HEC Infra Projects Ltd

HECPROJECT

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Market Cap

₹ 135 Cr

P/E

12.69

Turned 1 L into 6.44 L in last 5 Years

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Investment Checklist

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Performance

MARKET LEADER

Valuation

REASONABLE

Growth

STABLE

Profitability

HIGH MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

HEC Infra Projects Limited is primarily an engineering, procurement, and construction (EPC) company focused on projects like transmission, water pumping, solar, lighting, and ELV systems.

In Q2 FY '26, the company reported strong financial performance with a revenue of INR 40.82 crores, a 96.84% year-on-year increase, indicating robust project execution and order inflows.

Major recent projects include a foray into battery energy storage systems with Advait Energy, and significant contracts from BGP Infra for substations and cable works, enhancing their technological footprint.

The company is strategically focusing on renewable energy and water infrastructure, expanding its presence in battery energy storage systems, and pursuing backward integration opportunities to bolster margins.

HEC Infra's diversified order book across sectors and focus on medium tenure projects with healthy margins ensure resilience and growth amidst India's evolving infrastructure landscape.

Sector

Infrastructure Developers & Operators

Industry

Engineering - Turnkey Services

Market Cap

135 Cr

Volatility

Moderate Risk

P/E Ratio

12.7

Industry P/E

25.9

PEG Ratio

0.1

P/B Ratio

2.4

52W High

184.10

52W Low

82.01

Sales CAGR

51.92%

36.86%

23.37%

10Y

-0.37%

Profit CAGR

95.76%

161.91%

76.60%

10Y

15.38%

ROE

TTM

18.82%

12.48%

8.83%

10Y

8.98%

ROCE

TTM

18.35%

16.82%

12.75%

10Y

15.44%

Technicals

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
HECPROJECT	124.88	135 Cr	12.69	2.39	0.00	18.82	18.35	8.35
LAKSHYA	132.95	134 Cr	8.47	1.44	0.00	15.14	14.97	8.03
BCPL	73.66	123 Cr	17.05	1.28	1.36	7.50	8.43	2.48
MITCON	68.86	120 Cr	30.20	0.79	0.00	2.62	7.05	1.42
DUCON	3.60	116 Cr	8.33	0.67	0.00	7.94	10.72	4.54
SATTVAENGG	65.45	114 Cr	—	1.45	0.00	14.77	21.27	8.40
REFEXRENEW	250.05	112 Cr	—	0.00	0.00	56.07	4.70	-7.06

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	13	15	17	28	18	20	28	47	28	41
Expenses	12	14	16	26	17	19	25	38	25	37
Operating Profit	0.82	1.33	1.34	1.78	1.20	1.17	2.63	8.93	2.60	3.53
OPM %	6.18	8.71	7.84	6.32	6.66	5.84	9.55	19.20	9.32	8.72
Other Income	0.09	0.08	3.01	0.18	0.23	0.70	0.25	-0.13	0.01	0.32
Interest	0.58	0.70	0.51	0.03	0.25	0.70	0.87	1.34	0.73	0.88
Depreciation	0.06	0.06	0.05	0.00	0.10	0.10	0.09	-0.10	0.14	-0.07
Profit Before Tax	0.27	0.64	3.78	1.93	1.09	1.08	1.92	7.56	1.74	3.05
Tax %	25.93	0.00	0.00	86.53	23.85	-13.89	25.52	24.87	23.56	26.56
Net Profit	0.20	0.64	3.78	0.26	0.84	1.23	1.43	5.67	1.33	2.23
EPS in Rs	0.19	0.60	3.49	0.24	0.77	1.13	1.32	5.58	1.23	2.06

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	84	83	80	39	38	44	52	74	112	122
Expenses	76	75	74	36	35	41	48	69	98	107
Operating Profit	7.66	7.94	5.88	3.14	2.30	2.64	3.31	5.26	14	15
OPM %	9.12	9.61	7.35	8.00	6.12	6.04	6.39	7.13	12.44	12.57
Other Income	0.71	0.87	1.00	0.86	0.71	0.75	1.34	3.35	1.05	0.83
Interest	3.21	3.56	4.05	2.99	2.62	2.60	3.23	1.82	3.16	3.64
Depreciation	0.32	0.31	0.31	0.25	0.23	0.24	0.22	0.17	0.14	0.23
Profit Before Tax	4.84	4.93	2.53	0.75	0.16	0.56	1.20	6.62	12	12
Tax %	34.70	32.26	27.37	28.16	-93.75	7.76	34.47	28.74	21.01	21.46
Net Profit	3.16	3.34	1.83	0.54	0.31	0.51	0.79	4.72	9.24	9.66
EPS in Rs	—	—	—	—	—	0.39	0.79	4.52	8.80	10.19
Dividend Payout %	6.41	6.07	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	2.03	2.03	2.03	2.03	2.03	2.03	10	10	10	11
Reserves	18	21	24	26	27	27	19	20	25	42
Borrowings	17	22	26	28	30	30	33	31	30	38
Other Liabilities	29	26	40	35	27	26	19	23	14	15
Total Liabilities	66	72	92	91	86	84	82	85	79	106
Fixed Assets	2.73	2.52	2.44	2.24	2.22	2.19	2.02	1.93	1.46	1.31
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	63	69	90	89	83	82	80	83	78	105
Total Assets	66	72	92	91	86	84	82	85	79	106

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-1.69	11	-1.75	-4.06	-4.56	1.63	-3.56	6.91	7.04	-26
Cash from Investing Activity	0.25	0.24	0.08	0.21	0.04	0.07	0.26	0.20	3.60	0.02
Cash from Financing Activity	1.90	-8.07	1.54	2.89	3.88	-1.44	1.95	-6.88	-2.09	17
Net Cash Flow	0.45	2.96	-0.12	-0.96	-0.63	0.26	-1.35	0.22	8.55	-9.46

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	73.20%	73.20%	73.20%	73.20%	73.20%	73.20%	73.20%	73.20%	73.20%	74.93%	74.93%	74.93%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	8.58%	8.52%	8.52%	8.52%	8.52%	8.52%	8.52%	8.52%	5.86%	5.48%	5.48%	5.48%
Public	18.21%	18.27%	18.27%	18.27%	18.27%	18.27%	18.27%	18.27%	20.94%	19.58%	19.58%	19.58%
Total Shareholders	1,005	1,040	1,260	1,579	2,222	2,227	3,180	3,762	3,927	3,927	4,065	3,937

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
May 27, 2025	Sahil gupta	Bulk	Sell	138.92	0.82 Cr	59,178	0.54
May 27, 2025	Sahil gupta	Bulk	Buy	136.99	0.07 Cr	4,983	0.04
May 26, 2025	Hetal chetan mehta	Bulk	Sell	131.04	1.05 Cr	80,415	0.74
May 26, 2025	Rohan gupta	Bulk	Buy	131.38	1.31 Cr	1,00,000	0.92
Dec 18, 2024	Wealth first portfolio manage...	Bulk	Sell	126.89	1.43 Cr	1,13,000	1.04
Dec 17, 2024	Wealth first portfolio manage...	Bulk	Sell	128.00	1.43 Cr	1,12,000	1.03
Nov 19, 2024	Multiplier share & stock advi...	Bulk	Buy	117.94	0.72 Cr	61,317	0.56
Nov 08, 2024	Ileshkumar purshottamdas shah	Bulk	Sell	168.53	1.05 Cr	62,372	0.57
Nov 08, 2024	Spring ventures	Bulk	Buy	168.53	1.01 Cr	60,000	0.55
Nov 08, 2024	Spring ventures	Bulk	Sell	161.31	0.52 Cr	32,000	0.29

Projection

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Announcements

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

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Overview

Detailed Summary

HEC Infra Projects Limited is primarily an engineering, procurement, and construction (EPC) company focused on projects like transmission, water pumping, solar, lighting, and ELV systems.

In Q2 FY '26, the company reported strong financial performance with a revenue of INR 40.82 crores, a 96.84% year-on-year increase, indicating robust project execution and order inflows.

HEC Infra's diversified order book across sectors and focus on medium tenure projects with healthy margins ensure resilience and growth amidst India's evolving infrastructure landscape.

Sector

Infrastructure Developers & Operators

Industry

Engineering - Turnkey Services

Market Cap

135 Cr

Volatility

Moderate Risk

P/E Ratio

12.7

Industry P/E

25.9

PEG Ratio

0.1

P/B Ratio

2.4

52W High

184.10

52W Low

82.01

Sales CAGR

51.92%

36.86%

23.37%

10Y

-0.37%

Profit CAGR

95.76%

161.91%

76.60%

10Y

15.38%

ROE

TTM

18.82%

12.48%

8.83%

10Y

8.98%

ROCE

TTM

18.35%

16.82%

12.75%

10Y

15.44%