The article outlines the order book details and growth outlook of the company, which is an integrated Indian infrastructure development and management company based in Indore, Madhya Pradesh
With a market capitalization of Rs 322 crore, Highway Infrastructure Ltd’s share closed at Rs 45.1 per share, up by 5.40 percent from its previous close. The stock of the company gave a negative return of 44 percent over the last year.
Highway Infrastructure Limited is an Indian infrastructure company engaged in tollway collection, EPC, and real estate development. Incorporated in 2006 and headquartered in Indore, Madhya Pradesh, the company operates across multiple states in India and was listed on the stock exchanges in August 2025.
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Its business is mainly driven by tollway collection, where it manages toll operations across various highway projects. The company also undertakes EPC projects involving roads, bridges, and other infrastructure, along with real estate development.
Financial Highlight: QoQ basis, Revenue increased to Rs 303.28 crore in Q1 FY27 from Rs 274.63 crore in Q4 FY26, up 10.43 percent. Operating Profit Margin dropped to 1.25 percent from 4.92 percent in Q4 FY26, down QoQ, while net profit declined to Rs 1.06 crore from Rs 8.69 crore, down 87.80 percent QoQ. EPS fell to Rs 0.15 in Q1 FY27 from Rs 1.23 in Q4 FY26, registering an 87.80 percent QoQ decline
YoY View: Revenue grew to Rs 303.28 crore in Q1 FY27 from Rs 111.95 crore in Q1 FY26, registering a 170.91 percent increase YoY. Operating Profit Margin fell to 1.25 percent in Q1 FY27 from 10.30 percent in Q1 FY26, down 905 basis points YoY, while net profit declined to Rs 1.06 crore from Rs 7.19 crore, down 85.26 percent YoY. EPS stood at Rs 0.15 in Q1 FY27, down 88 percent from Rs 1.25 in Q1 FY26.
Order Book and Revenue Visibility
Highway Infrastructure had a consolidated order book of around Rs 778 crore as of June 30, 2026, comprising Rs 507 crore from EPC and Rs 271 crore from tollway collection. The EPC order book includes major projects from a multi-storied residential building in Indore to a master plan road, and the TPS 08 Town Planning Road.
The company also secured additional orders after the quarter. During the earnings call, management said its total work orders had increased to around Rs 900 crore, including nearly Rs 500 crore from EPC and Rs 400 crore from toll projects. This includes the Rs 28.7 crore Kozhinjipatti toll contract and other recent Tamil Nadu wins. The company currently has 24 executable EPC projects.
At the latest market capitalisation of around Rs 322 crore, the Rs 778 crore June order book is equivalent to around 242 percent of its market capitalisation, or about 2.4 times its market value. Management expects around Rs 150 crore of EPC revenue in FY27 and Rs 200 crore in FY28 from existing executable projects, providing visibility for future execution.
Revenue Guidance and Future Outlook
Management has set a target of Rs 850 crore turnover for FY27, compared with Rs 608 crore in FY26, implying around 40 percent growth. For FY27, the company is targeting around Rs 700 crore from toll operations, with the remaining revenue expected from the EPC business.
For FY28, management is targeting turnover of around Rs 1,200 crore, compared with the FY26 base of Rs 608 crore. This represents nearly 98 percent growth over FY26. The company expects existing EPC projects to contribute around Rs 150 crore in FY27 and Rs 200 crore in FY28, supporting revenue visibility.
The company expects growth to be supported by new toll contracts, higher traffic volumes, EPC execution and geographic expansion. Management said Q1 weakness was largely temporary and expects recovery as traffic normalises. It is also actively bidding for projects in Tamil Nadu, Andhra Pradesh, Telangana and the eastern region, while exploring newer areas such as renewable energy and transmission.
For investors, Highway Infrastructure may be relevant to those comfortable with small-cap infrastructure stocks and higher execution risk, while looking for companies with strong order book visibility and high growth targets. The Rs 778 crore order book against a market cap of around Rs 322 crore, along with the FY27 revenue target of Rs 850 crore, provides a clear growth opportunity if execution remains on track.
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However, investors should also consider the company’s low profitability in Q1 FY27 and the volatility in its toll business, where revenue and margins depend on traffic volumes. The company is also expanding into new geographies and newer segments, which can create additional opportunities but also execution challenges. Therefore, the stock may suit investors with a higher risk appetite and a longer investment horizon, rather than those looking for stable near-term earnings.