H.G. Infra Engineering (HGINFRA) Q3 25/26 earnings summary

Executive summary

• Celebrated 24 years in infrastructure, expanding into solar, transmission, and battery storage sectors to diversify and drive future growth.

• Achieved strong revenue growth on both standalone and consolidated basis for Q3 FY26 and 9M FY26, with consolidated revenue up 12.4% year-over-year in Q3.

• EBITDA margins remained robust, though slightly lower year-over-year, with consolidated EBITDA margin at 21.7% in Q3 FY26.

• PAT declined year-over-year due to higher finance costs and depreciation, with consolidated PAT down 18.3% in Q3 FY26.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, were approved by the Board on February 12, 2026.

Financial highlights

• Standalone Q3 FY26 revenue: INR 1,450 crore (₹14,498 Mn); EBITDA: INR 224 crore (15.5% margin); PAT: INR 97 crore (6.7% margin), down from 9.1% margin YoY.

• Consolidated Q3 FY26 revenue: INR 1,421 crore (₹14,212 Mn), up 12.4% YoY; EBITDA: INR 309 crore (21.7% margin); PAT: INR 94 crore (6.6% margin), down 18.3% YoY.

• Standalone 9M FY26 revenue: INR 4,313 crore (₹43,128 Mn); EBITDA: INR 607 crore (14.1% margin); PAT: INR 290 crore (6.7% margin), down from 9.9% margin YoY.

• Consolidated 9M FY26 revenue: INR 3,308 crore (₹38,079 Mn); EBITDA: INR 775 crore (20.3% margin); PAT: INR 245 crore (6.4% margin), down 31.6% YoY.

• Exceptional gain of Rs. 573.71 million (standalone) and Rs. 164.46 million (consolidated) from sale of H.G. Rewari Bypass Private Limited in FY25.

Outlook and guidance

• FY26 revenue expected to surpass last year, despite delays from monsoon and project appointments; Q4 FY26 revenue guidance around INR 2,000 crore.

• FY27 execution guidance: INR 7,000 crore, with INR 1,500 crore from new projects; order inflow target for FY27: INR 10,000–12,000 crore.

• Orderbook remains robust and diversified across highways, railways, metro, BESS, and solar projects, totaling ₹136,244 Mn as of December 2025.

• New project wins and appointed dates for major projects signal continued growth momentum into FY27.

• No material impact from ongoing legal matters or regulatory changes noted by management.