New Delhi, Sept. 2 -- HG Infra Engineering Ltd has plunged 35% in 2025, making it one of the weakest performers in the road infrastructure space, even as the Nifty Infrastructure Index gained 7.6% year-to-date.

Yet analysts remain upbeat on the stock, thanks to its diversification into non-road segments and readiness to benefit from a rebound in project awards by the National Highways Authority of India (NHAI).

In a 22 August report, credit rating agency ICRA Ltd said HG Infra's credit profile would benefit from greater diversification, though profitability could moderate due to a changing segment mix. It added that incremental capex and investments are expected to be funded in a manner that keeps leverage low and debt metrics comfortab...