Highway Infrastructure Ltd
Incorporated in 2006, Highway Infrastructure Ltd is in the tollway collection, EPC Infra-projects, and real estate business.[1]
- Market Cap ₹ 349 Cr.
- Current Price ₹ 48.6
- High / Low ₹ 135 / 40.6
- Stock P/E 10.9
- Book Value ₹ 31.8
- Dividend Yield 0.00 %
- ROCE 18.8 %
- ROE 18.8 %
- Face Value ₹ 5.00
Pros
- Company is expected to give good quarter
- Company has delivered good profit growth of 30.8% CAGR over last 5 years
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Company might be capitalizing the interest cost
- Earnings include an other income of Rs.25.4 Cr.
- Debtor days have increased from 28.5 to 38.8 days.
- Working capital days have increased from 53.6 days to 78.2 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 147 | 292 | 266 | 573 | 496 | 608 | |
| 132 | 275 | 247 | 534 | 464 | 582 | |
| Operating Profit | 15 | 17 | 19 | 39 | 31 | 26 |
| OPM % | 10% | 6% | 7% | 7% | 6% | 4% |
| 1 | 3 | 4 | 3 | 9 | 25 | |
| Interest | 4 | 6 | 5 | 9 | 7 | 6 |
| Depreciation | 3 | 3 | 2 | 3 | 2 | 3 |
| Profit before tax | 10 | 11 | 15 | 30 | 30 | 43 |
| Tax % | 22% | 26% | 22% | 28% | 26% | 25% |
| 8 | 8 | 12 | 21 | 22 | 32 | |
| EPS in Rs | 8.02 | 8.64 | 12.18 | 19.69 | 3.40 | 4.47 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 33% |
| 3 Years: | 32% |
| TTM: | 23% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 31% |
| 3 Years: | 40% |
| TTM: | 65% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 19% |
| 3 Years: | 20% |
| Last Year: | 19% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 10 | 10 | 10 | 10 | 29 | 36 |
| Reserves | 44 | 53 | 65 | 84 | 84 | 192 |
| 28 | 43 | 47 | 70 | 72 | 104 | |
| 42 | 35 | 19 | 39 | 47 | 45 | |
| Total Liabilities | 124 | 140 | 141 | 203 | 232 | 377 |
| 17 | 30 | 14 | 28 | 25 | 83 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 1 |
| Investments | 18 | 1 | 15 | 0 | 0 | 0 |
| 89 | 109 | 112 | 175 | 207 | 293 | |
| Total Assets | 124 | 140 | 141 | 203 | 232 | 377 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| -5 | -0 | 0 | 14 | -5 | -66 | |
| -2 | 0 | -1 | -6 | 12 | -48 | |
| 8 | -0 | 0 | -3 | -5 | 109 | |
| Net Cash Flow | 1 | -0 | -1 | 5 | 2 | -6 |
| Free Cash Flow | -6 | -1 | -1 | 13 | -1 | -74 |
| CFO/OP | -19% | 16% | 19% | 57% | 11% | -222% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 31 | 20 | 31 | 17 | 29 | 39 |
| Inventory Days | 122 | |||||
| Days Payable | 51 | |||||
| Cash Conversion Cycle | 102 | 20 | 31 | 17 | 29 | 39 |
| Working Capital Days | 88 | 55 | 74 | 27 | 56 | 78 |
| ROCE % | 18% | 18% | 27% | 21% | 19% |
Insights
In beta| Mar 2023 | Mar 2024 | Sep 2025 | |
|---|---|---|---|
| Consolidated Order Book INR Cr |
|
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| Geographical Presence (States & UTs) Count |
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| Number of Toll Plazas Operated Count |
|||
| Tender Bidding Success Rate % |
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| EPC Projects Completed (Cumulative) Count |
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| Order Book - EPC Infrastructure INR Cr |
|||
| Order Book - Tollway Collection INR Cr |
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| Real Estate Units Delivered (Cumulative) Count |
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| Tollway Projects Completed (Cumulative) Count |
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Extracted by Screener AI
Documents
Announcements
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Compliances-Reg.24(A)-Annual Secretarial Compliance
2d - Annual Secretarial Compliance Report for FY 2025-26; no non-compliance observed.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
2d - Highway Infrastructure reported FY26 PAT of Rs 31.8 crore, revenue up 25.6%, and order book at Rs 1,133 crore.
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 28 May
- Announcement under Regulation 30 (LODR)-Newspaper Publication 28 May
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Regulation 32
26 May - Filed Q4 FY26 IPO proceeds utilization report; Rs 82.88 crore deployed, no material deviation, Rs 0.08 crore pending.
Concalls
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Feb 2026Transcript PPT
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Nov 2025Transcript PPT
Business Overview:[1]
HIL is an infrastructure development and management company engaged in toll collection, EPC infrastructure projects, and real estate. It operates tollways across 11 states and 1 Union Territory, including the Delhi–Meerut Expressway, where it uses ANPR technology. The company employs advanced electronic toll systems integrating RFID tags and digital payments, enabling contactless, efficient, and error-free toll transactions.