Small-cap stock jumped nearly 20% in Wednesday’s trading session, after the company bagged a ₹400-crore order from Anuppur Thermal Energy.
The small-cap opened at ₹515.10 apiece in the early morning session today, as compared to the previous close of ₹490.55. On Wednesday, the stock touched an intraday high of ₹584.40 per share on the NSE.
What’s behind the rally in small-cap stock?
In an exchange filing on Tuesday, HG Infra informed the exchanges that it has received a new order from Anuppur Thermal Energy (MP) in Madhya Pradesh, worth ₹401.33 crore (including GST).
According to the filing, the order has been awarded to develop railway infrastructure at the thermal power project in Anuppur, Madhya Pradesh.
The project involves the execution of Civil (earthwork, bridges, and Station buildings) and P-way works for the development of Railway Infrastructure at 2×800 MW Thermal Power Project at Anuppur, Madhya Pradesh.
The project, which is to be executed on an item-rate or Bill of Quantities (BOQ) basis, is scheduled to be completed within 18 months.
In February, the company said it had received a Letter of Award (LoA) from the National Highways Authority of India for a contract valued at ₹1,827.33 crore, excluding GST.
The contract involves the construction of a new six-lane, access-controlled Capital Region Ring Road Package-III stretch from Gobindpur (NH-55) to Tangi near Bandola Toll Plaza (NH-16), spanning from design chainage Km 70+995 to Km 111+325 in the state of Odisha under the NH(O) programme on a hybrid annuity model.
HG Infra’s financial performance
The company reported a consolidated net profit of ₹94.28 crore in the third quarter of FY26, marking an 18.1% decline from ₹115.14 crore in the same period last year. However, revenue from operations increased 12.4% year-on-year (YoY) to ₹1,421.16 crore during the quarter, compared with ₹1,264.66 crore in the corresponding quarter of the previous financial year.
Earnings before interest, tax, depreciation, and amortisation (Ebitda) rose 7.6% to ₹308.78 crore in the quarter, compared with ₹286.90 crore in the same period last year. However, the Ebitda margin declined to 21.7% in Q3FY26 from 22.7% in the corresponding quarter of the previous year.
is an infrastructure development firm that focuses on delivering end-to-end Engineering, Procurement and Construction (EPC) services, along with Hybrid Annuity Model (HAM) projects. Its operations span transport infrastructure, renewable energy, and Battery Energy Storage Systems (BESS), including transmission-related projects.
HG Infra share price trend
The has remained under pressure in the near term amid . HG Infra share price has given negative returns of 23% in a month and 27.57% so far in 2026.
The stock has shed 48% in a year and 32.16 in the last three years.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.