Innovision secures Rs 243.6 crore NHAI order for Madhya Pradesh toll plazas
- Innovision secured a ₹243.6 crore order from NHAI for user fee collection at three plazas in Madhya Pradesh.
- The contract covers IDTL A, IDTL B on NH-3 and Pachwara on NH-39, including toilet block maintenance.
- This large order brings the total disclosed order book to ₹580.01 crore across 18 orders in the last three quarters.
- Q2FY27 order inflow stands at ₹353.30 crore, driven by multiple highway sector contracts.
- The company reported Q1FY27 revenue of ₹267.30 crore but saw net profit turn negative at -₹7.40 crore.
*this image is generated using AI for illustrative purposes only.
Innovision has secured a new order worth ₹243.6 crore from the National Highways Authority of India (NHAI). The contract involves engagement as a user fee agency for IDTL A and IDTL B fee plazas on the six-laning of the Indore-Dewas section of NH-3, and at Pachwara Fee Plaza on the four-laning of the Jhansi-Khajuraho section of NH-39 in Madhya Pradesh.
The scope includes toll collection and upkeep of adjacent toilet blocks. The order has a duration of 1 year and was disclosed to exchanges on September 9, 2026.
Order in Financial Context
At ₹243.6 crore, this order adds to the total disclosed order book of ₹580.01 crore across 18 orders in the last three fiscal quarters. The win reinforces Innovision's focus on highway user fee collection mandates. The order book coverage stands at 2.25 quarters of average quarterly revenue, indicating strong visibility into future earnings streams from these long-term contracts.
Company Order Track Record
Order inflow remains robust in Q2FY27, with the current quarter recording ₹353.30 crore across 5 orders. This latest win from NHAI continues the trend of securing contracts in the highway sector.
| Quarter | Total Order Inflow (Rs Cr) | Key Awarding Entities |
|---|---|---|
| Q2FY27 (Jul-Sep 2026) | 353.30 | NHAI (National Highways Authority of India), National Highways Authority of India (NHAI) |
| Q1FY27 (Apr-Jun 2026) | 226.71 | NHA1 (National Highways Authority of India), NHAI (National Highways Authority of India), Office of Municipal Corporation Khandwa, District Khandwa, MP |
Execution and Revenue Quality
Innovision reported revenue of ₹267.30 crore in Q1FY27, though net profit turned negative at -₹7.40 crore due to operating pressures. Operating profit margins contracted to -3.82% in the quarter. However, annual data shows revenue growth of +9.5% to ₹980.78 crore in FY26, with net profit rising by +23.4% to ₹35.78 crore. The company maintains a healthy return on capital employed (ROCE) of 53.08% and return on equity (ROE) of 35.45% for FY25.
| Quarter | Revenue (Rs Cr) | Net Profit (Rs Cr) | OPM (%) |
|---|---|---|---|
| Q1FY27 | 267.30 | -7.40 | -3.82% |
| Q4FY26 | 268.80 | 11.90 | 6.43% |
| Q3FY26 | 234.70 | 4.40 | 4.59% |
Working Capital and Execution Capacity
The balance sheet shows total assets of ₹473.80 crore and total equity of ₹294.20 crore as of FY26. The current ratio stands at 2.55x, providing adequate liquidity for operations. However, operating cash flow was negative at -₹21.90 crore in FY25, highlighting potential working capital strains as the company executes its growing order book.
Historical Stock Returns for Innovision
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.70% | +0.06% | +2.51% | -28.90% | -32.27% | -32.27% |
How will Innovision address the negative operating cash flow from FY25 while scaling execution on its ₹549 crore order book?
What specific measures is the company taking to reverse the Q1FY27 operating margin contraction to -3.82%?
Given the heavy reliance on NHAI, how exposed is Innovision to potential payment delays or policy shifts in highway toll collection?
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