Innovision bags ₹205 cr NHAI toll contract, its biggest yet
The Kishangarh plaza award is worth 29.6% of market cap and ~21% of annual revenue. A one-year contract disclosed just days after a corrected ₹197.5 cr order.
— 9 earlier stories on Innovision Ltd. →What's new
- Innovision won a ₹205.20 cr NHAI contract for Kishangarh toll plaza, its largest disclosed order in weeks.
- The one-year contract includes maintenance of toilet blocks and consumables.
- Awarded on 13 July, disclosed on 14 July 2026.
Why this matters
For a micro-cap with quarterly sales of ₹268 cr, a ₹205 cr order is an outsized win. It pushes the visible pipeline well above trailing revenue and signals growing NHAI confidence after a recent order correction.
What we're watching
- Whether this order overlaps with any previously disclosed projects.
- Execution: toll contracts are high-margin but need working capital; debt/equity is 0.96.
- Further NHAI awards in the coming months.
The full read
Innovision has been on a winning streak from NHAI, but this ₹205.20 cr award dwarfs even the corrected ₹197.53 cr Ghamroj order. At 29.6% of market cap and roughly 21% of annual revenue, it is an outsized win for a micro-cap. The one-year nature means revenue will hit the current fiscal year. The question is financing and execution, given debt/equity at 0.96. The streak suggests NHAI sees Innovision as a reliable operator, and the sheer scale should meaningfully lift revenue and profits in FY27.
Questions answered
- What is the contract duration?
- The contract runs for one year, so the full revenue will hit this fiscal year.
- How does this compare to Innovision's recent orders?
- This is the largest disclosed order in recent weeks, surpassing the corrected ₹197.53 cr Ghamroj deal and much larger than the ₹27.5 cr and ₹9.23 cr contracts from early July.
- Is the order binding?
- Yes, it's a binding Letter of Award from NHAI, confirmed via competitive e-tendering.
- What is the scale relative to the company?
- The ₹205.20 cr contract equals 29.6% of market cap and about 21% of last year's standalone revenue.
- Did the company have any prior knowledge or disclosure?
- No, the analyst notes confirm it's a genuinely new disclosure with no reference to earlier announcements and no overlap with recent NHAI awards.
Innovision Ltd.
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Story so far
All notes on INNOVISION →- 14 Jul 2026 · 6:20 PM IST Innovision bags ₹205 cr NHAI toll contract, its biggest yet
- 6d ago Innovision bags ₹27.5 cr NHAI toll contract for Tamil Nadu plaza
- 7d ago Innovision lands ₹9.23 cr NHAI toll contract, its smallest in recent streak
- 11d ago Innovision scrubs ₹8 cr order, reveals it's actually ₹197.5 cr NHAI deal
- 13d ago Innovision posts ₹979 cr FY26 revenue with clean audit