HG Infra Engineering Limited has received a comprehensive credit rating update from ICRA Limited on February 02, 2026, covering total facilities worth Rs 4,900.00 crore. The rating action comes amid recent regulatory developments that have impacted the company's operational environment.

Rating Details and Facility Breakdown

ICRA Limited has maintained its credit ratings across multiple financial instruments, with all facilities receiving [ICRA]AA- (Positive) ratings. The rating agency's assessment covers a diverse portfolio of the company's financial arrangements.

The bank guarantee facilities represent the largest component of the rated portfolio, accounting for approximately 77.55% of the total facilities at Rs 3,800.00 crore.

Regulatory Context and Recent Developments

The rating update follows significant regulatory developments that have affected the company's operational landscape. ICRA's rating committee specifically referenced recent events in their assessment, including search operations conducted by the Central Bureau of Investigation (CBI) and Anti-Corruption Bureau (ACB) across multiple company premises on January 21, 2026.

These operations resulted in four employees being taken into judicial custody on bribery allegations, creating a challenging regulatory environment for the infrastructure company. Despite these developments, ICRA has maintained its existing rating structure across all facilities.

Rating Methodology and Disclosure

The credit rating agency has emphasized that the ratings should be understood solely as an opinion and should not be treated as recommendations to buy, sell, or hold the rated instruments. This standard disclaimer reflects the agency's position on the advisory nature of credit ratings in the financial markets.

The company has fulfilled its disclosure obligations under Regulations 30 and 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, by informing both BSE Limited and National Stock Exchange of India Limited about the rating update.

Corporate Compliance and Communication

The rating update was communicated to stock exchanges through proper corporate governance channels, with Company Secretary and Compliance Officer Ankita Mehra signing the disclosure document. The communication included complete rating letters from ICRA Limited, ensuring transparency in the disclosure process.

ICRA's assessment was conducted as part of its periodic monitoring process for assigned credit ratings, reflecting the agency's ongoing evaluation of the company's creditworthiness and financial stability in the current operating environment.

HG Infra Engineering Limited has disclosed to stock exchanges that search operations were conducted by investigative agencies at multiple company locations on January 21, 2026. The infrastructure company filed the disclosure under Regulation 30 and 51 of SEBI Listing Regulations on January 22, 2026.

Search Operation Details

The Central Bureau of Investigation (CBI) and Anti-Corruption Bureau (ACB), Patna conducted simultaneous search operations at three company locations. The searches were carried out under case number RC 0232026A0005 under sections 61(2) read with sections 7, 7A, 8 and 9 of the Prevention of Corruption Act, 1988 (as amended in 2018).

Locations Searched

The search operations covered three strategic locations of the company across different states. The corporate office in Jaipur, regional office in Gurugram, and a project site office in Bihar were simultaneously searched by the investigative teams.

Company Response and Impact

HG Infra Engineering stated that it fully cooperated with officials during the proceedings and responded to all clarifications and details sought by the investigating agencies. The company has committed to providing any further clarification or information that may be required in the ongoing investigation.

The company emphasized that its business operations continue as usual and remain unimpacted due to the search operations. However, the company acknowledged that details of violations or contraventions cannot be ascertained at this point, and the financial impact is not quantifiable in monetary terms currently.

Regulatory Compliance

The disclosure was made in compliance with SEBI Listing Regulations, specifically under Regulation 30 and 51 read with Schedule III. Company Secretary and Compliance Officer Ankita Mehra signed the regulatory filing on January 22, 2026. The company has assured stock exchanges that it will provide updates on any further developments in this matter.