Highway Infrastructure Limited has made the audio recording of its post-results earnings conference call available to investors. The call discussed the unaudited financial results for the quarter ended June 30, 2026, and was hosted on August 18, 2026.

The disclosure was made pursuant to Regulation 30 and Regulation 46 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. It references a prior intimation dated August 13, 2026.

Call Access Details

Investors can access the recording via the company’s official website. The specific link is provided in the intimation letter addressed to the listing departments of BSE Limited and National Stock Exchange of India Ltd.

Palak Rathore, Company Secretary and Compliance Officer, signed the disclosure on behalf of the company.

Highway Infrastructure has received an acceptance letter from the National Highways Authority of India (NHAI) for a work order valued at ₹80.17 crore. The contract pertains to the engagement of a User Fee Collection Agency for the Palayam Fee Plaza located at Km 154+500 of NH-44 in Tamil Nadu, covering the Krishnagiri to Thumbipadi section from Km 94+000 to Km 180+000 on a BOT basis. The scope includes toll collection operations and the upkeep and maintenance of adjacent toilet blocks, including recouping consumable items. The execution timeline for this engagement is 90 days.

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 0.95 quarters of average quarterly revenue. As a confirmed work order backed by an acceptance letter, 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.