HILINFRA

Highway Infrastructure Limited

Toll-road collector and EPC infrastructure contractor

Services›Services›Transport Infrastructure›Road Assets–Toll, Annuity, Hybrid-Annuity

highwayinfrastructure.in

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Key metrics

Price as of 2026-10-19

Stock price

₹53.25

Market cap

382 Cr

Stock P/E

15.0

P/B

1.55

ROE (FY26)

13.9%

ROCE (FY26)

14.7%

Operating margin (FY26)

3.9%

Debt / equity (FY26)

0.45

OCF / EBITDA (FY26)

-254.8%

OCF / EBITDA (3Y)

-59.6%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Highway Infrastructure (HIL) collects tolls on road projects, builds roads, bridges and buildings as a contractor, and develops commercial real estate.

Company snapshot

3rdBy market cap

Ranked among 7 companies in Road Assets–Toll, Annuity, Hybrid-Annuity.

What we see

Concerns

✗Over the last three years operations used more cash than they brought in, despite an operating profit — the business is not yet turning its profit into cash.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

Metric	Jun 2025	Sept 2025	Dec 2025	Mar 2026	Jun 2026
Sales	112 Cr	95 Cr	127 Cr	275 Cr	303 Cr
Operating expenses (approx.)	100 Cr	102 Cr	119 Cr	261 Cr	299 Cr
EBITDA	12 Cr	-7 Cr	8 Cr	14 Cr	4 Cr
OPM %	10.3%	-7.4%	6.3%	4.9%	1.2%
Other income	0.52 Cr	21 Cr	2 Cr	3 Cr	1 Cr
Interest	2 Cr	0.46 Cr	1 Cr	3 Cr	3 Cr
Depreciation	0.57 Cr	0.60 Cr	0.61 Cr	0.72 Cr	0.70 Cr
Profit before tax	10 Cr	13 Cr	8 Cr	12 Cr	2 Cr
Tax %	25.9%	23.6%	20.6%	29.9%	31.2%
Net profit	7 Cr	10 Cr	6 Cr	9 Cr	1 Cr
EPS (₹)	₹1.25	₹1.28	₹0.96	₹1.31	₹0.16

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

Metric	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	455 Cr	573 Cr	496 Cr	608 Cr	Sign in free for the trailing twelve months
Operating expenses (approx.)	427 Cr	535 Cr	464 Cr	582 Cr	Sign in free for the trailing twelve months
EBITDA	28 Cr	38 Cr	31 Cr	26 Cr	Sign in free for the trailing twelve months
OPM %	6.1%	6.7%	6.3%	4.3%	Sign in free for the trailing twelve months
Other income	2 Cr	3 Cr	9 Cr	25 Cr	Sign in free for the trailing twelve months
Interest	7 Cr	9 Cr	7 Cr	6 Cr	Sign in free for the trailing twelve months
Depreciation	3 Cr	3 Cr	2 Cr	3 Cr	Sign in free for the trailing twelve months
Profit before tax	19 Cr	30 Cr	30 Cr	43 Cr	Sign in free for the trailing twelve months
Tax %	29.2%	28.4%	26.0%	25.4%	Sign in free for the trailing twelve months
Net profit	14 Cr	21 Cr	22 Cr	32 Cr	Sign in free for the trailing twelve months
EPS (₹)	₹2.03	₹3.28	₹3.40	₹4.80	Sign in free for the trailing twelve months
Dividend payout %	—	—	—	0.0%	Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

Metric	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	10 Cr	10 Cr	29 Cr	36 Cr
Reserves	64 Cr	84 Cr	84 Cr	192 Cr
Borrowings	63 Cr	70 Cr	72 Cr	104 Cr
Other liabilities	18 Cr	33 Cr	42 Cr	45 Cr
Total liabilities	157 Cr	203 Cr	232 Cr	377 Cr
Fixed assets (net)	14 Cr	13 Cr	11 Cr	16 Cr
CWIP	—	—	—	0.67 Cr
Investments	—	—	—	68 Cr
Inventories	60 Cr	70 Cr	87 Cr	90 Cr
Trade receivables	23 Cr	27 Cr	40 Cr	65 Cr
Cash & bank	4 Cr	17 Cr	9 Cr	6 Cr
Other assets	56 Cr	76 Cr	85 Cr	132 Cr
Total assets	157 Cr	203 Cr	232 Cr	377 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

Metric	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from operating activity	4 Cr	14 Cr	-5 Cr	-66 Cr
Cash from investing	-4 Cr	-6 Cr	12 Cr	-48 Cr
Cash from financing	-1 Cr	-3 Cr	-5 Cr	109 Cr
Net cash flow	-0.50 Cr	5 Cr	2 Cr	-6 Cr
Free cash flow (OCF − Capex)	2 Cr	11 Cr	-7 Cr	-74 Cr

Ratios

Metric	Mar 2023	Mar 2024	Mar 2025	Mar 2026
ROCE %	19.5%	22.9%	19.9%	14.7%
ROE %	15.7%	18.9%	16.7%	13.9%
Debtor days	18	17	29	39
Inventory days	48	44	64	57
Days payable	6	9	11	7
Cash conversion cycle	61	53	82	89
OCF / EBITDA %	15.0%	37.0%	-15.8%	-254.8%
OCF / EBITDA % (3 years)	—	—	13.8%	-59.6%
Debt / equity	0.85	0.75	0.64	0.45
Current ratio	1.83	1.70	1.91	2.09
Net debt / EBITDA	2.15	1.37	2.00	3.74