Highway Infrastructure Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Highway Infrastructure Ltd filed with BSE on 21 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Highway Infrastructure reported consolidated total income of INR 304.3 crores for Q1 FY27, up 170.6% year-on-year, with EBITDA of INR 4.8 crores and PAT of INR 1.1 crores. Management said profitability in the tollway collection business was impacted by lower traffic at the Moti Naroli toll project due to geopolitical developments, a temporary NHAI bidding restriction, and the voluntary surrender of a toll project. The company secured new toll contracts on the NH-44 corridor in Tamil Nadu and reported a consolidated order book of approximately INR 778 crores as of June 30, 2026.
Numbers mentioned
Total income: INR 304.3 crores (Q1 FY27)
p. 5
“total income for Q1 FY27 stood at INR 304.3 crores, representing a growth of 170.6% year-on-year”
Riddharth Jain, page 5 of the filed PDF · View the filing
EBITDA: INR 4.8 crores (Q1 FY27)
p. 5
“EBITDA for the quarter was INR 4.8 crores and PAT stood at INR 1.1 crores”
Riddharth Jain, page 5 of the filed PDF · View the filing
PAT: INR 1.1 crores (Q1 FY27)
p. 5
“EBITDA for the quarter was INR 4.8 crores and PAT stood at INR 1.1 crores”
Riddharth Jain, page 5 of the filed PDF · View the filing
Consolidated order book: approximately INR 778 crores (as of June 30, 2026)
p. 3
“Our consolidated order book stood at approximately INR 778 crores as of June 30, 2026”
Riddharth Jain, page 3 of the filed PDF · View the filing
New toll contract value - Kozhinjipatti toll plaza: approximately INR 28.7 crores
p. 4
“We secured a new tollway collection contract valued at approximately INR 28.7 crores for the Kozhinjipatti toll plaza on the Dindigul-Samayanallur stretch of the NH-44 in Tamil Nadu”
Riddharth Jain, page 4 of the filed PDF · View the filing
Toll contract value - Krishnagiri-Thumbipadi: approximately INR 80 crores
p. 4
“We also received the letter of acceptance for toll operations at the fee plaza located at kilometer 154.5 on the Krishnagiri-Thumbipadi section of NH-44 with a contract value of approximately INR 80 crores”
Riddharth Jain, page 4 of the filed PDF · View the filing
New toll projects secured in Tamil Nadu: INR 120 crores
p. 5
“Recently we secured INR 120 crores new toll projects in Tamil Nadu”
Saurabh Mittal, page 5 of the filed PDF · View the filing
Total work order: INR 900 crores
p. 5
“we have INR 900 crores of work order, out of which EPC is almost INR 500 crores and the rest for toll segment”
Saurabh Mittal, page 5 of the filed PDF · View the filing
Success ratio - toll: 25% to 30%
p. 8
“Success ratio for toll is almost 25% to 30%.”
Saurabh Mittal, page 8 of the filed PDF · View the filing
Success ratio - EPC: 25% to 30%
p. 8
“EPC same ratio, 25% to 30%.”
Saurabh Mittal, page 8 of the filed PDF · View the filing
Beverly Hills project value: INR 70 crores approx
p. 12
“Within this year, sir. Value of project is INR 70 crores approx.”
Saurabh Mittal, page 12 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Targeted turnover — INR 850 crores · FY26-27
stated firmly by Saurabh Mittal
p. 7
“Sir, targeted turnover for the FY26-27 is almost INR 850 crores and for FY27-28 is INR 1,200 crores.”
Saurabh Mittal, page 7 of the filed PDF · View the filing
Targeted turnover — INR 1,200 crores · FY27-28
stated firmly by Saurabh Mittal
p. 7
“Sir, targeted turnover for the FY26-27 is almost INR 850 crores and for FY27-28 is INR 1,200 crores.”
Saurabh Mittal, page 7 of the filed PDF · View the filing
EPC order book revenue realization — INR 150 crores in FY27, INR 200 crores in FY28 · FY27-FY28, three years to execute
stated conditionally by Saurabh Mittal
p. 8
“So, in the current year, we will realize approximately INR 150 crores in FY27 and in FY28 we will do INR 200 crores. So, it is executable in three years.”
Saurabh Mittal, page 8 of the filed PDF · View the filing
FY27 revenue target by segment — INR 850 crores total, INR 700 crores toll, rest EPC · FY27
stated firmly by Saurabh Mittal
p. 9
“For FY27, we are targeted INR 850 crores turnover, out of which INR 700 crores we are targeting for toll and rest for remaining for EPC business.”
Saurabh Mittal, page 9 of the filed PDF · View the filing
Beverly Hills project execution timeline — 15 to 16 months · one to one and a half years
stated firmly by Riddharth Jain
p. 12
“So, we can expect a timeline of one to one and a half years, approximately considering 15 to 16 months.”
Riddharth Jain, page 12 of the filed PDF · View the filing
EPC revenue contribution from Beverly Hills — 40-45% of EPC revenue · next 15 to 16 months
stated conditionally by Riddharth Jain
p. 13
“We are expecting at least INR 150 crores of revenue from EPC. So, this will be contributing to the ballpark of around 40-45% of the revenue in the next 15 to 16 months.”
Riddharth Jain, page 13 of the filed PDF · View the filing
Full-year impact from Q1 weakness — FY27
stated conditionally by Saurabh Mittal
p. 6
“Actually, this won't have a significant impact on the full-year results because, based on past trends, we tend to hover around the break-even point during the first and second quarters, while seeing a rapid recovery in the third and fourth quarters.”
Saurabh Mittal, page 6 of the filed PDF · View the filing
Technology integration — 5-10 years
stated as an aspiration by Riddharth Jain
p. 14
“So, going forward in the future, let's say 5-10 years down the line, you will see that we will come out as a more technology-driven infrastructure company because that is very important.”
Riddharth Jain, page 14 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Traffic has resumed to normal in most regions but the Western Front near ports will take more time to recover.
Answered by Riddharth Jain
Asked by Nachiket Kale: How is the recovery in traffic volumes progressing?
p. 5
“the regions which were not very close to the ports on the Western Front. But on the Western Front, I still feel that substantially it will take some time to resume to what the earlier trend was”
Riddharth Jain, page 5 of the filed PDF · View the filing
Management said the weakness would not significantly impact full-year results given seasonal patterns and that the geopolitical strain has reduced.
Answered by Saurabh Mittal
Asked by Deep Shah: Will current weakness impact the full-year outlook?
p. 6
“Actually, this won't have a significant impact on the full-year results because, based on past trends, we tend to hover around the break-even point during the first and second quarters, while seeing a rapid recovery in the third and fourth quarters.”
Saurabh Mittal, page 6 of the filed PDF · View the filing
EPC revenue is fixed with uncertain cost (L1 model); toll revenue is uncertain with fixed cost obligations to NHAI (H1 model).
Answered by Saurabh Mittal
Asked by Deep Shah: How does accounting treatment work for EPC vs toll projects?
p. 7
“in the toll projects we secure from the NHAI, the cost is fixed, and our profitability depends on the actual collections, if collections exceed the cost, we make a profit, whereas if they fall short, we incur a loss.”
Saurabh Mittal, page 7 of the filed PDF · View the filing
24 projects are executable, with roughly INR 150 crores realized in FY27 and INR 200 crores in FY28, executable over three years.
Answered by Saurabh Mittal
Asked by Rahul Verma: How much of the EPC order book is under active execution and what proportion converts to revenue in FY27?
p. 8
“Sir, we are having 24 projects in executable. So, in the current year, we will realize approximately INR 150 crores in FY27 and in FY28 we will do INR 200 crores.”
Saurabh Mittal, page 8 of the filed PDF · View the filing
Geopolitical strain hampered logistics and factories near the Moti Naroli toll plaza in Q1; management said the impact was localized and absorbed within the quarter.
Answered by Riddharth Jain
Asked by Rohan Shah: What drove margin pressure in Q1 and will it spill over to Q2?
p. 9
“So, it was very well absorbed in Q1, hoping that there is no new development in international politics.”
Riddharth Jain, page 9 of the filed PDF · View the filing
Both segments have a success ratio of 25% to 30%.
Answered by Saurabh Mittal
Asked by Priyam Shah: What is the bid-to-win ratio across tolling and EPC?
p. 8
“Success ratio for toll is almost 25% to 30%.”
Saurabh Mittal, page 8 of the filed PDF · View the filing
Kaza has outperformed expectations due to development in the Amaravati region, and management said it wants to pursue larger toll contracts going forward.
Answered by Riddharth Jain
Asked by Raj Patel: How has the Kaza toll project performed versus expectations, and does it support pursuing larger contracts?
p. 10
“I think Kaza has been one of the projects which have outperformed our expectations, definitely.”
Riddharth Jain, page 10 of the filed PDF · View the filing
Risks flagged
Lower traffic volumes at Moti Naroli toll project due to geopolitical developments and trade disruptions
p. 4
“During the quarter, profitability was impacted by a combination of temporary factors, including lower traffic volumes at the Moti Naroli toll project due to geopolitical developments and global trade disruptions.”
Riddharth Jain, page 4 of the filed PDF · View the filing
Temporary bidding restriction from NHAI
p. 4
“A temporary bidding restriction from NHAI and the voluntary surrender of a toll project where economics had been unfavorable due to the same reason.”
Riddharth Jain, page 4 of the filed PDF · View the filing
Voluntary surrender of a toll project with unfavorable economics
p. 4
“the voluntary surrender of a toll project where economics had been unfavorable due to the same reason”
Riddharth Jain, page 4 of the filed PDF · View the filing
Q2 EPC business slowdown due to monsoon season
p. 8
“Q2 is a quarter where the EPC business is kind of slow because of the monsoon season.”
Riddharth Jain, page 8 of the filed PDF · View the filing
Uncertainty in toll segment where cost is fixed but revenue collections may fall short
p. 7
“if they fall short, we incur a loss”
Saurabh Mittal, page 7 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.