HG Infra Gets Completion Certificate for ₹4,971 Crore Ganga Expressway

HG Infra Engineering received a provisional completion certificate for its ₹4,971 crore Ganga Expressway package in Uttar Pradesh a six-lane greenfield expressway connecting Meerut and Prayagraj awarded by Adani Road Transport. For EPC companies a completion certificate is a critical milestone it triggers final billing, releases retention money held back by the client and confirms the project is officially delivered. Simply put it means cash is coming in. HG Infra also had two more positive triggers this week a 49% stake sale in a subsidiary to Neo Infra Income Fund and NHAI declaring appointed date for its Varanasi-Kolkata highway project. Three milestones in one week signals strong execution momentum. Q4 FY26 profit fell 42.1% YoY to ₹85 crore even as revenue rose 4.8% to ₹1,427 crore. Rising finance costs from heavy project borrowing are eating into profits same pattern we saw with JSW Energy and SJVN. The stock has also fallen from its 52-week high of ₹1,143 to ₹548. Track final payment receipt from Ganga Expressway and new order wins in FY27. If debt costs stabilise profitability could recover quickly. $HGINFRA HG Infra's completion certificate taught me that project milestones trigger cash flows for EPC companies but rising finance costs can simultaneously suppress profits, making it essential to track both execution progress and debt levels before investing in infrastructure stocks like HG Infra, $NCC NCC and $KNRCON KNR Constructions.