Highway Infrastructure Limited
NSE: HILINFRARoad AssetsToll, Annuity, Hybrid-Annuity
Share price
₹49.59
+3.98% close of 9 Oct 2026
Price-based ratios (P/B, dividend yield, EV/EBITDA) are as of 8 Oct 2026, the close above is 9 Oct 2026.
Business score
How strong the business is, in one number. The parts behind it are in Pro.
55
out of 100 · worked out 9 Oct 2026
Your ratios
The numbers you want to see first. Tap Edit to change them.
Market cap
₹357 Cr
P/E ratio
13.7
P/B ratio
1.6
ROCE
18.8%
ROE
18.8%
Dividend yield
0.0%
Price & valuation chart
How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.
Answers
Simple answers to the questions investors ask most, from the company's own numbers.
How fast it has been growing
Fewer than three years of filings — too early to judge growth.
Whether it grew faster than its sector
It grew 40.0% a year against a sector median of 9.8% — 30.2 percentage points faster.
Room to re-rate, or risk of de-rating
Too little price history yet to compare it with its own past.
Whether growth justifies the valuation
Priced at 0.3 times its growth rate, on earnings growth of 40%.
| Profit growth | Price per ₹1 profit | Per 1% growth | |
|---|---|---|---|
| Highway Infrastructure Limited — this one | 40%/yr | 13.7× | ₹0.34 |
| BF Utilities Limited | -24%/yr | — | — |
| Innovision Limited | 63%/yr | 35.6× | ₹0.56 |
| Noida Toll Bridge Company Limited | 40%/yr | 2.5× | ₹0.06 |
| Gayatri Highways Limited | 26%/yr | — | — |
Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
How it compares with its peers
Against companies the exchange files under the same label (Road AssetsToll, Annuity, Hybrid-Annuity), it ranks 3 of 5 on returns, 2 of 5 on growth, 3 of 5 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
What makes it hard to beat — and is that still true?
No durable advantage shows in the numbers: it earns 18.8% on capital, ahead of 40% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
Whether its growth pays for itself
No — Over the last five years the business itself consumed ₹57 crore of cash before any plant spend, funded from lenders and shareholders. And the profit is not backed by cash: it reported a profit over 6 years and consumed cash from the business. Its cash comes back more slowly than it used to: it went from being waiting 55 days for its cash to waiting 78 days for its cash.
Profit reality check
Is the profit real cash? Simple checks on the accounts. Facts only, not advice.
6 of 10 checks clear · 60%
Latest result · Q1 FY27
What the last results showed. Whether management kept its word is in Pro.
Announced 11 Aug 2026 · Consolidated · Unaudited
Revenue
₹303 Cr
Revenue vs last year
+170.9%
Revenue vs last quarter
+10.4%
Net profit
₹1 Cr
Profit vs last year
-85.3%
Profit vs last quarter
-87.8%
Net margin
0.3%
EPS
₹0.16
Earnings call transcript · 18 Aug 2026
Checklist before you investPRO
Points for and against, in one list.
Key numbers & peers
The main numbers grouped by topic, and how the company compares with similar ones.
Price
- Market cap
- ₹357 Cr
- Prev close
- ₹49.59
- 52w High
- ₹83.5
- 52w Low
- ₹40.1
- Enterprise value
- ₹447 Cr
- Beta
- 1.1
- Price CAGR 1y
- -41.0%
- Price CAGR 3y
- —
- Price CAGR 5y
- —
- Price CAGR 10y
- —
Ratios
- Return on assets
- 8.5%
- PEG ratio
- 0.3
- P/E ratio
- 13.7
- P/B ratio
- 1.6
- EV / EBITDA
- 24.4
- Industry P/E
- 20.1
- ROCE
- 18.8%
- ROCE 5y average
- 20.2%
- ROE
- 18.8%
- Debt / Equity
- 0.5
- Interest coverage
- 8.2
- Dividend yield
- 0.0%
- ROE 3y average
- 19.0%
- ROE last year
- 19.0%
Annual P&L
- Annual revenue
- ₹608 Cr
- Annual profit
- ₹32 Cr
- Operating margin
- 4.3%
- Net profit margin
- 5.3%
- EBITDA margin
- 4.3%
- Sales growth 3y
- 31.7%
- Sales growth 5y
- 32.8%
- Profit growth 3y
- 40.0%
- Profit growth 5y
- 31.0%
- EPS
- ₹4.5
- Sales growth TTM
- 60.0%
- Profit growth TTM
- 9.0%
- Dividend payout
- 0.0%
Quarter P&L
- Sales latest quarter
- ₹303 Cr
- Profit latest quarter
- ₹1 Cr
- YoY quarterly sales growth
- 170.9%
- YoY quarterly profit growth
- -85.3%
- OPM latest quarter
- 1.3%
Balance Sheet
- Book Value
- ₹31.7
- Face Value
- ₹5.0
- Total debt
- ₹104 Cr
- Total cash
- ₹14 Cr
- Borrowings
- ₹104 Cr
- Reserves / Equity
- 5.3
Cash Flow
- Operating cash flow
- -₹66 Cr
- Free cash flow
- -₹74 Cr
- FCF yield
- -22.4%
- Net cash flow
- -₹6 Cr
Shareholding
- Promoter holding
- 70.0%
- FII holding
- 0.0%
- DII holding
- 0.4%
- Public holding
- 29.6%
Peer comparison
| Company | Price ₹ | P/E | Mkt cap ₹ Cr | Div yield % | Profit qtr ₹ Cr | Profit var % | Sales qtr ₹ Cr | Sales var % | ROCE % |
|---|---|---|---|---|---|---|---|---|---|
| National High | 168.00 | 40.8 | 32,539 | 2.51 | 234.5 | 93.0 | 1,311.9 | 28.3 | 4.4 |
| Cube Highways | 154.85 | 75.1 | 20,813 | 2.55 | 61.1 | 13184.8 | 1,126.6 | 19.3 | 6.4 |
| Vertis Infra. | 115.75 | 20.0 | 17,478 | 2.81 | 342.5 | 186.1 | 1,053.2 | 26.9 | 11.0 |
| Interise | 111.85 | 252.1 | 11,659 | 2.06 | 31.6 | 14.9 | 869.8 | -2.9 | 10.8 |
| Maple Inf. Trust | 145.00 | 9,981 | 10.21 | -54.5 | -260.1 | 659.5 | 172.4 | 5.4 | |
| Indus Inf. Trust | 131.01 | 20.4 | 8,005 | 3.22 | 129.4 | 7.3 | 284.8 | 52.8 | 6.8 |
| RaajMarg Infra | 121.00 | 7,260 | 1.98 | 201.1 | 266.8 | ||||
| Highway Infra | 47.60 | 13.2 | 341 | 0.00 | 1.1 | -85.2 | 303.3 | 170.9 | 18.8 |
| Median | 118.38 | 20.4 | 7,115 | 2.47 | 46.8 | 11.1 | 334.6 | 26.9 | 6.9 |
Quarterly results
Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.
| Line item | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 107 | 117 | 140 | 132 | 112 | 95 | 127 | 275 | 303 |
| Expenses | 99 | 116 | 133 | 117 | 100 | 102 | 119 | 261 | 299 |
| Material Cost | 98 | 125 | 245 | 298 | |||||
| Change in Inventories | -4.86 | -12 | 8.31 | -5.16 | |||||
| Purchases of Stock-in-Trade | 0 | 0 | 0 | 0 | |||||
| Employee Cost | 2.38 | 4.48 | 4.74 | 4.25 | |||||
| Other Expenses | 5.96 | 1.82 | 2.71 | 2.15 | |||||
| Operating Profit | 8.48 | 1.28 | 6.43 | 15 | 12 | -7.02 | 8.04 | 14 | 3.79 |
| OPM % | 7.92 | 1.10 | 4.60 | 11 | 10 | -7.42 | 6.34 | 4.92 | 1.25 |
| Other Income | 0.37 | 2.61 | 2.26 | 3.53 | 0.52 | 21 | 1.58 | 2.58 | 1.04 |
| Exceptional items (within Other Income) | 0 | 0 | 0 | 0 | |||||
| Interest | 1.79 | 0.83 | 2.74 | 2.07 | 1.77 | 0.46 | 1.14 | 2.98 | 2.58 |
| Depreciation | 0.64 | 1.16 | 0.01 | 0.58 | 0.57 | 0.61 | 0.61 | 0.72 | 0.71 |
| Profit before tax | 6.42 | 1.90 | 5.94 | 16 | 9.71 | 13 | 7.87 | 12 | 1.54 |
| Tax % | 34 | 17 | 22 | 25 | 26 | 24 | 21 | 30 | 31 |
| Net Profit | 4.21 | 1.57 | 4.66 | 12 | 7.19 | 9.67 | 6.26 | 8.69 | 1.06 |
| EPS in Rs | 3.25 | 0.24 | 0.57 | 2.06 | 1.25 | 1.34 | 0.89 | 1.23 | 0.15 |
| Diluted EPS in Rs | 1.28 | 0.96 | 1.31 | 0.16 |
Profit & loss
Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|
| Sales | 147 | 292 | 266 | 573 | 496 | 608 | 799 |
| Expenses | 132 | 275 | 247 | 534 | 464 | 582 | 781 |
| Material Cost | 572 | ||||||
| Change in Inventories | -15 | ||||||
| Purchases of Stock-in-Trade | 0 | ||||||
| Employee Cost | 14 | ||||||
| Other Expenses | 11 | ||||||
| Operating Profit | 15 | 17 | 19 | 39 | 31 | 26 | 18 |
| OPM % | 10 | 6 | 7 | 7 | 6 | 4.30 | 2.30 |
| Other Income | 1 | 3 | 4 | 3 | 9 | 25 | 26 |
| Exceptional items (within Other Income) | 0 | ||||||
| Interest | 4 | 6 | 5 | 9 | 7 | 6 | 7 |
| Depreciation | 3 | 3 | 2 | 3 | 2 | 3 | 3 |
| Profit before tax | 10 | 11 | 15 | 30 | 30 | 43 | 34 |
| Tax % | 22 | 26 | 22 | 28 | 26 | 25 | |
| Net Profit | 8 | 8 | 12 | 21 | 22 | 32 | 26 |
| EPS in Rs | 8.02 | 8.64 | 12 | 20 | 3.40 | 4.47 | 3.61 |
| Diluted EPS in Rs | 4.80 | ||||||
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 |
Compounded growth
Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.
Compounded sales growth
- 10 years
- —
- 5 years
- 33%
- 3 years
- 32%
- TTM
- 60%
Compounded profit growth
- 10 years
- —
- 5 years
- 31%
- 3 years
- 40%
- TTM
- 9%
Stock price CAGR
- 10 years
- —
- 5 years
- —
- 3 years
- —
- 1 year
- -41%
Return on equity
- 10 years
- —
- 5 years
- 18%
- 3 years
- 19%
- Last year
- 19%
Balance sheet
What the company owns and what it owes, at the end of each year. ₹ crore.
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 10 | 10 | 10 | 10 | 29 | 36 |
| Reserves | 44 | 53 | 65 | 84 | 84 | 192 |
| Borrowings | 28 | 43 | 47 | 70 | 72 | 104 |
| Other Liabilities | 42 | 35 | 19 | 39 | 47 | 45 |
| Minority Interest | 0.28 | |||||
| Total Liabilities | 124 | 140 | 141 | 203 | 232 | 377 |
| Fixed Assets | 17 | 30 | 14 | 28 | 25 | 83 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 1 |
| Investments | 18 | 1 | 15 | 0 | 0 | 0 |
| Other Assets | 89 | 109 | 112 | 175 | 207 | 293 |
| Total Assets | 124 | 140 | 141 | 203 | 232 | 377 |
Cash flows
Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from Operating Activity | -5 | -0 | 0 | 14 | -5 | -66 |
| Cash from Investing Activity | -2 | 0 | -1 | -6 | 12 | -48 |
| Cash from Financing Activity | 8 | -0 | 0 | -3 | -5 | 109 |
| Net Cash Flow | 1 | -0 | -1 | 5 | 2 | -6 |
| Free Cash Flow | -6 | -1 | -1 | 13 | -1 | -74 |
Ratios
How fast customers pay, how long stock sits, and how well capital earns — year by year.
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor Days | 31 | 20 | 31 | 17 | 29 | 39 |
| Inventory Days | 122 | |||||
| Days Payable | 51 | |||||
| Cash Conversion Cycle | 102 | 20 | 31 | 17 | 29 | 39 |
| Working Capital Days | 88 | 55 | 74 | 27 | 56 | 78 |
| ROCE % | 18 | 18 | 27 | 19 | 19 |
Price trend
The price as a Renko brick chart: small moves drop out so the bigger path stands out.
Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.
Open interestPRO
Where option traders are positioned on this stock.
Industry numbers
The numbers that matter most in this industry, from the company's own filings.
1 when an audit qualification is filed as repetitive
0.00flag
2026-03-31
the company's own unlisted debt securities in default at period end
0.00cr
2026-06-30
the company's own loans / revolving facilities in default at period end (standalone filing)
0.00cr
2026-06-30
net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash
90.00inr_cr
2026-03-31
order book, Rs crore
778inr_cr
2026-06-30
guarantees / comfort given for promoter, promoter group, directors and KMP
0.00cr
2026-03-31
loans outstanding to promoter, promoter group, directors and KMP (governance filing)
5.55cr
2026-03-31
security given for the borrowing of promoter, promoter group, directors and KMP
0.00cr
2026-03-31
News
News and filings about Highway Infrastructure Limited. Open one to see why it matters.
30 Sept, 21:30 IST · Company event · medium impact
Highway Infrastructure Limited has won a new order or contract
30 Sept, 18:00 IST · Company event · medium impact
Highway Infrastructure Limited has won a new order or contract
16 Sept, 18:05 IST · Company event · medium impact
Highway Infrastructure Limited has won a new order or contract
22 Aug, 18:05 IST · Company event · medium impact
Highway Infrastructure Limited has won a new order or contract
18 Aug, 18:05 IST · Company event · medium impact
Highway Infrastructure Limited has won a new order or contract
Supply chain
Who it buys from, sells to and competes with — as recorded in our map of company links.
Uses as raw material
- bitumen
- cement
- construction chemicals
- metal bars / steel reinforcement
- sand
- stone aggregates
Depends on the price of
- cement
- diesel
- steel
operates infra for
- Gujarat State Road Development Corporation Limited
- Infrastructure-based company in Andhra Pradesh
- National Highways Authority of India
Sells to
- Adroit Associates Private Limited · EPC civil construction for private developer projects (RHP p.180 named private-sector cust…
- Atal Indore City Transport Services Limited (AICTSL) · EV charging infrastructure EPC - Q4FY26 concall: 'EV charging infrastructure, out of which…
- Gujarat State Road Development Corporation Limited · user-fee collection through fee collecting agency on competitive e-tender basis at Vataman…
- Indore Development Authority / state development authority (Madhya Pradesh) · EPC construction of cement concrete roads - RE-2 from MR-10 to MR-9 Indore, Scheme No. 94…
- Indore local authority / municipal body (Madhya Pradesh) · EPC civil works - slum-locality infrastructure development under Pradhan Mantri Awas Yojan…
- National Highways Authority of India (NHAI) · tollway user-fee collection services on national highways (fee-collecting-agency contracts…
- Shubham Builders · EPC civil construction for private residential projects (RHP p.180 named private-sector cu…
- Shubham City Homes · EPC civil construction for private residential development. RHP p.180: 'in private sector…
- Shubham Energy · EPC civil/infrastructure works at residential colony Shubham Pride (RHP p.180 named privat…
About
What the company is, from our own records: where it sits, where it makes things, and what it is made of.
- Sector
- Services
- Industry
- Road AssetsToll, Annuity, Hybrid-Annuity
- Classification
- Services › Road AssetsToll, Annuity, Hybrid-Annuity
- ISIN
- INE00RL01028
Business segments
- Toll Division · 78%
- Work Contract Division Machineries & Equipments Hire Division · 21%
- Real Estate Division · 2%
News impact
Big market events that reach Highway Infrastructure Limited, and how the effect spreads.
1 Oct, 13:10 IST · Market event · high impact
Highway Infrastructure shares jump 9% after Rs 245 crore toll operations win from UP authority, NHAI
Highway Infrastructure won Rs 254 crore in toll orders, helping its revenue and workers while rival bidders lose out.
Who it hits first
- Highway Infrastructure, the road toll collector, won toll plaza work worth Rs 254 crore from Uttar Pradesh's expressway authority (UPEIDA) and national highways body (NHAI).
- The biggest piece, Rs 220.66 crore, covers collecting tolls and running safety patrols on the Gorakhpur Link Expressway.
- Its shares jumped 9% as investors priced in steadier fee income over the contract period.
Who may gain
- Highway Infrastructure gains multi-month fee income and stronger order-book visibility.
- Local workers and patrol-vehicle suppliers near Gorakhpur get new deployment and maintenance work.
Along the supply chain
Downstream
Downstream, smooth tolling and safety patrols help truckers and travellers on the Gorakhpur Link with faster, safer trips, though toll fees themselves stay a cost for road users.
Upstream
Upstream, makers of toll scanners, barriers, cameras and patrol vehicles see small fresh orders as Highway Infrastructure equips Gorakhpur Link plazas.
Where demand moves
Business
Business demand rises: UPEIDA and NHAI pay Highway Infrastructure monthly toll-collection fees, lifting its services revenue and keeping plaza staff and safety vehicles busy.
Capital
Capital flows into the stock on the order news, with the 9% jump drawing momentum buyers while long-term holders see steadier cash flows.
How it spreads across sectors
Capital Goods
Toll-equipment and vehicle suppliers see small follow-on demand from new plaza setups.
Construction
Road builders and operators gain confidence as NHAI and state expressway orders keep flowing.
A pattern seen before
Cascade chain
- NHAI and UPEIDA toll orders → Highway Infrastructure revenue up
- Plaza setup → toll equipment and patrol-vehicle demand up
- Steady expressway operations → Cement, Steel and Capital Goods confidence up
Pattern name
Govt Capex Cascade
Patterns
- Govt Capex Cascade
Sectors queried
- Banking
- Capital Goods
- Cement
- Infrastructure
- Steel
When it plays out
Immediate
In 1-7 days the stock holds gains and the firm starts mobilising staff and patrol vehicles.
Medium term
In 1-6 months steady toll-collection fees flow in, lifting quarterly revenue if traffic meets hopes.
Short term
In 1-4 weeks plaza handover and toll-system setup begin on the Gorakhpur Link.
17 Sept, 11:29 IST · Market event · high impact
Highway Infrastructure shares jump 5% after securing Rs 220 crore order from UPEIDA
Highway Infrastructure won a Rs 221 crore toll-collection contract in Uttar Pradesh, which should lift its revenue, while rival bidders lost out; thin trading and weak cash flow mean the gains need watching.
Who it hits first
- Highway Infrastructure won a Rs 220.66 crore, two-year UPEIDA contract to collect tolls and run toll plazas on the Gorakhpur Link Expressway in Uttar Pradesh, with yearly price increases built in.
- For a small company, this plus the recent Rs 80.16 crore Tamil Nadu toll project gives clear revenue for the next two years; the stock rose nearly 5% to Rs 45.90 on the news.
Who may gain
- Highway Infrastructure itself: steady fee income for two years without having to own the road.
- Its toll-plaza staff and small local contractors who get work at the plazas — too small to move any listed stock.
Along the supply chain
Downstream
No real downstream effect — drivers on the expressway pay the same tolls; only the company collecting them changes.
Upstream
Slightly more demand for toll-system vendors, patrol vehicles and plaza staffing firms, but the amounts are too small to matter for any large listed supplier.
Where demand moves
Business
More toll-collection work flows to Highway Infrastructure: UPEIDA pays it to collect user fees on the Gorakhpur Link Expressway, so the order book grows while rival bidder Hazoor Multi Projects loses this round of work.
Capital
Small-cap investor money rotates into HILINFRA on the order-win news; with only about Rs 35 lakh of shares trading a day, even small buying can swing the price, so moves may be sharp in both directions.
How it spreads across sectors
Services
A small positive read for outsourced toll-operation firms: state expressway bodies keep awarding collection contracts to specialist operators, but each award is company-specific and does not lift the whole sector.
When it plays out
Immediate
Stock stays in focus for 1-7 days as traders react to the order; expect choppy moves given thin trading.
Medium term
Over 1-6 months, what matters is execution — smooth toll collection and winning rebids or new plazas; a lost rebid would unwind the gains.
Short term
Over 1-4 weeks, attention shifts to quarterly numbers showing whether toll income is actually flowing in.
Dividends, splits & big trades
Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.
Splits, bonuses & buybacks
- daily-prices repair: 1 rows from NSE's archive (replace 0, delete 0, insert 1), 2026-02-01..2026-02-01 (docs/flat_day_repair.md)1× · 1 Feb 2026
Documents
Annual reports, results presentations and earnings calls, straight from the source.
- Earnings call · Q1FY2718 Aug 2026
- Results presentation30 Jun 2026
- Earnings call · Q4FY262 Jun 2026
- Earnings call · Q3FY269 Feb 2026
- Annual report
Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.