Highway Infrastructure appoints auditors for FY27

1 min read Updated on 27 May 2026, 04:57 PM

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Jubin VScanX News Team

AI Summary

Highway Infrastructure Limited's board appointed M/s Ritesh Gupta & Co as Secretarial Auditor for five years from FY 2026-27 to FY 2030-2031 and Mr. Sachin Kumar Jain as Internal Auditor for FY 2026-27. The Secretarial Auditor appointment requires shareholder ratification at the ensuing Annual General Meeting. The company confirmed no relationships exist between the appointed auditors and its directors.

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Highway Infrastructure Limited's board appointed M/s Ritesh Gupta & Co as Secretarial Auditor for five years and Mr. Sachin Kumar Jain as Internal Auditor for FY 2026-27. The appointments, made at a meeting on May 26, 2026, are subject to shareholder approval for the Secretarial Auditor. These decisions strengthen the company's governance framework ahead of the upcoming financial year.

The board approved the appointment of M/s Ritesh Gupta & Co, Practicing Company Secretaries, as Secretarial Auditor for a term of five consecutive years from FY 2026-27 to FY 2030-2031. This appointment requires ratification by shareholders at the ensuing Annual General Meeting. The firm, registered with the Institute of Company Secretaries of India, holds a valid peer review number and specializes in corporate laws and governance.

Mr. Sachin Kumar Jain, Chartered Accountant, was appointed as Internal Auditor for the Financial Year 2026-27. With over 10 years of industry experience, Mr. Jain brings expertise across sectors including Real Estate, Automobile, and Power & Telecom. The company confirmed there are no relationships between the appointed auditors and its directors.

Appointment Details	Information
Secretarial Auditor	M/s Ritesh Gupta & Co., Practicing Company Secretaries
Secretarial Auditor Term	5 years (FY 2026-27 to FY 2030-2031)
Internal Auditor	Mr. Sachin Kumar Jain, Chartered Accountants
Internal Auditor Term	FY 2026-27
Relationship with Directors	Not Applicable

The intimation regarding these appointments was submitted to BSE Limited and the National Stock Exchange of India Ltd in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company's scrip symbol is HILINFRA.

Historical Stock Returns for Highway Infrastructure

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.04%	+4.29%	-3.93%	-25.86%	-58.71%	-58.71%

How will the extended five-year tenure for the Secretarial Auditor impact the company's long-term compliance strategy?

What specific governance improvements does Highway Infrastructure Limited anticipate following these appointments?

Will the specialized sector experience of the new Internal Auditor lead to a shift in the company's risk management focus?

IPO Proceeds Overview

The company raised funds through its IPO as per the Prospectus dated 08 August 2025. After deducting IPO expenses, the net proceeds available for deployment stood at Rs. 828.84 million. The following table summarises the IPO proceeds structure:

Particulars:	Amount (Rs. in million)
Gross Proceeds from IPO:	975.20
Less: IPO Expenses:	146.36
Net Proceeds Available:	828.84
Actual Proceeds received in monitoring account:	828.84

Utilisation of IPO Proceeds — Q4 FY26

The company disclosed the end-use details of the IPO proceeds in Annexure I filed alongside the regulatory announcement. As of the quarter ended March 2026, Highway Infrastructure had utilised Rs. 831.55 million in aggregate, which exceeds the net proceeds due to interest income of Rs. 3.53 million earned on funds temporarily invested in permissible Fixed Deposits. A balance of Rs. 0.82 million remains in the monitoring account as on 31 March 2026, which the company has stated will be utilised in the next quarter.

The detailed utilisation across the identified heads is presented below:

Item Head:	Amount Proposed in Offer Document (Rs. in million)	Amount Raised till December 31, 2025 (Rs. in million)	Utilised at Beginning of Quarter (Rs. in million)	Utilised During Quarter (Rs. in million)	Utilised at End of Quarter (Rs. in million)	Unutilised Amount (Rs. in million)
Working Capital for EPC:	400.00	222.53	222.53	1.82	224.35	-
Working Capital for Toll:	250.00	585.02	585.02	-	585.02	-
General Corporate Purposes:	178.84	21.10	21.10	1.08	22.18	0.82
Total:	828.84	828.65	828.65	2.90	831.55	0.82

Regulatory Compliance and Next Steps

The announcement was made in compliance with SEBI's listing regulations, and the complete end-use details have been submitted to both BSE Limited and the National Stock Exchange of India Ltd. The remaining unutilised balance of Rs. 0.82 million, currently held under the General Corporate Purposes head, is expected to be deployed in the subsequent quarter. The disclosure was signed by Palak Rathore, Company Secretary and Compliance Officer (Membership No.: A-73755), on 13 May 2026.

Historical Stock Returns for Highway Infrastructure

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.04%	+4.29%	-3.93%	-25.86%	-58.71%	-58.71%

How has Highway Infrastructure Limited's revenue and project pipeline evolved since its IPO in August 2025, and does the reallocation pattern of proceeds signal any strategic shift in its EPC versus toll business focus?

Given that Working Capital for Toll received significantly more funds (Rs. 585.02 million) than originally proposed (Rs. 250.00 million), what does this imply about the company's toll collection performance and future road concession acquisition strategy?

Could the repeated deadline extensions for IPO proceed utilisation attract heightened SEBI scrutiny, and what precedent does this set for other SME infrastructure companies listed on BSE and NSE?