Multibagger infra stock trading near 52-week low but Emkay sees 97% upside, here's why 

Shares of HG Infra Engineering are set for a 97% upside, according to Emkay Global. The multibagger infra stock is likely to reach the Rs 1,900 mark in a year against the previous close of Rs 961 on BSE. The brokerage has kept the price target of the infra stock unchanged after Q1 earnings. The stock has gained 404% in five years. 

Emkay said the management guidance for FY26 order inflow stood at Rs 11,000 crore, with 75% expected from roads and railways, and the remaining from other sectors. 

HG Infra Engineering plans to monetise 5 HAM projects nearing completion in FY26. "We keep our TP unchanged at Rs 1,900; retain BUY, given the incremental wins, steady execution progress, and the potential HAM monetization being key near-term triggers," said Emkay. 

The civil construction firm reported a 39% fall in net profit for the June 2025 quarter. Profit came at Rs 98.8 crore for the first quarter of the current fiscal against Rs 162.5 crore in Q1FY25.

Revenue from operations slipped 3% to Rs 1,482 crore in Q1 against Rs 1,528 crore year-on-year.

At the operating level, EBITDA slipped 17.5% to Rs 260 crore in the last quarter against Rs 315.7 crore a year ago. EBITDA margin was 300 bps lower at 17.5% in Q1 against 20.6% in the corresponding period of the previous fiscal.

Axis Securities has a price target of Rs 1,480 after Q1 earnings. It earlier assigned a price target of Rs 1530 to the stock. 

The company has guided for an order inflow of Rs 11,000 crore and expects revenue of Rs 7,000 crore with an EBITDA margin of 15-16% in FY26, said Axis, adding that the stock was currently trading at an implied PE of 8 times and 6 times of its FY26E/FY27E earnings. 

"We maintain our BUY rating on HGIEL and value its EPC business at 10x FY27E EPS and HAM/Solar/Battery portfolio at 1.2x/1x/1x book value to arrive at a target price of Rs 1,480/share, which implies an upside of 54% from the CMP," said Axis. 

However, the brokerage cited lower order inflow, slow execution of projects and an increase in input costs as key risks to its estimates and target price. 

In the current session, the infra stock was trading 1.16% higher at Rs 973.75 against the previous close of Rs 962.55 on BSE. Market cap of the firm rose to Rs 6346 crore. 

However, the stock is trading near its 52-week low of Rs 921.05 reached on April 7, 2025. 

The stock has a beta of 1.3, indicating high volatility in a year. It is trading in neither in the overbought nor in the oversold territory with a RSI of 33.3. HG Infra shares are trading lower than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.

HG Infra Engg. is engaged in the business of engineering, procurement and construction (EPC), maintenance of roads, bridges, flyovers and other infrastructure contract works.