NSE: HECPROJECT
HEC INFRA PROJECTS LTD
Operates as a turnkey EPC contractor in electrical transmission and distribution infrastructure, headquartered in Ahmedabad with a 20-year operating history and 300+ projects delivered to over 50 clients. The core business involves design, engineering, supply, erection, testing and commissioning of EHV substations, switchyards, and transformer installations for clients such as Power Grid Corporation, BPCL, and central/state government entities. Water infrastructure and grid modernisation programmes (RDSS, PM-KUSUM, Green Hydrogen Mission, BESS) are stated as the two primary growth verticals. The unexecuted order book stood at INR220-230 cr against a total of INR326 cr, with seven new orders worth INR55.77 cr secured in Q1 FY26. The company incorporated Shivam Grid Solutions Private Limited as a 51%-owned subsidiary to provide electrical, mechanical and engineering support including technical manpower supply. Materials account for 74% of revenue, making project execution and supply chain management the dominant cost factor. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. EHV Transmission & Distribution EPC, Water Infrastructure EPC, Industrial Electrical EPC. Project-based, order-driven EPC contractor in electrical infrastructure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 44 | 52 | 74 | 112 | 176 |
| EBITDA (ex other income) | 3 | 3 | 5 | 14 | 20 |
| margin % | 6.0 | 6.4 | 7.3 | 12.4 | 11.4 |
| Owners' profit | 0 | 1 | 5 | 9 | 13 |
| EPS, as reported (₹) | 0.51 | 0.78 | 4.65 | 9.08 | 11.63 |
| ROE % · ROCE % | — · — | 2.6 · 8.6 | 13.8 · 14.3 | 17.4 · 27.7 | 19.2 · 32.5 |
| Debt / equity (x) | — | 0.98 | 0.87 | 0.71 | 0.68 |
| Cash from operations | (4) | 8 | 7 | (26) | 3 |
| Capex | (0) | (0) | (0) | 0 | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 20 | 28 | 46 | 28 | 40 | 57 | 51 | 31 |
| Profit before tax | 1 | 2 | 8 | 2 | 3 | 4 | 9 | 2 |
| Net profit | 1 | 1 | 6 | 1 | 2 | 3 | 6 | 1 |
| EPS (₹) | 1.21 | 1.41 | 5.58 | 1.23 | 2.06 | 2.69 | 5.63 | 1.26 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 4,98,723 | 30.1 | 3.88 | 18.2 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 39,032 | 43.4 | 3.98 | 28.1 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 23,895 | 21.0 | 3.09 | 10.8 | 13.3 | 15.0 | 16.0 | 10.0 |
| IRB INFRA DEV LTD. | 21,100 | 16.2 | 1.01 | 9.8 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 19,980 | 27.0 | 6.21 | 16.4 | 23.1 | 29.7 | 13.5 | 9.6 |
| CEMINDIA PROJECTS LIMITED | 19,499 | 32.4 | 8.13 | 16.6 | 24.9 | 31.7 | 29.8 | 10.5 |
| ENGINEERS INDIA LTD | 16,254 | 20.7 | 5.17 | 18.1 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 10,966 | 25.4 | 2.64 | 18.0 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.5 | 14.6 | 32 of 101 | 69% |
| P/B | 1.8 | 1.4 | 52 of 85 | 38% |
| ROCE | 26.6 | 10.0 | 14 of 107 | 88% |
| ROE | 19.2 | 9.1 | 13 of 87 | 86% |
| Debt / Equity | 0.7 | 0.4 | 65 of 87 | 26% |
| EBITDA margin | 9.7 | 12.4 | 57 of 88 | 36% |
| Revenue growth | 11.5 | 6.2 | 35 of 86 | 60% |
| Profit growth | 2.7 | 2.7 | 42 of 84 | 51% |
| Market cap | 120 | 468 | 72 of 107 | 33% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Quarterly dematerialisation certificate filed with NSE | compliance | minimal | — | — |
| 30 Sept 2026 · Subsidiary commences business operations | strategic transactions | low | — | — |
| 28 Sept 2026 · HEC Infra bags Rs 19.5 cr work order from Stellar Manufacturers | business updates | high | — | — |
| 24 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 and H1 FY26 results | compliance | minimal | — | — |
| 21 Sept 2026 · HEC Infra bags Rs 7.45 cr order from Nakshatra Infra | business updates | medium | — | — |
| 18 Sept 2026 · HEC Infra appoints secretarial auditors for 5 years | management changes | low | — | — |
| 18 Sept 2026 · Secretarial auditor appointed for five year term at AGM | management changes | medium | — | — |
| 18 Sept 2026 · AGM Results: All 5 Resolutions Passed Unanimously | compliance | minimal | — | — |
| 18 Sept 2026 · 21st AGM held on September 18, 2026; key resolutions on auditors and Board authority | board shareholder meetings | low | — | — |
| 31 Aug 2026 · HEC Infra wins Rs.12.78 crore cable work order from Gujarat Energy Transmission Corp | business updates | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.