Highway Infrastructure LimitedInfrastructure & ConstructionHILINFRA
Q1 FY27 earnings callHighway Infrastructure Limited
The company started FY27 with strong revenue growth but Q1 profitability was impacted by temporary geopolitical disruptions affecting traffic on a key toll project, while new order wins in Tamil Nadu signal strategic geographic diversification.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Total Income | INR 304.3 crores | 170.6% year-on-year | |
| EBITDA | INR 4.8 crores | — | |
| PAT | INR 1.1 crores | — | |
| Consolidated Order Book | INR 778 crores | — |
TL;DR
- Consolidated revenue grew 170.6% year-on-year to INR 304.3 crores, but EBITDA was INR 4.8 crores and PAT was INR 1.1 crores.
- Profitability impacted by temporary factors: lower traffic at Moti Naroli toll due to geopolitical disruptions and surrender of an unfavorable toll project.
- Order book stands at ~INR 778 crores, with recent toll project wins in Tamil Nadu totaling ~INR 120 crores expanding footprint in South India.
- Management sees traffic recovery, expects margin improvement if no new geopolitical developments, and emphasizes technology integration for future efficiency.
- Full-year revenue targets are INR 850 crores for FY27 and INR 1,200 crores for FY28, with EPC expected to contribute ~INR 150 crores revenue in FY27.
Said on the call
“While Q1 FY27 was impacted by certain temporary and project-specific challenges, our underlying business fundamentals remain strong.”
From the Q&A
| Topic | What management said |
|---|---|
| Traffic Recovery and Margins | Traffic in some regions has resumed to normal, but on the Western Front it will take time; EBITDA margin dropped due to geopolitical situation but should recover if no new developments. |
| Order Book and Pipeline | Order book is ~INR 778 crores; recent INR 120 crores toll wins in Tamil Nadu added; total work order is ~INR 900 crores with ~INR 500 crores in EPC; EPC revenue of ~INR 150 crores expected in FY27. |
| Full-Year Outlook Impact | Temporary weakness won't have significant impact on full-year results as company tends to hover around break-even in Q1/Q2 with rapid recovery in Q3/Q4; geopolitical strain impact was localized to Q1. |
| Revenue Guidance | Targeted turnover is INR 850 crores for FY27 (INR 700 crores from toll, rest from EPC) and INR 1,200 crores for FY28. |
| Bid Strategy and Diversification | Strategy is to diversify geographically (e.g., entering Tamil Nadu, eyeing East India) to hedge risks; bid-to-win ratio is 25-30% for both toll and EPC; focusing on quality tenders and larger projects as pre-qualification improves. |
| Technology Focus | Management is focusing on integrating technology to increase efficiency, reduce manpower, manage projects pan-India, and leverage data/AI; positioning as a technology-driven infrastructure company. |
Guidance
- Targeted turnover for FY27 is INR 850 crores and for FY28 is INR 1,200 crores.
- Expect to realize approximately INR 150 crores from EPC in FY27 and INR 200 crores in FY28.
- Focus on geographic diversification into newer states like Tamil Nadu, Andhra Pradesh, Telangana, West Bengal, and Assam.
- Emphasis on technology integration to drive future efficiency and margins.
Source
Summary written from the transcript filed by Highway Infrastructure Limited for the call held on 18 Aug 2026; published 21 Aug 2026, 19:10 IST.