### **Company Overview** H.G. Infra Engineering Limited (HGIEL), established in 2003 and headquartered in Jaipur, Rajasthan, is a fast-growing Indian infrastructure conglomerate with over two decades of experience in end-to-end EPC (Engineering, Procurement, and Construction) and Hybrid Annuity Model (HAM) projects. Listed on BSE and NSE since March 2018, the company has evolved from a regional subcontractor into a **pan-India leader** in transport, energy, and urban infrastructure, operating across **13 Indian states**. Under the leadership of Chairman & Managing Director Mr. Harendra Singh, HGIEL has transformed into a diversified infrastructure player, strategically expanding beyond its core roads & highways business into high-growth sectors such as **railways, metro, solar power, Battery Energy Storage Systems (BESS), transmission & distribution (T&D), water infrastructure, and airports**. --- ### **Core Business Segments** HGIEL operates across the following verticals: 1. **Roads & Highways** (core segment) 2. **Railways & Metro** 3. **Renewable Energy** (Solar & BESS) 4. **Transmission & Distribution (T&D)** 5. **Water Infrastructure** 6. **Airports & Civil Infrastructure** The company serves prestigious clients including **NHAI, GUVNL, NTPC, JDVVNL, RVNL, MSRDC, Adani Group, Tata Projects, L&T, and various state PWDs**. --- ### **Financial and Project Highlights (As of Aug–Nov 2025)** #### 📊 **Order Book & Revenue Visibility** - **Total EPC Order Book (Aug 2025): ₹146,563 million** - **EPC + HAM Total Order Book (Jul 2025): ₹152,812 million** (~₹15,281 crore) - **Book-to-Bill Ratio**: ~2.5x, indicating strong order inflow momentum. - **Revenue CAGR (5-Year, FY24): 20.6%** - **EBITDA CAGR (FY24): 22.1%** - **PAT CAGR (FY24): 34.6%** > *As of March 31, 2025, the order book stood at ₹15,281 Crore, with:* - Roads & Highways: ₹10,392 Crore (68%) - Railways & Metro: ₹3,097 Crore - Renewables: ₹1,792 Crore (Solar: ₹819 Cr, BESS: ₹973 Cr) #### 🛣 **Roads & Highways** - Core contributor, accounting for **~68% of total order book**. - Executing key **Bharatmala Pariyojana** projects under HAM/EPC models, including: - Raipur-Visakhapatnam Economic Corridor (SPVs: H.G. AP-1, OD-5) - Khammam-Devarapalle (Telangana) - Varanasi-Kolkata Packages 10 & 13 (Jharkhand-West Bengal) - Gurgaon-Sohna, Narnaul Bypass, Rewari Ateli Mandi (Haryana) - **Ganga Expressway (Uttar Pradesh)**: Largest EPC contract to date — ₹4,971 Crore, 151.7 km. - **Ham & EPC Mix**: 36% HAM, 64% EPC – balancing annuity-based cash flows with high-margin execution. #### 🚆 **Railways & Metro** - 7 active rail and metro projects valued at **~₹4,495 Crore**. - Positioned to benefit from **₹2.55 Lakh Crore government rail investment**. - Key projects in **Andhra Pradesh, Maharashtra, Uttar Pradesh, Odisha, and Chhattisgarh**. #### 🌞 **Solar Energy (KUSUM Scheme & Joint Ventures)** - Strategic expansion into solar EPC under **PM-KUSUM Scheme**: - Secured **543 MW DC solar projects**, including a 528 MW DC JV with **Stockwell Solar Services Pvt. Ltd (SSSPL)**. - HGIEL holds **89% stake in 406 MW (AC)** of solar projects via SSSPL partnership. - 49% stake in **83.02 MW (AC)** via JV with **UltraVibrant Solar Energy Pvt. Ltd (USEPL)**. - **EPC Value of Solar Projects**: ₹1,307 Crore (exclusive of GST). - **Solar Projects under Execution**: - Rajasthan (JDVVNL): 77.7% complete; contributes ₹5,007 million to order book. #### 🔋 **Battery Energy Storage Systems (BESS)** - **EPC Order Book in BESS: ₹16,203 Million** - Key projects awarded by **NTPC and GUVNL** in Gujarat and Rajasthan. - Developing a **185 MW / 370 MWh BESS** with NTPC. - Setting up a **500 MWh BESS** integrated with a 250 MW solar plant. - Incorporated **H.G. Banaskantha BESS Private Limited** (Dec 2024) as a wholly-owned subsidiary for dedicated BESS operations. #### ⚡ **Transmission & Distribution (T&D)** - Entering T&D via **BOOT (Build, Own, Operate, Transfer)** model through tariff-based competitive bidding. - Projects to generate revenue from **fixed monthly tariffs per kV over 35-year O&M period**. - Construction completion: **18–30 months** post-award. - Specialized team being built; multiple bids submitted (₹500 Cr–₹3,000 Cr range). - Expected to become a **long-term cash flow generator**. #### 💧 **Water Infrastructure** - Exploring opportunities under **Namami Gange, Jal Shakti Abhiyan**. - Focused on **desalination, wastewater management, rural/urban water supply**. - Aligning with rising government outlays in water and sanitation. - Positioning as a full-service EPC provider for water sector projects. --- ### **Operational Strengths** - **Pan-India Presence**: 28+ active projects across 13 states. - **Vertically Integrated Model**: Owns **over 3,000 modern equipment units** (crushers, pavers, batching plants). - **Skilled Workforce**: Employs **over 4,700 people** with 97%+ male workforce. - **SPV Framework**: Operates through multiple Special Purpose Vehicles (e.g., HGRV AP-1, OD-5, Khammam, Varanasi-Kolkata Pkg-10 & 13) for HAM projects. - **Digital Transformation**: - SAP S/4HANA implementation for real-time project and financial monitoring. - Web & mobile apps for **fuel consumption tracking** (saving ~5–8% fuel costs). - SAP Ariba for **e-procurement and supplier lifecycle management**. - Public and private cloud infrastructure for enhanced security and scalability. --- ### **Monetization & Financial Discipline** - **Monetized 3 HAM Projects (FY24)**: Sold to Highways Infrastructure Trust for **₹375.13 Crore (tranche 1)**; second tranche expected in FY25 (**₹126 Cr**). - **Debt Management**: Consolidated debt has increased due to project financing; focus on working capital control and deleveraging. - **Margin Guidance**: - Standalone EBITDA: **15–16%** - Consolidated EBITDA: **~18%** - Targets **15–20% sustained revenue growth** with strong operating margins.