Highway Infrastructure Limited (NSE: HILINFRA), a key player in tollway collection, EPC infrastructure, and real estate development, reported strong financial performance for the third quarter and nine months ended December 31, 2025 (Q3FY26 and 9MFY26).
The company achieved its highest-ever consolidated order book of Rs. 1,160 crore as of January 2026, marking a 50% increase from Rs. 775 crore in September 2025. This growth underscores HIL’s expanding footprint in India’s infrastructure sector, driven by significant tollway contract wins.
Key Milestones and Order Book Expansion
HIL secured over Rs. 437.3 crore in new tollway collection contracts in the past 2-3 months, propelling its tollway order book to surge 181% since September 2025, reaching Rs. 536.5 crore. The standout achievement was the largest toll collection order in the company’s history: the Rs. 328.8 crore Kaza Fee Plaza contract on NH-16 in Andhra Pradesh.
Other major tolling contracts included:
Mundka Fee Plaza (UER-II, Delhi-Haryana) worth Rs. 64.7 crore
Jawar Fee Plaza in Uttar Pradesh worth Rs. 32 crore
Ujjain-Garoth Highway in Madhya Pradesh worth Rs. 11.8 crore
Extension of Delhi-Vadodara Greenfield Expressway contract in Rajasthan worth Rs. 6.2 crore
In the EPC segment, the order book grew to Rs. 623.6 crore, bolstered by steady project inflows. A notable award was the Rs. 69.7 crore urban road development project from the Indore Development Authority.
Strong Financial Performance
HIL posted resilient earnings despite a slight dip in total income. For Q3FY26, total income stood at Rs. 128.4 crore, down from Rs. 142 crore in Q3FY25. Over 9MFY26, it was Rs. 356.2 crore compared to Rs. 368.9 crore in the prior year.
Profitability metrics showed marked improvement. EBITDA rose 10.7% year-over-year (YoY) to Rs. 9.6 crore in Q3FY26 from Rs. 8.7 crore, while 9MFY26 EBITDA jumped 65.2% YoY to Rs. 35.4 crore from Rs. 21.4 crore. Profit after tax (PAT) grew 34.3% YoY to Rs. 6.3 crore in Q3FY26 from Rs. 4.7 crore. For 9MFY26, PAT surged 121.5% YoY to Rs. 23.1 crore.
These figures highlight HIL’s ability to enhance margins through operational efficiencies and higher-value contracts, even amid moderating revenue.
Leadership Perspective
Mr. Arun Kumar Jain, Managing Director of Highway Infrastructure Limited, commented: “Q3FY26 has been a defining quarter for HIL with strong financial performance and robust order inflows across tollway and EPC segments. We recorded our highest-ever order book, surpassing our FY26 target well ahead of schedule. The award of the Kaza Fee Plaza, our largest toll contract to date, further strengthens our position as a scaled, asset-light toll operator.
“Alongside tollway expansion, we continue to evaluate adjacencies including renewable EPC, ropeway operations, and urban infrastructure opportunities. With a healthy pipeline and disciplined execution, we remain confident of sustaining the momentum in the coming quarters.”
Future Outlook and Growth Pipeline
HIL eyes sustained execution from its Rs. 624 crore EPC order book, targeting Rs. 400-450 crore in completions over the next two years. The company maintains a strong bidding pipeline, with L1/H1 positions exceeding Rs. 200 crore across EPC and tollway segments.
Strategic diversification is underway, with active evaluations in renewable energy EPC, ropeway operations, EV charging networks, and mobility-adjacent commercial services. This positions HIL to capitalize on India’s infrastructure push, balancing asset-light toll operations with EPC execution for long-term revenue visibility.