Synopsis: H.G. Infra Engineering Limited reported a challenging FY26, with standalone revenue declining 6.4% year-on-year to ₹5,666.68 Cr and standalone PAT falling 32.6% to ₹389.14 Cr. Margins also weakened sharply during the year amid higher execution costs and slower project momentum. The results come alongside an ongoing CBI investigation, key management reshuffling, and a final dividend recommendation of ₹2 per share making FY27 a crucial reset year for the infrastructure major.
Shares of H.G. Infra Engineering Limited, with a market capitalization of Rs.3,856.83 crore, is trading at a price of Rs.591.80 i.e. 2.27% down from its previous closing price of Rs.605.55. The stock touched an intraday high of Rs.607.95 and a low of Rs.589.55. It is trading at a P/E ratio of 11.95.
FY26 RESULTS — REVENUE AND PROFITS UNDER PRESSURE
H.G. Infra Engineering Limited announced its audited standalone and consolidated FY26 financial results on May 28, 2026. On a standalone basis, revenue from operations for FY26 stood at ₹5,666.68 Cr, compared to ₹6,051.88 Cr in FY25, reflecting a year-on-year decline of approximately 6.4%.
Profitability saw a much sharper decline. Standalone PAT for FY26 came in at ₹389.14 Cr, down 32.6% from ₹577.12 Cr reported in the previous year. Consequently, earnings per share (EPS) declined to ₹59.71 from ₹88.55 in FY25.
Operating performance also weakened during the year. Standalone EBITDA margin compressed to 12.94% compared to 15.71% in FY25, indicating pressure from rising contract execution costs and site-related expenses.
The fourth quarter of FY26 was particularly weak. Q4 standalone revenue stood at ₹1,449.77 Cr against ₹1,973.01 Cr in Q4 FY25, marking a steep decline of nearly 26.5% year-on-year.
Q4 standalone PAT dropped sharply to ₹96.86 Cr from ₹212.37 Cr during the corresponding quarter last year, reflecting a fall of more than 54%. The weak quarterly performance reflects both a high base effect from FY25 and execution slowdowns across certain infrastructure projects during the quarter.
On a consolidated basis, revenue for FY26 stood at ₹5,234.67 Cr, while consolidated PAT came in at ₹329.81 Cr. Consolidated results included exceptional gains of ₹51.04 Cr related to the disposal of certain subsidiary SPVs during the year.
CBI INVESTIGATION REMAINS A KEY INVESTOR OVERHANG
A major development impacting investor sentiment around the company has been the ongoing CBI investigation initiated earlier this year. According to disclosures highlighted in the auditor’s report, the Central Bureau of Investigation (CBI), Anti-Corruption Bureau, Patna, registered an FIR on January 21, 2026 under various sections of the Prevention of Corruption Act. Searches were conducted at company offices as well as the residence of Chairman and Managing Director Harendra Singh. Four employees were taken into custody during the proceedings.
The company stated that cash amounting to Rs. 7.7 lakhs was recovered from one employee, while Rs. 9.3 lakhs was recovered from the CMD’s residence and classified as personal funds. Importantly, all four employees have since been granted bail, and no charge sheet has been filed against either the company or its employees as of the reporting date.
The auditors, M/s M S K A & Associates LLP and M/s Shridhar & Associates, have included the matter under an “Emphasis of Matter” section but have not modified their audit opinion. The auditors also noted that the company has appointed an external firm to independently review certain aspects related to the investigation.
MANAGEMENT RESET, CFO TRANSITION & DIVIDEND
Alongside the results, H.G. Infra also announced significant leadership changes. The Board approved the appointment of Mr. Vikas Jain as the new Chief Financial Officer and Key Managerial Personnel effective July 13, 2026. Mr. Jain brings more than 27 years of experience across EPC, infrastructure, engineering, and oil & gas sectors, with expertise in fundraising, treasury management, IPO execution, and project finance.
The outgoing CFO, Mr. Rajeev Mishra, will transition into the role of Head Investor Relations and Corporate Affairs. The company also appointed Mr. Janesh Kumar as Chief Human Resource Officer with effect from May 29, 2026.
Despite the operational challenges and governance concerns during FY26, the Board recommended a final dividend of ₹2 per equity share, representing 20% on the face value of ₹10 per share. The record date for dividend entitlement has been fixed as August 12, 2026, while the company’s 24th Annual General Meeting is scheduled for August 19, 2026.
OUTLOOK
FY26 was clearly a difficult year for H.G. Infra Engineering, marked by revenue contraction, margin pressure, governance-related concerns, and slower execution momentum. However, the company continues to maintain a large and diversified infrastructure portfolio spanning roads, highways, railways, solar projects, BESS infrastructure, and renewable energy assets through a wide network of subsidiaries.
Going into FY27, investors are likely to focus on execution recovery, margin stabilization, order inflows, renewable energy expansion, and further developments related to the ongoing CBI investigation.
The newly appointed management team will also be closely watched for signs of operational stabilization and governance strengthening as the company attempts to rebuild investor confidence.
Company Overview
H.G. Infra Engineering Limited is a Jaipur-headquartered infrastructure EPC company engaged in roads, highways, railways, solar plants, battery energy storage systems (BESS), and renewable energy infrastructure development across India.
Founded by Chairman and Managing Director Harendra Singh, the company operates through an extensive portfolio of subsidiaries focused on highways, solar energy generation, transmission infrastructure, and clean energy projects. The company is listed on both NSE and BSE under the symbols HGINFRA and 541019 respectively.
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