Highway Infrastructure signs another NHAI toll contract — the latest in a run of awards since July 2026 (NSE: HILINFRA)
On 8 October 2026, **Highway Infrastructure Limited** (NSE: HILINFRA, BSE: 544477) signed a contract agreement with the National Highways Authority of India (NHAI) for toll collection and operation at Velanchettiyur Fee Plaza on NH-7 in Tamil Nadu. The contract is valued at **Rs 24.46 crore** and has a 90-day execution timeline (BSE filing, 8 October 2026).
On 8 October 2026, Highway Infrastructure Limited (NSE: HILINFRA, BSE: 544477) signed a contract agreement with the National Highways Authority of India (NHAI) for toll collection and operation at Velanchettiyur Fee Plaza on NH-7 in Tamil Nadu. The contract is valued at Rs 24.46 crore and has a 90-day execution timeline (BSE filing, 8 October 2026).
This is the fourth toll-operations contract the company has formalised since July, each disclosed through LoA and subsequent signing intimations.
A string of toll-collection contracts from July through October
- Kozhinjipatti Fee Plaza (NH-4, Tamil Nadu): A Letter of Acceptance for Rs 28.69 crore arrived on 22 July 2026 (BSE filing). The formal agreement was signed on 27 July 2026 — 90-day execution (BSE filing, 27 July 2026).
- Palayam Fee Plaza (NH-44, Tamil Nadu): LoA for Rs80.17 crore received on 17 August 2026 (BSE filing). The contract was signed on 21 August 2026 (BSE filing) — again a 90-day execution window.
- Gorakhpur Link Expressway (UPEIDA): On 16 September 2026 the company received a LoA from Uttar Pradesh Expressways Industrial Development Authority for a two-year contract totalling Rs220.66 crore, with a first-year consideration of Rs105.07 crore and a10% annual escalation (BSE filing,16 Sep 2026). The agreement was signed on30 September 2026 (BSE filing,30 Sep 2026).
- Velanchettiyur Fee Plaza (NH-7, Tamil Nadu): LoA received on 30 September 2026, with a fresh intimation on1 October 2026 (BSE filings). The signing reported on8 October completes the formalities.
All four contracts specify execution timelines — 90 days for the NHAI plazas, two years for the UPEIDA project.
Q1FY27: Revenue jumped, margins narrowed
On 11 August 2026, the company filed its Q1FY27 (quarter ended30 June 2026) unaudited consolidated results. Revenue from operations was ₹3,032.82 million (₹303.28 crore), up 170.9% year‑on‑year. However EBITDA stood at ₹4.8 crore (−60.0% Yo) and profit after tax at ₹1.1 crore (−85.3% Yo); the operating margin came to 1.6% and other income accounted for 67.5% of consolidated profit before tax (BSE filing, 11 August 2026; sales-update filing, 12 August 2026).
The company attributed the margin compression to “lower traffic volumes at certain toll projects” (BSE sales-update filing, 12 August 2026). As of that date the order book was disclosed at ₹789 crore (BSE filing, 12 August 2026).
Management’s FY27 revenue target: ₹850 crore
In a concall summary filed on 21 August 2026, management stated that Q1FY27 revenue was ₹304.3 crore with profitability compressed by “geopolitical toll disruptions”, and that the company was “targeting ₹850 crore revenue for FY27” (BSE filing, 21 August 2026). The filing is a summary, not a full transcript.
Governance and credit-rating highlights
Earlier in 2026 the company amended its Articles of Association to permit shareholders to waive dividend rights (board approval on6 June 2026, shareholder ratification on 15 July 2026) and reappointed Mr Arun Kumar Jain as Managing Director and Mr Anoop Agrawal as Whole-Time Director for a further three years (SE filings dated6 June and 15 July 2026).
On the credit-rating front:
- A CRISIL rating was received, disclosed on10 July 2026 (BSE filing).
- On27 July 2026, Infomerics assigned IVR BBB+/Stable (long term) and IVR A2 (short term) ratings to bank loan facilities aggregating ₹200.88 crore, citing diversified revenue, healthy scale, strong capital structure and order book, while noting moderate operating margins, short‑term contract tenure, traffic risk, and working‑capital intensity (BSE filing, 27 July 2026).
What the filings say comes next
The contracts just signed will move into their stated execution periods — 90 days for the three NHAI fee plazas, two years for Gorakhpur Link Expressway. The company’s own disclosed FY27 revenue target of ₹850 crore remains the yardstick management has put forward.
Alpha Inflection is research infrastructure, not investment advice. We are not SEBI-registered investment advisers. Everything above is compiled from public corporate filings, with sources cited. Do your own research.
The filing evidence
| Date | What the filing said | Detail | Source |
|---|---|---|---|
| 22 Jul 2026 | Highway Infrastructure Limited receives Rs. 28.87 crore order from NHAI for operation of Kozhinjipatti Fee Plaza in Tamil Nadu | Highway Infrastructure Limited received a Letter of Acceptance (LOA) from the National Highways Authority of India (NHAI) for a contract to operate and collect user fees at the Kozhinjipatti Fee Plaza on NH-44 in Tamil Nadu. The contract is valued at Rs. 28,68,99,930 (approx. Rs. 28.87 crore) and is to be executed within 90 days. | filing |
| 24 Jul 2026 | Highway Infrastructure Ltd secures Rs 28.69 crore toll operations contract from NHAI for Kozhinjipatti Fee Plaza on NH-44 in Tamil Nadu | Received a Letter of Acceptance from NHAI for operation and collection of user fees at Kozhinjipatti Fee Plaza on the Dindigul–Samayanallur section of NH-44, Tamil Nadu, including upkeep and maintenance of adjacent facilities, for a period of 90 days. | filing |
| 27 Jul 2026 | Highway Infrastructure Limited signs contract agreement with NHAI for Rs 28.69 crore toll operations at Kozhinjipatti Fee Plaza in Tamil Nadu | The company has entered into a formal contract agreement with NHAI on 27 July 2026 for the operation and collection of user fee at Kozhinjipatti Fee Plaza on NH-44 in Tamil Nadu, following the Letter of Acceptance received on 22 July 2026. The order value is Rs 28.69 crore with an execution timeline of 90 days. | filing |
| 17 Aug 2026 | Highway Infrastructure receives Rs 80.17 crore order from NHAI for toll operations at Palayam Fee Plaza, Tamil Nadu. | Highway Infrastructure Limited received a Letter of Acceptance from NHAI for a Rs 80.17 crore contract to operate and collect user fees at Palayam Fee Plaza on NH-44 in Tamil Nadu, with execution timeline of 90 days. | filing |
| 18 Aug 2026 | Highway Infrastructure Limited receives Rs 80.17 crore toll operations contract from NHAI for Palayam Fee Plaza in Tamil Nadu. | Highway Infrastructure received a Letter of Acceptance from NHAI for a 90-day toll collection contract at Palayam Fee Plaza on NH-44 in Tamil Nadu, valued at Rs 80.17 crore. | filing |
| 21 Aug 2026 | Highway Infrastructure signs contract agreement for Rs 80.17 crore toll operations at Palayam Fee Plaza on NH-44 in Tamil Nadu. | Highway Infrastructure Ltd has signed a formal contract agreement with NHAI for the operation and user fee collection at Palayam Fee Plaza on a BOT basis, following the Letter of Acceptance received on 17 August 2026. The order is valued at Rs 80.17 crore and is to be executed within 90 days. | filing |
| 16 Sept 2026 | Highway Infrastructure receives Rs 220.66 crore toll operations contract for Gorakhpur Link Expressway from UPEIDA. | Highway Infrastructure Limited has received a Letter of Acceptance from Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) for collection of user fees and operation of toll plazas, along with deployment of 4 patrol-cum-safety vehicles, on the Gorakhpur Link Expressway. The contract is for two years, with first-year consideration of Rs 105.07 crore and total value of Rs 220.66 crore including 10% annual escalation. | filing |
| 18 Sept 2026 | Highway Infrastructure Limited secures Rs 220.66 crore toll operations contract from UPEIDA for the Gorakhpur Link Expressway for two years. | Highway Infrastructure received a Letter of Acceptance from Uttar Pradesh Expressways Industrial Development Authority for toll collection and operation of toll plazas on the Gorakhpur Link Expressway for a two-year contract valued at Rs 220.66 crore, with first-year payment of Rs 105.08 crore and 10% escalation in the second year. | filing |
| 30 Sept 2026 | Highway Infrastructure Limited enters into contract agreement for Rs 220.66 crore toll operations at Gorakhpur Link Expressway. | Highway Infrastructure Limited has signed a two-year contract with Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) for collection of user fees and operation of toll plazas at Gorakhpur Link Expressway, with total consideration of Rs 220,66,33,332 (first year Rs 105,07,77,777 with 10% escalation in the second year). | filing |
| 30 Sept 2026 | Highway Infrastructure receives Rs 24.46 crore NHAI contract for toll operations at Velanchettiyur Fee Plaza in Tamil Nadu with 90-day execution timeline. | Highway Infrastructure Limited received a Letter of Acceptance from NHAI for a contract to operate and collect user fees at the Velanchettiyur Fee Plaza on NH-7 in Tamil Nadu, valued at approximately Rs 24.46 crore. The contract includes upkeep of adjacent toilet blocks and is to be executed within 90 days. | filing |
| 1 Oct 2026 | Highway Infrastructure received a Rs 24.46 crore toll operations contract from NHAI for Velanchettiyur Fee Plaza in Tamil Nadu. | Highway Infrastructure received a Letter of Acceptance from NHAI for a Rs 24.46 crore contract to operate the Velanchettiyur Fee Plaza on NH-7 in Tamil Nadu, with a 90-day execution timeline. | filing |
| 8 Oct 2026 | Highway Infrastructure Limited signs contract agreement with NHAI for Rs 24.46 crore toll operations at Velanchettiyur Fee Plaza in Tamil Nadu, with 90-day execution timeline. | Highway Infrastructure Limited signed a contract agreement with NHAI for toll collection and operation at Velanchettiyur Fee Plaza on NH-7 in Tamil Nadu, valued at Rs 24.46 crore, with a 90-day execution period. | filing |
| 6 Jun 2026 | Highway Infrastructure Limited announces alterations in Articles of Association and reappointments of directors. | Highway Infrastructure Limited has announced the alteration in the Clause of its Articles of Association allowing shareholders to waive their dividend rights. Additionally, the company's board has approved the reappointment of Mr. Arun Kumar Jain and Mr. Anoop Agrawal as Managing Director and Whole-Time Director, respectively, for a further three-year term. | filing |
| 10 Jul 2026 | Highway Infrastructure Limited announces receipt of credit rating from CRISIL Ratings Limited | The company informed stock exchanges that it has received a credit rating from CRISIL Ratings Limited, as per a press release dated 8th July 2026. | filing |
| 15 Jul 2026 | Highway Infrastructure Limited shareholders approve insertion of Article 154A allowing members to waive dividend rights. | The company's shareholders approved a special resolution via postal ballot to insert a new Article 154A in the Articles of Association, enabling members to voluntarily waive their right to receive interim or final dividends. | filing |
| 15 Jul 2026 | Highway Infrastructure Limited shareholders pass resolutions to amend Articles of Association for dividend waiver and re-appoint Mr. Arun Kumar Jain as MD and Mr. Anoop Agrawal as Whole-Time Director via postal ballot. | The company announced that its shareholders approved three resolutions through remote e-voting: (1) insertion of Article 154a to waive dividend rights (special resolution), (2) re-appointment of Mr. Arun Kumar Jain as Managing Director for 3 years (ordinary resolution), and (3) re-appointment of Mr. Anoop Agrawal as Whole-Time Director for 3 years (ordinary resolution). The voting results were disclosed as per SEBI regulations. | filing |
| 27 Jul 2026 | Highway Infrastructure Limited receives credit rating of IVR BBB+/Stable (Long Term) and IVR A2 (Short Term) from Infomerics for bank loan facilities of Rs 200.88 crore | Infomerics Valuation and Rating Ltd has assigned a long-term rating of IVR BBB+/Stable and a short-term rating of IVR A2 to Highway Infrastructure Limited's bank loan facilities totaling Rs 200.88 crore. The rating note highlights the company's diversified revenue streams, healthy scale of operations, satisfactory capital structure, strong order book providing revenue visibility, and the extensive experience of its promoters, while noting moderate operating margins, short-term contract tenure, exposure to traffic risk, competitive pressures, and working capital intensity. | filing |
| 28 Jul 2026 | Highway Infrastructure Limited receives IVR BBB+/Stable (Long Term) and IVR A2 (Short Term) credit rating from Infomerics for bank loan facilities of Rs. 200.88 crore. | Infomerics Valuation and Rating Limited assigned a long-term rating of IVR BBB+/Stable and a short-term rating of IVR A2 to Highway Infrastructure's bank loan facilities aggregating Rs. 200.88 crore, reflecting the company's credibility, strong capital structure, and robust order book. | filing |
| 11 Aug 2026 | Q1FY27 revenue surged to ₹3032.82 million, +170.9% YoY, but EBITDA fell 60.0% and PAT fell 85.3% as operating margin collapsed to 1.6% and other income represented 67.5% of consolidated PBT. | filing | |
| 12 Aug 2026 | Highway Infrastructure reports Q1FY27 results with 170.6% YoY revenue growth but sharp decline in EBITDA and PAT, while maintaining an order book of ₹789 crore. | Highway Infrastructure announced its Q1FY27 financial results: total income surged 170.6% YoY to ₹304.3 crore, but EBITDA fell to ₹4.8 crore (from ₹12.0 crore) and PAT dropped to ₹1.1 crore (from ₹7.2 crore), with margins pressured by lower traffic volumes at certain toll projects. | filing |
| 18 Aug 2026 | The filing is a regulatory intimation providing the audio recording link for the Q1FY27 earnings call, with no actual earnings-call transcript or management commentary included. | filing | |
| 21 Aug 2026 | 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. | filing | |
| 24 Sept 2026 | Shareholders of Highway Infrastructure Limited approve appointment of M/s Ritesh Gupta & Co as Secretarial Auditor for five years from April 1, 2026 to March 31, 2031. | At the 21st Annual General Meeting held on September 24, 2026, shareholders approved the appointment of M/s Ritesh Gupta & Co, Practicing Company Secretaries, as the Secretarial Auditor for a five-year term starting April 1, 2026. | filing |
Quick answers
- What did Highway Infra disclose?
- On 8 October 2026, Highway Infrastructure Limited (NSE: HILINFRA, BSE: 544477) signed a contract agreement with the National Highways Authority of India (NHAI) for toll collection and operation at Velanchettiyur Fee Plaza on NH-7 in Tamil Nadu. The contract is valued at Rs 24.46 crore and has a 90-day execution timeline (BSE filing, 8 October 2026).
- What are the key numbers?
- On 11 August 2026, the company filed its Q1FY27 (quarter ended30 June 2026) unaudited consolidated results. Revenue from operations was ₹3,032.82 million (₹303.28 crore), up 170.9% year‑on‑year.
- What does Highway Infra say comes next?
- The contracts just signed will move into their stated execution periods — 90 days for the three NHAI fee plazas, two years for Gorakhpur Link Expressway. The company’s own disclosed FY27 revenue target of ₹850 crore remains the yardstick management has put forward.
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