Highway Infrastructure Limited (HILINFRA.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

-90.5%

₹6.77

vs ₹71.00 price

Levered DCF

-₹53.58

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

B-

Overall 3 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2017
P/E	8.54×	44.02×	38.77×	0×	0×	88.79×	105×	142.52×
P/B	1.2×	7.68×	7.89×	0×	0×	12.78×	15.09×	20.38×
P/S	0.45×	1.75×	1.28×	0×	0×	4.7×	6.97×	7.37×
EV / EBITDA	14.25×	24.14×	19.78×	2.13×	2.89×	46.51×	53.48×	49.23×
Gross margin	5.7%	9.4%	9.8%	10.0%	9.1%	16.9%	19.2%	21.4%
Operating margin	3.9%	5.9%	6.3%	5.7%	4.2%	12.2%	14.5%	16.9%
Net margin	5.3%	4.0%	3.3%	2.6%	2.3%	5.3%	6.7%	5.2%
Current ratio	2.09×	1.91×	1.7×	1.83×	1.55×	1.75×	1.28×	1.03×
Debt / equity	0.45×	0.64×	0.75×	0.86×	0.91×	0.51×	0.49×	0.86×
Interest coverage	3.71×	4.98×	4.95×	4.21×	3.26×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	4.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2017
Return on equity	14.0%	17.4%	20.4%	15.8%	13.3%	14.4%	14.5%	14.3%
Return on invested capital	5.3%	11.3%	15.2%	13.1%	9.1%	15.0%	15.2%	16.4%
Return on assets	8.5%	8.5%	9.4%	7.5%	5.4%	6.3%	6.1%	5.3%
Free cash flow yield	-28.1%	-0.8%	1.5%	0.0%	0.0%	-1.3%	-0.5%	1.5%
Earnings yield	11.7%	2.3%	2.6%	0.0%	0.0%	1.1%	1.0%	0.7%
Enterprise value	₹3.7B	₹9.3B	₹7.9B	₹598.3M	₹541.5M	₹7.2B	₹7.2B	₹7.2B
Net debt / EBITDA	3.75×	1.63×	1.34×	2.13×	2.89×	1.74×	1.67×	1.64×
Cash conversion cycle (days)	89	91	57	66	62	103	165	81