Highway Infrastructure Hits Milestone with ₹431.86 Crore NHAI Win
Highway Infrastructure Limited secures major NHAI toll collection contracts in Tamil Nadu and UP, alongside a 51% stake acquisition.
In a massive boost to its operational portfolio, Highway Infrastructure Limited has secured two significant user fee collection contracts from the National Highways Authority of India (NHAI). The combined value of these contracts stands at approximately ₹431.86 crore, marking a pivotal moment in the company's expansion strategy.
Breaking Down the NHAI Wins
The contracts were awarded through a competitive E-Tender process for the operation and collection of user fees at two specific fee plazas. Beyond toll collection, the company is also responsible for the upkeep and maintenance of adjacent toilet blocks, including the replenishment of consumables. Both projects are slated for execution over a period of one year.
The Palayam Fee Plaza (Tamil Nadu)
This contract is a landmark achievement for the company, valued at ₹340.08 crore. This represents the highest-value contract ever awarded to Highway Infrastructure Limited. The plaza is located at Km 154/500 of NH-44, specifically on the section stretching from Krishnagiri to Thumbipadi (Km 94.000 to Km 180.000).
The Baiti Kala Fee Plaza (Uttar Pradesh)
The second win is for the Baiti Kala Fee Plaza in Uttar Pradesh, valued at ₹91.78 crore. This plaza is situated at design Km 175.050 on the four-lane Sultanpur–Varanasi section of NH-56 (now designated as new NH-731).
Strategic Moves: Warrants and Acquisitions
While the NHAI contracts provide immediate revenue visibility, the company's Board of Directors met on October 14, 2026, to approve several strategic financial maneuvers to strengthen the organization's foundation.
- Promoter Investment: The Board approved the issuance of up to one crore fully convertible warrants to promoter group members Anoop Agrawal, Riddharth Jain, and Tirth Agrawal. This move is valued at up to ₹49 crore, with each warrant convertible into one equity share of ₹5 face value.
- Capital Expansion: An increase in the authorized share capital was approved to accommodate growth.
- Strategic Acquisition: The company is moving to acquire a controlling stake in Indore Highway Real Estates Private Limited, further diversifying its infrastructure footprint.
Leadership Perspective
"The NHAI orders for Palayam and Baiti Kala are a strong endorsement of our capabilities in highway operations, and they give us a significant, visible order book across two key states," stated Anoop Agarwal, Whole Time Director & Chief Financial Officer of Highway Infrastructure Limited.
Agarwal emphasized that the Palayam contract is a significant milestone in the company's growth journey. He further noted that the decision to issue warrants to the promoter group reflects a deep confidence in the company's trajectory and a commitment to backing it with internal capital.
About Highway Infrastructure Limited
Established in 2006 and headquartered in Indore, Madhya Pradesh, Highway Infrastructure Limited specializes in infrastructure activities, primarily focusing on the operation and collection of user fees at NHAI national highway fee plazas. The company is publicly traded and listed on both the BSE Limited and the National Stock Exchange of India Limited (NSE).