01 — At a Glance
The Company That’s Better Than Its Stock Price Would Have You Believe
- Q3 FY26 Revenue₹1,421 Cr
- Q3 FY26 PAT₹94.3 Cr
- Q3 EPS₹14.47
- Annualised EPS (Q3×4)₹57.88
- FY25 Full-Year EPS₹77.56
- Book Value₹474
- Price to Book1.04x
- Debt / Equity1.84x
- Order Book (Dec’25)₹13,624 Cr
- Order Book / Market Cap4.29x
The Headline That Matters: HG Infra delivered ₹1,421 crore Q3 revenue with ₹94 crore PAT (6.6% margin). Not bad for a company where the stock fell 55% in one year. The order book sits at ₹13,624 crore — a 4.29x cover on market cap. Meanwhile, the CBI made an unexpected visit in January 2026, leading to bail for the CMD and management’s repeated assurance that “operations are unaffected.” Sure. That’s what they always say. Let’s see what the numbers tell us.
02 — Introduction
Welcome to the Infrastructure Circus: Where Monsoons Matter More Than Spreadsheets
H.G. Infra Engineering (pronounced “HG Infra” and not “Hey-Gee Infra,” a distinction that matters when you’re reading research on Zoom) is a Jaipur-based construction company. They build roads. Lots of them. Thousands of kilometers. They also build railways, solar power plants, and now battery energy storage systems (BESS) — which sounds like a Scandinavian energy drink but is actually where India’s future grid stability lives.
Founded in 2003 by the Singh brothers (Harendra, Vijendra, Girishpal, and Hodal — yes, four of them), the company went public in March 2018. It’s executed 26+ projects across 13 states. It has an order book of ₹13,624 crore. It makes solid margins. And yet, the stock price has fallen 55% in one year, which tells you everything you need to know about retail sentiment toward infrastructure construction in India right now.
Q3 FY26 results arrived in February 2026. Consolidated revenue of ₹1,421 crore, PAT of ₹94 crore. The company is diversifying aggressively — now 64% roads, 20% rail/metro, and 12% battery storage. Management guided for ₹7,000 crore revenue in FY27. The order book is their best asset. But Jan 2026 brought unwelcome guests: the CBI, alleging bribery on ECR railway projects. Four company officials arrested. Chairman-MD granted anticipatory bail. Rating agencies put the company on observation. And the market shrugged with a further 20% down move.
This is a company in transition. Operationally sound. Financially strained. Strategically ambitious. And legally muddled. Let’s decode it.
The Concall Note (Feb 2026): Management said “no impact on operations or financial position” from the CBI search. Translation: we’re in denial, or the authorities are slow, or both. ICRA kept the credit rating at AA- Positive but flagged “continuous monitoring” — which is credit-speak for “we’re watching you.”
03 — Business Model: WTF Do They Even Do?
Roads, Rails, Solar, And Now The Newest Meme: Battery Storage
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