Synopsis: The shares of a Small-Cap company rises 19% after winning a ₹401.33 crore order from Anuppur Thermal Energy (MP) Pvt Ltd for civil and railway works for a 2×800 MW thermal power project in Madhya Pradesh, to be completed in 18 months.
The shares of an Infrastructure company specializing in the business of providing Engineering, Procurement, and Construction (EPC) Services jumped up to 19 percent upon receiving an order from Anuppur Thermal Energy (MP) Private Limited.
With a market capitalization of Rs. 3,605.27 crores in the day’s trade, the shares of H.G. Infra Engineering Limited rose upto 19.5 percent, making a high of Rs. 586.20 per share compared to its previous closing price of Rs. 490.45 per share.
What Happened
H.G. Infra Engineering Limited, engaged in the business of providing Engineering, Procurement, and Construction (EPC) services, has received a new order from Anuppur Thermal Energy (MP) Private Limited.
The order is for the execution of civil works, including earthwork, bridges, station buildings, and P-way works, for the railway infrastructure development of a 2×800 MW thermal power project in Anuppur, Madhya Pradesh. The project will be executed on an item-rate/BOQ basis. The total contract value is Rs. 401.33 crore, and the construction is expected to be completed within 18 months.
Financials
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 9.43 is significantly lower than the industry P/E of 15.1, suggesting potential undervaluation relative to peers.
Additionally, the stock is trading at 1.04 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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