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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Working capital requirements
Funding the company's ongoing working capital needs to support its toll, EPC and real estate operations.
General corporate purposes
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(₹ in Crore)
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Highway Infrastructure Limited is an Indore, Madhya Pradesh based infrastructure company incorporated in 1995. Its operations span three segments: toll collection and management on national and state highways, engineering, procurement and construction (EPC) contracts for roads and related infrastructure, and real estate development covering commercial and residential projects. Over nearly three decades the company has built a presence across 11 states and one union territory in toll operations, executing 24 toll projects with several more in progress, and has completed 63 EPC projects with about 20 more under execution, largely concentrated in Madhya Pradesh. It employed close to 400 people as of August 2024 and was among the early adopters of automatic number plate recognition (ANPR) technology for toll collection on major expressways. The company's revenue base is diversified across its toll, EPC and real estate businesses, which has supported steady growth in revenue and profit over the last three fiscal years. Its scale remains modest next to the larger listed road infrastructure players, and a meaningful share of its business depends on winning government and public sector tenders.
The company raised approximately Rs 23.4 crore from four anchor investors ahead of the IPO, including VPK Global Ventures Fund, HDFC Bank, Abans Finance and Sunrise Investment Opportunities Fund, with shares allotted at the issue's upper price band of Rs 70 per share.
Source: RHP • Analysis provided for informational purposes
Last Updated: 13 July 2026, 5:30 AM
Three-decade track record
The company brings close to 30 years of experience executing toll collection and EPC infrastructure projects across India.
Early ANPR adopter
It was among the first operators to deploy automatic number plate recognition technology for toll collection on major expressways, improving collection efficiency.
Diversified revenue base
Revenue is spread across three segments, toll operations, EPC contracts and real estate, reducing dependence on any single business line.
Consistent profitability growth
Revenue and profit have grown steadily over the last three fiscal years, reflecting a stable operating record.
Experienced promoter group
The promoters have longstanding relationships across the toll and infrastructure sector that support winning new projects.
Sub-scale relative to larger peers
Operations remain smaller than larger listed road infrastructure players, which can limit bidding power on the largest contracts.
Tender-dependent business
A large share of revenue depends on winning government and public sector tenders, which carries inherent bidding and execution risk.
Working capital intensity
Toll and EPC operations require significant working capital, which can pressure liquidity during execution cycles.
Highway Infrastructure Limited
57-FA, Scheme No. 94, Pipliyahana Junction, Ring Road, Indore, Madhya Pradesh 452016
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Regulatory and policy exposure
Operations are subject to changing safety, environmental and highway sector regulations that could affect project timelines or costs.
Limited EPC diversification
A moderate contribution from the EPC segment relative to toll operations means the revenue mix could shift if EPC growth slows.