Highway Infrastructure

What Highway Infrastructure does

Highway Infrastructure Limited (HIL) is a publicly listed Indian infrastructure services company headquartered in Indore and operating across at least seven states. Its core activity is operating and maintaining toll plazas on national and expressway corridors under contracts awarded by the National Highways Authority of India (NHAI) and state development authorities; this segment contributed approximately 77-78% of revenue in FY26. Active toll sites include Kaza Fee Plaza (NH-16, Andhra Pradesh), Katiyara Fee Plaza (NH-319, Bihar), Jawar Fee Plaza (NH-530B, Uttar Pradesh), Mundka Fee Plaza (UER-11, Delhi/Haryana), and multiple plazas on the Vadodara-Mumbai Expressway and Delhi-Vadodara Greenfield Expressway. The remaining revenue comes from EPC road construction, including the Kumedi-Lasudiya Mori corridor for the Indore Development Authority and residential road development work in partnership with Sacham Highway Real Estates.

The company generates revenue through two distinct mechanics: recurring toll user-fee collection at highway plazas (a transaction-fee model with contracted multi-year concessions) and one-time EPC construction contracts with defined execution timelines. Goto-market is entirely via competitive bidding on government tenders, with no consumer-facing pricing or private-sector channel. The order book stood at approximately Rs 1,160 crore in January 2026, with the tollways collection portion growing 404% since March 2025 to Rs 5.75 billion, providing multi-year revenue visibility.

HIL listed on Indian stock exchanges on August 12, 2025, and reported FY26 revenue of Rs 608 crore (up 22.65% YoY) and net profit of Rs 32.06 crore (up 62.99%). Management has guided to Rs 1,000 crore revenue in FY27 and is pursuing Rs 150-200 crore of additional EPC projects over the next two years. The company is promoter-led, with Arun Kumar Jain as Managing Director and Anoop Agrawal as Whole-time Director, both reappointed for three-year terms effective May 5, 2026.

Name

Highway Infrastructure

Legal name

Highway Infrastructure Limited

Website

https://highwayinfrastructure.in

Company type

Public

Founded year

2025

Operating status

Operating

Headcount range

251–500 employees

Short description

Highway Infrastructure Limited is an Indore-based, publicly listed Indian infrastructure services company that operates toll plazas and undertakes EPC road construction contracts, primarily for NHAI and state government authorities across multiple Indian states.

Ownership category

akta.pro rank

Product category

Highway Infrastructure and Toll Operations

NAICS

Highway, Street, and Bridge Construction (237310)

akta.pro primary industry

Tolling, Pricing & Revenue Operations (Toll Roads, Congestion Pricing, Enforcement) (BPAIALAH)

akta.pro secondary industries

Highway & Roadway Construction (Highways, Arterials, Streets) (IMAFAEAA), Managed Services & Operations Outsourcing for Tolling/RUC Programs (TLAJABAL)

Keywords

• Highway construction
• Toll plaza operations
• Road infrastructure
• EPC road projects
• Highway maintenance services

Headquarters

HQ city

Indore

HQ country

India

HQ region

Asia

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Marketing or Sales

Revenue model

1. Toll Collection Operations: Core revenue stream from operating and maintaining toll plazas on national highways under NHAI contracts. Revenue generated through user fee collection at highway plazas. For FY25, toll collection accounted for over 77% of total revenue.
2. EPC Road Construction: Engineering, Procurement and Construction contracts for road development projects awarded by state development authorities. These are one-time project-based contracts with defined execution timelines.
3. Construction Orders: Construction contracts for residential and road development projects from private and government entities, executed over fixed timelines.

Go-to-market motion2 records

Distribution channels1 record

Core offering

Highway Infrastructure Limited operates and maintains toll plazas on national highways under contracts awarded by the National Highways Authority of India (NHAI), collecting user fees at fee plazas across multiple Indian states. The company also undertakes Engineering, Procurement and Construction (EPC) road development projects, including expressway corridors, bypasses, and residential road infrastructure, awarded by state development authorities. Toll collection operations account for over 77% of total revenue.

Product overview

Highway Infrastructure Limited (HIL) operates as a diversified infrastructure company offering toll plaza management and road development services. The company primarily operates toll collection and maintenance contracts awarded by the National Highways Authority of India (NHAI), managing fee plazas across multiple states including Andhra Pradesh, Bihar, Gujarat, Uttar Pradesh, Delhi/Haryana, and Rajasthan. The core product portfolio centers on Toll Operations services, which account for approximately 78% of revenue and include fee collection, highway maintenance, and facility upkeep at toll plazas. The company also undertakes EPC (Engineering, Procurement, and Construction) road development projects, such as residential corridor developments in Indore. The company's order book has grown significantly, reaching approximately Rs 1,160 crore as of January 2026, with the tollways collection segment showing 404% growth since March 2025.

Differentiator

Problem solved

Functional benefit

Products and services

• Kaza Fee Plaza Operations Toll collection and facility maintenance services at Kaza Fee Plaza on NH-16 in Andhra Pradesh, covering the 82.5 km Chilakaluripet-Vijayawada section. This is the company's largest single toll operations mandate with a contract value of ₹328.77 crore, intended for NHAI.
• Katiyara Fee Plaza Operations Toll collection and facility maintenance services at Katiyara Fee Plaza in Rohtas district, covering NH-319 in Bihar, awarded by NHAI.
• Vadodara-Mumbai Expressway Toll Operations Toll collection, maintenance, and related services along key sections of the Vadodara-Mumbai Expressway in Gujarat, including Moti Naroli Fee Plaza operations.
• Jawar Fee Plaza Operations Toll collection services at Jawar Fee Plaza on National Highway-530B in Uttar Pradesh, covering a 66-kilometre stretch with maintenance of adjoining facility blocks.
• Mundka Fee Plaza Operations Toll collection management at Mundka Fee Plaza on the UER-11 highway project spanning Delhi and Haryana.
• Kumedi-Lasudiya Mori Corridor Development EPC road development project for the Kumedi-Lasudiya Mori corridor up to A.B. Road in Indore, awarded by the Indore Development Authority under Town Planning Scheme-08 with a 2.5-year execution timeline.
• Residential Road Development - Indore Road construction project for developing residential infrastructure in Indore, executed in collaboration with Sacham Highway Real Estates.

Quantifiable outcome

• Tollways collection order book grew 404% since March 2025 to ₹5.75 billion
• +4 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators14 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Dilip Buildcon: Major Indian EPC contractor focused on highways, roads, and bridges with significant NHAI/state authority order book. Mirrors HIL's EPC revenue stream and government-tied project pipeline.
• GR Infraprojects: Highway-focused EPC and BOT/toll operator with a strong NHAI order book. Direct competitor on toll O&M tenders and road construction bids.
• IRB Infrastructure Developers: One of India's largest highway toll operators and EPC contractors with a nationwide BOT/toll O&M portfolio. Directly comparable to Highway Infrastructure on NHAI toll collection contracts and EPC road building execution.
• Ashoka Buildcon: Specializes in highway EPC and toll BOT concessions across India with NHAI relationships. Closely comparable on project profile, government customer base, and revenue mix.
• Sadbhav Engineering: Indian infrastructure EPC company with strong presence in road, highway, and BOT toll projects. Competes for similar NHAI concessions and EPC awards.
• MEP Infrastructure Developers: Indian company operating toll plazas under NHAI concessions and executing road infrastructure projects. Highly comparable business mix centered on toll collection and O&M.

Broad incumbents

• Reliance Infrastructure: Large Indian infrastructure conglomerate with road, metro, and toll road assets. Relevant as an established incumbent competing for NHAI and state authority highway contracts.
• Larsen & Toubro: Diversified Indian EPC conglomerate with a major transportation infrastructure arm covering highways, bridges, and metros. Competes with HIL on large NHAI road tenders despite a much broader portfolio.
• NCC Limited: Indian construction major with a sizable roads and highways division executing NHAI/state authority projects. Comparable on EPC capabilities though diversified into buildings, water, and electrical.

Regional players

• KMC Constructions: Mid-sized Indian road construction and toll management company with a Central India footprint including Madhya Pradesh. Geographic and operational overlap with HIL's Indore base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Highway Infrastructure