NSE: HGINFRA | BSE: 541019

Weak Stock

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652.80 -14.55 (-2.18%)

New 52W Low today

130.5K NSE+BSE Volume

NSE 21 Jan, 2026 3:31 PM (IST)

4,254.4

Market Cap

High in industry

Beta 1Year

Very High Volatility

HG Infra Engineering Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for HGINFRA, BSE:541019 HG Infra Engineering Ltd.

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HG Infra Engineering Ltd.

17 Nov 2025

652.80

-2.18%

Walking a tightrope

Hold: HG Infra Engineering Ltd.

Target

ICICI Securities Limited

HG Infra (HG) reported a soft Q2FY26, with revenue up 8.4% YoY but short of our expectation due to delayed project starts and slower execution. EBITDA declined 16% YoY to INR 1.5bn, as margins shrank 368bps YoY to 12.7%, impacted by lower operating leverage.

HG Infra Engineering has lost -40.75% in the last 6 Months

HG Infra Engineering Ltd.

17 Nov 2025

652.80

-2.18%

Muted show, softer order inflows with high debt; BUY with lower TP

Buy: HG Infra Engineering Ltd.

Target

Anand Rathi

HG Infra’s revenue grew 8.4% y/y to ~Rs11.5bn in Q2, led by higher execution albeit partially impacted by prolonged monsoon. EBITDA margin fell to 12.7% from 16.4% in Q2 FY25, due to one-time provisioning.

Number of FII/FPI investors decreased from 107 to 100 in Dec 2025 qtr

HG Infra Engineering Ltd.

17 Nov 2025

652.80

-2.18%

HG Infra Engineering

Buy: HG Infra Engineering Ltd.

Target

ICICI Direct

Well placed to fund HAM equity: The total equity requirement for 11 HAM projects stands at 1,709 crore, of which 1,165 crore has already been infused as of September 2025. With a major portion already funded and additional liquidity expected from upcoming asset monetization (1,384 crore in net cash proceeds for equity investment, likely to complete by FY26 end), the...

Number of FII/FPI investors decreased from 107 to 100 in Dec 2025 qtr

HG Infra Engineering Ltd.

14 Nov 2025

652.80

-2.18%

H.G. Infra Engineering: Q2FY26 Result Review

Buy: HG Infra Engineering Ltd.

Target

IDBI Capital

HG Infra delivered a mixed set of results in Q2FY26 that underline execution progress on its large road/HAM portfolio but also reflect near-term noise from project accounting, higher financing and working-capital needs, on a standalone basis revenue rose to Rs11.5bn in Q2 vs Rs10.6bn a year ago (+8.4% YoY) but declined sharply QoQ from Rs17bn in Q1, driven by phasing of project billings. EBITDA dropped to Rs1.5bn with 12.7% margin versus 16.4% last year and PAT fell to Rs673mn, at 5.8% margin, reflecting higher finance costs and some oneoff provisions taken on specific contracts. We maintain BUY rating on the stock with revised TP at Rs1,126 value at 10x FY26E EPS. Q2 consolidated revenue was...

HG Infra Engineering has lost -40.75% in the last 6 Months

HG Infra Engineering Ltd.

08 Oct 2025

652.80

-2.18%

H.G. INFRA ENGINEERING LIMITED

Buy: HG Infra Engineering Ltd.

Target

Geojit BNP Paribas

The company plans to derive 3040% of its order book over the next 23 years from non-road segments, including railways, metros, renewable energy, and transmission projects. During the quarter, HG Infra has received its first transmission projects worth...

Number of FII/FPI investors decreased from 107 to 100 in Dec 2025 qtr

HG Infra Engineering Ltd.

21 Aug 2025, 12:00AM

652.80

-2.18%

Q1 orders, execution sustained; Half OB yet to start execution; Buy with lower TP

Buy: HG Infra Engineering Ltd.

Target

Anand Rathi

Beating ARe, HG Infra’s Q1 ~Rs17.1bn revenue (up 13.5% y/y) reflects its strong execution abilities. The dip in the 13.8% EBITDA margins (16.2%, Q1 FY25) is attributed to one-time provisions.

HG Infra Engineering has lost -40.75% in the last 6 Months

HG Infra Engineering Ltd.

17 Aug 2025

652.80

-2.18%

H.G. Infra Engineering: Q1FY26 Result Review

Buy: HG Infra Engineering Ltd.

Target

IDBI Capital

HG Infra (HGIEL) Q1FY26 performance was mixed, with a softer undertone despite healthy standalone revenue growth. On a standalone basis, revenue came in at Rs17,092.4mn, representing a 13.5% YoY increase but a 13.4% sequential decline. Profit after tax fell 10.1% YoY and 40.9% QoQ to Rs1,254.7 mn, as EBITDA margins contracted to 13.8% from 15.9% a year earlier. The fall in profitability was largely driven by a Rs43 crore one-off margin correction in the Ganga Expressway project due to a change in law provision, alongside higher finance costs and impairment provisions on receivables. Standalone PAT...

HG Infra Engineering has lost -40.75% in the last 6 Months

HG Infra Engineering Ltd.

17 Aug 2025

652.80

-2.18%

On-track execution aids in steady core performance

Buy: HG Infra Engineering Ltd.

Target

Emkay

HGIEL posted 14%/1% YoY revenue/EBITDA growth in Q1FY26 to Rs17.1/2.5bn, respectively, while RPAT stood at Rs1.3bn.

Number of FII/FPI investors decreased from 107 to 100 in Dec 2025 qtr

HG Infra Engineering Ltd.

16 Aug 2025

652.80

-2.18%

Execution risk intensifying; downgrade to HOLD

Hold: HG Infra Engineering Ltd.

Recommendation Target

ICICI Securities Limited

Order awarding in the road sector has been soft for the past two years, impacting HG Infra’s (HG) order book (OB), now at INR 147bn (2.2x TTM revenues) – part of this (INR 31bn) is yet to receive appointed date.