Highway Infrastructure Limited (HILINFRA) fair value: what the stock is really worth
As of Sep 30, 2026: fair value of Highway Infrastructure Limited ₹32.57, price ₹42.75, upside -23.8%, quality 46 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Sep 27, 2026.
How to read this chart
14‑month range ₹41.03 – ₹126.78 · fair‑value band ₹18.36 – ₹55.14 · the ₹42.75 price screens above the ₹32.57 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Sep 27, 2026.
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Highway Infrastructure Limited, together with its subsidiaries, engages in tollway collection business in India. It operates in three segments: Toll Division; Work Contract Division and Machineries & Equipment Hire Division; and Real Estate Division.
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Highway Infrastructure Limited, together with its subsidiaries, engages in tollway collection business in India. It operates in three segments: Toll Division; Work Contract Division and Machineries & Equipment Hire Division; and Real Estate Division. The company also engages in the construction of roadways, bridges, highways, residential and commercial buildings, hospitality buildings, civil works, and other infrastructure projects, as well as sub-contracts the engineering procurement construction infra projects. In addition, it develops residential and commercial real estate properties. Highway Infrastructure Limited was founded in 1995 and is based in Indore, India.
Stock analysis
Highway Infrastructure Limited (HILINFRA) currently trades at ₹42.75, while our model-based Fair Value estimate is ₹32.57, 23.8% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of ₹111.15 per share, and 10 of the 15 models we run sit above the ₹42.75 price.
Bear case: the Economic Profit group reads lowest at ₹18.51, and 5 of the 15 models stay below the price. Evidence for this calculation is low.
Scenario range: ₹18.36 (bear) to ₹55.14 (bull), the price of ₹42.75 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 46/100 (below-average quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Highway Infrastructure Limited reported revenue of ₹6.1B in FY2026 versus ₹3.6B in FY2022, a compound +14.4%/yr. Reported net income was ₹321M in FY2026, compounding +40.1%/yr from FY2022.
Key figures
Market cap ₹3.3B (≈ $34.9M) · P/E ratio 8.9 · P/S ratio 0.47 · EPS (TTM) ₹4.80 · Net margin 5.3% · Return on equity 18.4% · Return on assets (EBIT) 12.5% · Operating margin 4.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 49% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 13% fair-value upside, at −24%, HILINFRA screens richer than that median.
Fair Value models
Bear ₹18.36Fair Value ₹32.57Bull ₹55.14
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹2.42 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.54/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+22.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.1%
’22
’23
’24
’25
’26
What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
≈ +11.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+11.2%
Dividend (yield on the price)0.0%
Profit margin 2022 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.4% → 4%
⚠ Rate on operating basis: 2026 sits 82% above its own trend.
Compare Highway Infrastructure Limited with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Infrastructure Operations · 64 stocks
Beats the industry median on 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score46 · Below median
Fair Value upside−23.8% · Bottom 25%
Profitability
Return on equity (TTM)18.4% · Top 25%
Return on assets8.9% · Top 25%
Net margin (TTM)5.1% · Bottom 25%
Operating margin (TTM)4.7% · Bottom 25%
Growth and dividend
Revenue growth107.9% · Top 25%
Balance sheet
Debt / equity0.07× · Lowest 25%
Valuation Multiplesvs Infrastructure Operations median · lower = cheaper
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Is Highway Infrastructure Limited (HILINFRA) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of ₹32.57 versus a price of ₹42.75, about −24% upside (overvalued).
What is the fair value of HILINFRA?
Our model-based fair value for Highway Infrastructure Limited is ₹32.57 (as of Sep 27, 2026), built from audited fundamentals. The current price: ₹42.75.
What is the quality score of HILINFRA?
Highway Infrastructure Limited has a Quality Score of 46/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Highway Infrastructure Limited (HILINFRA)?
Our model-based price target is the fair value of ₹32.57 (as of Sep 27, 2026) from 15 valuation models. Cautious scenario ₹18.36, optimistic scenario ₹55.14. It is a calculation from audited fundamentals, not an analyst target.
What is the Highway Infrastructure Limited stock forecast for 2026?
Our models put fair value at ₹32.57, about −24% upside versus a price of ₹42.75 (overvalued). Cautious scenario ₹18.36, optimistic scenario ₹55.14. The calculation is refreshed regularly with new filings.
What is the revenue of Highway Infrastructure Limited (HILINFRA)?
Highway Infrastructure Limited reported trailing-twelve-month revenue of about ₹6.3B (latest available figure, as of Sep 27, 2026).
What is the intrinsic value of Highway Infrastructure Limited (HILINFRA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Highway Infrastructure Limited it is ₹32.57 per share (as of Sep 27, 2026), against a price of ₹42.75. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is Highway Infrastructure Limited stock overvalued or undervalued in 2026?
As of Sep 27, 2026, HILINFRA trades above its calculated fair value: price ₹42.75, fair value ₹32.57, a gap of about −24% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of HILINFRA?
No. The price is what the market pays today (₹42.75); the fair value is what the company's own numbers justify (₹32.57). For Highway Infrastructure Limited the two are ₹10.18 per share apart. That gap is exactly why we show both numbers side by side.
How much is Highway Infrastructure Limited worth?
The market values Highway Infrastructure Limited at about ₹3.3B (market capitalisation, as of Sep 27, 2026). Per share that is ₹42.75; our models calculate a fair value of ₹32.57 per share.
What do the bullish and bearish scenarios say about HILINFRA?
Our models span a range for Highway Infrastructure Limited: cautious scenario ₹18.36, base ₹32.57, optimistic ₹55.14 per share (as of Sep 27, 2026, price ₹42.75). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HILINFRA?
Highway Infrastructure Limited trades at a price-to-earnings ratio of 8.9 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹32.57 is built from several models across several years. Other multiples: P/B 1.5, P/S 0.5, EV/EBITDA 7.3.
How solid is the balance sheet of Highway Infrastructure Limited (HILINFRA)?
Balance-sheet figures for Highway Infrastructure Limited (as of Sep 27, 2026): return on equity 18.4%, debt of 0.07 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is HILINFRA from its 52-week high?
Highway Infrastructure Limited trades at ₹42.75, about 49% below its 52-week high of ₹83.39 and 4% above the low of ₹41.03 (as of Sep 30, 2026). Distance from the high says nothing about value: that is what the fair value of ₹32.57 is for.
Which stocks are comparable to Highway Infrastructure Limited?
From the same area (Industrials) we also value Transurban Group, China Merchants Expressway Network & Technology Holdings, Jiangsu Expressway Company, Shandong Hi-speed Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Highway Infrastructure Limited stock attractive at the current price?
The data as of Sep 27, 2026: price ₹42.75, calculated fair value ₹32.57 (−24%), Quality Score 46/100, from 15 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of HILINFRA calculated?
We run Highway Infrastructure Limited through 15 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹32.57, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.7 % above its aggregate fair value. Highway Infrastructure Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Highway Infrastructure Limited (HILINFRA)?
The closing price on Sep 30, 2026 was ₹42.75. Our model-based fair value is ₹32.57, about −24% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Highway Infrastructure Limited right now?
The model range is unusually wide (₹18.36 to ₹55.14). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (46/100) and above fair value, neither a clear bargain nor a standout compounder. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of Highway Infrastructure Limited
How large is the market capitalisation of Highway Infrastructure Limited (HILINFRA)?
The market capitalisation of Highway Infrastructure Limited is ₹3.3B (≈ $34.9M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Highway Infrastructure Limited (HILINFRA)?
The price-to-sales ratio of Highway Infrastructure Limited is 0.47 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Highway Infrastructure Limited (HILINFRA)?
Earnings per share at Highway Infrastructure Limited are ₹4.80 (price ÷ EPS = P/E 8.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Highway Infrastructure Limited (HILINFRA)?
The net margin of Highway Infrastructure Limited is 5.3% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Highway Infrastructure Limited (HILINFRA)?
The return on equity (ROE) of Highway Infrastructure Limited is 18.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Highway Infrastructure Limited (HILINFRA)?
On an EBIT basis the return on assets of Highway Infrastructure Limited is 12.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Highway Infrastructure Limited (HILINFRA)?
The operating margin of Highway Infrastructure Limited is 4.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Highway Infrastructure Limited (HILINFRA)?
Revenue at Highway Infrastructure Limited is growing +108% versus a year earlier (3y avg +10.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Highway Infrastructure Limited (HILINFRA)?
Earnings per share at Highway Infrastructure Limited are growing −36.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Highway Infrastructure Limited (HILINFRA) generate?
The free cash flow of Highway Infrastructure Limited is −₹769M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Highway Infrastructure Limited (HILINFRA) carry?
The net debt of Highway Infrastructure Limited is ₹895M (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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