HG Infra Engineering

What HG Infra Engineering does

H.G. Infra Engineering Limited (HGIEL) is an Indian infrastructure construction company incorporated in 2003 and headquartered in Jaipur, Rajasthan (registered office in Jodhpur). It is publicly listed on the NSE (ticker HGINFRA) and BSE and operates a workforce of 724+ professionals across more than 15 Indian states. The company executes civil infrastructure projects primarily on Engineering, Procurement & Construction (EPC) and Hybrid Annuity Model (HAM) bases for central and state government agencies — notably the Ministry of Road Transport and Highways (MoRTH), the National Highways Authority of India (NHAI), Indian Railways, the Delhi Metro Rail Corporation (DMRC), the Maharashtra Metro Rail Corporation, state Public Works Departments, and energy utilities including GUVNL and NTPC — together with private infrastructure developers such as Adani Road Transport, Welspun Enterprises, and IRB Infrastructure. Major contract awards include the Ganga Expressway (Rs 4,970.99 crore, completed June 2026), the Pune-Shirur six-lane corridor (Rs 3,931.11 crore), the Odisha Capital Region Ring Road Package-III (Rs 15.82 billion / ~Rs 1,582.11 crore), and the Varanasi-Ranchi-Kolkata Highway in Jharkhand.

HGIEL operates five core business segments: Roads & Highways (EPC and HAM), Railways (station redevelopment, track modernization, freight corridors), Metro (elevated corridors, viaducts, stations), Renewable Energy (solar PV plants and Battery Energy Storage Systems), and Transmission & Distribution (T&D). Its execution technology stack combines a large in-house equipment fleet, mechanized construction, in-site advanced materials laboratories, and an enterprise IT backbone on SAP S/4HANA, SuccessFactors, Ariba, and Concur. Vendor-supplied smart-road and IoT features are deployed on select projects. The company's certified management systems include ISO 9001:2015 (Quality), ISO 14001:2015 (Environment), ISO 45001:2018 (Occupational Health & Safety), and ISO 27001:2022 (Information Security).

Revenue is generated through two streams: (i) one-time EPC contract revenue recognized on project progress milestones under fixed-price tenders, and (ii) HAM project revenue that pairs upfront construction revenue with multi-year annuity income over the concession period. Pricing is set entirely through competitive bidding — there are no published rates, no SaaS-style recurring subscription, and no consumer retail channel. For Q4 FY26 the company reported Rs 1,426.80 crore in consolidated revenue from operations (+4.84% YoY) against an executable order book of approximately Rs 9,000 crore (2.5–4x book-to-bill). Profitability has come under pressure, with Q4 FY26 consolidated net profit of Rs 85.09 crore declining 42.1% year-on-year and Q3 FY26 net profit of Rs 94.28 crore declining 18.1% year-on-year. The company is pursuing capital recycling by divesting completed HAM SPVs to Highways Infrastructure Trust and the Neo Infra Income Opportunities Fund, holds an ICRA AA- (Positive) long-term credit rating, and is currently contesting an Income Tax demand of Rs 154.55 crore for assessment year 2018-19 and a separately disclosed CBI search matter.

Name

HG Infra Engineering

Legal name

H.G. Infra Engineering Ltd.

Website

https://hginfra.com

Company type

Public

Founded year

2003

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

HG Infra Engineering is an Indian EPC and HAM infrastructure contractor, publicly listed on NSE/BSE (HGINFRA), executing roads, highways, railway, metro, solar, BESS, and transmission projects for central and state government agencies and select private developers across 15+ Indian states.

Ownership category

akta.pro rank

Product category

Highway and Infrastructure Construction Services

NAICS

Highway, Street, and Bridge Construction (237310), Power and Communication Line and Related Structures Construction (237130), Heavy and Civil Engineering Construction (237), Utility System Construction (2371)

SIC

Heavy Construction Other Than Bldg Const - Contractors (1600), Water, Sewer, Pipeline, Comm & Power Line Construction (1623), Services-Engineering Services (8711)

akta.pro primary industry

Interchanges, Ramps & Flyovers Construction (IMAFAEAD)

akta.pro secondary industries

Construction Management & General Contracting (EPCM, Scheduling, QA/QC, HSE) (EUAMAFAJ), Civil & Site Works EPC (Earthworks, Roads, Drainage, Foundations) (EUAEADAA), Overhead Transmission Line EPC (HV/EHV) (EUAEABAA)

Keywords

• Highway construction services
• Railway infrastructure development
• Metro rail construction
• Renewable energy projects
• Transmission distribution infrastructure

Headquarters

HQ city

Jodhpur

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. EPC (Engineering, Procurement & Construction) Projects: Fixed-price contracts for civil construction works on roads, highways, railways, and metro projects. Revenue recognized based on project progress and completion milestones. These are one-time project-based revenues.
2. HAM (Hybrid Annuity Model) Projects: Hybrid Annuity Model projects provide both construction revenue during execution phase and annuity payments over the concession period. Combines upfront EPC revenue with long-term recurring income stream from toll/annuity operations.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels6 records

Core offering

H.G. Infra Engineering Limited executes large-scale infrastructure construction projects on Engineering, Procurement & Construction (EPC) and Hybrid Annuity Model (HAM) bases. Its core offerings span five verticals: Roads & Highways (national expressways, four/six-lane corridors, access-controlled roads), Railways (station redevelopment, track construction, bridges), Metro (elevated corridors, viaducts, stations), Renewable Energy (solar PV and Battery Energy Storage Systems), and Transmission & Distribution (interstate power lines, substations). Projects are awarded through competitive bidding to central/state government agencies and private infrastructure developers across 15+ Indian states.

Product overview

H.G. Infra Engineering Ltd. is a leading infrastructure development company offering an integrated portfolio of infrastructure solutions across five core business segments: Roads & Highways (EPC and HAM-based highway projects), Railways (station redevelopment, track construction, and modernization), Metro (elevated corridors and station construction), Renewable Energy (solar PV plants and Battery Energy Storage Systems), and Transmission & Distribution. The company executes projects on an Engineering, Procurement & Construction (EPC) basis and Hybrid Annuity Mode (HAM), serving government agencies including MoRTH, NHAI, DMRC, and Indian Railways, as well as private clients.

Differentiator

Problem solved

Functional benefit

Brands

• H.G. Foundation: The philanthropic arm of H.G. Infra Engineering, established to support CSR and community welfare projects in education, healthcare, rural development, animal welfare, environmental sustainability, and poverty alleviation.

Products and services

• Roads & Highways Development and construction of world-class road networks including national expressways, four-lane and six-lane corridors, access-controlled roads, bypasses and state highways. Delivered on EPC and HAM models for government agencies and private developers.
• Railways Railway infrastructure services including redevelopment of major railway stations, construction of new railway lines, track modernization, bridge development and freight corridor works for Indian Railways and RLDA.
• Metro Rail Infrastructure Metro rail infrastructure development including elevated corridors, viaducts, metro stations and depot infrastructure for urban mass transit systems serving clients such as DMRC and Maha Metro.
• Renewable Energy (Solar & BESS) Development and execution of solar power projects, battery energy storage systems (BESS) and hybrid energy solutions for clients such as GUVNL and NTPC under schemes including PM-KUSUM.
• Transmission & Distribution (T&D) Power transmission and distribution network construction including interstate transmission lines and substations awarded via tariff-based competitive bidding under BOOT model by agencies such as RECPDCL and PFC.

Quantifiable outcome

• Q4 FY26: Revenue Rs 1,426.80 crore (+4.84% YoY), Net profit Rs 85.09 crore (-42.1% YoY)
• +4 more outcomes

Named customers17 records

Segments8 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators18 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Sadbhav Engineering: Listed Indian infrastructure EPC firm with overlapping activity in roads/highways, mining, and irrigation under HAM and BOT models, serving similar government clients.
• Dilip Buildcon: Indian highway EPC and HAM contractor listed on NSE/BSE with similar central government client base (NHAI, MoRTH) and a comparable focus on road construction, bridges, and HAM concessions across multiple states.
• PNC Infratech: NSE/BSE-listed infrastructure EPC company executing highways, expressways, bridges, and airport runways under EPC and HAM, with comparable government client mix and large order-book dynamics.
• KNR Constructions: Indian highway and irrigation EPC contractor with overlapping NHAI/state PWD client base, similar HAM execution model, and pan-India project footprint.
• GR Infraprojects: Recently listed Indian EPC company focused on roads, highways, and HAM/BOT projects for NHAI and state governments, with comparable contract sizes and equipment-led execution model.
• IRB Infrastructure Developers: Listed Indian highway developer and EPC operator; HGIEL executes HAM/EPC projects for IRB, making IRB both a customer and a directly comparable peer in toll-road concessions.
• Ashoka Buildcon: NSE/BSE-listed EPC company executing highways, bridges, and power transmission projects under HAM/BOT, with similar government-led order book and equipment-heavy execution approach.
• Tata Projects: Indian EPC company (Tata Group) with overlapping activity in metro rail, railways, power T&D, and highways, listed as a customer of HGIEL and a directly comparable infrastructure contractor.

Broad incumbents

• NCC Limited (Nagarjuna Construction): Diversified Indian construction conglomerate with significant roads, buildings, water, and electrical T&D EPC exposure, comparable as a broader incumbent in the same competitive bidding universe.
• Larsen & Toubro: India's largest EPC conglomerate with major roads, railways, metro, power T&D, and renewables exposure; competes with HGIEL for large government contracts and provides a scale benchmark for the sector.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@HGInfraOfficial
• Facebookfacebook.com/hginfra01
• LinkedInin.linkedin.com/company/hg-infra-engineering-limited
• Instagraminstagram.com/hginfra

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries6 records

Funding overview

Funding rounds1 record

Investors11 records

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 HG Infra Engineering