Highway Infrastructure Limited clarified that its upcoming Board of Directors meeting is scheduled for October 8, 2026, correcting an inadvertent clerical error in a prior filing that listed the date as September 8, 2026. The company stated the mistake was purely typographical and requested the stock exchange to record the correct date.

The board meeting, set for 2:00 pm, will primarily consider proposals to increase the company's authorized share capital. Additionally, directors will evaluate options for raising funds through various permissible means, including equity shares, convertible bonds, debentures, warrants, preference shares, or other equity-linked securities.

Fund raising mechanisms under review

The proposed fund raising may be executed through preferential issues on a private placement basis, qualified institutional placements, rights issues, or other combinations thereof. These actions are subject to necessary regulatory and statutory approvals, including shareholder consent. The company also intends to seek shareholder approval for these fundraising activities if required by law.

Procedural compliance and corrections

This clarification was issued pursuant to Regulation 29(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The initial intimation submitted on October 5, 2026, contained the incorrect date due to a typographical error. The company assured stakeholders that due care would be taken in future filings to prevent such discrepancies.

Highway Infrastructure has received a work order valued at ₹24.46 crore from the National Highways Authority of India (NHAI). The contract involves the operation and collection of user fees at the Velanchettiyur Fee Plaza in Tamil Nadu.

As per the regulatory filing dated October 01, 2026, the order is for a period of 90 days. The scope includes toll fee collection as well as the upkeep and maintenance of adjacent toilet facilities. This award complements the company's existing portfolio, which includes significant engagements from state-level authorities such as the Uttar Pradesh Expressways Industrial Development Authority (UPEIDA).

Order in financial context

The ₹24.46 crore order represents approximately 12% of the company's average quarterly revenue of ₹206.30 crore. The total disclosed order book currently stands at ₹1041.71 crore, summing 11 orders disclosed across the last three fiscal quarters. This backlog provides coverage for approximately 5.05 quarters of average quarterly revenue.

Company order track record

Order inflow velocity remained high in Q2FY27, with multiple awards from both NHAI and UPEIDA. The latest NHAI order is smaller in value compared to the recent UPEIDA awards but adds to the consistent flow of domestic highway contracts. The total order inflow for the quarter reflects a diversified client base across different state and national highway authorities.

Execution and revenue quality

Consolidated revenue has shown volatility over the last three quarters, rising sharply to ₹304.30 crore in Q1FY27 after lower runs in previous periods. Operating profit margins recovered from a negative position in Q2FY26 (-7.41%) to positive territory in subsequent quarters, reaching 4.92% in Q4FY26 and 1.25% in Q1FY27. Net profit followed a similar trajectory, turning positive from a loss in Q2FY26.

Revenue growth

As Highway Infrastructure sustained order wins, particularly in the recent quarter, its annual revenue grew from ₹504.50 crore in FY25 to ₹633.40 crore in FY26, representing a YoY growth of +25.6% based on the latest annual data. This growth aligns with the company's ability to execute on its existing portfolio.

Working capital and execution capacity

The company maintains a healthy liquidity position with a current ratio of 2.09x and a total liabilities/equity ratio of 0.65x, indicating low leverage and sufficient short-term assets to cover liabilities. However, operating cashflow was negative at -₹4.90 crore in FY25, while free cashflow stood at -₹6.60 crore. This disconnect between accounting profits and cash generation suggests that receivables or working capital cycles may be stretched.

Key observations

• Client diversification: The new NHAI order reinforces the company's strong presence with national highway authorities alongside its recent state-level wins.
• Margin stress: Operating profit turned negative in Q2FY26; execution stress was visible in quarterly data, though margins recovered in subsequent quarters.
• Cash conversion: Operating cashflow of -₹4.90 crore in FY25 indicates the backlog is not converting to cash efficiently; receivables or working capital cycles may be stretched.