Synopsis: An infra JV has emerged as the L-1 bidder for MMRCL’s Thane Ring Metro Project, securing a Rs 1,415 crore contract to build a 20.5 km elevated viaduct. With a 40:60 partnership split, the project is set to be completed within 36 months.
Two small-cap stocks are in the spotlight after their joint venture emerged as the L1 bidder, with the winning bid at Rs 1,415. One operates in EPC and infrastructure maintenance across roads, bridges, flyovers, and related assets, while the other is a global EPC player with a diversified presence in power transmission, oil and gas pipelines, railways, and biomass-based power generation.
With a market cap of Rs 5,705 Cr H.G. Infra Engineering Ltd (HGIEL) is in focus, the stock hit an intra day high of Rs 915.9 which is a 6 percent rise from the previous close of Rs. 863.90.
What’s the News?
On November 21 2025, H.G. Infra Engineering Limited informed that, in joint venture with Kalpataru Projects International Ltd., it has been declared the L-1 bidder by Maharashtra Metro Rail Corporation Limited (MMRCL) for an Engineering, Procurement and Construction (EPC) contract. In the JV, H.G. Infra holds a 40 percent share and Kalpataru holds 60 percent .
The project involves the design and construction of a 20.527 km elevated metro viaduct between the UG Ramp and Balkum Naka, including a depot approach viaduct and three special spans, as part of the Thane Integral Ring Metro Project. The winning bid value stands at Rs 1,415 crore against MMRCL’s estimated cost of Rs 1,424 crore, with a construction timeline of 36 months from the date of award. The contract is domestic in nature, awarded directly by MMRCL.
While HGIEL stocks soared, Kalpataru Projects International Ltd (KPIL) stocks did not react positively to the news, instead KPIL fell to an intraday low of Rs 1193, a 2.9 percent fall from the previous close.
Business Overview
H.G. Infra Engineering Ltd. has reported strong project wins in Q2FY26, including a Rs 6,465 million BESS contract from GUVNL in Gujarat, a Rs 1,178 million facility project from the Military Engineering Services in Mumbai, and a Rs 274.11 crore order from DLF for access road development at DLF Downtown Phase-2 in Gurugram, to be completed in 548 days. It also signed new agreements with MoRTH for the Koel Puriforma Ayodhya project and another BESS project with GUVNL.
As of September 2025, the orderbook stood at Rs 1,39,327 million, well diversified across highways, metro, transmission, and renewable projects, with Maharashtra accounting for the largest share at 35.8 percent.
Financial Overview
H.G. Infra Engineering Ltd. had Rs 9,045 million in revenue for Q2FY26, which is a 0.2 percent increase from Q2FY25’s Rs 9024 million. While the H1FY26’s revenue fell by 1.8 percent to Rs 23,867 million from Rs 24,304 million in H1FY25.
The Net Profit for Q2FY26 was at Rs 518 million which is 35.8 percent lesser than Q2FY25’s Rs 807 million. While the same value for H1FY26 is Rs 1511 million which is a 37.9 percent fall from H1FY25’s Rs 2432.
H.G. Infra Engineering Limited (HGIEL) is an Indian road infrastructure company engaged in Engineering, Procurement and Construction (EPC) services, including the development and maintenance of roads, bridges, flyovers, and other civil infrastructure projects.
-Adithya Menon
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