Highway Infrastructure Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Highway Infrastructure Ltd filed with BSE on 05 Jun 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 Limited reported consolidated FY26 total income of INR 633.4 crores, up 25.6% year-on-year, with EBITDA of INR 51.5 crores and PAT of INR 31.8 crores, up 42.0% year-on-year. Management highlighted a record order book of over INR 1,000 crores, growth across its Tollway collection, EPC and Real Estate verticals, and new contracts including the Kaza Fee Plaza project. The company also discussed adjacent opportunities in wayside amenities and ropeway-linked infrastructure as areas under evaluation for future growth.
Numbers mentioned
Total income: INR 633.4 crores (FY26)
p. 6
“On a consolidated basis, we reported total income of INR 633.4 crores, up 25.6% year-on-year, with EBITDA at INR 51.5 crores, up 28.4%, and PAT at INR 31.8 crores, up 42.0% year-on-year.”
Riddharth Jain, page 6 of the filed PDF · View the filing
EBITDA: INR 51.5 crores (FY26)
p. 6
“On a consolidated basis, we reported total income of INR 633.4 crores, up 25.6% year-on-year, with EBITDA at INR 51.5 crores, up 28.4%, and PAT at INR 31.8 crores, up 42.0% year-on-year.”
Riddharth Jain, page 6 of the filed PDF · View the filing
PAT: INR 31.8 crores (FY26)
p. 6
“On a consolidated basis, we reported total income of INR 633.4 crores, up 25.6% year-on-year, with EBITDA at INR 51.5 crores, up 28.4%, and PAT at INR 31.8 crores, up 42.0% year-on-year.”
Riddharth Jain, page 6 of the filed PDF · View the filing
Order book: INR 1,143 crores (as of March 2026)
p. 6
“We closed this year with a record order book of INR 1,143 crores, which provides strong execution visibility ahead.”
Riddharth Jain, page 6 of the filed PDF · View the filing
Debt-to-equity ratio: 0.45x (FY26)
p. 3
“We closed the year with the highest-ever order book of over INR 1,000 crores. At the same time, we continued to strengthen our balance sheet, with debt-to-equity at 0.45x and return on equity at 18.4%, reflecting our continued focus on disciplined growth and prudent capital allocation.”
Riddharth Jain, page 3 of the filed PDF · View the filing
Return on equity: 18.4% (FY26)
p. 3
“We closed the year with the highest-ever order book of over INR 1,000 crores. At the same time, we continued to strengthen our balance sheet, with debt-to-equity at 0.45x and return on equity at 18.4%, reflecting our continued focus on disciplined growth and prudent capital allocation.”
Riddharth Jain, page 3 of the filed PDF · View the filing
Net worth: INR 228.5 crores (as of March 2026)
p. 6
“Our balance sheet remains robust, with debt-to-equity ratio at 0.45x and net worth at INR 228.5 crores as of March 2026, giving us sufficient flexibility to support growth while maintaining financial discipline.”
Riddharth Jain, page 6 of the filed PDF · View the filing
Real Estate revenue: INR 41.6 crores (FY26)
p. 5
“In FY26, the Real Estate revenue increased from INR 8.0 crores in FY25 to INR 41.6 crores in FY26, reflecting our improved monetization and stronger activity within the segment.”
Riddharth Jain, page 5 of the filed PDF · View the filing
Tollway collection revenue contribution: 73.7% (FY26)
p. 3
“In FY26, Tollway collection contributed 73.7% to revenue, EPC infrastructure contributed 19.8%, and Real Estate contributed to 6.5%.”
Riddharth Jain, page 3 of the filed PDF · View the filing
EPC infrastructure revenue contribution: 19.8% (FY26)
p. 3
“In FY26, Tollway collection contributed 73.7% to revenue, EPC infrastructure contributed 19.8%, and Real Estate contributed to 6.5%.”
Riddharth Jain, page 3 of the filed PDF · View the filing
Kaza Fee Plaza contract value: about INR328.8 crores
p. 4
“During FY26, we strengthened this vertical, including securing the Kaza Fee Plaza project in Andhra Pradesh with a contract value of about INR328.8 crores, the largest Tollway collection contract in the company's history.”
Riddharth Jain, page 4 of the filed PDF · View the filing
Executable EPC pipeline: INR 591.3 crores (as of March 2026)
p. 4
“As of March 2026, our executable pipeline comprised of INR 591.3 crores of balance EPC works and INR 526.1 crores of Tollway Collection balance value, providing a solid foundation for revenue visibility in the coming periods.”
Riddharth Jain, page 4 of the filed PDF · View the filing
Total receivables: approximately INR 65 crores (2026)
p. 10
“The total receivables is approximately INR 65 crores in 2026, out of which we have billed INR 27 crores in March, which is realizable in the next three months.”
Saurabh Mittal, page 10 of the filed PDF · View the filing
EPC bid pipeline: INR 300 crores to INR 400 crores
p. 11
“Pipeline is currently bidding INR 300 crores to INR 400 crores.”
Anoop Agarwal, page 11 of the filed PDF · View the filing
EPC win rate: Approximately 20% to 25%
p. 11
“Approximately 20% to 25%.”
Anoop Agarwal, page 11 of the filed PDF · View the filing
Toll segment margin: 7%
p. 13
“EPC margins are 13% to 14%, Toll segment is 7%, and in Real Estate, we work at approximately 50% margins.”
Saurabh Mittal, page 13 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.
Revenue — INR 900 crores (EPC INR 200 crores, Toll INR 700 crores) · FY27
stated firmly by Saurabh Mittal
p. 8
“In FY27, we are expecting INR 200 crores from EPC and INR 700 crores from Toll. So we are expecting as the total INR 900 crores in FY26-27.”
Saurabh Mittal, page 8 of the filed PDF · View the filing
Revenue — INR 1,200 crores (EPC INR 300 crores, Toll INR 900 crores) · FY28
stated firmly by Saurabh Mittal
p. 8
“And for FY28, we are expecting INR 1,200 crores, for EPC INR 300 crores and INR900 crores for toll segment.”
Saurabh Mittal, page 8 of the filed PDF · View the filing
Revenue guidance — INR 950 crores (EPC INR 300 crores, Toll INR 650 crores) · FY27
stated firmly by Saurabh Mittal
p. 11
“In FY27, forecasting is INR 950 crores, out of which EPC would be INR 300 crores approximately and toll would be INR 650 crores.”
Saurabh Mittal, page 11 of the filed PDF · View the filing
Margin improvement
stated as an aspiration by Riddharth Jain
p. 12
“So, like we have a longer-term perspective on this, it's a continuous process, so we hope for the best.”
Riddharth Jain, page 12 of the filed PDF · View the filing
Bidding discipline in EPC — GP of 13% to 14%
stated firmly by Riddharth Jain
p. 7
“we will not go below a GP of let's say 13% to 14% as opposed to the industry where people might go below 10% also.”
Riddharth Jain, page 7 of the filed PDF · View the filing
Wayside amenities break-even period — 5 to 8 years in a 30-year period; 3 to 5 years or up to 7 years in a 20-year period
stated conditionally by Riddharth Jain
p. 10
“but we are looking in the ballpark of 5 to 8 years in a 30-year time period, and let's say 3 to 5 years, maybe 7 years in a 20-year period.”
Riddharth Jain, page 10 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.
Management gave segment-wise revenue expectations for both years.
Answered by Saurabh Mittal
Asked by Nachiket Kale: How does the order book convert into revenue for FY27 and FY28?
p. 8
“In FY27, we are expecting INR 200 crores from EPC and INR 700 crores from Toll. So we are expecting as the total INR 900 crores in FY26-27.”
Saurabh Mittal, page 8 of the filed PDF · View the filing
Management said it is a timing issue, with billed amounts to be realized within months.
Answered by Saurabh Mittal
Asked by Nachiket Kale: Why have receivables gone up and is this a one-off?
p. 10
“The total receivables is approximately INR 65 crores in 2026, out of which we have billed INR 27 crores in March, which is realizable in the next three months.”
Saurabh Mittal, page 10 of the filed PDF · View the filing
Management said the pipeline is INR 300-400 crores with a 20-25% win rate.
Answered by Anoop Agarwal
Asked by Vishnu: What is the EPC bid pipeline outside MP and the expected win rate?
p. 11
“Pipeline is currently bidding INR 300 crores to INR 400 crores.”
Anoop Agarwal, page 11 of the filed PDF · View the filing
Management said they are actively working on efficiency but could not commit to a number.
Answered by Riddharth Jain
Asked by Vishnu: Are there levers for margin improvement from the current 8% level?
p. 11
“I think we are constantly working on that. Like we said, with the current time we've got, we have been actively reviewing our processes, reviewing how can we leverage the software that we've made to reduce the manpower at site, reduce the leakages at site, and overall improve the efficiency.”
Riddharth Jain, page 11 of the filed PDF · View the filing
Management said it is too early to disclose a figure given project variability.
Answered by Riddharth Jain
Asked by Deepak Kumar: What revenue range is expected from wayside amenities?
p. 12
“So, it is very subjective at the moment, and once we actually get into this, we will be able to disclose or comfortably say what kind of revenue are we eyeing. Any number right now would be unjustified.”
Riddharth Jain, page 12 of the filed PDF · View the filing
Management provided segment margin figures.
Answered by Saurabh Mittal
Asked by Bharat Sharma: What is the margin comparison between EPC, Toll, and Real Estate segments?
p. 13
“EPC margins are 13% to 14%, Toll segment is 7%, and in Real Estate, we work at approximately 50% margins.”
Saurabh Mittal, page 13 of the filed PDF · View the filing
Management said toll is 100% convertible within a year, while EPC conversion is about a third.
Answered by Saurabh Mittal
Asked by Isha Shah: What percentage of FY26 order book addition is expected to convert into revenue in FY27?
p. 14
“In toll segment, it's 100% because the toll order book is executed within a year. And out of INR 600 crores, we are just expecting to execute INR 200 crores, so this is 33.33%.”
Saurabh Mittal, page 14 of the filed PDF · View the filing
Risks flagged
Penalty incurred from withdrawing the Venkatapalam Fee Plaza opportunity due to unfavorable economics
p. 4
“We withdrew the Venkatapalam Fee Plaza opportunity in Andhra Pradesh, which resulted in a penalty of INR 26.33 lakh, and we also handed over the Katiyara Fee Plaza in Bihar after concluding that the contract was not commercially attractive and not in the interest of the company.”
Riddharth Jain, page 4 of the filed PDF · View the filing
Low margins in EPC bidding due to industry pricing pressure
p. 7
“I am sure you are already aware that in EPC, the margins become very low because of the bidding pattern.”
Riddharth Jain, page 7 of the filed PDF · View the filing
Potential short-term traffic reduction impact under MLFF, though management views it as limited
p. 8
“So the thing is, even if the traffic reduces on a short-term basis, this will not have a very big impact on us in MLFF.”
Riddharth Jain, page 8 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.