HEC Infra Projects Ltd.

•

hecprojects.inBSE: -NSE: HECPROJECT

Market Cap₹ 132 Cr.

Current Price

High / Low₹ 160 / 92

Stock P/E10.4

Book Value₹ 62

Price to Book1.58

Dividend Yield0.00 %

ROCE21.4 %

ROE21.2 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Construction

Buy

Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.

Confidence

80%

View full sector analysis →

PROS

Company has delivered good sales growth of 36.3% CAGR over last 5 years

CONS

Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.86x)
Inventory has been piling up - inventory days up from 32 to 53
Though reporting repeated profits, the company pays out little dividend (0.0%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ConstructionInfrastructureEngineering - Construction

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	LT	3965.00	32.88	545530.90	0.96	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	209.50	48.56	43681.17	0.34	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1417.50	21.30	24207.01	0.78	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.67	24.90	23757.43	1.32	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1296.30	37.02	22268.82	0.23	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	281.90	20.21	15843.97	1.77	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	975.45	26.32	11344.44	0.72	93.33	-31.44	630.34	19.84	14.86	15.79
8.	IRCON	118.65	21.31	11159.22	1.60	92.03	-43.92	1955.83	9.49	10.15	9.81
9.	AFCONS	295.00	74.98	10849.65	0.68	303.00	120.52	26710.00	692.49	12.88	9.42
10.	KEC	406.15	19.53	10811.71	1.35	72.62	-41.72	5023.54	0.01	16.35	5.79
11.	WELENT	765.35	34.66	10593.50	0.39	56.36	-44.29	773.72	-8.44	16.44	19.49
12.	HECPROJECT	121.34	10.43	131.51	0.00	1.37	2.78	31.12	11.49	21.41	8.78

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	13	15	17	28	18	20	28	46	28	40	57	51	31
	12	14	16	26	17	19	25	39	25	37	52	42	30
Operating Profit	1	1	1	2	1	1	3	8	3	4	5	9	1
OPM %	6.18%	8.64%	7.84%	6.32%	6.71%	5.89%	9.51%	16.56%	9.35%	8.72%	8.54%	17.92%	4.11%
	0	0	3	0	0	1	0	1	0	0	0	1	0
Interest	1	1	1	0	0	1	1	1	1	1	1	1	1
Depreciation	0	0	0	0	0	0	0	-0	0	-0	0	0	0
Profit before Tax	0	1	4	2	1	1	2	8	2	3	4	9	2
Tax %	25.93%	0.00%	0.00%	86.53%	23.85%	-13.89%	25.52%	24.87%	23.56%	26.89%	25.00%	31.61%	12.64%
Net Profit	0	1	4	0	1	1	1	6	1	2	3	6	1
	0.20	0.64	3.73	0.26	0.82	1.21	1.41	5.58	1.23	2.06	2.69	5.63	1.26

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	84	83	80	39	38	44	52	74	112	176	180
	76	75	74	36	35	41	48	69	98	156	161
Operating Profit	8	8	6	3	2	3	3	5	14	20	19
OPM %	9.12%	9.61%	7.35%	8.00%	6.13%	6.04%	6.39%	7.12%	12.44%	11.42%	10.46%
	1	1	1	1	1	1	1	3	1	2	2
Interest	3	4	4	3	3	3	3	2	3	4	5
Depreciation	0	0	0	0	0	0	0	0	0	0	0
Profit before Tax	5	5	3	1	0	1	1	7	12	18	17
Tax %	34.70%	32.26%	22.64%	28.16%	-93.75%	7.76%	34.47%	28.74%	21.01%	28.45%	27.61%
Net Profit	3	3	2	1	0	1	1	5	9	13	13
EPS	0.00	0.00	0.00	2.65	0.31	0.51	0.78	4.65	8.53	11.63	—
Dividend Payout %	6.41%	6.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 4%
5 Years:: 36%
3 Years:: 51%

COMPOUNDED PROFIT GROWTH

10 Years:: 17%
5 Years:: 110%
3 Years:: 152%

STOCK PRICE CAGR

10 Years:: 18%
5 Years:: 42%
3 Years:: 34%
1 Year:: -23%

RETURN ON EQUITY

10 Years:: 10%
5 Years:: 12%
3 Years:: 19%
Last Year:: 21%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	2	2	2	2	2	10	10	10	11	11
	21	24	26	27	27	19	20	25	42	55
	23	26	28	30	30	34	29	29	37	44
Trade Payables	25	38	34	26	24	17	23	10	13	16
	2	3	1	1	2	2	2	5	6	9
Total Liabilities	72	92	91	86	84	82	85	79	109	135
	3	2	2	2	2	2	2	1	1	1
	3	7	9	16	15	16	16	10	10	42
	0	0	0	0	0	0	0	15	49	27
Cash & Bank	6	5	4	4	4	3	3	11	9	16
	61	78	75	64	63	62	64	41	40	50
Total Assets	72	92	91	86	84	82	85	79	109	135

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	12	-0	-3	-4	1	-4	7	7	-33	3
Cash from Investing	0	0	0	0	0	0	0	4	7	-5
Cash from Financing	-8	2	3	4	-1	2	-7	-2	15	3
	3	-0	-1	-1	0	-1	0	9	-11	0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	15.60	16.48	9.63	2.65	1.53	0.51	0.78	4.65	8.53	11.63
Book Value (₹)	113.15	129.63	138.06	140.72	142.07	28.96	29.73	34.39	49.03	60.65
Dividend per Share (₹)	1.00	1.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	3.43	3.61	2.24	0.78	0.53	0.74	0.99	4.82	8.66	11.76
PROFITABILITY
Operating Margin %	9.97%	10.55%	8.60%	10.18%	8.02%	7.75%	8.99%	7.12%	12.44%	11.42%
Net Margin %	3.77%	4.04%	2.44%	1.37%	0.83%	1.18%	1.52%	6.39%	8.25%	7.14%
ROE %	14.72%	13.57%	7.20%	1.90%	1.08%	1.77%	2.65%	14.51%	21.01%	21.20%
ROCE %	19.40%	17.34%	12.07%	6.43%	4.64%	5.07%	7.04%	13.34%	19.03%	21.41%
	4.59%	4.07%	2.13%	0.61%	0.37%	0.62%	0.95%	5.76%	9.84%	10.31%
EFFICIENCY
Debtor Days	139	182	182	274	285	248	215	116	104	78
Inventory Days	19	22	37	117	149	127	111	64	32	53
Payable Days	189	219	260	569	383	306	315	168	88	53
	-32	-16	-41	-177	50	70	11	13	48	78
FINANCIAL HEALTH
Debt to Equity (x)	0.99x	0.99x	1.02x	1.10x	1.08x	1.20x	1.04x	0.87x	0.71x	0.68x
Interest Coverage (x)	2.51x	2.39x	1.62x	1.25x	1.06x	1.21x	1.37x	4.63x	4.70x	5.48x
	1.26x	1.34x	1.58x	1.89x	2.10x	2.53x	2.39x	3.60x	1.41x	1.51x
GROWTH
Revenue Growth %	-27.56%	-1.62%	-3.09%	-51.01%	-4.28%	16.44%	18.32%	42.63%	51.92%	57.44%
Operating Profit Growth %	13.05%	4.16%	-21.01%	-42.04%	-24.60%	12.61%	37.19%	85.10%	74.28%	44.63%
Net Profit Growth %	24.02%	5.64%	-41.54%	-72.45%	-42.39%	65.97%	53.22%	498.30%	95.99%	36.33%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	498.26%	83.33%	36.33%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	14.63x	10.42x	8.25x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.98x	1.81x	1.58x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	10.19x	8.35x	6.11x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	73.20	73.20	73.20	74.93	74.93	74.93	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
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	18.27	18.27	20.94	19.58	19.58	19.58	19.58	25.07	25.07

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-31

Bagging/Receiving of orders/contracts

2026-08-31 - HEC Infra Projects Limited has informed the Exchange about Bagging/Receiving of orders/contracts

2026-08-19

Copy of Newspaper Publication

2026-08-19 - HEC Infra Projects Limited has informed the Exchange about Copy of Newspaper Publication- notice of agm and evoting

2026-08-18

Shareholders meeting

2026-08-18 - HEC Infra Projects Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 18, 2026

2026-08-15

Copy of Newspaper Publication

2026-08-15 - HEC Infra Projects Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-14

Outcome of Board Meeting

2026-08-14 - HEC Infra Projects Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-08-03

Copy of Newspaper Publication

2026-08-03 - HEC Infra Projects Limited has informed the Exchange about Copy of Newspaper Publication

2026-07-28

General Updates

2026-07-28 - HEC Infra Projects Limited has informed the Exchange about General Updates-incorporation of subsidiary

2026-07-23

General Updates

2026-07-23 - HEC Infra Projects Limited has informed the Exchange about General Updates

2026-07-23

Outcome of Board Meeting

2026-07-23 - HEC Infra Projects Limited has informed the Exchange regarding Outcome of Board Meeting held on July 23, 2026.

News

Recent coverage and analyst commentary for HECPROJECT

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HEC Infra Projects Ltd.

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Name

3965.00

32.88

545530.90

0.96

4988.03

15.51

67941.74

6.69

15.98

12.00

RVNL

209.50

48.56

43681.17

0.34

159.52

18.73

4321.23

10.55

10.81

4.41

KPIL

1417.50

21.30

24207.01

0.78

311.53

45.85

6407.97

3.84

18.95

8.77

IRB

19.67

24.90

23757.43

1.32

3062.70

1412.58

21372.72

918.25

7.72

53.93

CEMPRO

1296.30

37.02

22268.82

0.23

140.83

2.64

2720.92

7.02

33.53

10.09

ENGINERSIN

281.90

20.21

15843.97

1.77

157.94

141.49

819.84

-5.80

30.94

20.61

TECHNOE

975.45

26.32

11344.44

0.72

93.33

-31.44

630.34

19.84

14.86

15.79

IRCON

118.65

21.31

11159.22

1.60

92.03

-43.92

1955.83

9.49

10.15

9.81

AFCONS

295.00

74.98

10849.65

0.68

303.00

120.52

26710.00

692.49

12.88

9.42

KEC

406.15

19.53

10811.71

1.35

72.62

-41.72

5023.54

0.01

16.35

5.79

WELENT

765.35

34.66

10593.50

0.39

56.36

-44.29

773.72

-8.44

16.44

19.49

HECPROJECT

121.34

10.43

131.51

0.00

1.37

2.78

31.12

11.49

21.41

8.78

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Operating Profit

OPM %

6.18%

8.64%

7.84%

6.32%

6.71%

5.89%

9.51%

16.56%

9.35%

8.72%

8.54%

17.92%

4.11%

Interest

Depreciation

-0

Profit before Tax

Tax %

25.93%

0.00%

86.53%

23.85%

-13.89%

25.52%

24.87%

23.56%

26.89%

25.00%

31.61%

12.64%

Net Profit

0.20

0.64

3.73

0.26

0.82

1.21

1.41

5.58

1.23

2.06

2.69

5.63

1.26

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

112

176

180

156

161

Operating Profit

OPM %

9.12%

9.61%

7.35%

8.00%

6.13%

6.04%

6.39%

7.12%

12.44%

11.42%

10.46%

Interest

Depreciation

Profit before Tax

Tax %

34.70%

32.26%

22.64%

28.16%

-93.75%

7.76%

34.47%

28.74%

21.01%

28.45%

27.61%

Net Profit

EPS

0.00

2.65

0.31

0.51

0.78

4.65

8.53

11.63

—

Dividend Payout %

6.41%

6.07%

0.00%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Trade Payables

Total Liabilities

109

135

Cash & Bank

Total Assets

109

135

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-0

-3

-4

-33

Cash from Investing

-5

Cash from Financing

-8

-1

-7

-2

-0

-1

-11

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

PER SHARE

EPS (₹)

15.60

16.48

9.63

2.65

1.53

0.51

0.78

4.65

8.53

11.63

Book Value (₹)

113.15

129.63

138.06

140.72

142.07

28.96

29.73

34.39

49.03

60.65

Dividend per Share (₹)

1.00

0.00

Cash EPS (₹)

3.43

3.61

2.24

0.78

0.53

0.74

0.99

4.82

8.66

11.76

PROFITABILITY

Operating Margin %

9.97%

10.55%

8.60%

10.18%

8.02%

7.75%

8.99%

7.12%

12.44%

11.42%

Net Margin %

3.77%

4.04%

2.44%

1.37%

0.83%

1.18%

1.52%

6.39%

8.25%

7.14%

ROE %

14.72%

13.57%

7.20%

1.90%

1.08%

1.77%

2.65%

14.51%

21.01%

21.20%

ROCE %

19.40%

17.34%

12.07%

6.43%

4.64%

5.07%

7.04%

13.34%

19.03%

21.41%

4.59%

4.07%

2.13%

0.61%

0.37%

0.62%

0.95%

5.76%

9.84%

10.31%

EFFICIENCY

Debtor Days

139

182

274

285

248

215

116

104

Inventory Days

117

149

127

111

Payable Days

189

219

260

569

383

306

315

168

-32

-16

-41

-177

FINANCIAL HEALTH

Debt to Equity (x)

0.99x

1.02x

1.10x

1.08x

1.20x

1.04x

0.87x

0.71x

0.68x

Interest Coverage (x)

2.51x

2.39x

1.62x

1.25x

1.06x

1.21x

1.37x

4.63x

4.70x

5.48x

1.26x

1.34x

1.58x

1.89x

2.10x

2.53x

2.39x

3.60x

1.41x

1.51x

GROWTH

Revenue Growth %

-27.56%

-1.62%

-3.09%

-51.01%

-4.28%

16.44%

18.32%

42.63%

51.92%

57.44%

Operating Profit Growth %

13.05%

4.16%

-21.01%

-42.04%

-24.60%

12.61%

37.19%

85.10%

74.28%

44.63%

Net Profit Growth %

24.02%

5.64%

-41.54%

-72.45%

-42.39%

65.97%

53.22%

498.30%

95.99%

36.33%

0.00%

498.26%

83.33%

36.33%

VALUATION

P/E (x)

0.00x

14.63x

10.42x

8.25x

P/B (x)

0.00x

1.98x

1.81x

1.58x

Dividend Yield %

0.00%

0.00x

10.19x

8.35x

6.11x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

73.20

74.93

FIIs

0.00

DIIs

0.00

Government

0.00

18.27

20.94

19.58

25.07

HEC Infra Projects Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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HEC Infra Projects Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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