H.G. Infra Q4 FY26: Margin shock, order book rebuild, and the push beyond roads

The presentation states order backlog of INR10,147.1 crore as of 31 March 2026. It also states new orders of INR5,591.4 crore after 31 March 2026, taking total order book to INR15,738.6 crore.

Standalone revenue from operations was INR5,666.7 crore in FY26 versus INR6,051.9 crore in FY25 (down 6.4%). Standalone EBITDA was INR733.4 crore versus INR950.7 crore (down 22.9%). Standalone PAT was INR389.1 crore versus INR577.1 crore (down 32.6%).

Management indicated around 14% EBITDA margin for the full year is possible, while noting Q1 and Q2 may remain lower and normalcy could return later in the year.

As per the presentation, the order book by segment as of 31 March 2026 includes railways INR2,825.0 crore (27.84%), energy vertical INR1,930.1 crore (19.02%), HAM road INR4,435.5 crore (43.72%), and EPC road is shown as INR596.4 crore (9.43%) on the summary; a later table shows EPC road total balance of INR956.4 crore.

Management said standalone debt could reduce to INR800 to INR1,000 crore in the first half of FY27, supported by HAM project monetization receipts. It also said around INR900 crore plus additional receipts are expected in the first half, and referenced around INR1,000 crore likely in Q1 and Q2 from monetization.

Management stated it has binding agreements for three BESS projects with aggregate 735 MW (1,470 MWh). It said procurement and execution activities are underway and that upon commissioning, it expects annual revenues of about INR225 crore.