H.G. Infra Engineering Limited has released its Annual Report for the financial year ended March 31, 2026, presenting a comprehensive overview of its financial performance, strategic progress, and corporate developments. The company's 24th Annual General Meeting (AGM) is scheduled for Wednesday, August 19, 2026, at 2:00 p.m. IST, to be held through Video Conference and Other Audio-Visual Means. The Board has recommended a final dividend of ₹2.00 per equity share of face value ₹10 each, with Wednesday, August 12, 2026, fixed as the record date.

Financial Performance

The company delivered the following standalone and consolidated results for the financial year ended March 31, 2026:

Standalone revenue declined 6.37% due to project execution timelines, while consolidated revenue grew 3.53%, supported by increasing contribution from renewable energy and HAM project subsidiaries. Profitability declined across both levels, primarily reflecting higher finance costs, input cost pressures, and solar project commissioning delays.

Order Book and Business Operations

H.G. Infra closed the financial year with a total order book of approximately ₹1,01,471 million, reflecting a healthy mix of government (94.00%) and private (6.00%) projects. Total order inflows for the financial year reached ₹45,042.51 million (excluding GST), including ₹14,232 million from strategic expansion into railway, metro, and renewable energy sectors. The company secured new orders worth approximately ₹4,504.25 crore including variations during FY 2025-26.

Significant orders secured during the year included a 300 MW/600 MWh Battery Energy Storage System project in Gujarat valued at EPC value of ₹6,982.3 million, a Thane Integral Ring Metro project valued at ₹14,150.00 million (Company's 40% share), a Capital Region Ring Road Package-III in Odisha under HAM valued at ₹15,821.10 million, and railway infrastructure works at Anuppur, Madhya Pradesh valued at ₹4,013.30 million.

Capital Structure and Debt

As of March 31, 2026, the company's standalone gross debt stood at ₹1,627 crore, comprising working capital borrowings, NCDs, and project-related debt. During the year, the company issued 40,000 Senior, Unsecured, Redeemable, Rated, Listed Non-Convertible Debentures of face value ₹1,00,000 each, aggregating to ₹400 crore, listed on the BSE Wholesale Debt Market. The net debt-to-equity ratio on a standalone basis stood at 51% compared to 37% in the previous year. The company's equity share capital remained unchanged at ₹651.71 million, comprising 6,51,71,111 equity shares of ₹10 each.

Dividend and AGM Details

The Board recommended a final dividend of ₹2.00 per equity share for FY 2025-26, subject to shareholder approval at the 24th AGM. The payout ratio stood at 3.35%. The dividend will be paid electronically to shareholders with updated bank details on or before Thursday, September 17, 2026.

Strategic Developments and Outlook

H.G. Infra continued its transformation from a roads-focused EPC company into a diversified infrastructure enterprise. The energy vertical, comprising solar, BESS, and transmission projects, now accounts for 19% of the order book. The company holds BESS agreements with GUVNL and NVVN for 1,470 MWh of combined capacity, with land acquisition completed for Banaskantha and Dholera projects. The solar portfolio under PM-KUSUM reached approximately 96.3% physical completion, with 131 plants commissioned and billing to DISCOMs underway. Three transmission projects were secured with a combined EPC contract value of ₹1,460 crore.

As part of its HAM asset monetisation strategy, the company completed the transfer of 100% stake in four HAM assets during FY26. Against a total estimated equity requirement of approximately ₹1,903 crore across 11 HAM projects, ₹1,210 crore had already been infused as of March 31, 2026. The company targets order inflows of ₹11,000 to ₹12,000 crore for FY27. ICRA reaffirmed the company's credit ratings at [ICRA]AA- (Positive) for long-term facilities and [ICRA]A1+ for short-term facilities.

Corporate Governance

The Board comprises eight directors, including three executive directors and five independent directors, two of whom are women. During the year, Mr. Devendra Bhushan Gupta was appointed as Whole-time Director effective June 1, 2025, following the resignation of Mr. Dinesh Kumar Goyal. The 24th AGM agenda includes special resolutions for re-appointment of Mr. Harendra Singh as Managing Director for a third term of five years (May 15, 2027 to May 14, 2032) and re-appointment of Mr. Vijendra Singh Choudhary as Whole-time Director for a third term of five years (May 15, 2027 to May 14, 2032), along with enhancement of borrowing limits to ₹8,000 crore and creation of charge limits to ₹20,000 crore.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE926X01010/9b0852da-901f-44a0-b785-51c3124a74fc.pdf

H.G. Infra Engineering Limited has completed the transfer of its remaining 51% stake in H.G. Raipur Visakhapatnam OD-5 Private Limited to Neo Infra Income Opportunities Fund, resulting in the entity ceasing to be a subsidiary of the infrastructure developer. The move marks the final step in divesting the special purpose vehicle (SPV), following earlier disclosures regarding the transaction process.

The company notified the BSE and NSE on July 23, 2026, under Regulations 30 and 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This filing serves as an intimation that the SPV is no longer consolidated into H.G. Infra Engineering’s financial statements as a subsidiary.

Transaction Details

The transfer involves the entire remaining equity holding of H.G. Infra Engineering in the SPV. Key details of the transaction are outlined below:

Regulatory Context

This announcement follows previous updates issued by the company on August 13, 2025, December 18, 2025, and June 05, 2026. The June 05, 2026, communication had already provided the specific details required under SEBI regulations and circulars regarding the proposed transfer. The current filing confirms the completion of the stake transfer and the subsequent change in the corporate structure.

Ankita Mehra, Company Secretary and Compliance Officer of H.G. Infra Engineering Limited, signed the intimation. The company stated that all necessary regulatory disclosures had been made in prior filings, with this notice serving to update the exchanges on the final status of the entity.

What the Numbers Show

The complete exit from the H.G. Raipur Visakhapatnam OD-5 Private Limited indicates a strategic consolidation or unwinding of project-specific structures. By transferring the controlling 51% stake to Neo Infra Income Opportunities Fund, H.G. Infra Engineering removes the SPV from its consolidated group. This structural change typically impacts the company’s balance sheet presentation, removing the assets and liabilities of this specific project vehicle from its direct subsidiary holdings, although the operational impact depends on the nature of the underlying project and any retained management agreements not detailed in this specific regulatory filing.