HG Infra Named Lowest Bidder for ₹117.77 Crore Naval Dockyard Project in Mumbai

24 Jun 2025 , 12:53 PM

HG Infra Engineering has bagged a key infrastructure project from the Military Engineer Services (MES), after being named the lowest bidder for works at the Naval Dockyard in Mumbai. The project, focused on setting up an Integrated Material Handling Facility, carries an estimated value of ₹117.77 crore.

The work is expected to be executed over a 30-month timeline. While HG Infra has largely been known for its highway and road projects, this deal marks another step in its effort to diversify into newer verticals, including defence infrastructure.

For the March quarter, HG Infra reported a net profit of ₹147 crore down about 23% from ₹190 crore reported in the same period last year. Revenue too declined, falling roughly 20% year-on-year to ₹1,360.9 crore.

On the operational front, EBITDA dropped 28% to ₹239.5 crore, and the margin narrowed to 17.6%, compared to 19.5% last year. Despite these numbers, the board has proposed a final dividend of ₹2.00 per share, pending approval at the annual general meeting.

Based in Jaipur, HG Infra has steadily expanded its presence beyond traditional road EPC projects. Over the last few years, it has taken on work in railways, metro infrastructure, and now defence, aligning with the government’s push for modernisation and indigenisation.

HG Infra Engineering shares are currently trading at ₹1050 on June 23, 2025 at 12:49 PM. This is a 3.65% gain than the previous close. HG Infra Engineering shares have dipped 42% in the last year, dipped 32% in the year-to-date, and 6.76% dip in the last month.

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