Highway Infra Q1 FY27 Earnings Call — Analysis (NSE: HILINFRA)
Highway Infrastructure reported Q1 FY27 revenue of ₹304.3 Cr (+170.6% YoY) with compressed profitability due to geopolitical toll disruptions, while targeting ₹850 Cr revenue for FY27.
Result quality: watch — Margin pressure. Management sentiment: optimistic.
The take
Q1FY27 Total Income ₹304.3 Cr ( +170.6% YoY ) . New guidance — FY27 fy27 consolidated revenue target ₹850 Cr . New story: South and East Geographic Expansion .
Results
Revenue stood at ₹304.3 Cr (+170.6% YoY); EBITDA was ₹4.8 Cr and PAT was ₹1.1 Cr.
Financial highlights
| Metric | Value | Change | Basis |
|---|---|---|---|
| Total Income | ₹304.3 Cr | +170.6% | yoy · Q1FY27 |
| EBITDA | ₹4.8 Cr | none · Q1FY27 | |
| PAT | ₹1.1 Cr | none · Q1FY27 | |
| Order Book | ₹778 Cr | point_in_time · Q1FY27 · 30-Jun-2026 |
Guidance
Management targets consolidated revenue of ₹850 Cr for FY27 (₹700 Cr toll, ₹150 Cr EPC) and ₹1,200 Cr for FY28.
What management committed to
- Targeted turnover for [Highway Infrastructure Limited] for the FY26-27 is almost INR 850 crores. — INR 850 crores, FY27
- Targeted turnover for [Highway Infrastructure Limited] for FY27-28 is INR 1,200 crores. — INR 1,200 crores, FY28
- In the current year, [Highway Infrastructure Limited] will realize approximately INR 150 crores [EPC revenue] in FY27. — INR 150 crores, FY27
- In FY28 [Highway Infrastructure Limited] will do INR 200 crores [EPC revenue]. — INR 200 crores, FY28
- [Highway Infrastructure Limited] can expect an execution timeline of one to one and a half years, approximately considering 15 to 16 months for the [Beverly Hills project]. — 15 to 16 months, Q3FY28
Key themes
Toll recovery and geographic EPC expansion
How the narrative shifted
- Tollway Traffic Recovery: Management asserts that the sharp profitability dip at port-linked corridors like Moti Naroli was temporary and July data reflects traffic normalizing.
- South and East Geographic Expansion: The company is de-risking its portfolio away from Western India port corridors by securing contracts in Tamil Nadu (NH-44) and evaluating Andhra Pradesh, West Bengal, and Assam.
- EPC Project Selectivity and Pre-Qualification: Focus is on building pre-qualification (PQ) credentials through timely project deliveries like Beverly Hills to bid for larger margin central government tenders.
- Tech Integration in Infrastructure Operations: Management is pitching internal technology and BIM integration to optimize manpower allocation and manage distributed pan-India sites from headquarters.
Operational commentary
- Commenced construction on the private EPC project 'Beverly Hills' valued at approximately ₹70 Cr.
- Secured ₹120 Cr of new toll collection contracts in Tamil Nadu (NH-44), including Kozhinjipatti toll plaza (₹28.7 Cr) and Krishnagiri-Thumbipadi section (₹80 Cr).
- Surrendered an unviable toll project and faced temporary lower traffic volumes at Ena/Moti Naroli plaza due to regional trade/port-linked disruptions.
- Maintains an active tender success/win ratio of 25% to 30% across both EPC and toll collection segments.
Analyst Q&A
Q. Recovery in traffic volumes and whether EBITDA margins will recover on Western Front port corridors.
Traffic in non-port regions has normalised; Western Front port corridors will take some time due to factory and trade disruptions, but general business has resumed with July showing significant recovery.
Q. Revenue visibility and expected execution schedule from the EPC order book.
Targeted turnover is ₹850 Cr in FY27 (₹150 Cr from EPC across 24 executable projects) and ₹1,200 Cr in FY28 (₹200 Cr from EPC).
Q. Specifics on EV infrastructure and renewable energy bidding pipeline.
Management stated they are exploring renewable energy production and transmission but will not bid abruptly without thorough ground prep; suggested reaching out offline via IR for specific figures.
Research and educational content only. Not investment advice.