Highway Infrastructure wins ₹198.31 crore CPWD civil order

Highway Infrastructure Limited (NSE: HILINFRA)

has received a Letter of Acceptance from the Central Public Works Department for a civil construction project worth ₹198.31 crore. The order takes its total order book to ₹1,776.19 crore, with execution over two years. Why it matters: Recent wins were short toll collection mandates from NHAI. These were the ₹80.17 crore Palayam Fee Plaza award in August 2026 and the ₹24.46 crore Velanchettiyur Fee Plaza contract in October 2026. This single CPWD order is almost double the two combined (₹104.63 crore) and is about 11% of the order book. My view: Civil EPC revenue is booked as work gets done. Spread evenly, ₹198.31 crore is roughly ₹99 crore a year over 24 months. Real execution is rarely even, so quarterly numbers will move around. Toll contracts are short and need renewal. A two-year civil contract adds a longer layer of visibility on top. Infomerics rated its ₹200.88 crore bank facilities IVR BBB+/Stable in July 2026, which supports funding for the extra work. Margins on this order are not disclosed, so earnings impact is uncertain. What I am watching: milestone billing and cash collection over the 24 months, order additions each quarter across tolling and EPC, and working capital on multi-site projects. Monsoon delays and raw material costs are the main risks. Please note that the information shared is intended solely for informational purposes and does not make any investment recommendations.