HG Infra & Kalpataru JV Secures ₹1,415 Cr Thane Metro Mandate

Executive Summary HG Infra Engineering Ltd ("HG Infra"), in a strategic Joint Venture (JV) with Kalpataru Projects International Ltd, has been declared the Lowest Bidder (L1) by the Maharashtra Metro Rail Corporation Limited (MMRCL) for a marquee infrastructure project in Thane. The bid valuation of ₹1,415 crore was competitive against the estimated project cost of ₹1,424 crore. Project Specifications & Structure Scope: Design and construction of an elevated metro viaduct (20.527 km) for the Thane Integral Ring Metro Project. The mandate includes the corridor between the UG ramp and Balkum Naka, depot approach viaducts, and three special spans. JV Composition: Kalpataru Projects International: 60% equity interest. HG Infra Engineering: 40% equity interest. Execution Model: Engineering, Procurement, and Construction (EPC). Timeline: 36 months. Strategic Impact This win reinforces HG Infra's capability in the heavy civil infrastructure space and diversifies its order book beyond road projects. The project is being awarded by a domestic entity (MMRCL) with no related party interest. Financial Context & Market Reaction Stock Performance: HG Infra shares closed at ₹863 (-0.058%) on November 21, 2025. Recent Financials (Q2 FY26): This order accrual is critical as the company seeks to revitalize top-line growth. For the quarter ended September 30, 2024: Revenue: ₹902.4 crore (Down 5.5% YoY). Net Profit: ₹80.7 crore (Down 16% YoY). Operational Efficiency: Despite revenue headwinds, EBITDA margins expanded to 24.3% (up from 23% YoY), signaling strong cost control mechanisms.