Highway Infrastructure Limited concluded its 21st Annual General Meeting on September 24, 2026, with members approving the adoption of audited standalone and consolidated financial statements for FY26.

The meeting, conducted through Video Conferencing and Other Audio-Visual Means, also saw the reappointment of Whole Time Director and CFO Anoop Agrawal. The company reported growth in total income, EBITDA, and Profit After Tax during the fiscal year ended March 31, 2026.

Key resolutions passed

The following ordinary resolutions were placed before the members for consideration:

Secretarial auditor appointment details

Members approved the appointment of M/s Ritesh Gupta & Co., Practicing Company Secretaries, Indore, as the Secretarial Auditor for a period of five years. The term commences from April 1, 2026, to March 31, 2031. The firm is registered with the Institute of Company Secretaries of India (ICSI) with peer review no. 6837/2025. Its core expertise includes Corporate Laws, Finance & Accounting, Legal Compliances, Corporate Governance, Due Diligence, Initial Public Offerings (IPO), and Corporate Social Responsibility (CSR). The disclosure notes that relationships between directors are not applicable in this context.

Management commentary on performance

Managing Director Arun Kumar Jain addressed the members on the company's performance during FY26. He highlighted key developments including growth in the order book, successful listing of the company, and progress in the EPC and Tollway Collection businesses.

Anoop Agrawal, Whole Time Director and Chief Financial Officer, briefed members on financial and operational performance. He noted improvements in net worth and debt-to-equity ratios alongside project execution updates. The management outlined priorities for FY27.

Attendance and governance

The meeting was attended by key managerial personnel and independent directors. Statutory Auditor, Secretarial Auditor, and Scrutinizer were present. The notice convening the AGM was taken as read, along with the Auditors' Report which contained no qualifications or adverse remarks.

Results of the e-voting process will be declared upon receipt of the Scrutinizer's report and communicated to stock exchanges.

Highway Infrastructure has received a work order valued at ₹220.66 crore from the Uttar Pradesh Expressways Industrial Development Authority (UPEIDA). The contract covers user fee collection and toll plaza operations for the Gorakhpur Link Expressway. The company currently has a market capitalisation of ₹324.11 crore.

As per the regulatory filing dated September 18, 2026, the engagement is for a period of two years. This marks the company's first disclosed order from a state-level expressway authority, complementing its existing portfolio dominated by National Highways Authority of India (NHAI) contracts.

Order in financial context

The ₹220.66 crore order represents approximately 107% of the company's average quarterly revenue of ₹206.30 crore. The total disclosed order book currently stands at ₹575.93 crore, summing eight orders disclosed across the last three fiscal quarters. This backlog provides coverage for approximately 2.79 quarters of average quarterly revenue.

Company order track record

Order inflow velocity accelerated significantly in Q2FY27 compared to the preceding two quarters, which had no disclosed orders. The current quarter saw seven distinct awards from NHAI totalling ₹355.27 crore, followed by this latest UPEIDA award. The value of the latest order is substantially larger than previous awards in the quarter, which ranged between ₹28.69 crore and ₹80.17 crore.

Execution and revenue quality

Consolidated revenue has shown volatility over the last three quarters, rising sharply to ₹277.20 crore in Q4FY26 after lower runs in Q3 and Q2. Operating profit margins recovered from a negative position in Q2FY26 (-7.41%) to positive territory in subsequent quarters, reaching 4.92% in Q4FY26. 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 UPEIDA order reduces reliance on NHAI, which previously accounted for 100% of the disclosed order book.
• 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.