Highway Infrastructure revenue rises 130%, profit stays flat

Highway Infrastructure Limited reported consolidated revenue from operations of Rs 217.381 crore for the quarter ended 30th September, 2026, up 130% from Rs 94.570 crore a year earlier, while net profit was broadly flat at Rs 9.726 crore versus Rs 9.587 crore. The board took the unaudited quarterly and half-year results on record on 14th November, 2026.

Why did Highway Infrastructure’s September-quarter revenue rise?

Highway Infrastructure’s operating revenue rose because its Toll Division expanded sharply in the quarter ended 30th September, 2026. Toll revenue reached Rs 177.704 crore, compared with Rs 65.095 crore in the quarter ended 30th September, 2025, an increase of Rs 112.609 crore that represented most of the group’s Rs 122.811 crore increase in revenue from operations.

The Work Contract Division and Machineries & Equipments Hire Division also recorded higher revenue, at Rs 37.579 crore versus Rs 24.982 crore a year earlier. Real Estate Division revenue increased to Rs 2.097 crore from Rs 4.493 lakh. The three reportable businesses together generated Rs 217.381 crore in the September 2026 quarter, compared with Rs 94.570 crore in the corresponding quarter of 2025.

Why did Highway Infrastructure’s profit remain broadly flat?

Highway Infrastructure’s net profit remained broadly flat because profit before tax declined despite the higher operating revenue. Profit before tax was Rs 11.091 crore for the quarter ended 30th September, 2026, down from Rs 12.658 crore in the prior-year quarter, while net profit after non-controlling interest rose by Rs 13.9 lakh to Rs 9.726 crore from Rs 9.587 crore.

Total expenses increased to Rs 211.806 crore from Rs 102.653 crore over the same comparison. The latest-quarter expense total included operating costs of Rs 222.890 crore, partly offset by a Rs 19.302 crore reduction from changes in inventories; it also included employee-benefit expense of Rs 39.61 lakh, finance costs of Rs 14.68 lakh, depreciation and amortisation of Rs 8.19 lakh, and other expenses of Rs 19.70 lakh.

The prior-year comparison also contained a Rs 19.790 crore gain on remeasurement of inventory upon conversion into investment property, whereas the September 2026 quarter reported no such gain. That item is included in total income rather than revenue from operations, so the year-on-year comparison between operating revenue and pre-tax profit does not move in parallel. Tax expense was Rs 13.36 lakh in September 2026, compared with Rs 29.90 lakh a year earlier.

How did Highway Infrastructure perform in the first half?

Highway Infrastructure’s first-half revenue rose but profit declined for the period ended 30th September, 2026. Revenue from operations was Rs 520.665 crore, compared with Rs 206.521 crore in the corresponding 2025 half-year, while net profit was Rs 10.792 crore, down from Rs 16.838 crore.

Profit before tax for the six months was Rs 12.633 crore, against Rs 22.361 crore in the prior-year period. Total tax expense declined to Rs 18.17 lakh from Rs 54.98 lakh, but that lower tax charge did not offset the Rs 9.728 crore fall in pre-tax profit. The filing reports total comprehensive income of Rs 11.01 crore for the latest half-year, compared with Rs 16.836 crore a year earlier.

The September quarter produced less revenue than the immediately preceding June 2026 quarter, when revenue from operations was Rs 303.282 crore. However, September-quarter net profit of Rs 9.726 crore was above the June-quarter profit of Rs 1.065 crore, showing that the two quarters contributed differently to the first-half result.

Which Highway Infrastructure businesses contributed to profit?

Highway Infrastructure reported a Rs 4.330 crore segment profit from the Toll Division for the September 2026 quarter, compared with a Rs 2.346 crore segment loss a year earlier. The movement accompanied the division’s revenue increase to Rs 177.704 crore from Rs 65.095 crore and was the largest change among the three reported operating segments.

The Work Contract Division and Machineries & Equipments Hire Division reported segment profit of Rs 44.530 crore, against Rs 4.270 crore in the September 2025 quarter. The Real Estate Division reported a segment loss of Rs 9.20 lakh, narrower than the Rs 6.445 crore loss reported a year earlier. Combined segment profit was Rs 47.940 crore, compared with Rs 8.940 crore in the corresponding quarter.

The filing also reports Rs 62.960 crore under other unallocable income and expenditure, which took consolidated profit before tax to Rs 11.090 crore. Highway Infrastructure identifies Tollway Collection, EPC Infra and Real Estate as reportable segments under Indian Accounting Standard 108, or Ind AS 108, but the segment table shows that consolidated pre-tax profit also depends on the unallocable line.

What does Highway Infrastructure’s September balance sheet show?

Highway Infrastructure reported total assets of Rs 412.574 crore at 30th September, 2026, compared with Rs 377.199 crore at 31st March, 2026. Total equity was Rs 239.608 crore, up from Rs 228.528 crore, including Rs 203.445 crore of other equity attributable to equity holders of the parent, compared with Rs 192.389 crore at the March year-end.

Total liabilities increased to Rs 172.966 crore from Rs 148.671 crore. Current liabilities were Rs 141.075 crore at 30th September, compared with Rs 132.598 crore at 31st March, while non-current liabilities were Rs 31.891 crore, against Rs 16.073 crore. Current borrowings were Rs 92.503 crore, compared with Rs 88.034 crore at the preceding year-end.

Trade receivables stood at Rs 115.030 crore at 30th September, 2026, compared with Rs 90.322 crore at 31st March, 2026. Cash and cash equivalents were Rs 61.224 crore, down from Rs 64.718 crore, while other current assets were Rs 23.234 crore compared with Rs 17.870 crore. These movements occurred alongside the Rs 35.375 crore increase in total assets over the six-month period.

Conclusion

Highway Infrastructure’s September-quarter results show a substantial expansion in operating revenue, led by toll collections and supplemented by work-contract and machinery-hire revenue. Yet the rise from Rs 94.570 crore to Rs 217.381 crore in revenue did not translate into a similar movement in profit: profit before tax fell to Rs 11.091 crore and net profit changed only from Rs 9.587 crore to Rs 9.726 crore.

The filing does not disclose a forward revenue or profit target. The next results will show whether the September quarter’s Rs 177.704 crore Toll Division revenue and Rs 44.530 crore Work Contract Division and Machineries & Equipments Hire Division segment profit are sustained, and whether receivables of Rs 115.030 crore and current borrowings of Rs 92.503 crore change after 30th September, 2026.