IPO: Highway Infrastructure IPO Sees Blockbuster Response – 72.92x Subscription

Highway Infrastructure Limited, Founded in 1995 and based in Indore, is engaged in infrastructure development and management, with business operations spanning tollway collection, engineering, procurement, and construction (EPC) infrastructure projects, and real estate. The company operates toll systems on highways across 11 states and one Union Territory. In the EPC infrastructure segment, the company has completed 63 projects and is currently executing 20 across locations such as Indore, Ratlam, and Khandwa. These projects include roads, bridges, tanks, and civil structures. It also undertakes residential and commercial real estate development.

Company Profile:

1. Tollway Collection:
Operates toll plazas across 11 states and 1 Union Territory.Uses ANPR (Automatic Number Plate Recognition) and RFID-based ETC systems.Manages short-term toll contracts (typically 12 months) awarded by NHAI and state agencies.Currently operates 7 tollway projects, with 24 completed.

2. EPC Infrastructure Projects:
Specializes in roads, bridges, irrigation tanks, and civil buildings.Completed 66 EPC projects; 24 more under execution.EPC order book as of May 2025: ₹606.8 crore

3. Real Estate Development:
Smallest segment; focuses on residential and commercial properties
Includes gated communities and housing projects

Financial Performance:

Financial YearRevenue (₹ crore)Net Profit (₹ crore)YoY Change
FY 2023–24
₹576.58
₹21.41Revenue ↓, Profit ↑
FY 2024–25
₹504.48
₹22.40Revenue ↓12.5%, Profit ↑4.6%

Key Observations:
Despite a 12.5% drop in revenue, net profit increased by 4.6%, possibly due to better cost control or higher-margin contracts.
FY25 margin improvement suggests operational efficiency or favorable project mix

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