HG Infra Q3 Results Review: IDBI Capital Maintain 'Buy' Rating On The Stock, Revises Target Price — Here's Why

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IDBI Capital Report

HG Infra Engineering Ltd. Q3 FY25 PAT came in line with consensus estimates. Revenue increased by +12% YoY and Ebitda margin was stable at ~16.6% versus 15.9% YoY.

Order book stood at Rs 151 billion (2.5 times trailing twelve months revenue) and company has guided order inflow of Rs 110-120 billion for FY25 in roads, railway, solar segments.

HG is also venturing further more in Solar & Water projects and will bid for larger portfolio going ahead. We maintain Buy rating on the stock with revised target price at Rs 1,463 value at 12 times FY27E EPS.

Recent development and fund allocation of Rs 11.2 trillion towards infra and construction will drive growth of the company. Stock catalysts remains strong execution and stable order inflow.

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