Highway Infrastructure Limited will conduct its 21st Annual General Meeting (AGM) on Thursday, September 24, 2026. The meeting is scheduled to commence at 3:00 pm IST and will be held through video conferencing (VC) or other audio-visual means (OAVM), in compliance with the Companies Act, 2013, and SEBI Listing Obligations regulations.

The company confirmed that electronic copies of the AGM notice and the Annual Report for the financial year 2025-26 will be dispatched to shareholders who have registered their email addresses with the company, Registrar and Share Transfer Agent (RTA), or Depository Participants (DPs). Shareholders without registered email addresses will receive a letter containing a weblink to access these documents.

Voting and Participation Details

Shareholders will have the facility to cast their votes through remote e-voting prior to the AGM or during the meeting. Login credentials for e-voting will be sent via email upon successful registration of email addresses.

Key logistical details for shareholders include:

• Meeting Date: September 24, 2026
• Time: 3:00 pm IST
• Mode: Video Conferencing / Other Audio Visual Means
• Documents Available: AGM Notice and Annual Report for FY25-26

Shareholders holding shares in demat form are requested to update their email addresses and mobile numbers with their respective DPs. This step is mandatory for joining the AGM and participating in e-voting through the depository’s electronic platform.

The notice and annual report will also be available on the company’s website and the listing exchanges’ platforms.

Highway Infrastructure has received a work order valued at ₹80.17 crore from the National Highways Authority of India (NHAI). The contract pertains to a toll collection agreement for the Palayam Fee Plaza located at Km 154+500 of NH-44. The scope covers the Krishnagiri to Thumbipadi section, extending from Km 94+000 to Km 180+000 on a Build-Operate-Transfer (BOT) basis in Tamil Nadu.

As per the regulatory filing, the engagement is for a period of 90 days. The contract terms include the operation of the fee plaza and the upkeep and maintenance of adjacent toilet blocks, including the recouping of consumable items. The order was disclosed to the exchanges on August 18, 2026.

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 ₹194.93 crore, summing five orders disclosed across the last three fiscal quarters. This backlog provides coverage for approximately 0.94 quarters of average quarterly revenue. As a confirmed work order, this value is firm and executable, contributing directly to the near-term revenue pipeline once execution commences.

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 five distinct awards from NHAI, totalling ₹194.93 crore. The value of the current order is larger than the other four orders disclosed in the same quarter, which hovered around ₹28.69 crore, reflecting standardised tender sizes for toll plaza operations.

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, despite the modest size of the newly disclosed order book relative to its revenue base.

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, requiring monitoring as new orders are executed.

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.