Highway Infrastructure Limited will hold its 21st Annual General Meeting (AGM) on Thursday, September 24, 2026. The company has confirmed the schedule and provided web links for shareholders to access the meeting notice and the Annual Report for FY26.

The meeting will be conducted via video conferencing or other audio-visual means (OAVM) starting at 3:00 pm IST. The company disclosed this information in a regulatory filing dated August 24, 2026, pursuant to SEBI Listing Regulations. Shareholders who have not registered their email addresses will receive letters containing the weblink to the notice and annual report.

Key Agenda Items

The AGM notice outlines specific resolutions for shareholder approval:

• Reappointment of Director: Shareholders will consider the reappointment of Mr. Anoop Agrawal (DIN: 00006120), who is retiring by rotation under Section 152(6) of the Companies Act, 2013.
• Secretarial Auditor Appointment: The company seeks approval to appoint M/s. Ritesh Gupta & Co., Practicing Company Secretaries, as secretarial auditors for a term of five consecutive years, from FY27 to FY31.

Auditor Details and Remuneration

M/s. Ritesh Gupta & Co. holds a valid peer review certificate and has confirmed no conflict of interest in the appointment. The Board approved the firm's selection based on its expertise in corporate governance and regulatory compliance.

• Tenure: Five years (April 1, 2026 to March 31, 2031)
• Remuneration: ₹1,00,000 for FY27, with subsequent years' fees to be mutually agreed upon.

Voting and Participation

Shareholders can cast votes through remote e-voting via Central Depository Services (India) Limited (CDSL). The e-voting period runs from Monday, September 21, 2026, at 9:00 am to Wednesday, September 23, 2026, at 5:00 pm. Only shareholders on record as of September 18, 2026, are eligible to vote.

Participants can join the virtual meeting 15 minutes before the scheduled start time. The facility is available to at least 1,000 members on a first-come, first-served basis, excluding large shareholders holding 2% or more, promoters, and institutional investors, who have unrestricted access.

Accessing Annual Report

The Annual Report for FY26 is available on the company website at www.highwayinfrastructure.in under the Investor Information section. It is also accessible on the BSE and NSE websites. Shareholders without registered email addresses are advised to update their details with their Depository Participants or the Registrar and Share Transfer Agent to receive future communications electronically.

Highway Infrastructure has received a work order valued at ₹80.17 crore from the National Highways Authority of India (NHAI). The contract pertains to user fee collection at the Palayam Fee Plaza located at Km 154+500 of NH-44. The scope covers the Krishnagiri to Thumbipadi section on a Build-Operate-Transfer (BOT) basis in Tamil Nadu.

As per the regulatory filing dated August 21, 2026, the engagement is for a period of 90 days. The contract terms include the upkeep and maintenance of adjacent toilet blocks, including the recouping of consumable items.

Order in financial context

The ₹80.17 crore order represents approximately 39% of the company's average quarterly revenue of ₹206.30 crore. The total disclosed order book currently stands at ₹275.10 crore, summing six orders disclosed across the last three fiscal quarters. This backlog provides coverage for approximately 1.33 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 six distinct awards from NHAI, totalling ₹275.10 crore. The value of the latest order matches previous large awards in the quarter, while smaller orders hovered around ₹28.69 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 ₹608.00 crore in FY26, representing a YoY growth of +20.5% 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

• 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.
• Client concentration: 100% of the disclosed order book comes from NHAI; single-client dependency remains a structural risk factor.