 1,511.00 | -76.7% |

| PAT Margin % | 8.2% | 5.7% | | 1.7% | 6.3% | |

| Exceptional Item | - | - | | -1,467.81 | - | |

Debt Position

Consolidated Debt Break-up (₹ Million)

| Particulars | September 2026 | March 2026 |

| Standalone Debt | 15,952 | 16,274 |

| Project Debts | 32,856 | 33,065 |

| Total Consolidated Debt | 48,808 | 49,339 |

| Consolidated Cash & Bank | 2,690 | 2,535 |

Standalone Debt Break-up (₹ Million)

| Particulars | September 2026 | March 2026 |

| Term Loan + Current Maturities | 4,817 | 4,964 |

| Non-convertible Debentures (NCD) | 4,000 | 4,000 |

| Working Capital | 7,135 | 7,310 |

| Total Standalone Debt | 15,952 | 16,274 |

| Standalone Cash & Bank | 1,632 | 1,287 |

Company Contacts

  • CFO: Vikas Jain (vikas.jain@hginfra.com)
  • Investor Relations: Go India Advisors - Saloni Ajmera (+91 9930577801), Selina Sheikh (+91 918433818768)