NSE: HGINFRA | BSE: 541019

Mid-range Performer

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1118.90 19.30 (1.76%)

40.48% Fall from 52W High

10,321 NSE+BSE Volume

NSE 08 May, 2025 9:35 AM (IST)

7,292

Market Cap

High in industry

1.4

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.

HG Infra Engineering Ltd.

01 Feb 2020

1118.90

1.76%

Infrastructure: FY21 Budget Reduced funding for infrastructure

Buy: HG Infra Engineering Ltd.

Target

BOB Capital Markets Ltd.

Overall fund allocation for key infrastructure sectors has declined 4% YoY in Union Budget FY21 to Rs 5.5tn, with gross budgetary support at Rs 2.7tn (+10% YoY) the latter includes Rs 1.6tn (+7% YoY) towards roads and railways.

HG Infra Engineering Ltd. is trading below its 100 day SMA of 1216.0

HG Infra Engineering Ltd.

29 Jan 2020

1118.90

1.76%

H.G. Infra Engineering (3QFY20): Growth on track. Maintain BUY

Buy: HG Infra Engineering Ltd.

HDFC Securities

HG's NWC is ~58days, standalone debt reduction to Rs 2.7bn by FY20E is on track and HAM equity infusion of Rs 2.6bn will be met from internal accruals. HG targeted bid pipeline is robust at ~Rs 150bn (envisages securing HAM orders of ~Rs10bn and EPC orders of ~Rs10-15bn during 4QFY20). Lending institutions continue to draw comfort from the company's execution track record and financial position as it has achieved timely Financial Closure for its 3 HAM projects. Thus, HG is well placed to achieve FC for its incremental HAM projects. We maintain BUY. Key risks (1) Further delay in NHAI ordering activity; (2) Delays in receipt of pending dues from Rajasthan Project. HG Infra reported Rev/EBIDTA/APAT beat of 2.3/0.9/(3.8)% vs our estimates. The company continues to maintain EBITDA margin around the 15% mark. We maintain BUY on HG with SOTP based TP of Rs 441/Sh, valuing the EPC business at 12x FY21E EPS.

HG Infra Engineering.. has an average target of 1617.80 from 5 brokers.

HG Infra Engineering Ltd.

26 Dec 2019

1118.90

1.76%

First Light | HG Infra Engineering

Buy: HG Infra Engineering Ltd.

BOB Capital Markets Ltd.

Gurgaon-Sohna site visit indicates steady execution progress

HG Infra Engineering Ltd. is trading above its 50 day SMA of 1071.6

HG Infra Engineering Ltd.

24 Dec 2019

1118.90

1.76%

HG Infra Engineering (BUY): Gurgaon-Sohna site visit indicates steady execution progress

Buy: HG Infra Engineering Ltd.

Target

BOB Capital Markets Ltd.

We visited HG Infra's (HGIEL) Gurgaon-Sohna NHAI HAM project site and also met CMD Harendra Singh.

HG Infra Engineering Ltd. is trading below its 100 day SMA of 1216.0

HG Infra Engineering Ltd.

11 Nov 2019

1118.90

1.76%

H.G. Infra Engineering (2QFY20): Well positioned. Maintain BUY

Buy: HG Infra Engineering Ltd.

Target

HDFC Securities

HG delivered an inline performance during 2QFY20. About Rs 32bn of orders are expected to move into execution during 3QFY20, leading to a strong pickup in revenue from 4QFY20. The EPC bid pipeline is robust (HG hopes to secure EPC orders of ~Rs20bn and HAM orders of ~Rs10bn during 2HFY20). HG has received FC for its 2 HAM projects from 2 leading banks, highlighting the company's ability to secure funding in a market which values Infra companies with strong execution capabilities as well as strong financial health. We maintain BUY. Key risks (1) Further delay in NHAI ordering activity; (2) Delay in appointed dates for the company's HAM and EPC projects. HG Infra reported Rev/EBIDTA/APAT beat of 1/3/8.5% vs our estimates. Higher EBIDTA margins (+35bps vs estimate), stable interest cost/depreciation resulted in APAT beat. We maintain BUY on HG with SOTP of Rs 441/Sh, valuing the EPC business at 12x FY21E EPS.

HG Infra Engineering.. has an average target of 1617.80 from 5 brokers.

HG Infra Engineering Ltd.

25 Sep 2019

1118.90

1.76%

Infrastructure: Corporate tax cut an earnings booster; HG Infra to gain the most

Buy: HG Infra Engineering Ltd.

Target

BOB Capital Markets Ltd.

The corporate tax reduction announced last week will bump up standalone EPS by 2-13% for our infrastructure universe over FY20-FY22, with HGIEL benefiting the most.

HG Infra Engineering Ltd. is trading below its 100 day SMA of 1216.0

HG Infra Engineering Ltd.

14 Aug 2019

1118.90

1.76%

H.G. Infra Engineering Ltd: Robust Order Book Aiding Consistent Growth

Buy: HG Infra Engineering Ltd.

Karvy

Robust Order Book Aiding Consistent Growth: HG Infra has reported its Q1FY20 results broadly in line with our estimates. EBITDA margin has expanded by a marginal 21 bps to reach 15.1% for Q1FY20 on account ofhigher turnover (16.9% YoY growth) and lower material expenses (43.2% vs 50.1% as a % of sales).

HG Infra Engineering.. has an average target of 1617.80 from 5 brokers.

HG Infra Engineering Ltd.

13 Aug 2019

1118.90

1.76%

H.G. Infra Engineering (1QFY20): Inline performance. Maintain BUY

Buy: HG Infra Engineering Ltd.

HDFC Securities

HG delivered an inline performance during 1QFY20. The NWC days remained stable at 100 as Rajasthan State project contributed 38%/33days to debtor days. HG expects to realize it soon and revert to 60-65days of NWC. About Rs 23bn of orders will move into execution from 3QFY20-end, leading to a strong pickup in revenue from 2HFY20. The EPC bid pipeline is robust (HG plans to bid for ~Rs 500bn in EPC and selectively in HAM, post FC of 2 HAM). HG has received term sheet for 2 HAM projects and FC will get announced in Sep-19. We maintain BUY. Key risks (1) Slowdown in NHAI ordering; (2) High interest rates; and (3) Delay in appointed dates for HAM. HG Infra reported Rev/EBIDTA/APAT beat of (8)/(6.1)/0.1% vs our estimates. Higher EBIDTA margins (+30bps vs estimate), stable interest cost/depreciation resulted in inline profits. We maintain BUY on HG with SOTP of Rs 462/Sh, valuing the EPC business at 15x FY21E EPS.

HG Infra Engineering.. has an average target of 1617.80 from 5 brokers.

HG Infra Engineering Ltd.

13 Aug 2019

1118.90

1.76%

HG Infra Engineering (BUY): Revenue miss; expect steady growth momentum ahead

Buy: HG Infra Engineering Ltd.

BOB Capital Markets Ltd.

HG Infra's (HGIEL) Q1FY20 revenue grew 17% YoY to Rs 5.3bn but was below estimates due to delayed AD award for the Hapur-Moradabad project.

HG Infra Engineering Ltd. is trading below its 100 day SMA of 1216.0

HG Infra Engineering Ltd.

13 Aug 2019

1118.90

1.76%

HG Infra - 1QFY20 Result Update

Buy: HG Infra Engineering Ltd.

Target

Reliance Securities

HG Infra Engineering (HGINFRA) has reported a better-than-expected performance in 1QFY20 despite a marginal misses on revenue front, which grew by 17% YoY to Rs5.26mn (vs. our estimate of Rs5.35bn). While EBITDA grew by ~19% YoY to Rs795mn, EBITDA margin stood at 15.1% (+21bps YoY and -96bps QoQ) vs. our assumption of 15%. Higher-than-estimated margin and lower finance cost led to better-than-estimated 27% YoY growth in PAT to Rs344mn (vs. our estimate of Rs312mn). Having secured orders worth Rs36.5bn in FY19 (EPC components), HGINFRA did not bag any order in 1QFY20 due to slowdown in ordering activities. Order backlog stands at Rs57.1bn (2.7x of TTM revenue) as of 1QFY20-end vs. Rs62.2bn in FY19. Further, gross borrowings...

HG Infra Engineering Ltd. is trading below its 100 day SMA of 1216.0

Is HG Infra Engineering Ltd. worth buying?

278 Votes:

Buy 86.69%

Sell 5.76%

Hold 7.55%

RESEARCH REPORTS

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