H.G. Infra Engineering Limited (HGINFRA.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-32.3%

₹262.97

vs ₹388.50 price

Levered DCF

-₹4,765.15

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	8.53×	14.1×	12×	10.34×	9.57×	8.21×	6.79×	14.27×
P/B	0.86×	2.42×	2.63×	2.65×	2.53×	1.83×	1.37×	2.74×
P/S	0.54×	1.41×	1.2×	1.14×	0.99×	0.76×	0.51×	0.9×
EV / EBITDA	7.11×	10.43×	7.42×	7.58×	6.66×	5.25×	4.45×	6.81×
Gross margin	18.4%	29.0%	28.3%	16.5%	21.6%	22.8%	22.8%	22.6%
Operating margin	16.3%	22.8%	22.1%	15.0%	14.8%	14.4%	13.0%	11.5%
Net margin	6.3%	10.0%	10.0%	11.0%	10.4%	9.2%	7.5%	6.3%
Current ratio	1.16×	1.58×	1.74×	1.73×	1.95×	1.79×	1.45×	1.36×
Debt / equity	1.54×	1.41×	0.62×	0.99×	0.82×	0.72×	0.63×	0.57×
Interest coverage	1.83×	4.35×	5.49×	4.41×	4.67×	4.01×	5.12×	4.8×
Dividend yield	0.5%	0.1%	0.1%	0.1%	0.1%	0.0%	0.3%	0.2%
Payout ratio	3.9%	1.9%	1.5%	1.3%	1.4%	0.0%	2.4%	3.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	10.1%	17.1%	21.9%	25.7%	26.5%	22.3%	20.2%	19.2%
Return on invested capital	7.3%	11.7%	21.2%	12.8%	15.8%	14.6%	14.6%	15.1%
Return on assets	3.0%	5.8%	9.9%	10.0%	11.5%	8.8%	7.5%	8.1%
Free cash flow yield	-40.6%	-34.2%	-8.4%	-9.4%	-10.7%	-1.4%	-6.0%	-3.5%
Earnings yield	11.7%	7.1%	8.3%	9.7%	10.5%	12.2%	14.7%	7.0%
Enterprise value	₹77.5B	₹111B	₹78.6B	₹69.2B	₹47.7B	₹25.7B	₹16.3B	₹21.7B
Net debt / EBITDA	4.52×	3.73×	1.32×	1.99×	1.59×	1.28×	1.36×	1.1×
Cash conversion cycle (days)	101	70	65	106	109	138	129	96