Highway Infrastructure Ltd has demonstrated remarkable momentum in securing new business, with recent order wins worth ₹494.7 crore exceeding the company's market capitalisation of ₹373 crore. The toll operator and infrastructure development firm operates across 11 states and one Union Territory, utilising advanced ANPR technology and electronic toll systems integrated with RFID tags and digital payments.

Recent Order Wins Drive Growth

The period from December 2025 to mid-January 2026 witnessed exceptional order inflows across the company's core business segments. The company secured four significant contracts that collectively strengthen its revenue visibility and market position.

The largest contract, worth ₹328.78 crore for Kaza Fee Plaza on NH-16 in Andhra Pradesh, represents nearly 88% of the company's current market capitalisation. This NHAI-awarded project was secured through a Letter of Award received on December 9, 2025, with the contract agreement signed on January 8, 2026.

Order Book Expansion and Financial Performance

The company's order book has experienced substantial growth, expanding from ₹531 crore in March 2025 to ₹775 crore in September 2025, marking a 46% increase in six months. With the recent order additions, the total order book has reached ₹1,144 crore as of mid-January 2026.

Despite a 19% year-on-year decline in Q2 FY26 revenue, the company achieved significant improvement in profitability, with net profit surging from ₹1.57 crore in Q2 FY25 to ₹9.67 crore in Q2 FY26.

Market Position and Valuation

Highway Infrastructure Ltd shares closed at ₹52.00, giving the company a market capitalisation of ₹373 crore. The stock trades at a price-to-earnings ratio of 13.00, significantly below the industry average of 26.40. The company was listed on both BSE and NSE in August 2025.

Business Diversification Strategy

The recent order wins demonstrate the company's strategic diversification beyond traditional tolling operations. The ₹69.69 crore road development contract from Indore Development Authority, with a 30-month execution period, represents an important expansion into urban infrastructure development. This diversification provides the company with multiple revenue streams and reduces dependence on tolling operations alone.

The expanding order pipeline provides stability to cash flows and underpins sustainable growth momentum across the company's core business segments. The healthy order inflow reflects consistent project acquisition capabilities and strengthens revenue visibility for upcoming quarters.

Highway Infrastructure Limited has secured a significant contract from the National Highways Authority of India (NHAI), receiving a Letter of Acceptance (LOA) worth ₹64.69 crores. The company announced this development on January 19, 2026, under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Contract Details and Scope

The contract involves operations at Mundka Fee Plaza located at Km 22+750 for the project development of UER-11, covering NH-344M and NH-344N highways in Delhi and Haryana. The company will serve as the user fee agency responsible for toll collection operations at this strategic location.

Operational Responsibilities

The contract encompasses comprehensive fee plaza management responsibilities. Highway Infrastructure Limited will handle the collection of user fees from vehicles passing through the Mundka Fee Plaza. Additionally, the company will be responsible for the upkeep and maintenance of adjacent toilet blocks, including the recouping of consumable items to ensure proper facility management.

Contract Classification and Compliance

This domestic contract falls under the category of operational services for highway infrastructure. The company has confirmed that this contract does not involve any related party transactions and maintains arm's length dealing principles. The promoter and promoter group companies have no interest in NHAI, the entity awarding the contract.

Strategic Significance

The contract represents a substantial addition to Highway Infrastructure Limited's project portfolio, involving critical highway infrastructure in the National Capital Region. The UER-11 project covers important national highways connecting Delhi and Haryana, positioning the company in a key transportation corridor. With a 90-day execution timeline, the company is expected to commence operations efficiently to meet the project requirements and establish its presence in this strategic location.