WEBSITE BSE:0 NSE: Inc. Year: 2005 Industry: Engineering - Construction My Bucket: Add Stock
Last updated: 15:49
No Notes Added Yet
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.
Our experts help you choose the right stocks based on performance, risk, and growth potential.
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
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(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 |
| #(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 |
| # | 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% |
| #(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 |
| #(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 |
| # | 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 |
| # | 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 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 | 0.81 | 0.81 | 0.81 | 0.81 | 0.81 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.09 | 0.09 | 0.09 | 0.09 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0 |
| Public | 0.19 | 0.19 | 0.19 | 0.19 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.27 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.01 | 1.01 | 1.01 | 1.01 | 1.01 | 1.08 | 1.08 | 1.08 | 1.08 | 1.08 |
* The pros and cons are machine generated.
You May Also Know About
Looking to buy unlisted shares or need guidance on the investment process? Our expert Private Equity Advisors are here to assist you with accurate information, real-time pricing, and seamless execution.
Want to sell unlisted shares, liquidate your ESOPs, or understand the step-by-step process of liquidation? Connect with our Buying Team for smooth coordination, quick evaluations, and end-to-end support.
Planning to build or grow your portfolio? For Mutual Fund investments, PMS solutions, tailored portfolio creation, and overall wealth management, our dedicated Wealth Team is ready to guide you.