Sharescart Research Club logo

HEC Infra Projects Overview

1. Business Overview

HEC Infra Projects Ltd. is an Indian engineering and construction company primarily engaged in executing infrastructure projects. It operates as an Engineering, Procurement, and Construction (EPC) contractor, undertaking various stages from design and engineering to procurement, construction, and commissioning of projects. The company's core business model revolves around bidding for, securing, and executing contracts for infrastructure development. It makes money by successfully completing these projects within budget and timeline, billing clients for work performed, and earning profit margins on the executed contracts.

2. Key Segments / Revenue Mix

Specific detailed revenue mix by segment is not publicly disclosed for HEC Infra Projects Ltd. However, based on the "Engineering - Construction" sector, the company likely derives revenue from executing projects across various infrastructure sub-sectors. Common areas for such companies include power transmission and distribution (T&D) systems, industrial structures, civil construction works, and potentially water or urban infrastructure projects, depending on its specific expertise and historical project portfolio.

3. Industry & Positioning

The Indian engineering and construction industry is highly competitive and capital-intensive, driven significantly by government spending on infrastructure. It includes large, diversified players, as well as numerous mid-sized and smaller regional companies. HEC Infra Projects Ltd. operates within this landscape, likely positioning itself as a mid-tier or specialized player focusing on specific infrastructure niches rather than being a conglomerate with a presence across all infrastructure verticals. Its positioning against larger peers would be based on its specific project execution capabilities, cost efficiency, and ability to serve particular client needs or geographical areas.

4. Competitive Advantage (Moat)

For an engineering and construction company, durable competitive advantages (moats) are often challenging to build. HEC Infra Projects Ltd.'s potential advantages likely stem from its accumulated operational experience, a track record of timely project execution, the ability to manage complex project logistics, and established relationships with clients and suppliers. Specialized technical expertise in certain infrastructure domains, pre-qualification for specific types of government tenders, and efficient working capital management can also provide a competitive edge. However, a strong, durable moat like proprietary technology, significant switching costs, or an unassailable brand premium is less common in this highly competitive, project-based sector.

5. Growth Drivers

Government Infrastructure Push: Continued high levels of government spending and policy focus on infrastructure development (roads, railways, power, urban development, water management) in India will be a primary growth driver.

Order Book Growth: Securing new, large-value contracts and a robust order book will translate directly into future revenue and growth.

Execution Capability & Efficiency: Improving project execution capabilities, timely completion, and cost management will enhance profitability and eligibility for new projects.

Diversification & Expansion: Expanding into new geographies or adjacent infrastructure sub-sectors could open new revenue streams.

Technological Adoption: Adoption of modern construction technologies (e.g., BIM, prefabrication) can improve efficiency and competitiveness.

6. Risks

Project Execution Risks: Delays, cost overruns, and unforeseen operational challenges can impact profitability and reputation.

Working Capital Management: Construction projects are working capital intensive, and inefficient management can strain finances.

Intense Competition: The industry is highly competitive, leading to pricing pressure and potentially lower margins.

Regulatory & Environmental Risks: Changes in government policies, environmental regulations, and land acquisition issues can impact project timelines and costs.

Economic Slowdown: A general economic downturn can reduce capital expenditure by both government and private entities, impacting new project awards.

Interest Rate Fluctuations: High reliance on debt for project financing makes the company vulnerable to rising interest rates.

7. Management & Ownership

HEC Infra Projects Ltd., being a publicly listed company, has a board of directors responsible for governance and strategic direction. The management team oversees day-to-day operations and project execution. As is typical for many Indian companies, a promoter group usually holds a significant ownership stake and plays a crucial role in the company's long-term vision and operational ethos. The quality of management, particularly their experience in project management, financial prudence, and ability to navigate the complex regulatory landscape, is critical for success in the construction sector. Ownership structure details are publicly available via stock exchange filings.

8. Outlook

HEC Infra Projects Ltd. operates in a sector with significant tailwinds from India's sustained focus on infrastructure development, which is expected to drive substantial investment over the coming years. This creates a favorable environment for securing new projects and revenue growth. However, the company faces inherent challenges typical of the construction industry, including intense competition leading to margin pressures, the need for efficient working capital management, and the constant risk of project execution delays or cost overruns. Its ability to consistently win new orders, execute them profitably, and maintain financial discipline will be key determinants of its future performance amidst a growing yet demanding market.

Want to Start Investing in Top Unlisted Stocks?

Our experts help you choose the right stocks based on performance, risk, and growth potential.

HEC Infra Projects Key Financials

Market Cap ₹136 Cr.

Stock P/E 14.7

P/B 2.3

Current Price ₹125.2

Book Value ₹ 55

Face Value 10

52W High ₹184.1

Dividend Yield 0%

52W Low ₹ 92.1

HEC Infra Projects Share Price

| |

Volume
Price

HEC Infra Projects Quarterly Price

Show Value Show %

HEC Infra Projects Peer Comparison

HEC Infra Projects Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 15 17 28 18 20 28 46 28 40 57
Other Income 0 3 0 0 1 0 -0 0 0 0
Total Income 15 20 28 18 21 28 46 28 41 58
Total Expenditure 14 16 26 17 19 25 38 25 37 52
Operating Profit 1 4 2 1 2 3 9 3 4 5
Interest 1 1 0 0 1 1 1 1 1 1
Depreciation 0 0 0 0 0 0 -0 0 -0 0
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 1 4 2 1 1 2 8 2 3 4
Provision for Tax 0 0 2 0 -0 0 2 0 1 1
Profit After Tax 1 4 0 1 1 1 6 1 2 3
Adjustments 0 -0 0 0 -0 0 0 -0 0 0
Profit After Adjustments 1 4 0 1 1 1 6 1 2 3
Adjusted Earnings Per Share 0.6 3.7 0.3 0.8 1.2 1.4 5.2 1.2 2.1 2.7

HEC Infra Projects Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 125 116 84 83 80 39 38 44 52 74 112 171
Other Income 1 1 1 1 1 1 1 1 1 3 1 0
Total Income 126 117 85 83 81 40 38 44 53 77 113 173
Total Expenditure 119 109 76 75 74 36 35 41 48 69 98 152
Operating Profit 7 7 8 9 7 4 3 3 5 9 15 21
Interest 3 3 3 4 4 3 3 3 3 2 3 4
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0
Exceptional Income / Expenses 0 -0 -0 0 0 0 0 0 0 0 0 0
Profit Before Tax 4 4 5 5 3 1 0 1 1 7 12 17
Provision for Tax 1 1 2 2 1 0 -0 0 0 2 2 4
Profit After Tax 2 3 3 3 2 1 0 1 1 5 9 12
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 2 3 3 3 2 1 0 1 1 5 9 12
Adjusted Earnings Per Share 3.3 2.5 3.1 3.3 1.9 0.5 0.3 0.5 0.8 4.7 8.5 11.2

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 51% 37% 23% -1%
Operating Profit CAGR 67% 71% 30% 8%
PAT CAGR 80% 108% 55% 16%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 6% 54% 45% 20%
ROE Average 21% 13% 8% 11%
ROCE Average 19% 13% 10% 13%

HEC Infra Projects Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 12 20 23 26 28 29 29 29 30 35 53
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 5 4 5 9 13 16 18 22 21 25 0
Other Non-Current Liabilities 1 1 1 0 0 0 0 0 0 0 0
Total Current Liabilities 62 42 43 57 50 41 37 30 33 19 53
Total Liabilities 80 66 72 92 91 86 84 82 85 79 106
Fixed Assets 3 3 3 2 2 2 2 2 2 1 1
Other Non-Current Assets 9 9 15 14 9 6 4 4 3 8 37
Total Current Assets 68 55 55 76 79 78 78 76 79 70 68
Total Assets 80 66 72 92 91 86 84 82 85 79 106

HEC Infra Projects Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 1 2 3 6 5 4 4 4 3 3 11
Cash Flow from Operating Activities 6 -2 11 -2 -4 -5 2 -4 7 7 -26
Cash Flow from Investing Activities 0 0 0 0 0 0 0 0 0 4 0
Cash Flow from Financing Activities -5 2 -8 2 3 4 -1 2 -7 -2 17
Net Cash Inflow / Outflow 1 0 3 -0 -1 -1 0 -1 0 9 -9
Closing Cash & Cash Equivalent 2 3 6 5 4 4 4 3 3 11 2

HEC Infra Projects Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 3.32 2.52 3.12 3.3 1.93 0.53 0.31 0.51 0.78 4.65 8.53
CEPS(Rs) 3.82 2.83 3.43 3.61 2.24 0.78 0.53 0.74 0.99 4.82 8.66
DPS(Rs) 1 1 1 1 0 0 0 0 0 0 0
Book NAV/Share(Rs) 16.56 19.75 22.63 25.93 27.61 28.14 28.41 28.96 29.73 34.39 49.03
Core EBITDA Margin(%) 5.04 5.69 9.12 9.61 7.35 8 6.13 6.04 6.39 7.12 12.44
EBIT Margin(%) 5.25 6.1 9.58 10.27 8.21 9.53 7.4 7.21 8.56 11.44 13.26
Pre Tax Margin(%) 2.95 3.4 5.77 5.97 3.15 1.91 0.43 1.28 2.33 8.97 10.44
PAT Margin (%) 1.98 2.2 3.77 4.04 2.44 1.37 0.83 1.18 1.52 6.39 8.25
Cash Profit Margin (%) 2.27 2.47 4.15 4.42 2.83 2.01 1.44 1.71 1.95 6.62 8.37
ROA(%) 3.63 3.5 4.59 4.07 2.13 0.61 0.37 0.62 0.95 5.76 9.98
ROE(%) 22.05 15.76 14.72 13.57 7.2 1.9 1.08 1.77 2.65 14.51 21.01
ROCE(%) 17.99 19.2 19.4 17.34 12.07 6.43 4.64 5.07 7.04 13.34 19.04
Receivable days 73.14 89.49 138.58 181.71 181.94 274.34 284.77 248.47 215.34 116.32 101.82
Inventory Days 36.47 40.37 18.56 21.7 36.84 117.09 148.78 126.98 110.68 64.04 32.32
Payable days 119.44 149.1 188.74 219.3 259.73 568.75 383.36 305.87 315.25 167.5 84.97
PER(x) 0 7.46 7.12 9.71 13.81 0 0 68.67 37.36 14.63 10.42
Price/Book(x) 0 0.95 0.98 1.23 0.96 0 0 1.2 0.98 1.98 1.81
Dividend Yield(%) 0 1.07 0.9 0.63 0 0 0 0 0 0 0
EV/Net Sales(x) 0.19 0.29 0.47 0.64 0.64 0.75 0.77 1.55 1.12 1.19 1.18
EV/Core EBITDA(x) 3.37 4.57 4.74 6.09 7.42 7.39 9.66 19.98 12.43 10.19 8.81
Net Sales Growth(%) 106.77 -7.25 -27.56 -1.62 -3.09 -51.01 -4.28 16.44 18.32 42.63 51.92
EBIT Growth(%) 49.31 7.81 13.81 5.46 -22.57 -43.11 -25.67 13.47 40.43 90.55 76.05
PAT Growth(%) 142.98 3.18 24.02 5.64 -41.54 -72.45 -42.39 65.97 53.22 498.3 95.99
EPS Growth(%) 0 -24.24 24.02 5.64 -41.54 -72.45 -42.46 66.18 53.22 498.26 83.33
Debt/Equity(x) 1.94 0.87 0.99 0.99 1.02 1.1 1.08 1.2 1.04 0.87 0.71
Current Ratio(x) 1.1 1.32 1.26 1.34 1.58 1.89 2.1 2.53 2.39 3.6 1.3
Quick Ratio(x) 0.77 1.18 1.19 1.22 1.39 1.51 1.7 2.01 1.92 3.07 1.11
Interest Cover(x) 2.29 2.26 2.51 2.39 1.62 1.25 1.06 1.21 1.37 4.63 4.71
Total Debt/Mcap(x) 0 0.91 1.01 0.8 1.06 0 0 0.99 1.06 0.44 0.39

HEC Infra Projects Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 73.2 73.2 73.2 73.2 73.2 74.93 74.93 74.93 74.93 74.93
FII 0 0 0 0 0 0 0 0 0 0
DII 8.52 8.52 8.52 8.52 5.86 5.48 5.48 5.48 5.48 0
Public 18.27 18.27 18.27 18.27 20.94 19.58 19.58 19.58 19.58 25.07
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

HEC Infra Projects News

HEC Infra Projects Pros & Cons

Pros

  • Company has delivered good profit growth of 55% CAGR over last 5 years
  • Debtor days have improved from 167.5 to 84.97days.
  • Company has reduced debt.

Cons

  • Company has a low return on equity of 13% over the last 3 years.
whatsapp