Interim report
Page 1
HGIEL/HO/COMPLIANCE/2026-27/719 November 03, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Bandra (East), Mumbai- 400 001 Mumbai- 400 051 Scrip Code: 541019/977063 Scrip Symbol- HGINFRA Dear Sir/Madam, Sub: Outcome of Board Meeting Pursuant to Regulations 30, 33, 51, and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the “Listing Regulations”), this is to inform you that the Board of Directors of H.G. Infra Engineering Limited (the “Company”) at its meeting held today i.e. Tuesday, November 03, 2026, has, inter alia:- 1. approved the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2026 (the “Financial Results”), as recommended/ reviewed by the Audit Committee. 2. took note of the Limited Review Report on the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2026, issued by the Joint Statutory Auditors of the Company. The Financial Results, along with the Limited Review Reports issued by the Joint Statutory Auditors and the disclosures in accordance with Regulations 52(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are enclosed herewith. In compliance with Regulation 46 of the Listing Regulations, the above outcome will also be made available on the Company’s website at https://www.hginfra.com/ and will also be published in the newspapers in the prescribed format. The meeting of the Board of Directors commenced at 02: 30 p.m. (IST) and concluded at 04:05 p.m. (IST). This is for your information and record. Thanking you, Yours faithfully, For H.G. Infra Engineering Limited Ankita Mehra Company Secretary & Compliance Officer Mem. No.: A33288 Encl.: As above
Page 2
M S K A & Associates LLP (Formerly known as M/s MSKA & Associates) Chartered Accountants Magnum Global Park, Unit No. 2101-2115 A & B, Floor 21, Sector 58, Arch View, Gurugram (122011), Haryana M/s Shridhar & Associates Chartered Accountants 101, 1st Floor, Vaibhav Chambers Madhusudan Kalelkar Marg, BKC Bandra East Mumbai (400052), Maharashtra Independent Auditor’s Review Report on unaudited Standalone financial results of H.G. Infra Engineering Limited for the quarter and year to date pursuant to the Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. To The Board of Directors of H.G. Infra Engineering Limited 1. We have reviewed the accompanying Statement of unaudited standalone financial results of H.G. Infra Engineering Limited (hereinafter referred to as ‘the Company’) for the quarter ended September 30, 2026 and the year to -date results for the period from April 1, 2026 to September 30, 2026 (‘the Statement’) attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 and Regulation 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended (‘the Regulations’). The Statement has been digitally signed by us for identification purposes only. 2. This Statement, which is the responsibility of Company’s Management and has been approved by the Company’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 ‘Interim Financial Reporting’ (‘Ind AS 34’) , prescribed under Section 133 of the Companies Act, 2013 (‘the Act’), read with relevant rules issued thereunder, and other recognised accounting principles generally accepted in India, and is in compliance with the Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagement (SRE) 2410, ‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity ’ issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditi ng specified under Section 143(10) of the Act and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34 and other recognised accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Regulations including the manner in which it is to be disclosed, or that it contains any material misstatement.
Page 3
M S K A & Associates LLP (Formerly known as M/s MSKA & Associates) Chartered Accountants M/s Shridhar & Associates Chartered Accountants 5. We draw attention to note 5 to the accompanying Statement which describes the uncertainty related to outcome of search proceedings conducted by the Central Bureau of Investigation, Anti -Corruption Bureau, Patna. Based on the recommendation of Audit Committee, the Company had appointed external firm to review certain aspects related to the matter. The aforesaid note further states the Company’s position that there is no impact on the standalone financial results, at this stage. Our conclusion is not modified in respect of this matter. For M S K A & Associates LLP (Formerly known as M/s MSKA & Associates) For Shridhar & Associates Chartered Accountants Chartered Accountants ICAI Firm Registration No. 105047W/ W101187 ICAI Firm Registration No. 134427W Rahul Aggarwal Abhishek Pachlangia Partner Partner Membership No. 505676 Membership No. 120593 UDIN: 26505676ZOUQUS3715 UDIN: 26120593FJKQHH2196 Place: Jaipur Place: Jaipur Date: November 03, 2026 Date: November 03, 2026 RAHUL AGGARWAL Digitally signed by RAHUL AGGARWAL Date: 2026.11.03 16:42:20 +05'30' ABHISHEK PACHLANGIA Digitally signed by ABHISHEK PACHLANGIA Date: 2026.11.03 16:54:01 +05'30'
Page 4
( Amount in Rs. Million except per share data ) Year ended September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 March 31, 2026 ( Unaudited ) ( Unaudited ) ( Unaudited ) ( Unaudited ) ( Unaudited ) ( Audited ) 1 Income (a) Revenue from operations 8,832.19 9,072.36 11,537.47 17,904.55 28,629.90 56,666.77 (b) Other income 249.26 29.01 165.68 278.27 188.44 289.95 Total Income 9,081.45 9,101.37 11,703.15 18,182.82 28,818.34 56,956.72 2 Expenses (a) Cost of materials consumed 2,813.53 3,972.03 4,250.82 6,785.56 12,208.34 22,431.05 (b) Contract and site expenses 3,866.51 3,194.45 4,757.12 7,060.96 10,277.36 22,350.05 (c) Employee benefits expenses 878.85 933.02 863.12 1,811.87 1,792.37 3,534.82 (d) Finance cost 508.79 429.45 393.11 938.24 769.58 1,784.95 (e) Depreciation and amortisation expenses 327.36 304.97 340.34 632.33 669.53 1,364.43 (f) Impairment losses on financial instruments and contract assets - - - - 110.00 110.00 (g) Other Expenses 226.04 202.70 200.76 428.74 419.51 906.70 Total Expenses 8,621.08 9,036.62 10,805.27 17,657.70 26,246.69 52,482.00 3 Profit before exceptional item and tax ( 1-2 ) 460.37 64.75 897.88 525.12 2,571.65 4,474.72 4 Exceptional item ( Refer note 4 ) (21.23) 301.12 - 279.89 - 711.43 5 Profit before tax ( 3+4 ) 439.14 365.87 897.88 805.01 2,571.65 5,186.15 6 Income Tax expenses (a) Current Tax 155.05 85.75 237.09 240.80 679.05 1,551.33 (b) Deferred Tax (37.22) (2.60) (12.27) (39.82) (35.15) (256.54) Total Tax Expenses 117.83 83.15 224.82 200.98 643.90 1,294.79 7 Profit after Tax ( 5-6 ) 321.31 282.72 673.06 604.03 1,927.75 3,891.36 8 Other Comprehensive Income Item that will not be reclassified to profit or loss -Remeasurements of post-employment benefit obligations(6.54) (7.40) (4.49) (13.94) (7.71) (26.64) '-Income tax relating to this item 1.65 1.86 1.13 3.51 1.94 6.70 Other Comprehensive Income ( Net of tax ) (4.89) (5.54) (3.36) (10.43) (5.77) (19.94) 9 Total Comprehensive Income for the year / period ( 7+8 )316.42 277.18 669.70 593.60 1,921.98 3,871.42 10 Paid-up equity share capital ( Face Value of Rs. 10 per share ) 651.71 651.71 651.71 651.71 651.71 651.71 11 Reserves ( excluding Revaluation Reserve ) as shown in the Audited Balance Sheet 31,937.14 12 Earnings per equity share ( Face Value of Rs. 10 per share ): Basic and Diluted * 4.93 4.34 10.33 9.27 29.58 59.71 * Figures for the quarter are not annualised See accompanying notes forming part of the standalone financial results. Sr. No Particulars For the quarter ended Six months period ended Statement of unaudited standalone financial results for the Quarter and Six months ended September 30, 2026 H.G. Infra Engineering Limited Regd Office : 14, Panchwati Colony, Ratanada, Jodhpur - 342001, Rajasthan Tel : - 91 141 - 4106 040 Fax : +91 - 141 - 4106 044 Email : cs@hginfra.com Website : www.hginfra.com CIN No. - L45201RJ2003PLC018049
Page 5
( Amount in Rs. Million ) Particulars As at September 30, 2026 (Unaudited) As at March 31, 2026 (Audited) ASSETS Non-current assets Property, plant and equipment 5,784.53 5,724.20 Investment Properties 35.95 36.30 Right-of-use assets 488.51 164.88 Intangible assets 24.48 27.15 Financial assets i. Investment 18,404.88 18,123.90 ii. Trade receivables 99.10 163.15 iii. Other financial assets 2,739.10 1,621.76 Deferred tax assets ( net ) 714.12 670.79 Non-current tax assets ( net ) 316.51 107.06 Other non-current assets 35.32 19.70 Total non-current assets 28,642.50 26,658.89 Current assets Inventories 4,959.99 4,246.86 Financial assets i. Trade receivables 10,005.47 17,101.63 ii. Cash and cash equivalents 285.67 169.79 iii. Bank balances other than (ii) above 1,346.13 1,117.12 iv. Loans 321.76 168.00 v. Other financial assets 166.32 119.81 Contract assets 21,649.51 18,071.39 Other current assets 2,879.59 2,210.40 41,614.44 43,205.00 Assets classified as held for sale - 2,272.84 Total current assets 41,614.44 45,477.84 Total assets 70,256.94 72,136.73 EQUITY AND LIABILITIES Equity Equity share capital 651.71 651.71 Other equity 32,400.41 31,937.14 Total equity 33,052.12 32,588.85 LIABILITIES Non-current liabilities Financial liabilities i. Borrowings 1,066.77 630.36 ii. Lease liabilities 351.02 105.53 iii. Trade Payable (a) total outstanding dues of micro and small enterprises 133.83 132.21 (b) total outstanding dues other than (iii) (a) above 323.30 408.46 Employee benefit obligations 244.41 270.44 Total non-current liabilities 2,119.33 1,547.00 Current liabilities Financial liabilities i. Borrowings 14,885.00 15,644.05 ii. Lease liabilities 156.69 73.56 iii. Trade payables (a) total outstanding dues of micro and small enterprises 1,353.63 1,826.34 (b) total outstanding dues other than (iii) (a) above 10,528.85 14,507.74 iv. Other financial liabilities 254.79 229.72 Contract liabilities 7,320.66 4,587.64 Employee benefit obligations 345.20 285.91 Current tax liabilities ( net ) 6.33 6.33 Other current liabilities 234.34 839.59 Total current liabilities 35,085.49 38,000.88 Total liabilities 37,204.82 39,547.88 Total equity and liabilities 70,256.94 72,136.73 Statement of unaudited Standalone Assets and Liabilities as at September 30, 2026 See accompanying notes forming part of the standalone financial results H.G. Infra Engineering Limited Regd Office : 14, Panchwati Colony, Ratanada, Jodhpur - 342001, Rajasthan Tel : - 91 141 - 4106 040 Fax : +91 - 141 - 4106 044 Email : cs@hginfra.com Website : www.hginfra.com CIN No. - L45201RJ2003PLC018049
Page 6
( Amount in Rs. Million ) Period ended September 30, 2026 (Unaudited) Period ended September 30, 2025 (Unaudited) A) Cash flow from operating activities Profit before exceptional item and tax 525.12 2,571.65 Adjustments for : Depreciation and amortisation expense 632.33 669.53 Interest Income from financial assets at amortised cost (42.09) (54.69) Interest income on account of contract modification (189.66) - Loss allowances - 110.00 Loss on disposal of property, plant and equipment and Investment property ( net ) 11.83 16.52 Finance costs 938.24 769.58 Operating Profit before Working Capital Changes 1,875.77 4,082.59 Changes in working capital : Decrease / ( Increase ) in trade receivables 7,080.40 1,846.98 Decrease / ( Increase ) in inventories (713.13) 286.41 Decrease / ( Increase ) in contract assets (3,498.32) (1,710.31) Decrease / ( Increase ) in other current assets (669.16) (1,087.90) Decrease / ( Increase ) in other non current financial assets (1,005.28) (58.16) Decrease / ( Increase ) in other current financial assets (46.51) (265.49) Increase / ( decrease ) in trade payables (4,535.14) (734.86) Increase / ( decrease ) in contract liabilities 2,733.02 (1,599.48) Increase / ( decrease ) in other current financial liabilities 0.08 - Increase / ( decrease ) in other current liabilities (605.25) 432.35 Increase / ( decrease ) in employee benefit obligations 19.32 14.04 Net Changes in Working Capital (1,239.97) (2,876.42) Cash generated from operations 635.80 1,206.17 Income taxes paid ( Net of refunds ) (450.25) (830.21) Net cash generated from Operating Activities 185.55 375.96 B) Cash Flow From Investing Activities Investment in subsidiaries (2,318.91) (5,086.18) Proceed from disposal / repayment of investment in subsidiaries 4,590.66 - Payment for acquisition of property, plant and equipment ( Including CWIP and capital advance )(661.78) (178.84) Payment for acquisition of Intangible assets (0.64) (4.45) Proceed from disposal of property, plant and equipment and Investment property 5.60 94.75 Fixed deposits ( placed ) / redemption of fixed deposits ( Net ) (148.27) (158.05) Interest received 38.95 47.53 Loans to employees and related parties (169.69) (43.37) Repayment of loans by employees and related parties 15.93 32.74 Net Cash ( used in ) Investing Activities 1,351.85 (5,295.87) C) Cash Flow From Financing Activities Proceeds from long term borrowings 3,656.79 1,071.72 Repayment of long term borrowings (3,851.04) (1,051.78) Proceeds from non convertible debenture - 4,000.00 Proceeds from /(Repayment) of short term borrowings ( Net ) (118.72) 1,458.34 Proceeds from suppliers finance arrangement 1.99 1,652.49 Repayment of suppliers finance arrangement (11.66) (1,470.28) Dividend paid (Gross of applicable TDS) (130.34) (130.34) Repayment of lease obligation (73.62) (28.43) Finance cost paid (894.92) (721.84) Net Cash generated from Financing Activities (1,421.52) 4,779.87 Net ( Decrease ) in cash and cash equivalents ( A+B+C ) 115.88 (140.04) Cash and Cash Equivalents as at the beginning of the year 169.79 256.60 Cash and cash equivalents at the end of the year 285.67 116.56 Reconciliation of Cash and cash equivalents as per the cash flow statement Cash and cash equivalents comprise of the following: Cash on hand 4.85 0.47 Deposits with original maturity of less than three months 29.45 Bank Balance on current account 251.37 116.09 Total Cash and cash equivalents at the end of the year 285.67 116.56 Non cash investing activities - Acquisition of right-of-use of assets 386.11 134.87 See accompanying notes forming part of the standalone financial results. Particulars H.G. Infra Engineering Limited Regd Office : 14, Panchwati Colony, Ratanada, Jodhpur - 342001, Rajasthan Tel : - 91 141 - 4106 040 Fax : +91 - 141 - 4106 044 Email : cs@hginfra.com Website : www.hginfra.com CIN No. - L45201RJ2003PLC018049 Statement of unaudited Standalone cashflow for the period ended September 30, 2026
Page 7
Notes: 1 2 3 1. The Company transferred its 100% shareholding in one of the subsidiary i.e. H.G. Khammam Devarapalle PKG-2 Private Limited on March 20, 2026 for a total consideration amounting to Rs. 1,077.70 Million. The resultant gain of Rs. 419.36 Million was recorded as exceptional item in the standalone financial results. 2. The Company also transferred its 49% shareholding in one of the subsidiary i.e. H.G. Khammam Devarapalle PKG-1 Private Limited on March 30, 2026 for a consideration amounting to Rs. 682.72 Million. Considering the modified terms and conditions, as referred above, the Company evaluated such terms/conditions, together with the facts, and concluded that it did not exercise control over the subsidiary. A gain of Rs. 292.07 Million was been recorded as exceptional item in the standalone financial results. The remaining investment was classified as Held for Sale in accordance with Ind AS 105,"Non-current Assets Held for Sale and Discontinued Operations". 3. The Company also assessed the terms and conditions in SPA, together with modified terms, and concluded that Investment in its subsidiary (H.G. Raipur Visakhapatnam OD-6 Private Limited) be classified as held for sale in accordance with Ind AS 105,"Non current Assets Held for Sale and Discontinued Operations". b. Further, In accordance with the terms agreed in the amended SPA, during the previous quarter: 1. The Company transferred its remaning 51% shareholding in H.G. Khammam Devarapalle PKG-1 Private Limited on June 09, 2026 for a consideration amounting to Rs. 730.32 Million. A gain of Rs. 323.73 Million has been recorded as exceptional item in the standalone financial results. 2. The Company transferred its 100% shareholding in H.G. Raipur Visakhapatnam OD-6 Private Limited on April 23, 2026 for a total consideration amounting to Rs. 760.21 Million. The resultant gain of Rs. 41.60 Million has been recorded as exceptional item in the standalone financial results. 3. The Company also transferred its 49% shareholding in one of the subsidiary i.e. H.G. Raipur Visakhapatnam OD-5 Private Limited on June 05, 2026 for a consideration amounting to Rs. 1,256.61 Million. Considering the modified terms and conditions, as referred above, the Company has evaluated such terms/conditions, together with the facts, and concluded that it does not exercise control over the entity. A loss of Rs. 64.21 Million, related to disposal of 49% stake, has been recorded as exceptional item in the standalone financial results. The remaining investment has been sold subsequently on July 23, 2026. The remaining investment has been classified as Held for Sale in accordance with Ind AS 105,"Non-current Assets Held for Sale and Discontinued Operations". c. Further, In accordance with the terms agreed in the amended SPA, during the current quarter: 1. The Company transferred its remaning 51% shareholding in H.G. Raipur Visakhapatnam OD-5 Private Limited on July 23, 2026 for a consideration amounting to Rs. 1,353.55 Million. A loss of Rs. 21.23 Million has been recorded as exceptional item in the standalone financial results. The Statement includes the standalone financial results of H.G. Infra Engineering Limited (herein after referred to as the 'Company'). This Statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other accounting practices and policies, to the extent applicable. The above Statement of standalone financial results for the quarter and six months period ended September 30, 2026 has been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on November 03, 2026. During the quarter ended September 30, 2025, the Board of Directors in their meeting held on August 13, 2025, inter alia, considered and approved the proposal of divestment of 100% investment in five of its wholly owned subsidiaries, namely, Pursuant to such approval, the Company and acquirer (collectively referred to as 'the parties’) had executed the Share Purchase Agreement ('SPA') in relation to the sale of the aforesaid subsidiaries in the previous quarters. During the current and previous quarters, the parties agreed upon modification of few terms and conditions, including achievement of PCOD/COD. The SPA, read together with the amendments done in the current and previous quarters, specify the closing conditions, which includes approval from the lenders, the customers and the regulatory authorities. a. In accordance with the terms, then agreed in amended SPA, in the previous year: v. H.G. Raipur Visakhapatnam AP-1 Private Limited ii. H.G. Khammam Devarapalle PKG-2 Private Limited iv. H.G. Raipur Visakhapatnam OD-6 Private Limited i. H.G. Khammam Devarapalle PKG-1 Private Limited iii. H.G. Raipur Visakhapatnam OD-5 Private Limited
Page 8
4 (Amount in Rs. Million) Year ended September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 March 31, 2026 ( Unaudited ) ( Unaudited ) ( Unaudited ) ( Unaudited ) ( Unaudited ) ( Audited ) 1. Segment Revenue Construction 8,832.19 9,072.36 11,537.47 17,904.55 28,629.90 56,666.77 Net Segment Revenue 8,832.19 9,072.36 11,537.47 17,904.55 28,629.90 56,666.77 2. Segment Results Construction 719.90 465.19 1,125.31 1,185.09 3,152.79 5,969.72 Total 719.90 465.19 1,125.31 1,185.09 3,152.79 5,969.72 Less: Finance Costs (508.79) (429.45) (393.11) (938.24) (769.58) (1,784.95) Add: Unallocable Income 249.26 29.01 165.68 278.27 188.44 289.95 Profit before exceptional items and Tax460.37 64.75 897.88 525.12 2,571.65 4,474.72 Add: Exceptional items (21.23) 301.12 - 279.89 - 711.43 Profit before Tax 439.14 365.87 897.88 805.01 2,571.65 5,186.15 3. Segment Assets Construction 67,454.59 69,225.59 61,601.40 67,454.59 61,601.40 69,928.23 Total segment assets 67,454.59 69,225.59 61,601.40 67,454.59 61,601.40 69,928.23 Add: Unallocable assets 2,802.35 2,505.89 2,347.52 2,802.35 2,347.52 2,208.50 Total assets 70,256.94 71,731.48 63,948.92 70,256.94 63,948.92 72,136.73 4. Segment Liabilities Construction 36,946.48 38,547.61 33,155.16 36,946.48 33,155.16 39,316.73 Total segment liabilities 36,946.48 38,547.61 33,155.16 36,946.48 33,155.16 39,316.73 Add: Unallocable liabilities 258.34 317.83 154.35 258.34 154.35 231.15 Total Liabilities 37,204.82 38,865.44 33,309.51 37,204.82 33,309.51 39,547.88 Capital employed 33,052.12 32,866.04 30,639.41 33,052.12 30,639.41 32,588.85 (Segment Assets- Segment Liabilities) 5 The Central Bureau of Investigation (‘CBI’), Anti-Corruption Bureau, Patna (‘ACB’) (hereinafter referred to as ‘the agency’) has taken into custody four employees of the Company on January 21, 2026 pursuant to a FIR dated January 21, 2026 invoking Sections 7, 7A, 8 and 9 of the Prevention of Corruption Act, 1988. Also, the agency has conducted search at a few offices of the Company and residence of Chairman and Managing Director (‘CMD’). The agency has also confiscated cash amounting to Rs 0.77 million from one out of the four employees (as mentioned above) which was reflected in the books and has been considered as recoverable in the financial results. Cash amounting to Rs. 0.93 million has also been confiscated from the CMD’s residence which belongs to his personal funds. Six months period ended The Company has only one reportable segment, comprising of EPC business ( roads, railways, solar plants etc ). Accordingly, the disclosure is made for the current quarter and the corresponding periods as follows: For the quarter ended Particulars
Page 9
6 7 8 The Hon'able court extended bail to all the four employees of the Company. No charge sheet has yet been filed by the investigating agency against the Company or its employees in relation to the said FIR. In the previous quarter, based on the recommendation of the audit committee, the Company had appointed an external firm to review few aspects related to the matter. While the uncertainty remains as matter is sub-judice, based on the management's assessment, the opinion of the lawyer appointed by the Company and outcome of external firm's report, as mentioned above, the Company has assessed and concluded that there is no impact on these financial results. There has not been any impact on the operations and financial position of the Company. Harendra Singh Chairman and Managing Director DIN: 00402458 Place: Jaipur Date: November 03, 2026 Figures of previous quarter and corresponding quarter in the previous year have been regrouped/reclassified, wherever necessary, to conform to the current period's classifications in accordance with applicable guidance. The above standalone financial results of the Company are available on the Company's website (www.hginfra.com) and also on the website of BSE Limited (www.bseindia.com) where the equity shares and non convertible debentures of the Company are listed and National Stock Exchange of India Limited (www.nseindia.com), where the equity shares of the Company are listed. During the quarter, 2 subsidiaries has been incorporated by the Company. For and on behalf of the Board of Directors HARENDRA SINGH Digitally signed by HARENDRA SINGH Date: 2026.11.03 16:25:02 +05'30' RAHUL AGGARWAL Digitally signed by RAHUL AGGARWAL Date: 2026.11.03 16:42:54 +05'30' ABHISHEK PACHLAN GIA Digitally signed by ABHISHEK PACHLANGIA Date: 2026.11.03 16:55:29 +05'30'
Page 10
Year ended September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 March 31, 2026 52(4)(a)Debt Equity ratio ( in times ) 0.48 0.56 0.53 0.48 0.53 0.50 52(4)(b)Debt service coverage ratio ( in times ) 0.96 0.37 2.43 0.59 1.88 0.93 52(4)(c)Interest service coverage ratio ( in times ) 2.17 1.18 3.65 1.69 5.08 4.06 52(4)(d)Outstanding redeemable preference shares ( quantity and value )NA NA NA NA NA NA 52(4)(e)Capital redemption reserve/Debenture redemption reserve NA NA NA NA NA NA 52(4)(f)Net worth ( Rs. in Million ) 33,052.12 32,866.04 30,639.41 33,052.12 30,639.41 32,588.85 52(4)(g)Net profit after tax ( Rs. in Million ) 321.31 282.72 673.06 604.03 1,927.75 3,891.36 52(4)(h)Earnings per share ( not annualised quarter ) ( Rs. ) - Basic and Diluted 4.93 4.34 10.33 9.27 29.58 59.71 52(4)(i)Current ratio ( in times ) 1.19 1.21 1.35 1.19 1.35 1.20 52(4)(j)Long term debt to working capital ( in times ) 0.16 0.16 0.45 0.16 0.45 0.08 52(4)(k)Bad debts to Account receivable ratio ( in times ) - - - - - - 52(4)(l)Current liability ratio ( in times ) 0.94 0.95 0.83 0.94 0.83 0.96 52(4)(m)Total debts to total assets ( in times ) 0.23 0.26 0.26 0.23 0.26 0.23 52(4)(n)Debtors turnover ratio ( in times )* 2.67 2.16 3.80 2.62 4.47 3.65 52(4)(o)Inventory turnover ratio ( in times )* 2.41 3.68 3.29 2.95 4.62 4.64 52(4)(p)Operating margin ( % ) 11.86% 8.49% 12.70% 10.15% 13.35% 12.94% 52(4)(q)Net profit margin ( % ) 3.64% 3.12% 5.83% 3.37% 6.73% 6.87% 54(2) Security cover available ( in times ) NA NA NA NA NA NA 1 2 3 4 5 6 7 8 9 10 11 12 13 * For the purpose of calculating the annualised amounts for the quarter and six months, the actual amounts for the respective quarter and six months have been multiplied by 4 and 2 respectively (related to Q1 and Q2) Refer note 4 on sale transaction of SPVs, the current assets in current quarter and previous quarter have been computed after including “Assets held for sale” respectively. Debt service coverage ratio = ( Profit before exceptional item and tax + Depreciation and amortisation expense + Interest on debt ) / ( Principal repayment of debt + Interest on debt ) Operating margin = ( Profit before exceptional item and tax + Finance costs + Depreciation and amortisation - Other income ) / ( Revenue from operations ) Annexure 1: Particulars For the quarter ended Sr. No. Six months period ended Disclosures pursuant to Regulation 52(4) & 54(2) of Securities and Exchange Board or India ( Listing Obligations and Disclosures Requirement ) Regulations, 2015 ( as amended ) :- Formulae for the computation of the Ratios : Security cover available = ( Secured Assets ) / ( Secured Borrowings ) The NCDs issued are unsecured. Consequently, the disclosures pursuant to Regulation 54(2) are not applicable. Net profit margin = ( Profit after tax ) / ( Revenue from operations ) Inventory turnover ratio = ( Cost of materials consumed ( annualised )) / ( Average inventories ) Debtors turnover ratio = ( Revenue from operations ( annualised )) / ( Average trade receivables ) Total debts to Total assets ratio = ( Total debt ) / ( Total assets ) Debt equity ratio = ( All long term debt + Short term debt ) / ( Equity share capital + all reserves ) Current liability ratio = ( Current liabilities ) / ( Total liabilities ) Bad debts to account receivable ratio = ( Bad debts written off ( net of recovery )) / ( Average gross trade receivables ) Long term debt to working capital ratio = ( Long term debt ) / ( Current assets - Current Liabilities ) Current ratio = ( Current assets ) / ( Current liabilities ) Interest service coverage ratio = ( Profit before exceptional item and tax + Interest on debt ) / ( Interest on debt )
Page 11
M S K A & Associates LLP (Formerly known as M/s MSKA & Associates) Chartered Accountants Magnum Global Park, Unit No. 2101-2115 A & B, Floor 21, Sector 58, Arch View, Gurugram (122011), Haryana M/s Shridhar & Associates Chartered Accountants 101, 1st Floor, Vaibhav Chambers Madhusudan Kalelkar Marg, BKC Bandra East Mumbai (400052), Maharashtra Independent Auditor’s Review Report on unaudited Consolidated financial results of H.G. Infra Engineering Limited for the quarter and year to date pursuant to the Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. To The Board of Directors H.G. Infra Engineering Limited 1. We have reviewed the accompanying Statement of unaudited consolidated financial results of H.G. Infra Engineering Limited (hereinafter referred to as ‘the Holding Company’), its subsidiaries, (the Holding Company and its subsidiaries together referred to as the ‘Group’) and its share of the net profit/(loss) after tax and total comprehensive income of its associates for the quarter ended September 30, 2026 and the year to -date results for the period from April 01, 2026 to September 30, 2026 (‘the Statement’), attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 and Regulation 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘the Regulations’). The Statement is digitally signed by us for identification purposes only. 2. This Statement, which is the responsibility of the Holding Company’s Management and has been approved by the Holding Company’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 ‘Interim Financial Reporting’ (‘Ind AS 34’), prescribed under Section 133 of the Companies Act, 2013 (‘the Act’), read with relevant rules issued thereunder and other recognised accounting principles generally accepted in India and is in compliance with the Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, ‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity’ issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Act and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33 (8) of the Regulations, to the extent applicable. 4. This Statement includes the results of H.G. Infra Engineering Limited , its subsidiaries a nd associates mentioned in Annexure to this Report. 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 7 and 8 below, nothing has come to our attention that causes us to believe that the accompanying Statement , prepared in accordance with the recognition and measurement principles laid down in Ind AS 34 and other recognised accounting principles generally accepted in India , has not disclosed the information required to be disclosed in terms of the Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
Page 12
M S K A & Associates LLP (Formerly known as M/s MSKA & Associates) Chartered Accountants M/s Shridhar & Associates Chartered Accountants 6. We draw attention to note 6 to the Statement which describes the uncertainty related to outcome of search proceedings conducted by the Central Bureau of Investigation, Anti -Corruption Bureau, Patna. Based on the recommendation of Audit Committee, the Holding Company had appointed ex ternal firm to review certain aspects related to the matter. The aforesaid note further states the Holding Company’s position that there is no impact on the consolidated financial results, at this stage . Our conclusion is not modified in respect of this above matter. 7. We did not review the interim financial results of nine subsidiaries included in the Statement, whose interim financial results reflect total assets of Rs. 29,072.06 million as at September 30, 2026 and total revenues of Rs. 3,212.77 million and Rs. 8,785.64 million, total net profit after tax of Rs. 250.66 million and Rs. 469.31 million and total comprehensive income of Rs. 250.66 million and Rs. 469.31 million, for the quarter ended September 30, 2026 and for the period from April 01, 2026 to September 30, 2026 , respectively, and cash flows (net) of Rs. (317.51) for the period from Apirl 01, 2026 to September 30, 2026, as considered in the Statement. These interim financial results have been reviewed by other auditors whose reports have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the report of the other auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion is not modified in respect of the above matter. 8. We did not review the interim financial information of two subsidiaries disposed-off during the period, included in the Statement, whose interim financial information reflects total revenues (before consolidation adjustment) of Rs. 67.08 million and Rs. 158.09 million, total net profit after tax (before consolidation adjustment) of Rs. 11.99 million and Rs. 34.94 million and total comprehensive income (before consolidation adjustment) of Rs. 11.99 million and Rs. 34.94 million for the period beginning from April 1, 2026 to April 23, 2026 and for the period beginning from April 1, 2026 to June 5, 2026, respectively (being their respective date s of transfer), as considered in the Statement. The special purpose interim financial information of these subsidiaries have been reviewed by other auditors whose reports have been furnished to us by the Holding Company’s management, and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the report of the other auditors and the procedures performed by us as stated in paragraph 3 above . Our conclusion is not modified in respect of the above matter. 9. The Statement includes interim financial results of: a. Fifty-three subsidiaries, whose interim financial results reflect total assets of Rs. 25,063.43 million as at September 30, 2026 and total revenues of Rs. 450.34 million and Rs. 907.89 million, total net loss after tax of Rs. 15.14 million and Rs. 13.25 million and total comprehensive income of Rs. (15.14) million and Rs. (13.25), for the quarter ended September 30, 2026, and for the period from April 01, 2026 to September 30, 2026, respectively, and cash flows (net) of Rs. 96.68 million for the period from April 01, 2026 to September 30, 2026, as considered in the Statement. The interim financial results of these subsidiaries have been solely reviewed by one of the joint auditors, i.e. M S K A & Associates LLP (Formerly known as M/s MSKA & Associates), and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the review of such joint auditor. b. Twenty- five subsidiaries, whose interim financial results total assets of Rs. 6,482.03 million as at September 30, 2026 and total revenues of Rs. 140.68 million and Rs. 295.47 million, total net profit after tax of Rs. 11.72 million and Rs. 23.61 million and total comprehensive income of Rs. 11.72 million and Rs. 23.61 million, for the quarter ended September 30, 2026 and for the period from April 01, 2026 to September 30, 2026, respectively, and cash flows (net) of Rs. 56.49 million for the period
Page 13
M S K A & Associates LLP (Formerly known as M/s MSKA & Associates) Chartered Accountants M/s Shridhar & Associates Chartered Accountants from Apirl 01, 2026 to September 30, 2026, as considered in the Statement. The interim financial results of these subsidiaries have been solely reviewed by one of the joint auditors, i.e. M/s Shridhar & Associates, and our conclusion on the Statement, in s o far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the review of such joint auditor. Our conclusion is not modified in respect of the above matter. 10. The Statement also includes interim financial information of two associates, which reflect the Group’s share of net loss after tax of Rs. 0.15 million and Rs. 2.49 million, and total comprehensive income of Rs. (0.15) million and Rs. (2.49) million for the quarter ended September 30, 2026 and for the period from April 1, 2026 to September 30, 2026, respectively. These interim financial information have been furnished to us by the Holding Company’s Management and our conclusion on the Statement in so far as it relates to the amounts and disclosures included in respect of these entities, is based solely on such management certified information. According to the information and explanations given to us by the Holding Company’s Management, the interim financial information is not material to the Group. Our conclusion is not modified in respect of the above matter. For M S K A & Associates LLP (Formerly known as M/s MSKA & Associates) For Shridhar & Associates Chartered Accountants Chartered Accountants ICAI Firm Registration No.105047W/ W101187 ICAI Firm Registration No. 134427W Rahul Aggarwal Abhishek Pachlangia Partner Partner Membership No. 505676 Membership No. 120593 UDIN: 26505676BHHKPB3574 UDIN: 26120593UMPYZY4051 Place: Jaipur Place: Jaipur Date: November 03, 2026 Date: November 03, 2026 RAHUL AGGARWAL Digitally signed by RAHUL AGGARWAL Date: 2026.11.03 16:43:20 +05'30' ABHISHEK PACHLANGIA Digitally signed by ABHISHEK PACHLANGIA Date: 2026.11.03 16:56:02 +05'30'
Page 14
M S K A & Associates LLP (Formerly known as M/s MSKA & Associates) Chartered Accountants M/s Shridhar & Associates Chartered Accountants Annexure to Independent Auditor’s Review Report Sr. No. Name of the Company Nature of Related Party 1 M/s Safety First (A Registered Partnership Firm) Associate 2 Safety First Engineering Private Limited Associate 3 H.G. Karnal-Ringroad Private Limited Subsidiary 4 H.G. Raipur Visakhapatnam OD-5 Private Limited (till June 05, 2026) Subsidiary 5 H.G. Raipur Visakhapatnam AP-1 Private Limited Subsidiary 6 H.G. Raipur Visakhapatnam OD-6 Private Limited (till April 23, 2026) Subsidiary 7 H.G. Chennai-Tirupati Pkg (II) Highway Private Limited Subsidiary 8 H.G. Narol Sarkhej Highway Private Limited Subsidiary 9 H.G. Varanasi-Kolkata PKG-13 Private Limited Subsidiary 10 H.G. Foundation (Section 8 Company of the Companies Act 2013) Subsidiary 11 H.G. Varanasi-Kolkata PKG-10 Highway Private Limited Subsidiary 12 H.G. Bahuvan Jagarnathpur Highway Private Limited Subsidiary 13 H.G. Gobindpur Tangi Highway Private Limited Subsidiary 14 WR ER PART C Power Transmission Limited Subsidiary 15 UVSE Project Three Private Limited Subsidiary 16 H.G. Mathania Solar Project Private Limited Subsidiary 17 H.G. Jetpur Solar Project Private Limited Subsidiary 18 UVSE Project Six Private Limited Subsidiary 19 UVSE Project Five Private Limited Subsidiary 20 H.G. Mangeriya Solar Project Private Limited Subsidiary 21 H.G. Chandelao Solar Project Private Limited Subsidiary 22 H.G. Hiyadesar Solar Project Private Limited Subsidiary 23 UVSE Project Nine Private Limited Subsidiary 24 H.G. Chanpura Solar Project Private Limited Subsidiary 25 UVSE Project Fifteen Private Limited Subsidiary 26 H.G. Suin Solar Project Private Limited Subsidiary 27 H.G. Reeniya Solar Project Private Limited Subsidiary 28 H.G. Patiya Solar Project Private Limited Subsidiary 29 H.G. Moriya Solar Project Private Limited Subsidiary 30 H.G. Belarwa Solar Project Private Limited Subsidiary 31 UVSE Project Four Private Limited Subsidiary 32 H.G. Sindhu Solar Project Private Limited Subsidiary 33 H.G. Badu Solar Project Private Limited Subsidiary 34 UVSE Project Fourteen Private Limited Subsidiary 35 UVSE Project Seven Private Limited Subsidiary 36 H.G. Sri Dungargarh Solar Project Private Limited Subsidiary 37 H.G. Rajlani Solar Project Private Limited Subsidiary
Page 15
M S K A & Associates LLP (Formerly known as M/s MSKA & Associates) Chartered Accountants M/s Shridhar & Associates Chartered Accountants Sr. No. Name of the Company Nature of Related Party 38 UVSE Project Eight Private Limited Subsidiary 39 H.G. Kushlawa Solar Project Private Limited Subsidiary 40 UVSE Project Thirteen Private Limited Subsidiary 41 H.G. Kishnasar Solar Project Private Limited Subsidiary 42 H.G. Planchala Solar Project Private Limited Subsidiary 43 H.G. Bapini Solar Project Private Limited Subsidiary 44 H.G. Matora Solar Project Private Limited Subsidiary 45 H.G. Dhingsari Solar Project Private Limited Subsidiary 46 H.G. Mukam Solar Project Private Limited Subsidiary 47 H.G. Barni Solar Project Private Limited Subsidiary 48 H.G. Bilara Solar Project Private Limited Subsidiary 49 H.G. Hingoli Solar Project Private Limited Subsidiary 50 H.G. Nokha Solar Project Private Limited Subsidiary 51 H.G. Amala Solar Project Private Limited Subsidiary 52 UVSE Project Ten Private Limited Subsidiary 53 H.G. Kadwa Solar Project Private Limited Subsidiary 54 H.G. Kisnasar Solar Project Private Limited Subsidiary 55 H.G. Kapuriya Solar Project Private Limited Subsidiary 56 H.G. Peelwa Solar Project Private Limited Subsidiary 57 H.G. Bhojakor Solar Project Private Limited Subsidiary 58 H.G. Bikaner Solar Project Private Limited Subsidiary 59 H.G. Jakhan Solar Project Private Limited Subsidiary 60 H.G. Manyana Solar Project Private Limited Subsidiary 61 H.G. Khariya Solar Project Private Limited Subsidiary 62 H.G. Bhada Solar Project Private Limited Subsidiary 63 H.G. Choraniya Bess Private Limited Subsidiary 64 H.G. Gujarat Bess Private Limited Subsidiary 65 H.G. Banaskantha Bess Private Limited Subsidiary 66 H.G. Clean Energy Solutions Private Limited Subsidiary 67 Angul Sundargarh Transmission Limited Subsidiary 68 H.G. Pichiyak Solar Project Private Limited Subsidiary 69 H.G. Bhopalgarh Solar Project Private Limited Subsidiary 70 H.G. Nayabera Solar Project Private Limited Subsidiary 71 H.G. Moolraj Solar Project Private Limited Subsidiary 72 H.G. Paleena Solar Project Private Limited Subsidiary 73 H.G. Hemera Solar Project Private Limited Subsidiary 74 H.G. Bachasar Solar Project Private Limited Subsidiary 75 H.G. Gopasariya Solar Project Private Limited Subsidiary 76 H.G. Ramsagar Solar Project Private Limited Subsidiary 77 H.G. Muknasar Solar Project Private Limited Subsidiary
Page 16
M S K A & Associates LLP (Formerly known as M/s MSKA & Associates) Chartered Accountants M/s Shridhar & Associates Chartered Accountants Sr. No. Name of the Company Nature of Related Party 78 H.G. Raisar Solar Project Private Limited Subsidiary 79 H.G. Surnana Solar Project Private Limited Subsidiary 80 H.G. Solar Park Private Limited Subsidiary 81 H.G. Solar Park Developer Private Limited Subsidiary 82 H.G. Jodhpur Solar Energy Private Limited Subsidiary 83 H.G. Solar Project Developer Private Limited Subsidiary 84 H.G. Green Hydrogen Power Private Limited Subsidiary 85 H.G. Renewable Energies Private Limited Subsidiary 86 H.G. Berasar Solar Project Private Limited Subsidiary 87 H.G. Green Energy Private Limited Subsidiary 88 Norangdesar Solar Developer Private Limited Subsidiary 89 Rasisar Solar Developer Private Limited Subsidiary 90 H.G. Buildskills Private Limited Subsidiary 91 Ranipur Chunar Power Transmission Limited Subsidiary
Page 17
( Amount in Rs. Million except per share data ) Year ended September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 March 31, 2026 ( Unaudited ) ( Unaudited ) ( Unaudited ) ( Unaudited ) ( Unaudited ) ( Audited ) 1 Income (a) Revenue from operations 9,735.87 11,005.85 9,045.03 20,741.72 23,867.05 52,346.74 (b) Other income 238.81 54.66 134.76 293.47 158.20 280.40 Total Income 9,974.68 11,060.51 9,179.79 21,035.19 24,025.25 52,627.14 2 Expenses (a) Cost of materials consumed 2,558.73 3,811.04 3,176.98 6,369.77 9,511.18 18,828.42 (b) Contract and site expenses 3,579.02 2,991.37 2,725.82 6,570.39 7,332.34 18,720.55 (c) Employee benefits expense 853.23 934.49 846.79 1,787.72 1,759.81 3,482.89 (d) Finance cost 1,160.51 1,176.19 1,081.10 2,336.70 2,026.32 4,686.04 (e) Depreciation and amortisation expense 526.26 450.40 400.46 976.66 756.69 1,675.30 (f) Impairment losses on financial instruments and contract assets - - - - 110.00 110.00 (g) Other Expenses 249.63 230.93 233.11 480.56 494.99 1,084.00 Total Expenses 8,927.38 9,594.42 8,464.26 18,521.80 21,991.33 48,587.20 3 Profit before exceptional item, share of net profit of Associate and tax ( 1-2 ) 1,047.30 1,466.09 715.53 2,513.39 2,033.92 4,039.94 4 Share of net profit / ( loss ) of associate accounted using the equity method (0.15) (2.34) (4.45) (2.49) (6.39) (3.54) 5 Exceptional item ( Refer note 5 ) - (1,467.81) - (1,467.81) - 510.35 6 Profit / ( loss ) Before tax ( 3+4+5 ) 1,047.15 (4.06) 711.08 1,043.09 2,027.53 4,546.75 7 Income Tax expense (a) Current Tax 134.12 148.02 239.81 282.14 685.69 1,572.49 (b) Deferred Tax 115.42 293.10 (47.09) 408.52 (169.16) (323.83) Total Tax Expense 249.54 441.12 192.72 690.66 516.53 1,248.66 8 Profit / ( loss ) after Tax ( 6-7 ) 797.61 (445.18) 518.36 352.43 1,511.00 3,298.09 9 Other Comprehensive Income Item that will not be reclassified to profit or loss - Remeasurements of post-employment benefit obligations (6.54) (7.40) (4.49) (13.94) (7.71) (26.64) - Income tax relating to this item 1.65 1.86 1.13 3.51 1.94 6.70 Total Other Comprehensive Income ( Net of tax ) (4.89) (5.54) (3.36) (10.43) (5.77) (19.94) 10 Total Comprehensive Income for the year / period ( 8+9 ) 792.72 (450.72) 515.00 342.00 1,505.23 3,278.15 11 Profit / ( loss ) for the year / period attributable to : Owners 791.14 (451.39) 521.78 339.75 1,509.93 3,303.70 Non-controlling Interests 6.47 6.21 (3.42) 12.68 1.07 (5.61) 797.61 (445.18) 518.36 352.43 1,511.00 3,298.09 12 Other comprehensive Income for the year/period ( Net of tax ) attributable to : Owners (4.89) (5.54) (3.36) (10.43) (5.77) (19.94) Non-controlling Interests - - - - - - (4.89) (5.54) (3.36) (10.43) (5.77) (19.94) 13 Total comprehensive Income for the year / period attributable to : Owners 786.25 (456.93) 518.42 329.32 1,504.16 3,283.76 Non-controlling Interests 6.47 6.21 (3.42) 12.68 1.07 (5.61) 792.72 (450.72) 515.00 342.00 1,505.23 3,278.15 14 Paid-up equity share capital ( Face Value of Rs. 10 per share ) 651.71 651.71 651.71 651.71 651.71 651.71 15 Reserves ( excluding Revaluation Reserve ) as shown in the Audited Balance Sheet 31,998.36 16 Earnings Per Share ( Face Value of Rs. 10 per share ) : Basic and Diluted * 12.24 (6.83) 7.95 5.41 23.19 50.61 Statement of unaudited Consolidated financial results for the Quarter and Six months ended September 30, 2026 H.G. Infra Engineering Limited Regd Office : 14, Panchwati Colony, Ratanada, Jodhpur-342001, Rajasthan Tel: - 91 141 - 4106 040 Fax: +91 - 141 - 4106 044 Email: cs@hginfra.com Website : www.hginfra.com CIN No. - L45201RJ2003PLC018049 See accompanying notes forming part of the consolidated financial results Sr. No Particulars * Figures for the quarter are not annualised For the quarter ended Six months period ended
Page 18
( Amount in Rs. Million ) Particulars As at September 30, 2026 (Unaudited) As at March 31, 2026 (Audited) ASSETS Non-current assets Property, plant and equipment 26,113.48 21,956.00 Capital work-in-progress 4,399.09 7,397.87 Right-of-use assets 1,290.01 955.17 Investment Properties 35.95 36.30 Intangible assets 24.48 27.15 Financial assets i. Investment 125.17 116.66 ii. Trade receivables 99.10 163.15 iii. Other financial assets 20,866.80 22,077.42 Deferred tax assets ( net ) 1,260.65 1,422.66 Non-current tax assets ( net ) 492.52 289.55 Other non-current assets 2,343.01 2,977.57 Total non-current assets 57,050.26 57,419.50 Current assets Inventories 4,801.97 3,751.22 Financial assets i. Trade receivables 6,013.39 7,881.74 ii. Cash and cash equivalents 901.44 950.14 iii. Bank balances other than (ii) above 1,788.09 1,585.31 iv. Loans 49.32 47.86 v. Other financial assets 2,888.28 3,710.26 Contract assets 22,862.52 20,939.02 Other current assets 4,953.95 3,414.19 44,258.96 42,279.74 Assets classified as held for sale - 9,311.00 Total current assets 44,258.96 51,590.74 Total assets 101,309.22 109,010.24 EQUITY AND LIABILITIES Equity Equity share capital 651.71 651.71 Other equity 32,223.81 31,998.36 Non-controlling interests 176.86 164.18 Total equity 33,052.38 32,814.25 LIABILITIES Non-current liabilities Financial liabilities i. Borrowings 29,629.39 29,496.48 ii. Lease liabilities 1,094.40 818.89 iii. Trade Payable (a) total outstanding dues of micro and small enterprises 133.83 132.21 (b) total outstanding dues other than (iii) (a) above 323.30 408.46 Deferred tax liabilities ( net ) 513.25 770.41 Employee benefit obligations 244.41 270.44 Total non-current liabilities 31,938.58 31,896.89 Current liabilities Financial liabilities i. Borrowings 19,178.35 19,842.86 ii. Lease liabilities 221.43 134.14 iii. Trade payables (a) total outstanding dues of micro and small enterprises 1,353.63 1,826.34 (b) total outstanding dues other than (iii) (a) above 10,528.84 13,603.82 iv. Other financial liabilities 505.74 560.76 Contract liabilities 3,547.49 509.20 Employee benefit obligations 345.20 285.91 Current tax liabilities (net) 6.33 6.33 Other current liabilities 631.25 1,293.88 Liabilities associated with assets classified as held for sale - 6,235.86 Total current liabilities 36,318.26 44,299.10 Total liabilities 68,256.84 76,195.99 Total equity and liabilities 101,309.22 109,010.24 Statement of unaudited Consolidated Assets and Liabilities as at September 30, 2026 H.G. Infra Engineering Limited Regd Office : 14, Panchwati Colony, Ratanada, Jodhpur-342001, Rajasthan Tel: - 91 141 -4106 040 Fax: +91-141- 4106 044 Email: cs@hginfra.com Website : www.hginfra.com CIN No. - L45201RJ2003PLC018049 See accompanying notes forming part of the consolidated financial results
Page 19
( Amount in Rs. Million ) Period ended September 30, 2026 (Unaudited) Period ended September 30, 2025 (Unaudited) A)Cash flow from operating activities Profit before exceptional item and tax* 2,510.90 2,027.53 Adjustments for: Depreciation and amortisation expense 976.66 756.69 Share of net ( profit ) / loss of Associate 2.49 6.39 Interest Income from financial assets at amortised cost (88.20) (59.19) Interest income on account of contract modification (189.66) Loss allowances - 110.00 Loss on disposal of property, plant and equipment & Investment property (net) 11.83 16.52 Finance costs 2,336.70 2,026.32 Operating Profit before Working Capital Changes 5,560.72 4,884.26 Changes in working capital : Decrease / ( increase ) in trade receivables 1,852.59 2,177.88 Decrease / ( increase ) in inventories (1,050.75) 313.78 Decrease / ( increase ) in contract assets (1,843.70) (4,213.56) Decrease / ( increase ) in other current assets (4,387.17) (845.85) Decrease / ( increase ) in other non current financial assets 1,227.79 (4,562.77) Decrease / ( increase ) in other current financial assets 546.68 (752.21) Decrease / ( increase ) in other non current assets 650.18 (1,003.53) ( Decrease ) / increase in trade payables (3,631.23) (730.06) ( Decrease ) / increase in contract liabilities 3,038.29 (138.14) ( Decrease ) / increase in other current financial liabilities 0.71 69.50 ( Decrease ) / increase in other current liabilities (662.63) 393.33 ( Decrease ) / increase in employee benefit obligations 19.32 13.80 Net Changes in Working Capital (4,239.92) (9,277.83) Cash generated from / ( used in ) operations 1,320.80 (4,393.57) Income taxes paid ( Net of refunds ) (485.63) (953.61) Net cash used in from / ( used in ) Operating Activities 835.17 (5,347.18) B) Cash Flow From Investing Activities Payment for acquisition of stake in subsidiaries by Non-controlling interests - 159.77 Proceeds from disposal of investment in subsidiaries ( net of cash disposed ) 4,245.87 - Payment for purchases of property, plant and equipment ( Including CWIP and capital advance ) (2,214.01) (7,080.95) Payment for purchases of Intangible assets (0.64) (4.45) Proceed from sale of property, plant and equipment and Investment property 5.60 (16.52) Fixed deposits ( placed ) / redemption of fixed deposits ( net ) (3.34) (611.57) Interest received 61.25 52.03 Loan to employees (17.39) (43.37) Repayment of loan by employees 15.93 39.07 Net Cash generated ( used in ) Investing Activities 2,093.27 (7,505.99) C) Cash Flow From Financing Activities Proceeds from long term borrowings 10,423.13 10,250.63 Repayment of long term borrowings (10,826.33) (1,059.59) Proceeds from non convertible debenture - 4,000.00 Proceeds from /( Repayment ) of short term borrowings ( net ) (118.72) 1,458.33 Proceeds from suppliers finance arrangement 1.99 1,652.49 Repayment of suppliers finance arrangement (11.66) (1,470.28) Dividend paid (130.34) (130.34) Repayment of lease obligation (92.24) (22.67) Finance cost paid (2,222.97) (2,075.71) Net Cash generated from Financing Activities (2,977.14) 12,602.86 Net increase in cash and cash equivalents (48.70) (250.31) Cash and Cash Equivalents as at the beginning of the year 950.14 870.89 Cash and cash equivalents at the end of the year 901.44 620.58 Reconciliation of Cash and cash equivalents as per the cash flow statement Cash and cash equivalents comprise of the following: Cash on hand 4.85 0.47 Deposits with original maturity of less than three months 70.60 95.27 Bank Balance on current account 825.99 524.84 Cash and cash equivalents 901.44 620.58 Cash and cash equivalents pertaining to Assets Classified as Held for Sale ( Refer note 6 ) - - Total Cash and Cash Equivalents 901.44 620.58 Non cash investing activities - Acquisition of right-of-use of assets 410.15 177.51 * includes Share of net profit/(loss) of Associate See accompanying notes forming part of the consolidated financial results. Particulars H.G. Infra Engineering Limited Regd Office : 14, Panchwati Colony, Ratanada, Jodhpur - 342001, Rajasthan Tel : - 91 141 - 4106 040 Fax : +91 - 141 - 4106 044 Email : cs@hginfra.com Website : www.hginfra.com CIN No. - L45201RJ2003PLC018049 Statement of unaudited Consolidated cashflow for the period ended September 30, 2026
Page 20
Notes : 1 2 3 Year ended September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 March 31, 2026 Revenues from operations 8,832.19 9,072.36 11,537.47 17,904.55 28,629.90 56,666.77 Profit before tax 439.14 365.87 897.88 805.01 2,571.65 5,186.15 Profit after tax 321.31 282.72 673.06 604.03 1,927.75 3,891.36 4 i. H.G. Khammam Devarapalle PKG-1 Private Limited ii. H.G. Khammam Devarapalle PKG-2 Private Limited iii. H.G. Raipur Visakhapatnam OD-5 Private Limited iv. H.G. Raipur Visakhapatnam OD-6 Private Limited v. H.G. Raipur Visakhapatnam AP-1 Private Limited For the quarter ended Particulars Summary of key standalone financial results is as follows: (Amount in Rs. Million) Six months period ended The Statement includes the results of H.G. Infra Engineering Limited ( "the Holding Company"), its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group") and Group's share of net profit/(loss) after tax of its Associates. This Statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other accounting practices and policies, to the extent applicable. The above Statement of consolidated financial results for the quarter and six months period ended September 30, 2026 , has been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on November 03, 2026. a. In accordance with the terms, then agreed in amended SPA, in the previous year: The above consolidated financial results of the Holding Company are available on the Holding Company's website (www.hginfra.com) and also on the website of BSE Limited (www.bseindia.com) where the equity shares and non convertible debentures of the Holding Company are listed and National Stock Exchange of India Limited (www.nseindia.com), where the equity shares of the Company are listed. During the quarter ended September 30, 2025, the Board of Directors in their meeting held on August 13, 2025, inter alia, considered and approved the proposal of divestment of 100% investment in five of its wholly owned subsidiaries, namely, Pursuant to such approval, the Holding Company and acquirer (collectively referred to as 'the parties’) had executed the Share Purchase Agreement ('SPA') in relation to the sale of the aforesaid subsidiaries in the previous quarters. During the current and previous quarter, the parties agreed upon modification of few terms and conditions, including achievement of PCOD/COD. The SPA, read together with the amendments done in the current and previous quarter, specify the closing conditions, which includes approval from the lenders, the customers and the regulatory authorities. 1. The Holding Company transferred its 100% shareholding in one of the subsidiary i.e. H.G. Khammam Devarapalle PKG-2 Private Limited on March 20, 2026 for a total consideration amounting to Rs. 1,077.70 Million. The resultant gain of Rs. 145.66 Million was recorded as exceptional item in the consolidated financial results.
Page 21
b. Further, In accordance with the terms agreed in the amended SPA, during the previous quarter: 2. The Holding Company also transferred its 49% shareholding in one of the subsidiary i.e. H.G. Khammam Devarapalle PKG-1 Private Limited on March 30, 2026 for a consideration amounting to Rs. 682.72 Million. Considering the modified terms and conditions, as referred above, the Company evaluated such terms/conditions, together with the facts, and concluded that it did not exercise control over the subsidiary. A gain of Rs. 178.70 Million was been recorded as exceptional item in the consolidated financial results. The remaining investment was classified as Held for Sale in accordance with Ind AS 105,"Non-current Assets Held for Sale and Discontinued Operations". Further, the remaining portion of Investment in KD-1 was recorded at its fair value in accordance with Ind AS 110, "Consolidated Financial Statements". Consequently, a fair value gain of Rs. 185.99 Million was recorded as an exceptional item in the consolidated financial results. 3. The Holding Company also assessed the terms and conditions in SPA, together with modified terms, and concluded that Investment in its subsidiary (H.G. Raipur Visakhapatnam OD-6 Private Limited) be classified as held for sale in accordance with Ind AS 105,"Non current Assets Held for Sale and Discontinued Operations". 1. The Holding Company transferred its remaning 51% shareholding in H.G. Khammam Devarapalle PKG-1 Private Limited on June 09, 2026 for a consideration amounting to Rs. 730.32 Million. A gain of Rs. 19.73 Million has been recorded as exceptional item in the consolidated financial results. 2. The Holding Company transferred its 100% shareholding in H.G. Raipur Visakhapatnam OD-6 Private Limited on April 23, 2026 for a total consideration amounting to Rs. 760.21 Million. The resultant loss of Rs. 268.15 Million has been recorded as exceptional item in the consolidated financial results. 3. The Holding Company also transferred its 49% shareholding in one of the subsidiary i.e. H.G. Raipur Visakhapatnam OD-5 Private Limited on June 05, 2026 for a consideration amounting to Rs. 1,256.61 Million. Considering the modified terms and conditions, as referred above, the Company has evaluated such terms/conditions, together with the facts, and concluded that it does not exercise control over the entity. A loss of Rs. 484.95 Million, related to disposal of 49% stake, has been recorded as exceptional item in the consolidated financial results. c. During the current quarter, the remaining investment has been sold subsequently on July 23, 2026 and has been classified as Held for Sale in accordance with Ind AS 105,"Non-current Assets Held for Sale and Discontinued Operations". However, due to Loss of Control accounting treatment, the net assets attributable to the subsidiary were fair valued and resultant loss of Rs. 459.14 Million was recorded as an exceptional item in the previous quarter in the consolidated financial results in accordance with Ind AS 110, "Consolidated Financial Statements". 4. The Holding Company has also recorded an impairment charge amounting to Rs. 275.30 Million in the consolidated financial results in order to appropriately reflect the net assets attributable to H.G. Raipur Visakhapatnam AP-1 Private Limited, in line with the consideration agreed between the parties as part of the Share Purchase Agreement.
Page 22
5 Year ended September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 March 31, 2026 ( Unaudited ) ( Unaudited ) ( Unaudited ) ( Unaudited ) ( Unaudited ) ( Audited ) 1. Segment Revenue Construction 9,488.88 9,899.32 12,506.64 19,388.20 30,396.98 60,058.46 Renewable Energy 577.15 602.10 221.86 1,179.25 332.76 1,119.96 Total 10,066.03 10,501.42 12,728.50 20,567.45 30,729.74 61,178.42 Add/(Less): Inter-segment Revenue (330.16) 504.43 (3,683.47) 174.27 (6,862.69) (8,831.68) Net Segment Revenue 9,735.87 11,005.85 9,045.03 20,741.72 23,867.05 52,346.74 2. Segment Results Construction 1,384.78 1,207.85 1,997.80 2,592.63 4,777.76 8,564.31 Renewable Energy 290.67 350.53 113.65 641.20 172.93 515.34 Total 1,675.45 1,558.38 2,111.45 3,233.83 4,950.69000 9,079.65 Add/(Less): Intersegment Margin on Capital Jobs 283.33 1,027.53 (469.78) 1,310.86 (1,069.50000) (672.64) Less: Inter segment eliminations 10.24 1.71 20.20 11.95 20.85000 38.57 Less: Finance Costs (1,160.53) (1,176.19) (1,081.10) (2,336.72) (2,026.32000) (4,686.04) Add: Unallocable Income 238.81 54.66 134.76 293.47 158.20000 280.40 Profit before share of profit in associates, exceptional items and Tax 1,047.30 1,466.09 715.53 2,513.39 2,033.92000 4,039.94 Add/(Less): Share of Profit / (loss) in associate (0.15) (2.34) (4.45) (2.49) (6.39) (3.54) Profit before exceptional items and Tax 1,047.15 1,463.75 711.08 2,510.90 2,027.53 4,036.40 Add/(Less): Exceptional items - (1,467.81) - (1,467.81) - 510.35 Profit before Tax 1,047.15 (4.06) 711.08 1,043.09 2,027.53 4,546.75 3. Segment Assets Construction 68,804.53 66,717.93 78,273.51 68,804.53 78,273.51 79,271.62 Renewable Energy 30,105.80 29,662.64 26,503.06 30,105.80 26,503.06 29,128.79 Total segment assets 98,910.33 96,380.57 104,776.57 98,910.33 104,776.57 108,400.41 Less: Inter-segment assets (2,109.39) (2,412.43) (3,787.86) (2,109.39) (3,787.86) (3,418.26) Add: Unallocable assets 4,508.28 4,152.65 2,955.28 4,508.28 2,955.28 4,028.09 Total assets 101,309.22 98,120.79 103,943.99 101,309.22 103,943.99 109,010.24 4. Segment Liabilities Construction 50,296.50 49,339.19 55,829.79 50,296.50 55,829.79 60,183.06 Renewable Energy 20,770.84 20,954.37 18,557.11 20,770.84 18,557.11 21,030.31 Total segment liabilities 71,067.34 70,293.56 74,386.90 71,067.34 74,386.90 81,213.37 Less: Inter-segment liabilities (3,696.21) (5,214.23) (2,586.13) (3,696.21) (2,586.13) (5,983.88) Add: Unallocable liabilities 885.71 848.32 1,110.92 885.71 1,110.92 966.50 Total Liabilities 68,256.84 65,927.65 72,911.69 68,256.84 72,911.69 76,195.99 Capital employed 33,052.38 32,193.14 31,032.30 33,052.38 31,032.30 32,814.25 (Segment Assets- Segment Liabilities) For the quarter ended Particulars Six months period ended The Group has identified two reportable segments, comprising of EPC business (roads, railways, solar plants etc) and Renewable business (generation and sale of power). Accordingly, the disclosure is made for the current quarter and the corresponding periods as follows:
Page 23
6 7 8 9 The Central Bureau of Investigation (‘CBI’), Anti-Corruption Bureau, Patna (‘ACB’) (hereinafter referred to as ‘the agency’) has taken into custody four employees of the Holding Company on January 21, 2026 pursuant to a FIR dated January 21, 2026 invoking Sections 7, 7A, 8 and 9 of the Prevention of Corruption Act, 1988. Also, the agency has conducted search at a few offices of the Holding Company and residence of Chairman and Managing Director (‘CMD’). The agency has also confiscated cash amounting to Rs 0.77 million from one out of the four employees (as mentioned above) which was reflected in the books and has been considered as recoverable in the financial results. Cash amounting to Rs. 0.93 million has also been confiscated from the CMD’s residence which belongs to his personal funds. The Hon'able court extended bail to all the four employees of the Holding Company. No charge sheet has yet been filed by the investigating agency against the Holding Company or its employees in relation to the said FIR. In the previous quarter, based on the recommendation of the audit committee, the Holding Company had appointed an external firm to review few aspects related to the matter. While the uncertainty remains as matter is sub-judice, based on the management's assessment, the opinion of the lawyer appointed by the Holding Company and outcome of external firm's report, as mentioned above, the Holding Company has assessed and concluded that there is no impact on these financial results. There has not been any impact on the operations and financial position of the Holding Company. Figures of previous quarter and corresponding quarter in the previous year have been regrouped/reclassified, wherever necessary, to conform to the current period's classifications in accordance with applicable guidance. The above consolidated financial results of the Group are available on the Holding Company's website (www.hginfra.com) and also on the website of BSE Limited (www.bseindia.com) where the equity shares and non convertible debentures of the Holding Company are listed and National Stock Exchange of India Limited (www.nseindia.com), where the equity shares of the Holding Company are listed. Date: November 03, 2026 Harendra Singh Chairman and Managing Director DIN: 00402458 Place: Jaipur For and on behalf of the Board of Directors During the year, 2 subsidiaries have been incorporated by the Holding Company. HARENDRA SINGH Digitally signed by HARENDRA SINGH Date: 2026.11.03 16:25:42 +05'30' RAHUL AGGARWAL Digitally signed by RAHUL AGGARWAL Date: 2026.11.03 16:44:18 +05'30' ABHISHE K PACHLAN GIA Digitally signed by ABHISHEK PACHLANGIA Date: 2026.11.03 16:56:45 +05'30'
Page 24
Year ended September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 March 31, 2026 52(4)(a)Debt Equity ratio (in times) 1.48 1.43 1.80 1.48 1.80 1.50 52(4)(b)Debt service coverage ratio (in times) 0.99 0.79 1.69 0.87 1.40 0.74 52(4)(c)Interest service coverage ratio (in times) 2.06 2.42 1.97 2.25 2.12 1.97 52(4)(d)Outstanding redeemable preference shares (quantity and value) NA NA NA NA NA NA 52(4)(e)Capital redemption reserve/debenture redemption reserve NA NA NA NA NA NA 52(4)(f)Net worth (Rs. in Million) 32,875.52 32,193.14 31,032.30 32,875.52 31,032.30 32,650.07 52(4)(g)Net profit after tax (Rs. in Million) 797.61 (445.18) 518.36 352.43 1,511.00 3,298.09 52(4)(h)Earnings per share (not annualised quarter) (Rs.) - Basic and Diluted 12.24 (6.83) 7.95 5.41 23.19 50.61 52(4)(i)Current ratio (in times) 1.22 1.16 1.45 1.22 1.45 1.16 52(4)(j)Long term debt to working capital (in times) 3.73 4.26 3.16 3.73 3.16 4.05 52(4)(k)Bad debts to Account receivable ratio (in times) - - - - - - 52(4)(l)Current liability ratio (in times) 0.53 0.57 0.40 0.53 0.40 0.58 52(4)(m)Total debts to total assets (in times) 0.48 0.47 0.54 0.48 0.54 0.45 52(4)(n)Debtors turnover ratio (in times)* 5.24 5.24 6.28 5.86 8.49 7.08 52(4)(o)Inventory turnover ratio (in times)* 2.27 3.82 2.71 2.98 4.37 4.56 52(4)(p)Operating margin (%) 25.63% 27.60% 22.80% 26.68% 19.52% 19.33% 52(4)(q)Net profit margin (%) 8.19% -4.04% 5.73% 1.70% 6.33% 6.30% 54(2) Security cover available (in times) NA NA NA NA NA NA 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Net Worth - Net Assets attributable to owners (other than Non controlling Interest) Total debts to Total assets ratio = ( Total debt ) / ( Total assets ) Net profit margin = ( Profit after tax ) / ( Revenue from operations ) Debtors turnover ratio = ( Revenue from operations ( annualised )) / ( Average trade receivables ) Inventory turnover ratio = ( Cost of materials consumed ( annualised )) / ( Average inventories ) * For the purpose of calculating the annualised amounts for the quarter and six months, the actual amounts for the respective quarter and six months have been multiplied by 4 and 2 respectively (related to Q1 and Q2) Refer note 6 on sale transaction of SPVs, the current assets and current liabilities in current quarter have been computed after including “Assets held for sale” and “Liabilities held for sale” respectively. Operating margin = ( Profit before exceptional item and tax + Finance costs + Depreciation and amortisation - Other income ) / ( Revenue from operations ) Security cover available = ( Secured Assets ) / ( Secured Borrowings ) The NCDs issued are unsecured. Consequently, the disclosures pursuant to Regulation 54(2) are not applicable. ANNEXURE 1: Long term debt to working capital ratio = ( Long term debt ) / ( Current assets - Current Liabilities ) Current liability ratio = ( Current liabilities ) / ( Total liabilities ) Interest service coverage ratio = ( Profit before exceptional item and tax + Interest on debt ) / ( Interest on debt ) Current ratio = ( Current assets / Current liabilities ) Particulars For the quarter ended Formulae for the computation of the Ratios : Sr. No. Debt equity ratio = ( All long term debt + Short term debt ) / ( Equity share capital + all reserves ) Bad debts to account receivable ratio = ( Bad debts written off ( net of recovery ) / ( Average gross trade receivables ) Six months period ended Debt service coverage ratio = ( Profit before exceptional item and tax + Depreciation and amortisation expense + Interest on debt ) / ( Principal repayment of debt + Interest on debt ) Disclosures pursuant to Regulation 52(4) & 54(2) of Securities and Exchange Board or India (Listing Obligations and Disclosures Requirement) Regulations, 2015 (as amended) :- (Consolidated)