Summary:
Highway Infrastructure Limited has secured a ₹198.31 crore CPWD contract to build residential and non-residential facilities for the CISF 12th Reserve Battalion in Madhya Pradesh. The two-year EPC project takes its reported order book to ₹1,776.19 crore as of October 31, 2026.
Highway Infrastructure Limited (NSE: HILINFRA) announced on 4 November 2026 that it has received a Letter of Acceptance from the Central Public Works Department for a civil construction contract worth ₹198.31 crore. The project covers planning, designing and construction of residential and non-residential infrastructure in Phase-I for the establishment of the CISF 12th Reserve Battalion at Village Jamunia Talab in Sehore district, Madhya Pradesh. The work will be executed on EPC Mode-I over period of two years. With this addition the company’s total order book stands at ₹1,776.19 crore as of 31 October 2026. The company described the award as its biggest-ever civil construction contract since incorporation.
Scope and Execution Timeline
The contract is for Phase-I infrastructure required for the CISF 12th Reserve Battalion. It includes both residential and non-residential facilities and will be delivered under the Engineering, Procurement and Construction (EPC) Mode-I framework. The stipulated execution period is two years. The Letter of Acceptance was issued by CPWD on 3 November 2026. The order is from a domestic government entity and is not a related-party transaction.
Because the project is structured as EPC Mode-I, the company is responsible for design, procurement and construction within the agreed price and timeline. Payment terms and milestone schedules will determine the pace of revenue recognition over the two-year period.
Key contract details
| Item | Detail |
| Contract value | ₹198.31 crore |
| Client | Central Public Works Department (CPWD) |
| Project | Phase-I residential and non-residential infrastructure for CISF 12th Reserve Battalion, Sehore, Madhya Pradesh |
| Mode and duration | EPC Mode-I; two years |
| Order book after addition | ₹1,776.19 crore (as of 31 October 2026) |
Order Book Context and Business Positioning
The addition lifts the reported order book to ₹1,776.19 crore. Highway Infrastructure describes itself as an integrated infrastructure platform with established capabilities across tolling, EPC and real estate. The CPWD award expands the civil construction portion of that portfolio and is the largest such order the company has secured. It provides multi-year execution visibility on a government infrastructure project.
Order-book value is not the same as incremental profit. Actual earnings contribution will depend on execution progress, cost control and the gross-margin profile of the EPC work. The company has not disclosed project-specific margin guidance with this announcement.
What Investors Should Monitor
The practical checkpoints are the following:
• Mobilisation and early billing progress on the Sehore project over the next two quarters.
• Any further civil or EPC order wins that sustain the order-book growth trajectory.
• Commentary in the next results on the contribution of this contract to revenue and working-capital requirements.
• Evidence that the company can execute larger EPC government projects without material cost or timeline overruns.
Absence of visible execution progress or additional order flow over the next few quarters would indicate that the award remains a one-off rather than the start of a sustained civil-construction franchise.
Risks
• EPC contracts carry design, procurement and construction risk; cost overruns would reduce margins.
• Government project payments can be subject to milestone verification and procedural delays.
• The company has not disclosed the share of this order relative to its historical annual EPC revenue, so the earnings impact remains an estimate until results are reported.
• Working-capital intensity on large government contracts can affect cash conversion even when the project is profitable.
