HEC Infra Projects adds Rs 5.95 crore long-term borrowings

HEC Infra Projects Limited reported Rs 5.95 crore of non-current borrowings at September 30, 2026, compared with nil at March 31, 2026, while current borrowings rose to Rs 49.131 crore from Rs 44.3803 crore. The consolidated half-year balance sheet shows that HEC Infra Projects added longer-term debt alongside higher short-term funding.

How did HEC Infra Projects' borrowing mix change in the first half?

HEC Infra Projects added Rs 5.95 crore in non-current borrowings during the half year ended September 30, 2026, after reporting nil non-current borrowings at March 31, 2026. Current borrowings also increased by Rs 4.7507 crore to Rs 49.131 crore. The financial statements do not identify lenders, interest rates, security, maturity dates or the intended use of the additional borrowings.

Total reported borrowings, comprising current and non-current amounts, stood at Rs 55.081 crore at September 30, 2026, compared with Rs 44.3803 crore six months earlier. This was an increase of Rs 10.7007 crore. At the September reporting date, Rs 5.95 crore of borrowings was classified as non-current, whereas all reported borrowings at March 31 were current.

The classification change was the main movement in non-current liabilities. Other non-current financial liabilities were unchanged at Rs 24.71 lakh, while net deferred-tax liabilities declined to Rs 8.88 lakh from Rs 21.68 lakh. Consequently, total non-current liabilities increased to Rs 6.2859 crore from Rs 46.38 lakh, principally reflecting the new non-current borrowing line.

What do HEC Infra Projects' cash flows show about funding?

HEC Infra Projects recorded Rs 10.7007 crore of proceeds from borrowings in the half year ended September 30, 2026, and reported nil repayments of borrowings. In the half year ended September 30, 2025, borrowing proceeds were Rs 4.1787 crore and repayments were Rs 32.10 lakh. The latest half-year cash-flow statement therefore shows higher gross borrowing proceeds and no disclosed repayment.

Net cash generated from financing activities was Rs 7.7144 crore in the six months to September 30, 2026, compared with Rs 2.2507 crore in the corresponding 2025 period. The latest figure reflected Rs 10.7007 crore of borrowing proceeds less Rs 2.9863 crore of interest paid. Consolidated finance costs were also Rs 2.9863 crore, compared with Rs 1.607 crore in the prior-year half.

Operating activities used Rs 4.9084 crore of cash in the latest half year, against an outflow of Rs 2.091 crore a year earlier. Trade receivables increased by Rs 15.9523 crore and other current assets increased by Rs 12.1414 crore in the cash-flow statement, while inventories declined by Rs 10.9241 crore. Investing activities used a further Rs 2.1511 crore during the period.

Cash and cash equivalents were Rs 2.0524 crore at September 30, 2026, compared with Rs 1.3974 crore at the beginning of the period, a net increase of Rs 65.50 lakh. Bank balances other than cash and cash equivalents fell to Rs 11.8355 crore from Rs 14.3496 crore at March 31. HEC Infra Projects did not link individual borrowing proceeds to a specific project, asset purchase or working-capital category.

How did HEC Infra Projects' balance sheet change alongside debt?

HEC Infra Projects' total assets rose to Rs 152.6745 crore at September 30, 2026, from Rs 135.4799 crore at March 31, 2026, an increase of Rs 17.1946 crore. Current assets accounted for Rs 120.0966 crore, compared with Rs 104.5904 crore at March-end. Trade receivables rose to Rs 42.748 crore from Rs 26.7957 crore, while inventories fell to Rs 30.8915 crore from Rs 41.8156 crore.

Other current assets increased to Rs 31.1079 crore at September 30 from Rs 18.9665 crore at March 31, and non-current other financial assets rose to Rs 11.4894 crore from Rs 9.1094 crore. Property, plant and equipment declined to Rs 1.1665 crore from Rs 1.2117 crore. The reported asset increase was therefore concentrated in receivables and other current assets rather than property, plant and equipment.

Equity increased to Rs 69.3953 crore from Rs 65.7373 crore. It included unchanged equity share capital of Rs 10.8382 crore, other equity of Rs 58.5082 crore and non-controlling interest of Rs 4.90 lakh. Current liabilities increased to Rs 76.9933 crore from Rs 69.2788 crore, including other current liabilities of Rs 9.7532 crore against Rs 3.5486 crore and provisions of Rs 3.8603 crore against Rs 2.9756 crore.

Did HEC Infra Projects' earnings and finance costs change?

HEC Infra Projects reported consolidated revenue from operations of Rs 74.7512 crore for the half year ended September 30, 2026, compared with Rs 68.406 crore in the corresponding prior-year half. Profit after tax rose to Rs 3.6091 crore from Rs 3.5629 crore. Management identifies EPC Electro-Mechanical Project as the sole business segment, so the filing provides no separate operating figures by project category.

Finance costs increased to Rs 2.9863 crore from Rs 1.607 crore in the September 2025 half year, while profit before tax declined to Rs 4.6167 crore from Rs 4.7886 crore. Revenue rose by Rs 6.3452 crore over the same comparison. The filing does not attribute the finance-cost increase to a particular loan facility, interest rate or borrowing type.

For the quarter ended September 30, 2026, revenue from operations was Rs 43.6356 crore, compared with Rs 40.4987 crore in the September 2025 quarter and Rs 31.1156 crore in the June 2026 quarter. Quarterly finance costs were Rs 1.5695 crore, versus Rs 88.10 lakh a year earlier and Rs 1.4168 crore in the preceding quarter. Quarterly profit after tax was Rs 2.2417 crore, compared with Rs 2.2316 crore a year earlier.

The Audit Committee reviewed, and the Board approved, the results on November 2, 2026. The consolidated review report states that subsidiary Shivam Grid Solutions Private Limited recorded nil revenue, nil profit after tax and nil total comprehensive income for the September 2026 quarter. Its interim figures were unaudited and unreviewed, although the auditor said they were not material to the group.

Conclusion

HEC Infra Projects moved from an entirely current reported borrowing position at March 31, 2026 to a mix including Rs 5.95 crore of non-current borrowings at September 30. Total borrowings rose by Rs 10.7007 crore to Rs 55.081 crore, alongside a Rs 17.1946 crore increase in assets, a Rs 15.9523 crore rise in trade receivables and Rs 7.7144 crore of financing cash inflow.

The next financial results will show whether current borrowings of Rs 49.131 crore, non-current borrowings of Rs 5.95 crore and half-year finance costs of Rs 2.9863 crore continue to change. Management has disclosed no borrowing target, repayment schedule, lender terms or stated purpose for the new non-current debt, while continuing to report EPC Electro-Mechanical Project as its sole business segment.