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Last Updated: April 2, 2026, 3:01 am
Author: Getaka|Social: XLinkedIn

HG Infra Engineering Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹567.93Undervalued by 18.81%vs CMP ₹478.00

P/E (8.2) × ROE (18.3%) × BV (₹474.00) × DY (0.42%)

₹878.34Undervalued by 83.75%vs CMP ₹478.00
MoS: +45.6% (Strong)Confidence: 56/100 (Moderate)Models: 6 Under, 1 Fair
ModelCategoryValueWeightSignal
PE-ROEEarnings₹571.5529%Under (+19.6%)
Graham NumberEarnings₹801.2021%Under (+67.6%)
Net Asset ValueAssets₹474.169%Fair (-0.8%)
EV/EBITDAEnterprise₹606.2612%Under (+26.8%)
Earnings YieldEarnings₹601.909%Under (+25.9%)
ROCE CapitalReturns₹2,661.8112%Under (+456.9%)
Revenue MultipleRevenue₹776.607%Under (+62.5%)
Consensus (7 models)₹878.34100%Undervalued
Key Drivers: Wide model spread (₹474–₹2,662) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 0.6%

*Investments are subject to market risks

Investment Snapshot

53
HG Infra Engineering Ltd scores 53/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health73/100 · Strong
ROCE 16.8% GoodROE 18.3% ExcellentD/E 0.64 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money40/100 · Moderate
FII holding stable No changeDII holding down 0.88% MF sellingPromoter holding at 71.8% Stable
Earnings Quality50/100 · Moderate
OPM stable around 21% Steady
Quarterly Momentum25/100 · Weak
Revenue (4Q): -9% YoY DecliningProfit (4Q): -23% YoY Declining
Industry Rank65/100 · Strong
P/E 8.2 vs industry 36.6 Cheaper than peersROCE 16.8% vs industry 16.4% Average3Y sales CAGR: 10% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:01 am

Market Cap 3,112 Cr.
Current Price 478
Intrinsic Value₹878.34
High / Low 1,275/430
Stock P/E8.15
Book Value 474
Dividend Yield0.42 %
ROCE16.8 %
ROE18.3 %
Face Value 10.0
PEG Ratio12.80

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for HG Infra Engineering Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
HG Infra Engineering Ltd 3,112 Cr. 478 1,275/4308.15 4740.42 %16.8 %18.3 % 10.0
Man Infraconstruction Ltd 3,446 Cr. 85.4 192/77.114.7 54.21.05 %23.5 %17.5 % 2.00
Hubtown Ltd 2,647 Cr. 186 366/15020.5 1840.00 %8.13 %2.41 % 10.0
AGI Infra Ltd 3,609 Cr. 289 322/13743.0 27.60.03 %22.0 %25.7 % 1.00
Ajmera Realty & Infra India Ltd 2,066 Cr. 105 221/98.017.3 64.10.86 %12.7 %12.0 % 2.00
Industry Average3,374.20 Cr159.1236.56125.440.20%16.37%21.40%21.58

All Competitor Stocks of HG Infra Engineering Ltd

Quarterly Result

MetricSep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales 7961,1851,5351,3519551,3651,7081,5289021,2651,3611,482904
Expenses 6359471,2381,0707341,1361,3761,2166839781,1211,223699
Operating Profit 161238297281220228333312220287239259206
OPM % 20%20%19%21%23%17%19%20%24%23%18%18%23%
Other Income 4476322644420213
Interest 334047525957485762757195108
Depreciation 24262631353738353636373640
Profit before tax 10817723120312915625222512518015113271
Tax % 24%26%26%26%26%35%25%28%36%36%3%25%27%
Net Profit 8213117115096102190163811151479952
EPS in Rs 12.5720.0826.2323.0814.7515.6629.1624.9512.3917.6722.5515.168.01

Last Updated: January 1, 2026, 12:46 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 8:16 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 4713657411,0561,3932,0142,2172,6103,7514,6225,3785,0565,169
Expenses 4203216639321,1851,7101,8642,1253,0403,7274,3153,9984,156
Operating Profit 5144781242083053534847118951,0641,0581,013
OPM % 11%12%11%12%15%15%16%19%19%19%20%21%20%
Other Income 2323514146619343239
Interest 1416161940496094118154217265402
Depreciation 13171826547576848596141144157
Profit before tax 26144683119194231312515665740681493
Tax % 33%32%35%36%29%34%28%24%26%26%27%26%
Net Profit 179305384127167237380493539505392
EPS in Rs 11.266.0516.7529.6412.9319.5425.5736.3158.3175.6882.6477.5660.19
Dividend Payout % 0%0%0%0%4%3%0%2%2%2%2%3%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-47.06%233.33%76.67%58.49%51.19%31.50%41.92%60.34%29.74%9.33%-6.31%
Change in YoY Net Profit Growth (%)0.00%280.39%-156.67%-18.18%-7.30%-19.69%10.42%18.42%-30.60%-20.41%-15.64%

HG Infra Engineering Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:30%
5 Years:18%
3 Years:10%
TTM:-10%
Compounded Profit Growth
10 Years:49%
5 Years:24%
3 Years:9%
TTM:-20%
Stock Price CAGR
10 Years:%
5 Years:38%
3 Years:17%
1 Year:-35%
Return on Equity
10 Years:%
5 Years:24%
3 Years:23%
Last Year:18%

Last Updated: September 5, 2025, 5:45 am

Balance Sheet

Last Updated: December 4, 2025, 1:20 am

MonthMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 1818656565656565656565
Reserves 1051584765987619971,3711,8572,3902,8843,022
Borrowings 1232044083805207681,1841,9101,5134,1705,669
Other Liabilities 1531925355298698506601,0741,4351,5701,638
Total Liabilities 3985721,4841,5732,2162,6803,2804,9065,4038,69010,394
Fixed Assets 1162044124624834844596357428851,562
CWIP 5190112272141,3491,322
Investments 000300010101211
Other Assets 2773671,0641,1081,7222,1952,8194,1894,6376,4447,499
Total Assets 3985721,4841,5732,2162,6803,2804,9065,4038,69010,394

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 64-8663671-322-139-311-878
Cash from Investing Activity + -114-4469-85-103-66-37817-1,461
Cash from Financing Activity + 62443-78711522935623192,310
Net Cash Flow 13-11-321120-954426-28
Free Cash Flow -44-260-63-58-16-379-457-525-2,415
CFO/OP 71%16%40%33%31%-29%4%-11%-62%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow51.0044.00-45.00-80.00-200.00-75.00-167.00-284.00710.00894.000.00-3.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 46631131111138162584648
Inventory Days 564471435237404869
Days Payable 667818722212888123135196
Cash Conversion Cycle 3629-3111-66511-26-41-78
Working Capital Days 50-45331137164627487
ROCE %33%24%24%24%26%28%25%24%17%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 74.53%74.53%74.53%74.53%74.53%74.53%71.77%71.78%71.78%71.78%71.78%71.78%
FIIs 1.34%1.59%1.67%1.56%1.68%2.04%2.60%2.76%2.87%2.43%2.32%1.92%
DIIs 14.01%13.14%13.05%12.45%12.50%12.13%12.70%12.14%12.02%11.65%11.61%11.14%
Public 10.12%10.73%10.74%11.47%11.30%11.30%12.92%13.31%13.33%14.13%14.29%15.16%
No. of Shareholders 61,42875,48477,39078,47585,5961,04,6921,33,1541,38,3601,37,4361,28,6021,29,2171,25,621

Shareholding Pattern Chart

No. of Shareholders

HG Infra Engineering Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Nippon India Small Cap Fund 2,214,923 0.22 142.142,835,5902025-12-08 04:07:50-21.89%
Aditya Birla Sun Life Flexi Cap Fund 1,042,665 0.27 66.91588,2632026-02-23 04:59:3277.24%
DSP India T.I.G.E.R. Fund 491,337 0.61 31.53439,1782025-12-15 04:04:3511.88%
Tata ELSS Fund 291,008 0.41 18.68291,5202026-02-23 04:59:32-0.18%
Bandhan Infrastructure Fund 283,772 1.28 18.21290,8562026-02-23 04:59:32-2.44%
UTI Small Cap Fund 281,146 0.4 18.04N/AN/AN/A
Aditya Birla Sun Life Multi Asset Allocation Fund 275,769 0.29 17.7N/AN/AN/A
UTI Infrastructure Fund 232,082 0.71 14.89231,0332026-02-23 04:59:320.45%
Aditya Birla Sun Life Infrastructure Fund 218,704 1.31 14.04184,2662026-01-25 00:10:3218.69%
Kotak Infrastructure & Economic Reform Fund 197,500 0.56 12.67N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 77.5582.6475.6858.3136.31
Diluted EPS (Rs.) 77.5582.6475.6858.3136.31
Cash EPS (Rs.) 99.47104.2590.2971.3749.27
Book Value[Excl.RevalReserv]/Share (Rs.) 452.60376.71294.90220.34163.04
Book Value[Incl.RevalReserv]/Share (Rs.) 452.60376.71294.90220.34163.04
Revenue From Operations / Share (Rs.) 775.83825.29709.21575.63399.30
PBDIT / Share (Rs.) 164.47165.68140.18110.0875.28
PBIT / Share (Rs.) 142.32144.02125.4097.0362.32
PBT / Share (Rs.) 104.22113.48101.8078.9747.87
Net Profit / Share (Rs.) 77.3182.5975.5058.3136.31
NP After MI And SOA / Share (Rs.) 77.5682.6475.6858.3136.31
PBDIT Margin (%) 21.1920.0719.7619.1218.85
PBIT Margin (%) 18.3417.4517.6816.8515.60
PBT Margin (%) 13.4313.7514.3513.7111.98
Net Profit Margin (%) 9.9610.0010.6410.139.09
NP After MI And SOA Margin (%) 9.9910.0110.6710.139.09
Return on Networth / Equity (%) 17.1321.9325.6626.4622.27
Return on Capital Employeed (%) 14.6225.5523.5625.9923.75
Return On Assets (%) 5.769.9110.0111.548.81
Long Term Debt / Equity (X) 1.070.440.770.670.52
Total Debt / Equity (X) 1.390.610.990.820.64
Asset Turnover Ratio (%) 0.711.041.121.431.15
Current Ratio (X) 1.581.741.732.091.79
Quick Ratio (X) 1.391.571.561.881.62
Inventory Turnover Ratio (X) 13.528.5110.2310.198.67
Dividend Payout Ratio (NP) (%) 1.931.511.321.370.00
Dividend Payout Ratio (CP) (%) 1.501.191.101.120.00
Earning Retention Ratio (%) 98.0798.4998.6898.630.00
Cash Earning Retention Ratio (%) 98.5098.8198.9098.880.00
Interest Coverage Ratio (X) 4.054.985.946.105.21
Interest Coverage Ratio (Post Tax) (X) 2.843.404.204.233.51
Enterprise Value (Cr.) 10780.717225.506728.434646.162365.15
EV / Net Operating Revenue (X) 2.131.341.461.240.90
EV / EBITDA (X) 10.066.697.366.484.82
MarketCap / Net Operating Revenue (X) 1.361.101.100.960.74
Retention Ratios (%) 98.0698.4898.6798.620.00
Price / BV (X) 2.332.412.652.531.82
Price / Net Operating Revenue (X) 1.361.101.100.960.74
EarningsYield 0.070.090.090.100.12

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

HG Infra Engineering Ltd. is a Public Limited Listed company incorporated on 21/01/2003 and has its registered office in the State of Rajasthan, India. Company's Corporate Identification Number(CIN) is L45201RJ2003PLC018049 and registration number is 018049. Currently Company is involved in the business activities of Construction roads and railways. Company's Total Operating Revenue is Rs. 6051.88 Cr. and Equity Capital is Rs. 65.17 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Construction, Contracting & EngineeringNo. 14, Panchwati Colony, Jodhpur Rajasthan 342001Contact not found
Management
NamePosition Held
Mr. Harendra SinghChairman & Managing Director
Mr. Devendra Bhushan GuptaWhole Time Director
Mr. Vijendra SinghWhole Time Director
Mr. Ashok Kumar ThakurIndependent Director
Dr. Sunil Kumar ChaudharyIndependent Director
Ms. Monica WidhaniIndependent Director
Mr. Manjit SinghIndependent Director
Ms. Sharada SunderIndependent Director

FAQ

What is the intrinsic value of HG Infra Engineering Ltd and is it undervalued?

As of 18 April 2026, HG Infra Engineering Ltd's intrinsic value is ₹878.34, which is 83.75% higher than the current market price of ₹478.00, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (18.3 %), book value (₹474), dividend yield (0.42 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of HG Infra Engineering Ltd?

HG Infra Engineering Ltd is trading at ₹478.00 as of 18 April 2026, with a FY2026-2027 high of ₹1,275 and low of ₹430. The stock is currently near its 52-week low. Market cap stands at ₹3,112 Cr..

How does HG Infra Engineering Ltd's P/E ratio compare to its industry?

HG Infra Engineering Ltd has a P/E ratio of 8.15, which is below the industry average of 36.56. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is HG Infra Engineering Ltd financially healthy?

Key indicators for HG Infra Engineering Ltd: ROCE of 16.8 % indicates efficient capital utilization; ROE of 18.3 % shows strong shareholder returns. Dividend yield is 0.42 %.

Is HG Infra Engineering Ltd profitable and how is the profit trend?

HG Infra Engineering Ltd reported a net profit of ₹505 Cr in Mar 2025 on revenue of ₹5,056 Cr. Compared to ₹380 Cr in Mar 2022, the net profit shows an improving trend.

Does HG Infra Engineering Ltd pay dividends?

HG Infra Engineering Ltd has a dividend yield of 0.42 % at the current price of ₹478.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in HG Infra Engineering Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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