Synopsis: Toll operator Highway Infrastructure Ltd has bagged orders worth Rs 494.7 crore in recent times, exceeding its Rs 373 crore market cap and boosting revenue visibility as its order book surged 46% in six months.
The company is an infrastructure development and management firm engaged in toll collection, EPC infrastructure projects and real estate. It operates tollways across 11 states and one Union Territory, using ANPR technology and advanced electronic toll systems integrated with RFID tags and digital payments to enable seamless, contactless and efficient toll transactions.
With the market cap of Rs 373 crore, the shares of Highway Infrastructure Ltd have closed at Rs 52. The shares are trading at a PE of 13, whereas their industry PE is at 26.4, and they were listed on both BSE and NSE in August 2025.
About the Recent orders
There has been a remarkable acceleration in order inflows at Highway Infrastructure Ltd, where orders in recent weeks alone have surpassed its total market capitalisation of Rs 372crore. The period from December 2025 to mid-January 2026 saw it bag a series of orders in tolling operations and development of urban roads, marking robust momentum in its execution strengths.
On January 5, 2026, the Company secured an order of Rs 32.01 crore from NHAI for operating and maintaining, along with collecting user fees, for one year at the Jawar Fee Plaza in Uttar Pradesh. Such an order is good for the company’s tolling operations division since NHAI-supported projects have shown lower risk in respect of counterpart risk.
Pursuant to LOA received on December 9th, the firm signed a contract agreement regarding it on 8th January 2026 where Highway Infrastructure bagged an even larger tolling contract of Rs 328.78 crore for Kaza Fee Plaza on NH-16 in Andhra Pradesh, awarded by NHAI. This alone is worth nearly 88% of its current market capitalisation.
Subsequently, on January 15, 2026, the company diversified its order book as it bagged an order of Rs 69.69 crores from the Indore Development Authority for road development. which has an execution period of 30 months. This order brings in longer-tenure orders and is an important step towards doing business in areas other than tolling.
The latest order secured was for a Rs 64.69 crore contract from NHAI for operating and collecting user fees at the Mundka Fee Plaza on the UER-11 corridor, strengthening its order book. It added stable annuity-type revenue visibility. This win also enhanced the company’s presence in toll operations and highway asset management.
Overall, the total disclosed order flow of approximately Rs 494.7 crore, which has been received between December 2025 and January 2026, is substantially greater than the market value of Highway Infrastructure’s shares. Execution scalability will be critical, and it will be essential to monitor margin management once these contracts are implemented because they have the potential of increasing revenues through the next few years.
Financials and order book growth
The revenue from operations for the company stood at Rs 94.57 crores in Q2 FY26 compared to Q2 FY25 revenue of Rs 116.79 crores, down by about 19 per cent YoY. However, the net profit stood at Rs 9.67 crore in Q2 FY26, compared to the Rs 1.57 crore profit in Q2 FY25.
It is notable in the chart that there is a marked increase in the company’s order book, which grew from Rs 531 crore in March 2025 to Rs 775 crore in September 2025, reflecting a 46% growth in six months, reflecting improved demand visibility, thus improving revenue visibility considerably in the next quarters.
Following the exceptional growth of the order book during the first half of FY26, the current order book as of mid-January has reached Rs 1,144 crore, showing strong execution capabilities and robust demand visibility across core business segments. This healthy order inflow reflects the company’s ability to consistently secure large projects and strengthens revenue visibility for the coming quarters.
The expanding order pipeline also provides stability to cash flows and underpins sustainable growth momentum. Going forward, the company’s ability to execute projects on time, convert orders into revenues efficiently, and maintain healthy margins will be key to sustaining its growth trajectory and long-term success.
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