External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

HG Infra Engineering Ltd / Equity Bottom-Up

<ul><li>Healthy Order Book: The company’s order book stood at a robust Rs 13,933 Cr as of Sep’25, providing strong revenue visibility over the medium term.</li><li>The order mix remains well diversified, with Roads and Highways contributing 66%, Railways 20%, Battery projects 12%, and Solar 3%.</li><li>Within the road segment, 36% of the orders are from EPC projects and 30% from HAM projects. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Healthy Order Book: The company’s order book stood at a robust Rs 13,933 Cr as of Sep’25, providing strong revenue visibility over the medium term.The order mix remains well diversified, with Roads and Highways contributing 66%, Railways 20%, Battery projects 12%, and Solar 3%.Within the road segment, 36% of the orders are from EPC projects and 30% from HAM projects. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HG Infra Engineering Ltd - Slower Execution & Provisions Impact Performance.

<ul><li>Healthy Order Book: As of 30 th June, 2025, the company's total order book stood at Rs 14,656 Cr, ensuring strong revenue visibility for the next 2-3 years.</li><li>The Road and Highway order book is led by the EPC sector (36%), followed by HAM and solar projects (30%).</li><li>HGIEL is anticipated to achieve a revenue growth of 15% CAGR over FY25-27E.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Healthy Order Book: As of 30 th June, 2025, the company's total order book stood at Rs 14,656 Cr, ensuring strong revenue visibility for the next 2-3 years.The Road and Highway order book is led by the EPC sector (36%), followed by HAM and solar projects (30%).HGIEL is anticipated to achieve a revenue growth of 15% CAGR over FY25-27E.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HG Infra Engineering Ltd - Higher Provisions Impacted Margin; Retain BUY

<ul><li>Healthy Order Book: As of 31st Mar’24, the company's total order book stood at Rs 15,281 Cr, ensuring strong revenue visibility for the next 2-3 years.</li><li>64% of the company's total order book comes from the EPC sector, while 36% is from HAM road and solar projects.</li><li>In FY26, the company is expecting revenue contribution of Rs 1,200 Cr from projects worth Rs 7,200 Cr awaiting AD. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Healthy Order Book: As of 31st Mar’24, the company's total order book stood at Rs 15,281 Cr, ensuring strong revenue visibility for the next 2-3 years.64% of the company's total order book comes from the EPC sector, while 36% is from HAM road and solar projects.In FY26, the company is expecting revenue contribution of Rs 1,200 Cr from projects worth Rs 7,200 Cr awaiting AD. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Axis Punch: HG Infra Engineering Ltd - 30th June, 2025

<ul><li>Healthy Order Book: As of 31st Mar’25, the company's total order book stood at Rs 15,281 Cr, ensuring strong revenue visibility for the next 2-3 years.</li><li>64% of the company's total order book comes from the EPC sector, while 36% is from HAM road and solar projects.</li><li>The company is anticipated to achieve a revenue growth of 15% CAGR over FY25-27E.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Healthy Order Book: As of 31st Mar’25, the company's total order book stood at Rs 15,281 Cr, ensuring strong revenue visibility for the next 2-3 years.64% of the company's total order book comes from the EPC sector, while 36% is from HAM road and solar projects.The company is anticipated to achieve a revenue growth of 15% CAGR over FY25-27E.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HG Infra Engineering Ltd - Robust Order Book...

<ul><li>H.G. Infra Engineering Limited (HGIEL), incorporated in 2003, is a Jaipur-based infrastructure company engaged in construction, development, designing, and management of infrastructure projects.</li><li>The company specializes in delivering integrated design, engineering, procurement, and construction services.</li><li>HGIEL has successfully executed key capital projects and undertaken maintenance of infrastructure assets through strategic partnerships and long-term alliances.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

H.G. Infra Engineering Limited (HGIEL), incorporated in 2003, is a Jaipur-based infrastructure company engaged in construction, development, designing, and management of infrastructure projects.The company specializes in delivering integrated design, engineering, procurement, and construction services.HGIEL has successfully executed key capital projects and undertaken maintenance of infrastructure assets through strategic partnerships and long-term alliances.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Axis Punch: HG Infra Engineering Ltd - 16th April, 2025

India

H.G. Infra Engineering Limited (HGIEL) provides infrastructure construction services. The Company offers highways, roads, bridges, runways, and civil construction, as well as land development, water pipelines, and rehabilitation and upgradation services. HGIEL serves customers in India.

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HG Infra Engineering Ltd (HGINFRA IN)

HG Infra Engineering Ltd - Slower Execution & Provisions Impact Performance.

Healthy Order Book: The company’s order book stood at a robust Rs 13,933 Cr as of Sep’25, providing strong revenue visibility over the medium term.

Axis Direct

HG Infra Engineering Ltd - Higher Provisions Impacted Margin; Retain BUY

As of 30 th June, 2025, the company's total order book stood at Rs 14,656 Cr, ensuring strong revenue visibility for the next 2-3 years.

Axis Direct

Axis Punch: HG Infra Engineering Ltd - 30th June, 2025

Healthy Order Book: As of 31st Mar’24, the company's total order book stood at Rs 15,281 Cr, ensuring strong revenue visibility for the next 2-3...

Axis Direct

HG Infra Engineering Ltd - Robust Order Book...

As of 31st Mar’25, the company's total order book stood at Rs 15,281 Cr, ensuring strong revenue visibility for the next 2-3 years.

Axis Direct

Axis Punch: HG Infra Engineering Ltd - 16th April, 2025

HGIEL has successfully executed key capital projects and undertaken maintenance of infrastructure assets through strategic partnerships and long...

Axis Direct

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