H G INFRA ENGINEERING LTD (HGINFRA): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1Y3YAll

₹401.95 latest close · −29.7% over the last 90 sessions

₹401.95 month-end · −53.5% over 12 months

₹401.95 month-end · −52.7% over 3 years

₹401.95 month-end · +97.2% since Jan '19

52-week range ₹373.75 to ₹925.00 · 1-year volatility 38.1%

Was the rally earned?

1 year3 years5 years

-54%share price, 1 yearEarnings-driven

Mostly earnings.

Per-share earnings took off 60 points, while the multiple moved less (P/E 12.8x to 14.0x).
The share count barely moved.

Net profit growth-60 ptsNet profit fell about 58%, which lowers the price.

P/E change+7 ptsThe P/E rose from 12.8x to 14.0x, which lifts the price.

Share count change0 ptsShare count was little changed. More shares would count against the price.

-53%share price, 3 yearsEarnings-driven

Mostly earnings.

Per-share earnings took off 68 points, while the multiple moved less (P/E 11.2x to 14.0x).
The share count barely moved.

Net profit growth-68 ptsNet profit fell about 62%, which lowers the price.

P/E change+16 ptsThe P/E rose from 11.2x to 14.0x, which lifts the price.

Share count change0 ptsShare count was little changed. More shares would count against the price.

-33%share price, 5 yearsEarnings and multiple

Both mattered.

Per-share earnings took off 20 points and the multiple took off 14 points (P/E 16.6x to 14.0x).
The share count barely moved.

Net profit growth-20 ptsNet profit fell about 21%, which lowers the price.

P/E change-14 ptsThe P/E fell from 16.6x to 14.0x, which lowers the price.

Share count change0 ptsShare count was little changed. More shares would count against the price.

What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with LARSEN AND TOUBRO

How rough has the ride been?

Maximum drawdown-79.3%not yet recovered

1-year volatility38.1%annualised

Beta vs sector index0.943-year daily, correlation 0.54

Volume spikes5last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-79.3% (2024-06 peak to 2026-10 low, not yet recovered)

-54.5% (2019-05 peak to 2020-03 low, recovered 2021-02)

-36.6% (2021-10 peak to 2022-07 low, recovered 2023-03)

Most recent volume spikes

2026-11-04: 6.5x the 50-day median, price -2.0% that day

2026-10-06: 8.3x the 50-day median, price +3.3% that day

2026-09-25: 9.2x the 50-day median, price -3.2% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

14.1xP/E todayWithin its usual range

Against its own history67th percentile

CheapestMedian 12.4xDearest

Usual range 8.5x to 18.1x since 2019-01.

Against Industrial Services14.1x vs 14.0x

This company

14.1x

Sector median

14.0x

Close to the Industrial Services median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianIndustrial Services median

The chart loads when you open this tab.

P/B (this company)10th to 90th percentile of its own historyIts medianIndustrial Services median

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianIndustrial Services median

How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Industrial Services is valued

Where does it rank among Industrial Services peers?

Each cell is the company's percentile rank among its Industrial Services peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

ROCE30th▼ 19 pts vs a year ago
Op. margin83rd▲ 22 pts vs a year ago
Revenue growth20th▲ 3 pts vs a year ago
EPS growth19th▼ 12 pts vs a year ago
Debt/equity ↓5th▼ 6 pts vs a year ago
Cash cycle ↓91st▲ 7 pts vs a year ago
P/E ↓50th▼ 19 pts vs a year ago
12M momentum11th▼ 23 pts vs a year ago

Rank history

ROCE

Op. margin

Revenue growth

EPS growth

Debt/equity ↓

Cash cycle ↓

P/E ↓

12M momentum

Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26

Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Industrial Services sector page Watch it move against Industrial Services in the Observatory

What is the price implying?

~2%annual earnings growth implied by the priceBelow delivered growth

At normalised P/E (five-year average earnings) of 5.8x, a holder earning 12%/yr needs earnings to grow about 1.7%/yr for 10 years, then trade at 15x.

Delivered25.8%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg

Gap−24.1 ptsimplied minus delivered

Rank797thmost demanding of 856

Over time

Implied growth by month (solid) and delivered growth (dashed).

Change the assumptions

Exit P/E / return	11%	12%	13%
12x	3.0%	3.9%	4.9%
15x	0.8%	1.7%	2.6%
20x	−2.1%	−1.2%	−0.3%

Drag a slider to test other assumptions

Required return 12.0% Years 10 Exit P/E 15x Implied: 1.7%/yr

Looking back

Jan 2020Price implied 20%/yr; EPS has since grown 15%/yr (7.0 yrs)
Jan 2021Price implied 12%/yr; EPS has since grown 12%/yr (6.0 yrs)
Jan 2022Price implied 19%/yr; EPS has since grown 7%/yr (5.0 yrs)

Past comparisons cover only companies listed today (survivorship bias) and say nothing about future outcomes.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect. How this is calculated and the market-wide lists.

What prices imply across Industrial Services The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹401.95
P/E: 14.0x
ROCE: 11.0%
Market Cap: ₹2617 cr
Revenue (TTM): ₹4853 cr
P/S: 0.5x
P/B: 0.8x
ROE: 5.7%
Operating Margin: 28.0%
Debt / Equity: 1.5x
Promoter Holding: 71.8%
12M Momentum: -53.5%

52-week range

₹373.75₹925.00

5% of the way from its 52-week low to its high

Price risk

1Y volatility

38.1%

Beta vs sector

1-year daily

0.95

Balance sheet & cash

Interest cover

operating profit ÷ interest

1.7x

Cash from profit, 3Y

operating cash flow ÷ net profit

-0.68x

low

Share count, 1Y

unchanged

Are profits backed by cash?

4 of 7checks within range2 beyond a threshold

Other income reliance-20%Within range

Other income as a share of pre-tax profit (trailing twelve months): -19.8%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate28%Within range

Median quarterly effective tax rate over about 2.5 years: 27.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion-0.68xBeyond threshold

Operating cash flow divided by net profit over the last three fiscal years: -0.68x (cash from operations ₹-939 cr, net profit ₹1,374 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow0 of 5 yrsBeyond threshold

Fiscal years with positive free cash flow in the last 5: 0. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+7 daysWithin range

Debtor days are above the median of the previous three fiscal years by 7 days (55 vs 48). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress32% of fixed assetsWithin range

Capital work-in-progress is 32% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+164 days / 2 yrsNear threshold

Days payable changed by +164 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

Over 3 years, DIIs trimmed 2.9 pts; promoters trimmed 2.8 pts.
The number of shareholders rose from 77,390 to 1.2 lakh (+55%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change

Promoters74.5%71.8%-2.8 pts

FIIs1.7%1.4%-0.3 pts

DIIs13.1%10.1%-2.9 pts

Public and others10.7%16.7%+6.0 pts

Number of shareholders

1.2 lakhshareholders+55% since Sep '23

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

+5.3%typical 12-month return vs the marketNot meaningfully different from the base rate

We found 50 past situations where a non-financial company looked like H G INFRA ENGINEERING LTD today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
Over the following 12 months the middle half of them returned −17% to +54% vs the market, against +1% for all non-financial companies in the same months.
The gap against the base rate (+4.8%, 80% range −7.1% to +17.7%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 5 beyond the range shown, drawn at the edge

Similar setups' median

+5.3%

All companies' median

+0.5%

Beat the market

56% vs 51%

50 past situations · 50 companies · 33 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
DYNAMATECH Producer Manufacturing	Jul 2020	9x	9%	−58%	−61%	+102%
MMFL Producer Manufacturing	Sep 2025	13x	12%	−49%	−49%	+93%
FILATEX Process Industries	Mar 2023	16x	17%	−49%	−51%	+23%
TNPL Process Industries	Sep 2020	5x	11%	−50%	−50%	−23%
JINDALPOLY Process Industries	Jun 2023	9x	12%	−34%	−42%	−28%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
ATL Transportation	May 2025	19x	12%	−47%	−50%	−10%
STLTECH Electronic Technology	Feb 2022	11x	12%	−15%	−43%	−9%
KIRLOSENG Producer Manufacturing	Jun 2022	11x	10%	−43%	−50%	+142%

How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: ROCE, 12-month momentum and P/S. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to H G INFRA ENGINEERING LTD. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

TRUALT BIOENERGYTRUALT

Energy Minerals

65%similar

promoter holdingmarket cap

EPIGRALEPIGRAL

Process Industries

56%similar

P/Eoperating margin

SANGAM (INDIA)SANGAMIND

Process Industries

55%similar

promoter holdingdebt/equity

VRL LOGISTICSVRLLOG

Transportation

54%similar

debt/equityrevenue

PNB GILTSPNBGILTS

Finance

53%similar

P/Evolatility

G R INFRAPROJECTSGRINFRA

Industrial Services

55%similar

ROCEEPS growth

PNC INFRATECHPNCINFRA

Industrial Services

53%similar

operating marginrevenue

GMR POWER AND URBAN INFRAGMRP&UI

Industrial Services

47%similar

EPS growthvolatility

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

30 events since Sep '22

2026
OctPriceFell 79% from the Jun 2024 peak to the Oct 2026 low.
OctPriceVolume reached 8.3x its 50-day median on 2026-10-06; price +3.3% that day.
SepPeer rankMoved into the top quartile of Industrial Services on operating margin (from the 2nd quartile).
SepPriceVolume reached 267.2x its 50-day median on 2026-09-24; price +3.8% that day.
JunPeer rankSlipped to the bottom quartile of Industrial Services on EPS growth (from the 3rd quartile).
AprPriceVolume reached 42.5x its 50-day median on 2026-04-15; price +13.9% that day.
FebValuationP/E fell below the 10th percentile of its own history to date (8.5x).
JanPriceVolume reached 56.1x its 50-day median on 2026-01-23; price -11.0% that day.

Show 22 earlier events

2025
NovPriceVolume reached 15.3x its 50-day median on 2025-11-24; price +1.7% that day.
OctPeer rankSlipped to the 3rd quartile of Industrial Services on ROCE (from the 2nd quartile).
JunResultsYear-on-year EPS growth turned negative.
JunDebtDebt / equity rose above 1.0x (1.41x).
MayPriceVolume reached 5.5x its 50-day median on 2025-05-22; price -7.5% that day.
2024
DecPromoterPromoter holding fell 2.8 pts to 71.8%.
DecPriceVolume reached 11.5x its 50-day median on 2024-12-11; price +3.4% that day.
AugPeer rankSlipped to the 2nd quartile of Industrial Services on ROCE (from the top quartile).
JulPriceVolume reached 5.7x its 50-day median on 2024-07-16; price +3.7% that day.
JunResultsRevenue (TTM) reached a new high of ₹5,379 cr.
JunPeer rankSlipped to the 3rd quartile of Industrial Services on EPS growth (from the 2nd quartile).
MayValuationP/E crossed above the 90th percentile of its own history to date (19.9x).
AprPriceVolume reached 19.7x its 50-day median on 2024-04-02; price +6.8% that day.
JanPriceVolume reached 8.3x its 50-day median on 2024-01-12; price +2.1% that day.
2023
DecPriceVolume reached 6.4x its 50-day median on 2023-12-04; price -2.0% that day.
AugPriceVolume reached 5.6x its 50-day median on 2023-08-02; price +1.9% that day.
JunResultsRevenue (TTM) reached a new high of ₹4,622 cr.
MayPriceVolume reached 9.8x its 50-day median on 2023-05-11; price +4.3% that day.
MarPriceRegained the 2021-10 peak, 8 months after the low.
JanPriceVolume reached 24.8x its 50-day median on 2023-01-09; price +4.0% that day.
2022
DecPriceVolume reached 26.3x its 50-day median on 2022-12-30; price +7.7% that day.
SepPriceVolume reached 6.3x its 50-day median on 2022-09-05; price +4.1% that day.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history60 months · 2021-12 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	14.0x	₹4853 cr	5.7%	11.0%	1.5x
2026-10	13.3x	₹4853 cr	5.7%	11.0%	1.5x
2026-09	15.1x	₹4853 cr	5.7%	11.0%	1.5x
2026-08	9.7x	₹5234 cr	10.1%	11.0%	1.5x
2026-07	10.6x	₹5234 cr	10.1%	11.0%	1.5x
2026-06	11.3x	₹5234 cr	10.1%	11.0%	1.5x
2026-05	9.7x	₹5168 cr	13.3%	17.0%	1.4x
2026-04	9.9x	₹5168 cr	13.3%	17.0%	1.4x
2026-03	7.2x	₹5168 cr	13.3%	17.0%	1.4x
2026-02	8.5x	₹5012 cr	14.0%	17.0%	1.4x
2026-01	10.1x	₹5012 cr	14.0%	17.0%	1.4x
2025-12	11.9x	₹5012 cr	14.0%	17.0%	1.4x
2025-11	12.8x	₹5010 cr	15.0%	17.0%	1.4x
2025-10	13.6x	₹5010 cr	15.0%	17.0%	1.4x
2025-09	13.7x	₹5010 cr	15.0%	17.0%	1.4x
2025-08	12.5x	₹5056 cr	17.2%	17.0%	1.4x
2025-07	13.4x	₹5056 cr	17.2%	17.0%	1.4x
2025-06	13.9x	₹5056 cr	17.2%	17.0%	1.4x
2025-05	13.3x	₹5403 cr	22.4%	24.0%	0.6x
2025-04	12.8x	₹5403 cr	22.4%	24.0%	0.6x
2025-03	12.6x	₹5403 cr	22.4%	24.0%	0.6x
2025-02	11.7x	₹5503 cr	21.8%	24.0%	0.6x
2025-01	15.6x	₹5503 cr	21.8%	24.0%	0.6x
2024-12	18.5x	₹5503 cr	21.8%	24.0%	0.6x
2024-11	15.7x	₹5556 cr	22.4%	24.0%	0.6x
2024-10	16.1x	₹5556 cr	22.4%	24.0%	0.6x
2024-09	18.3x	₹5556 cr	22.4%	24.0%	0.6x
2024-08	18.9x	₹5379 cr	21.9%	24.0%	0.6x
2024-07	19.6x	₹5379 cr	21.9%	24.0%	0.6x
2024-06	21.3x	₹5379 cr	21.9%	24.0%	0.6x
2024-05	19.9x	₹4622 cr	25.7%	25.0%	1.0x
2024-04	15.7x	₹4622 cr	25.7%	25.0%	1.0x
2024-03	12.0x	₹4622 cr	25.7%	25.0%	1.0x
2024-02	11.6x	₹4622 cr	25.7%	25.0%	1.0x
2024-01	12.3x	₹4622 cr	25.7%	25.0%	1.0x
2023-12	11.2x	₹4622 cr	25.7%	25.0%	1.0x
2023-11	11.2x	₹4622 cr	25.7%	25.0%	1.0x
2023-10	11.8x	₹4622 cr	25.7%	25.0%	1.0x
2023-09	12.5x	₹4622 cr	25.7%	25.0%	1.0x
2023-08	12.3x	₹4622 cr	25.7%	25.0%	1.0x
2023-07	12.6x	₹4622 cr	25.7%	25.0%	1.0x
2023-06	11.3x	₹4622 cr	25.7%	25.0%	1.0x
2023-05	15.5x	₹3751 cr	26.5%	28.0%	0.8x
2023-04	15.1x	₹3751 cr	26.5%	28.0%	0.8x
2023-03	13.4x	₹3751 cr	26.5%	28.0%	0.8x
2023-02	12.3x	₹3751 cr	26.5%	28.0%	0.8x
2023-01	11.4x	₹3751 cr	26.5%	28.0%	0.8x
2022-12	10.6x	₹3751 cr	26.5%	28.0%	0.8x
2022-11	10.3x	₹3751 cr	26.5%	28.0%	0.8x
2022-10	9.7x	₹3751 cr	26.5%	28.0%	0.8x
2022-09	10.2x	₹3751 cr	26.5%	28.0%	0.8x
2022-08	10.3x	₹3751 cr	26.5%	28.0%	0.8x
2022-07	10.2x	₹3751 cr	26.5%	28.0%	0.8x
2022-06	8.9x	₹3751 cr	26.5%	28.0%	0.8x
2022-05	15.7x	₹2610 cr	22.3%	26.0%	0.7x
2022-04	17.1x	₹2610 cr	22.3%	26.0%	0.7x
2022-03	15.4x	₹2610 cr	22.3%	26.0%	0.7x
2022-02	16.2x	₹2610 cr	22.3%	26.0%	0.7x
2022-01	15.4x	₹2610 cr	22.3%	26.0%	0.7x
2021-12	15.7x	₹2610 cr	22.3%	26.0%	0.7x

Older months are in the live observatory.

Methodology and data notes