Slide 1: Filing cover letter to stock exchanges
HIGHWAY INFRASTRUCTURE LIMITED CIN : U45203MP2006PLC018398 GSTIN : 23AABCH6631A1Z9 REG. OFFICE ADDRESS: 57-FA, SCHEME NO. 94, PIPLIYAHANA JUNCTION, RING ROAD, INDORE, (M.P.) – 452016, INDIA Tel: +91-731-2590013, 4047177 E-Mail:hiplindore@gmail.com, Visit us at : www.highwayinfrastructure.in November
Slide 2: Highway Infrastructure Limited Investor Presentation November 2025
HIGHWAY INFRASTRUCTURE LIMITED Investor Presentation | November 2025 1
Slide 3: Disclaimer
Disclaimer This presentation has been prepared by Highway Infrastructure Limited solely to provide information about the Company. No representation or warranty, express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such informat
Slide 4: Table of Contents
1 HIL at a Glance Table of Contents 2 Our Key Growth Strategies Promising Industry Opportunity for 3 HIL 4 Financial Performance 5 Annexure 3
Slide 5: Highway Infrastructure At a Glance
Highway Infrastructure At a Glance Years of Execution 11 Presence across 90+ Completed Projects | 30+ Experience States 11 States & 1 Union Territory 25+ Ongoing Projects 27% Growth in PAT 86% Growth in Order Book 19%* Return on Equity CAGR (FY23-25) CAGR (Mar’23-Sep’25) *as on FY25 Key Business Ver
Slide 6: Diversified Business Segments across High Growth Verticals
Diversified Business Segments across High Growth Verticals EPC INFRA Tollway Collection Real Estate Completed Projects 31 Completed Projects Delivered 2,600+ Residential and 69 2,600+ Commercial Units 02 Ongoing Projects Real estate revenue grew from Rs. 3 23 Under Construction Projects 1.8x Cr in F
Slide 7: Proven Execution Excellence
Proven Execution Excellence With Strong Growth in Order Book Consistent Growth in Project Execution Capability Across States Profitability Rs. in Cr 3.4x 775 Presence across 11 States & 1 Union Territory Profit after Tax (Rs. Cr) 27.4% CAGR 531 21.4 22.4 346 Uttar Pradesh 13.8 225 Mar'23 Mar'24 Mar'
Slide 8: Governed By Experienced Board of Directors
Governed By Experienced Board of Directors Mr. Ujjwal Kumar Ghosh - Independent Director Mr. Arun Kumar Jain - Managing Director ➢ Holds a Bachelor’s Degree in Civil Engineering ➢ More than 3 decades of experience in Infrastructure Industry ➢ Worked as Superintendent Engineer at Pachim ➢ Currently s
Slide 9: Key Milestones
Key Milestones Over the past 4–5 years, we have successfully expanded into 11 additional states - significant milestone in our growth journey Launched Karuna Sagar Listing & Founded as Entered Toll Collection Multiple Toll Highest ever residential project partnership firm business with NHAI contract
Slide 10: Portfolio Highlights: Key Clients and Landmark Projects
Portfolio Highlights: Key Clients and Landmark Projects Indore Municipal Top Departments (% as per work Corporation NHAI Adroit orders) AICTSL (IMC) 20 15 MPIDC MPRDA MPBDC 10 5 0 Shubham LIC ISBI Developers Kalyan Group NHAI MPIDC AICTSL Indore Public Works Group Development Department Authority Ke
Slide 11: Our Key Growth Strategies
➢ Our Key Growth Strategies Industry Opportunities - Promising for HIL Financial Highlights Annexure 10
Slide 12: Our Key Growth Strategies
Our Key Growth Strategies Focus on Growing Existing Strong Order Book Fueling Selectively Expand our Disciplined Balance Sheet Business Verticals Revenue Growth Geographical Footprint ➢ Focus on traffic-driven corridors to ➢ Growth in order book by 46% in ➢ Expanding presence in high- ➢ Reduction in
Slide 13: 1. Focus on Growing Existing Business Verticals
1. Focus on Growing Existing Business Verticals • 40% Govt funding during construction • 60% private investment with annuity payments HAM Projects • Lower financial risk, steady revenue stream • Proven success under NHAI PPP framework • Fuel Stations & EV Charging • Focus on sectors requiring simila
Slide 14: 2. Strong Order Book Fuelling Revenue Growth (1/3)
2. Strong Order Book Fuelling Revenue Growth (1/3) Strong Order Book (Rs. Cr) 900 ➢ Current Order Book (EPC) at Rs. 584 crore; of this, Rs. 800 46% 775 150–200 crore worth of projects are expected to be 700 600 531 completed within 2 years 500 400 ➢ Order Inflow Momentum: Rs. 250 crore in 2–3 months
Slide 15: 2. Strong Order Book Fuelling Revenue Growth (2/3)
2. Strong Order Book Fuelling Revenue Growth (2/3) Tollway Collection Projects On-Going Orders (Rs. Cr) Total Period of Balance Amount Date of Work Completion Contract Value Sr. No. Client Project Name State contract in Days remaining payable to NHAI Order Date (Rs. Cr) days (Rs. Cr) 1 NHAI Kiratpur
Slide 16: 2. Strong Order Book Fuelling Revenue Growth (3/3)
2. Strong Order Book Fuelling Revenue Growth (3/3) EPC Infra Projects On-Going Projects Contract Balance Work Start Date of Date of Sr. No. Project Name Location Scope Authority Value (Rs. in Hand Work Order Completion Cr) (Sep'25) 1 Construction of civil & interior works Indore Civil & interior wor
Slide 17: 3. Selectively Expanding Geographical Footprint
3. Selectively Expanding Geographical Footprint Targeted States: • J&K • Assam • Bihar • Telangana • Kerala State-wise (Top 5) % Contribution in Revenue • Tamil Nadu • Daman and Diu Madhya Pradesh 33.4% Uttar Pradesh 22.6% Gujarat 15.2% Maharashtra 14.4% Haryana 10.9% 16
Slide 18: 4. Disciplined Balance Sheet
4. Disciplined Balance Sheet Debt to Equity (x) 0.85 0.69 0.61 Improving • Debt to Equity at 0.61x Leverage FY23 FY24 FY25 Net Cash & Cash Equivalents (₹ Cr) 82.09 65.25 • Net Cash & Cash Equivalents to be utilised Healthy Cash towards Working Capital Requirements Balance 12.1 FY23 FY24 FY25 NetWort
Slide 19: Industry Opportunities - Promising for HIL
Our Key Growth Strategies ➢ Industry Opportunities - Promising for HIL Financial Highlights Annexure 18
Slide 20: Promising Industry Opportunities for HIL (1/2)
Promising Industry Opportunities for HIL (1/2) MoRTH Budget for National Highways (Rs. Bn) Strong Momentum in Expansion of Roadways 4,000 3,500 1. India’s Toll Revenue Set to Double: India’s toll 3,000 2,764 2,840 2,873 collection is projected to surge from ₹55,000 crore to ₹1.4 lakh crore within 2
Slide 21: Promising Industry Opportunities for HIL (2/2)
Promising Industry Opportunities for HIL (2/2) Quarterly Toll Collection (Rs. Cr) Annual Toll Collection (Rs. Cr) 25,000.0 ~28% CAGR 95,000 ~22% CAGR 19,751.6 85,000 80,000+ 20,000.0 72,931 16,809.0 65,100 75,000 65,000 15,000.0 12,703.1 54,100 10,842.2 55,000 10,000.0 45,000 38,100 35,000 5,000.0 2
Slide 22: Financial Highlights
Our Key Growth Strategies Industry Opportunities - Promising for HIL Financial Highlights Annexure 21
Slide 23: Q2 & H1FY26 Financial Snapshot
Q2 & H1FY26 Financial Snapshot Total Revenue (Rs. Cr) EBITDA (Rs. Cr) 226.8 227.8 25.8 119.4 115.3 13.7 12.7 3.9 Q2FY25 Q2FY26 H1FY25 H1FY26 Q2FY25 Q2FY26 H1FY25 H1FY26 Segment wise Revenue (%) Networth (Rs. Cr) Profit After Tax (Rs. Cr) H1FY26 2% 211.1 16.9 20% 117.7 9.7 5.8 78% 1.6 Q2FY25 Q2FY26 H
Slide 24: H1FY26 Consolidated Income Statement
H1FY26 Consolidated Income Statement Particulars (Rs. Cr) Q2 FY26 Q2 FY25 YoY% Q1 FY26 QoQ% H1FY26 H1FY25 YoY% Total Revenue 115.3 119.4 -3.4% 112.5 2.5% 227.8 226.8 0.4% COGS 93.2 111.9 97.0 190.3 206.7 Gross Profit 22.1 7.5 195.7% 15.4 42.9% 37.5 20.1 86.6% Gross Margin % 19.1% 6.2% 13.7% 16.5% 8.
Slide 25: H1FY26 Consolidated Balance Sheet
H1FY26 Consolidated Balance Sheet ASSETS (Rs. Cr) Sep'25 Mar'25 EQUITY AND LIABILITIES (Rs. Cr) Sep'25 Mar'25 Non-Current Assets Equity Share capital 35.9 28.9 12.1 11.2 Other Equity 174.7 83.9 Property, Plant and Equipment 0.5 0.0 TOTAL EQUITY 210.6 112.8 Capital work-in-progress Non-controlling In
Slide 26: Annual Financial Performance Snapshot
Annual Financial Performance Snapshot Revenue from Operations (Rs. Cr) EBITDA (Rs. Cr) 573.5 495.7 455.1 38.4 27.7 31.3 FY23 FY24 FY25 FY23 FY24 FY25 Segment wise Revenue (%) Profit after Tax (Rs. Cr) FY25 21.4 22.4 4% 13.8 23% 73% FY23 FY24 FY25 Tollway Collection EPC Infra Real Estate & Others 25
Slide 27: Return Ratios
Return Ratios ROCE (%) ROE (%) 24.5 21.4 18.5 19.0 19.5 16.6 FY23 FY24 FY25 FY23 FY24 FY25 Debt-to-Equity (x) Net Worth (Rs. Cr) 117.7 100.2 0.9 74.8 0.7 0.6 FY23 FY24 FY25 FY23 FY24 FY25 26
Slide 28: Annexure
Our Key Growth Strategies Industry Opportunities - Promising for HIL Financial Highlights ➢ Annexure 27
Slide 29: Completed Projects (Tollway)
Completed Projects (Tollway) Sr. No. Project Name Date of Work Order Completion Date Contract Value (Rs. Cr) Project Timeline (Days) 1 Mokha Fee Plaza 27-12-2020 05-04-2022 122 465 2 Mokha Fee Plaza 05-04-2022 09-09-2022 32 158 3 Mokha Fee Plaza 09-09-2022 12-11-2022 39 65 4 Mokha Fee Plaza 25-03-20
Slide 30: Completed Projects (EPC)
Completed Projects (EPC) Sr. Date of Delivered Value Date of Delivered Value Project Name Sr. No. Project Name No. Completion (Rs. Cr) Completion (Rs. Cr) 1 PMAY Housing & Infrastructure – Kanadia, Indore 29-12-2023 147.1 36 Bridges – PMGSY Package 774_MP11-BR-110, Dhar 31-07-2020 4.2 Retrofitting –
Slide 31: ESG
ESG Responsible Growth CSR Objectives Operate in an economically, socially, and environmentally sustainable manner considering all stakeholders “To build relationships of trust with local Implement programs benefiting communities around work communities, contribute to a sustainable society, centers,
Slide 32: Thank You
Thank You Highway Infrastructure Limited Ernst & Young LLP Group Corporate Legal Officer Investor Relation Advisory Khushboo Palod Vikash Verma / Abhishek Bhatt / Shrishti Tandon gcs@highwayinfrastructure.in Vikash.Verma1@in.ey.com / Abhishek.bhatt3@in.ey.com / Shrishti.Tandon@in.ey.com