Highway Infrastructure Limited
Minimum investment
Bidding date
05 Aug - 07 Aug 2025
Price range
₹65 - ₹70
Minimum quantity
211
Minimum investment
₹13,715
Issue size
—
IPO doc (link)
RHP docsListing exchange
NSE/BSE
Category | Subscription |
|---|---|
Qualified Institutional Buyers | 57.89x |
Retail Individual Investor | 1.57x |
Non-Institutional Investor | 6.57x |
Others | - |
Total | 1.57x |
Highway Infrastructure Ltd., established in 1995, is a diversified infrastructure development firm engaged in tollway operations, EPC (Engineering, Procurement & Construction) projects, and real estate development. The company has successfully completed 24 toll projects, is operating 7 tollway projects across 11 states and a Union Territory, and has completed 63 EPC projects with 20 more underway. Notably, HIL is one of the few companies leveraging ANPR (Automatic Number Plate Recognition) and RFID-based ETC systems on tollways like the Delhi–Meerut Expressway. It also manages housing and commercial projects under its real estate division, though this remains its smallest segment. As of August 2024, the company employs 398 professionals.
Established Market Presence: With 29 years of operational history, the company is a well-established player in the infrastructure and tolling sector.
Technology-Driven Tolling Systems: Use of ANPR and RFID-based ETC systems enhances operational efficiency and modernizes toll collection.
Healthy Financial Ratios: ROE of 19.03%, PAT Margin of 4.44%, and EBITDA Margin of 6.32% reflect strong financial performance
Pan-India Project Execution: Ongoing projects across multiple regions provide consistent revenue visibility and diversified geographic exposure.
Promoter Commitment: Promoters hold a pre-issue stake of 94.95%, indicating long-term trust and alignment with the company’s vision.
Revenue Decline in FY25: A 13% YoY drop in revenue suggests potential challenges in project acquisition, execution, or toll collection efficiency.
Volatility in Real Estate Segment: The real estate division remains the smallest and least predictable revenue contributor.
Valuation Concerns: Post-issue P/E of 22.41x may appear relatively high, raising questions on immediate valuation comfort.
Regulatory and Government Dependency: Significant reliance on government contracts and regulatory approvals may affect operational continuity and earnings.
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