Let me tell you a story about a company that built a ₹700 crore solar project... and the market saw none of it. This is HG Infra Engineering — one of India’s most consistent infra executors. If you've driven on a clean highway through Rajasthan or ziplined across metro rails in Delhi, chances are, HG Infra had something to do with it. And yet, in FY25, things looked like they were falling apart. Stock down 40%. Revenues looked flat. Earnings uninspiring. But that’s just the optics. I’ve spent the past few days knee-deep in their Q1 to Q3 concalls, investor decks, and annual report. And what I found is what I love about researching companies: the truth is rarely on the surface. Let’s get into it. Not Broken. Just Misunderstood. HG Infra builds roads, highways, metro rail, and now solar parks + BESS (Battery Energy Storage Systems). Their core business is EPC — engineering, procurement, and construction. High execution, low leverage, and historically, high RoCE. But FY25 looked bad. Why?