Synopsis: The shares of a Small-Cap company will be in focus tomorrow after securing a ₹519.33 crore domestic EPC contract from Mirzapur Thermal Energy for civil and railway works at a 2×800 MW plant in Uttar Pradesh, to be executed in 18 months under BOQ mode.
The shares of an Infrastructure company specialising in the business of providing Engineering, Procurement, and Construction (EPC) Services are in the spotlight on 15th April after bagging an order for a thermal power project.
With a market capitalisation of Rs. 3,609.83 crores in yesterday’s trade, the shares of H.G. Infra Engineering Limited rose upto 4.1 percent, making a high of Rs. 568.00 per share compared to its previous closing price of Rs. 545.25 per share. The stock has rallied more than 25 percent in the last 8 trading sessions.
What Happened
H.G. Infra Engineering Limited, engaged in the business of providing Engineering, Procurement, and Construction (EPC) Services, has received an order from Mirzapur Thermal Energy (UP) Private Limited on April 13, 2026.
The order is for executing civil works, including earthwork, bridges, station buildings, and P-way works, for railway infrastructure development at a 2×800 MW thermal power project in Mirzapur, Uttar Pradesh. The project will be carried out under an item rate/BOQ mode and is classified as a domestic contract. The total project cost is Rs. 519.33 crore (including taxes), and it is scheduled to be completed within 18 months.
Financials & Others
The company’s revenue rose by 12.36 percent from Rs. 1,265 crores in December 2024 to Rs. 1,421 crores in December 2025. Meanwhile, Net profit declined from Rs. 115 crores to Rs. 94 crores in the same period.
The company demonstrates strong profitability metrics, with a ROCE of 16.8% and a ROE of 18.3%, indicating efficient capital utilization and robust returns for shareholders. Compared to the industry, its valuation appears attractive, as the stock P/E of 9.45 is significantly lower than the industry P/E of 17.1, suggesting potential undervaluation relative to peers.
Additionally, the stock is trading at 1.17 times its book value, reflecting a market price close to its intrinsic net asset value. With a median sales growth of 27.6% over the last 10 years, the company has maintained strong and consistent revenue expansion, highlighting its sustained operational momentum and growth potential.
H.G. Infra Engineering Ltd (HGIEL) is a premier Indian EPC company established in 2003, specialising in road construction, bridges, flyovers, and infrastructure development, particularly under the Bharatmala Pariyojana.
Over the years, the company has diversified its service offerings to include metro rail, railways, land development, and water pipeline projects, in addition to its core focus on road construction through Engineering, Procurement, and Construction (EPC) services.
As of December 2025, the company holds an impressive order book of Rs. 1,36,244 million, reflecting strong demand for its products and services. Geographically, the orders are well-distributed, with 56% from the West, 21% from the East, 17% from the North, and 6% from the South, indicating a dominant presence in the western region while maintaining a balanced footprint across other areas.
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