Highway Infrastructure LimitedQ1 FY27 Results & Financial Update
Highway Infrastructure Limited: Q1 FY27 consolidated results and company financials – revenue ₹303.28 Cr, PAT ₹1.06 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Chart · Market context
Highway Infrastructure price & chart
Quarter overview
Quarterly earnings analysis
s, the top-line expansion was driven by robust execution momentum across the diversified infrastructure portfolio, with tollway collection remaining the largest contributor while EPC infrastructure continued to scale up activities.
Despite top-line growth, profitability faced severe margin compression during the quarter. EBITDA stood at ₹4.80 crore compared to ₹12.00 crore in Q1 FY26, bringing the EBITDA margin down to 1.6% from 10.7% a year ago.
The compression in operating margins was primarily attributed to lower traffic volumes at the Moti Naroli and select other toll projects, where geopolitical developments and global trade disruptions negatively impacted export-import activity and freight movement through port-linked corridors.
Management noted that traffic trends have begun showing signs of sequential improvement, supporting confidence in a gradual recovery of operating performance in subsequent quarters.
Alongside tolling headwinds, the company maintained strong execution momentum across its EPC portfolio, highlighted by the commencement of construction at the Beverly Hills project, which adds revenue visibility from the private segment.
01 · Business model
What does Highway Infrastructure do?
Highway Infrastructure Limited is an integrated infrastructure development and management company with diversified operations spanning tollway collection, engineering, procurement, and construction (EPC) projects, and real estate.
The company operates across 11 states and 1 Union Territory in India, leveraging advanced technology for efficient toll operations and project execution.
Managed by an experienced leadership team led by Managing Director Arun Kumar Jain, the company generates revenue streams primarily through toll collections on road assets and execution of infrastructure and private construction contracts.
02 · Historical context
What shaped the business before this quarter
Incorporated in 2006, Highway Infrastructure has expanded its footprint to operate across 11 states and 1 Union Territory.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹303.28 Cr |
| Total income | ₹304.32 Cr |
| Profit before tax | ₹1.54 Cr |
| Profit after tax | ₹1.06 Cr |
| EPS | ₹0.16 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Tollway collection remained the company's largest revenue contributor during Q1 FY27, though traffic volumes were pressured at port-linked corridors.
Total income reached ₹304.3 crore, bolstered by strong execution across toll collection operations and scaling activity in the EPC infrastructure division.
What drove margins
Lower traffic volumes at Moti Naroli and other toll projects led to an under-recovery of fixed project costs, compressing EBITDA margin to 1.6%.
EBITDA margin narrowed to 1.6% from 10.7% in Q1 FY26 due to under-recovery of fixed project costs following lower traffic volumes at Moti Naroli and other selected toll projects.
05 · Demand, customers & order book
Where demand is coming from
The company's order book stood at ₹789 crore as of June 30, 2026, comprising ₹282 crore in Tollway Collection and ₹507 crore in EPC Infrastructure.
Secured a new Tollway Collection contract worth ₹28.7 crore in July 2026.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Tolling remains the primary revenue contributor, while EPC infrastructure is expanding its operational footprint with active project execution.
Remained the largest revenue contributor to the company, backed by technology-driven toll operations across multiple regional corridors.
Continued to scale up execution activities alongside active bidding pipelines, supported by a ₹507 crore order backlog.
Geography and market mix
Operations span 11 states and 1 Union Territory, with specific sensitivity noted in port-linked toll corridors affected by trade flows.
Operations span 11 states and one Union Territory, with particular sensitivity in certain port-linked corridors experiencing international trade headwinds.
07 · Strategy & new businesses
How the company is trying to change its growth mix
Management remains focused on enhancing execution across existing projects, strengthening EPC capabilities, and maintaining a disciplined balance sheet despite temporary NHAI bidding restrictions.
08 · Reported developments
What changed operationally
Total income reached ₹304.32 crore in Q1 FY27, reflecting strong execution across the diversified infrastructure portfolio.
Order book stood at ₹789 crore as of June 30, 2026, providing medium-term revenue visibility across tolling and EPC divisions.
Secured a new toll collection contract valued at ₹28.7 crore in July 2026.
Total income grew to ₹304.3 crore, reflecting solid execution across core business units.
Order book stood at ₹789 crore as of June 30, 2026, supplemented by a ₹28.7 crore toll contract win in July 2026.
09 · Pressure points & risks
What is not going smoothly
EBITDA margin contracted to 1.6% in Q1 FY27 from 10.7% in Q1 FY26 due to fixed cost under-recovery in toll projects.
Restrictions on participation in certain NHAI bids impacted new order additions during the quarter.
Profitability was weighed down by lower traffic volumes at Moti Naroli and other toll projects, compressing EBITDA to ₹4.8 crore and PAT to ₹1.1 crore.
10 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
The company emphasized maintaining a strong balance sheet and disciplined capital allocation across its Tolling, EPC, and Real Estate segments.
11 · Beyond the numbers
What changed beyond the numbers
EPC Pipeline
The EPC division maintains an active H1/L1 tender pipeline of approximately ₹64 crore.
12 · Key Q&A
The quarter, answered directly
What does Highway Infrastructure do?
Highway Infrastructure Limited is an integrated infrastructure development and management company with diversified operations spanning tollway collection, engineering, procurement, and construction (EPC) projects, and real estate.
What is the clearest takeaway from Q1 FY27?
s, the top-line expansion was driven by robust execution momentum across the diversified infrastructure portfolio, with tollway collection remaining the largest contributor while EPC infrastructure continued to scale up activities.
What drove revenue or demand?
Tollway collection remained the company's largest revenue contributor during Q1 FY27, though traffic volumes were pressured at port-linked corridors.
What mattered most for margins or profitability?
Lower traffic volumes at Moti Naroli and other toll projects led to an under-recovery of fixed project costs, compressing EBITDA margin to 1.6%.
What changed operationally beyond the headline numbers?
Management remains focused on enhancing execution across existing projects, strengthening EPC capabilities, and maintaining a disciplined balance sheet despite temporary NHAI bidding restrictions.
What are the main pressure points disclosed for the quarter?
EBITDA margin contracted to 1.6% in Q1 FY27 from 10.7% in Q1 FY26 due to fixed cost under-recovery in toll projects.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
EPC Execution Progress: Track execution milestones and revenue recognition from the ₹507 crore EPC order book, including the Beverly Hills project.
- 02
Order Book Replenishment: Observe future bidding activity and resolution of NHAI bid participation restrictions for new order inflows.
- 03
Order Book Conversion: Track execution pace and conversion of the ₹789 crore order backlog and the ₹64 crore EPC bidding pipeline.
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