1. Opening Hook
Freshly listed and already honking down the expressway of growth, Highway Infrastructure Limited (HIL) decided its debut concall would be part celebration, part declaration. The management proudly rolled out stats faster than a toll gate opens during a political rally.But let’s be real—when EBITDA jumps 253% YoY, either execution hit turbo mode or accounting learned yoga. The company’s order book now rivals its market cap, and with 15 toll plazas buzzing, HIL seems to have found its own version of recurring “annuity peace.” Stick around—because this road trip from Indore to IPO land gets interesting beyond the first toll booth.
2. At a Glance
- Revenue ₹115.3 Cr (↓3.4% YoY):The slowdown lasted shorter than a traffic light.
- EBITDA ₹13.7 Cr (↑253% YoY):Margins went from potholes to smooth asphalt.
- PAT ₹9.7 Cr (↑515% YoY):Profit hit top gear; CFO still checking if it’s real.
- EBITDA Margin 11.3%:Management finally found the accelerator.
- Order Book ₹775 Cr:A record high—clearly not stuck in construction traffic.
- Debt-Equity 0.28x:Lighter than an e-rickshaw; IPO money did the trick.
3. Management’s Key Commentary
“This is our first earnings call since listing.”(Translation: Please clap before you question margins.) 👏
“We achieved our highest-ever order book of ₹775 crore.”(Translation: The government’s tender portal is our new best friend.)
“EBITDA grew 253% YoY.”(Translation: We finally stopped leaking money like a broken pipeline.)
“PAT grew 515% YoY to ₹9.7 crore.”(Translation: Even Excel blinked before showing that number.) 😏
“Our toll operations expanded from 7 to 15 plazas.”(Translation: We collect more coins than a temple donation box.)
“Real estate revenue tripled from ₹3 crore to ₹8 crore.”(Translation: Mid-income housing still pays the bills—slowly.)
“Debt-equity improved to 0.28x.”(Translation: We’re allergic to debt, thanks to IPO detox.)
“We plan to enter renewable EPC and way-side amenities.”(Translation: Solar + samosa stalls = diversified India story.)
4. Numbers Decoded
| Metric | Q2FY26 | Q2FY25 | YoY Growth | Comment |
|---|---|---|---|---|
| Revenue (₹ Cr) | 115.3 | 119.4 | -3.4% | Mild traffic slowdown |
| EBITDA (₹ Cr) | 13.7 | 3.9 | +253% | Turbocharged execution |
| EBITDA Margin (%) | 11.3 | 3.3 | +800 bps | Potholes filled |
| PAT (₹ Cr) | 9.7 | 1.6 | +515% | From fumes to fireworks |
| Order Book (₹ Cr) | 775 | 530 | +46% | Heavy pipeline, light stress |
| Debt-Equity (x) | 0.28 | 0.61 | -54% | IPO cleanse worked |
| Cash & Equivalents (₹ Cr) | 52.8 | 27.0 | +95% | Liquidity on cruise control |
Comment:A clean balance sheet and booming order book—rare combo in Indian infra. The only risk? Overconfidence overtaking execution discipline.
5. Analyst Questions
Q:What’s the single-project qualification for NHAI bids?A:₹200–250 Cr. (Translation: We can now sit at the grown-ups’ EPC table.)
Q:Any delay in government payments?A:None. (Translation: Miracles still happen.)
Q:How’s order book execution?A:18–24 months. (Translation: We’ll finish before the next election cycle, hopefully.)
Q:Will you stay debt-free?A:IPO cash first, loans later if needed. (Translation: We’re behaving… for now.)
Q:Revenue mix in future?A:Moving to 50:50 between EPC and Toll. (Translation: Balancing risk with recurring cashflow.)
6. Guidance & Outlook
Management’s roadmap screamsconfident realism. FY26 execution will be backloaded—Q3 and Q4 are expected to contribute 65% of annual revenue (classic infra timing). Order book visibility remains strong with ₹775 Cr locked and another ₹250 Cr in the bid pipeline. EBITDA margins are
