Fin Cascade
Get Android appGet iOS app

Prices as of 9 Oct 2026 close · Not investment advice

HEC Infra Projects Limited

NSE: HECPROJECTCivil Construction

Share price

₹112.02

+1.23% close of 9 Oct 2026

Market cap ₹123 CrP/E 9.8

Price-based ratios (P/B, dividend yield, EV/EBITDA) are as of 8 Oct 2026, the close above is 9 Oct 2026.

Business score

How strong the business is, in one number. The parts behind it are in Pro.

76

out of 100 · worked out 9 Oct 2026

How the business score works

Your ratios

The numbers you want to see first. Tap Edit to change them.

Market cap

₹123 Cr

P/E ratio

9.8

P/B ratio

1.8

ROCE

21.4%

ROE

21.8%

Dividend yield

0.0%

Price & valuation chart

How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.

Prices as of 9 Oct 2026 close52-week high ₹150.0552-week low ₹95.88

Answers

Simple answers to the questions investors ask most, from the company's own numbers.

How fast it has been growing

Our sales figures for this company step down at Sep 2019 and we hold nothing that says why, so we cannot honestly quote a growth rate across it.

Whether it grew faster than its sector

Our sales figures for this company step down at Sep 2019 and we hold nothing that says why, so there is no honest growth rate of its own to set against its sector.

Room to re-rate, or risk of de-rating

Too little price history yet to compare it with its own past.

Whether growth justifies the valuation

Priced at 0.1 times its growth rate, on earnings growth of 152%.

Profit growthPrice per ₹1 profitPer 1% growth
HEC Infra Projects Limited — this one152%/yr9.8×—
Techno Electric & Engineering Company Limited36%/yr25.5×₹0.71
Welspun Enterprises Limited12%/yr28.3×₹2.4
KEC International Limited55%/yr16.3×₹0.30
Ircon International Limited-12%/yr18.7×—
RITES Limited-9%/yr22.9×—

Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

How it compares with its peers

Against companies the exchange files under the same label (Civil Construction), it ranks 23 of 89 on returns, 9 of 84 on growth, 50 of 90 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

What makes it hard to beat — and is that still true?

A narrow advantage: it earns 21.4% on capital, ahead of 74% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

Whether its growth pays for itself

No — Over the last five years the business itself consumed ₹20 crore of cash before any plant spend, funded mostly borrowed — borrowings rose from ₹35 crore to ₹44 crore. And the profit is not backed by cash: it reported a profit over 12 years and consumed cash from the business. Its cash comes back faster than it used to: it went from being waiting 361 days for its cash to waiting 40 days for its cash.

Profit reality check

Is the profit real cash? Simple checks on the accounts. Facts only, not advice.

8 of 10 checks clear · 80%

How the profit check works

Latest result · Q1 FY27

What the last results showed. Whether management kept its word is in Pro.

Announced 14 Aug 2026 · Standalone · Unaudited

Revenue

₹31 Cr

Revenue vs last year

+11.5%

Revenue vs last quarter

-38.7%

Net profit

₹1 Cr

Profit vs last year

+2.8%

Profit vs last quarter

-77.6%

Net margin

4.4%

EPS

₹1.26

Checklist before you investPRO

Points for and against, in one list.

Key numbers & peers

The main numbers grouped by topic, and how the company compares with similar ones.

Price

Market cap
₹123 Cr
Prev close
₹112.02
52w High
₹161
52w Low
₹92.1
Enterprise value
₹151 Cr
Beta
1.2
Price CAGR 1y
-20.0%
Price CAGR 3y
34.0%
Price CAGR 5y
22.0%
Price CAGR 10y
—

Ratios

Return on assets
9.6%
PEG ratio
0.1
P/E ratio
9.8
P/B ratio
1.8
EV / EBITDA
7.5
Industry P/E
15.8
ROCE
21.4%
ROCE 5y average
12.0%
ROE
21.8%
Debt / Equity
0.7
Interest coverage
5.5
Dividend yield
0.0%
ROE 3y average
18.0%
ROE last year
21.0%

Annual P&L

Annual revenue
₹176 Cr
Annual profit
₹13 Cr
Operating margin
11.0%
Net profit margin
7.4%
EBITDA margin
11.4%
Sales growth 3y
50.1%
Sales growth 5y
35.9%
Profit growth 3y
152.0%
Profit growth 5y
110.0%
EPS
₹11.6
Sales growth TTM
47.0%
Profit growth TTM
31.0%
Dividend payout
0.0%

Quarter P&L

Sales latest quarter
₹31 Cr
Profit latest quarter
₹1 Cr
YoY quarterly sales growth
11.5%
YoY quarterly profit growth
3.0%
OPM latest quarter
8.8%

Balance Sheet

Book Value
₹60.0
Face Value
₹10.0
Total debt
₹44 Cr
Total cash
₹16 Cr
Borrowings
₹44 Cr
Reserves / Equity
5.0

Cash Flow

Operating cash flow
₹3 Cr
Free cash flow
₹3 Cr
FCF yield
-0.8%
Net cash flow
₹0 Cr

Shareholding

Promoter holding
74.9%
FII holding
—
DII holding
0.0%
Public holding
25.1%

Peer comparison

CompanyPrice ₹P/EMkt cap ₹ CrDiv yield %Profit qtr ₹ CrProfit var %Sales qtr ₹ CrSales var %ROCE %
Larsen & Toubro3,701.5028.95,09,2881.034,988.014.067,941.76.714.6
Rail Vikas195.8745.440,8390.87159.518.54,321.210.610.8
Kalpataru Proj.1,458.4022.424,9050.75311.545.16,408.03.818.3
IRB Infra.Devl.17.4421.421,0640.89306.351.32,137.31.87.5
NBCC76.7430.320,7201.30158.017.22,259.5-5.529.3
Cemindia Project1,137.8032.519,5460.26140.82.62,720.95.632.8
Engineers India308.3022.117,3281.62157.9141.5819.8-5.830.4
HEC Infra Proj.112.199.61220.001.43.031.111.521.4
Median129.8116.26370.0010.617.7171.911.015.5

Competes with: Cemindia Projects Limited, Central Mine Planning & Design Institute Limited, Engineers India Limited, IRB Infrastructure Developers Limited, Ircon International Limited, KEC International Limited, Kalpataru Projects International Limited, Larsen & Toubro, NBCC (India) Limited, Rail Vikas Nigam Limited, Techno Electric & Engineering Company Limited

Quarterly results

Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.

Standalone · to 30 Jun 2026
Line itemJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales13151728182028472841575131
Expenses12141626171925392537524228
Material Cost00003415
Change in Inventories-0.85-5.29-1.43-17-7.876.73
Purchases of Stock-in-Trade1414295300
Employee Cost1.210.961.280.881.231.25
Other Expenses24167.8816145.60
Operating Profit0.811.321.331.781.221.182.637.712.603.544.919.102.73
OPM %6.118.647.786.326.775.899.55179.328.748.56188.77
Other Income0.090.083.010.180.230.700.251.010.010.320.420.790.29
Exceptional items (within Other Income)000000
Interest0.580.700.510.030.250.700.871.260.730.881.400.931.42
Depreciation0.060.060.0500.100.100.09-0.100.14-0.070.040.040.04
Profit before tax0.260.643.781.931.101.081.927.561.743.053.898.921.56
Tax %27008723-1426252427253213
Net Profit0.200.643.780.260.841.231.435.671.332.232.926.101.37
EPS in Rs0.200.633.730.260.831.211.415.231.232.062.695.631.26
Diluted EPS in Rs5.581.232.062.695.631.26

Profit & loss

Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.

Standalone · to 31 Mar 2026
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1251168382803938445274112176180
Expenses119109767474363541486898156159
Material Cost0131
Change in Inventories0.35-32
Purchases of Stock-in-Trade460
Employee Cost3.844.37
Other Expenses4853
Operating Profit6788632335142020
OPM %56910786667121111
Other Income1111111113122
Exceptional items (within Other Income)00
Interest333443333233.945
Depreciation00000000000.140.150
Profit before tax4455310117121817
Tax %333535322628-94934292128
Net Profit23332101159.241313
EPS in Rs3.342.523.133.311.930.530.310.500.784.668.531212
Diluted EPS in Rs9.0812
Dividend Payout %686600000000

Compounded growth

Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.

Compounded sales growth

10 years
4%
5 years
36%
3 years
50%
TTM
47%

Compounded profit growth

10 years
17%
5 years
110%
3 years
152%
TTM
31%

Stock price CAGR

10 years
—
5 years
22%
3 years
34%
1 year
-20%

Return on equity

10 years
11%
5 years
13%
3 years
18%
Last year
21%

Balance sheet

What the company owns and what it owes, at the end of each year. ₹ crore.

Standalone
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital12222221010101111
Reserves111821242626271920254255
Borrowings241723262931313531303844
Other Liabilities432926403526241723141825
Total Liabilities80667292918684828579109135
Fixed Assets333222222111
CWIP000000000000
Investments100000000000
Other Assets76636990898382808378108134
Total Assets80667292918684828579109135

Cash flows

Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.

Standalone
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity6-211-2-4-52-477-333
Cash from Investing Activity00000000047-5
Cash from Financing Activity-52-8234-12-7-2153
Net Cash Flow103-0-1-10-109-110
Free Cash Flow6-211-2-4-51-4710-333

Ratios

How fast customers pay, how long stock sits, and how well capital earns — year by year.

Standalone
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days77961462171412622962432267415955
Inventory Days792322486829922923124710377155
Days Payable1661191772652484853722553629910060
Cash Conversion Cycle-100-100-407615321911179136151
Working Capital Days113324611123053573613061924440
ROCE %1819191712655781921

Shareholding pattern

Who owns the company — founders (promoters), foreign funds, Indian funds and the public. In %.

Standalone · to 30 Jun 2026
Line itemSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters737373737373757575757575
DIIs8.528.528.528.528.525.865.485.485.485.4800
Public181818181821202020202525
No. of Shareholders1,5792,2222,2273,1803,7623,9273,7074,0653,9373,8464,0113,961

Price trend

The price as a Renko brick chart: small moves drop out so the bigger path stands out.

Change over 1 year -21.8% (₹143.33 → ₹112.02)Brick size ₹5.67 (fixed)Bricks 37
₹100₹120₹140₹112Nov '25Jan '26Apr '26Jun '26Aug '26
Price moved up one brickPrice moved down one brickLast close ₹112.02 on 9 Oct 2026

Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.

Open interestPRO

Where option traders are positioned on this stock.

Industry numbers

The numbers that matter most in this industry, from the company's own filings.

1 when an audit qualification is filed as repetitive

0.00flag

2026-03-31

the company's own unlisted debt securities in default at period end

0.00cr

2026-06-30

the company's own loans / revolving facilities in default at period end (standalone filing)

0.00cr

2026-06-30

net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash

28.25inr_cr

2026-03-31

guarantees / comfort given for promoter, promoter group, directors and KMP

0.00cr

2026-03-31

loans outstanding to promoter, promoter group, directors and KMP (governance filing)

0.00cr

2026-03-31

security given for the borrowing of promoter, promoter group, directors and KMP

0.00cr

2026-03-31

News

News and filings about HEC Infra Projects Limited. Open one to see why it matters.

Supply chain

Who it buys from, sells to and competes with — as recorded in our map of company links.

Competes with

Uses as raw material

  • High-grade electrical equipment and materials
  • Substations, switchgear and distribution-network equipment

Sells to

  • Agrawal Metal Works Pvt Ltd · SITC of feeder and client bay 66 kV substation
  • Ahmedabad Municipal Corporation · Water pumping station electro-mechanical EPC
  • Alstom Bharat Forge Power Ltd · 66 kV switchyard, underground transmission, HTDG, complete plant electrification (Sanand i…
  • Employees' State Insurance Corporation · Healthcare electrification, ESIC Hospital Alwar
  • Gujarat Energy Transmission Corporation Ltd (GETCO) · 220 kV AIS substation SITC; 66 kV EHV cable laying rate contract
  • HPCL-Mittal Energy Limited (HMEL) · Industrial electrification / substation EPC
  • HSCC (India) Limited · HTDG installations, hospital electrification, ELV systems (CCTV, nurse call, telecom) - AI…
  • Haryana Vidyut Prasaran Nigam Ltd (HVPNL) · 132 kV LILO transmission line design and commissioning, including hotline works
  • Juniper Green Energy · 220 kV EHV substation with civil works for 315 MW wind energy generation
  • Larsen & Toubro · Complete internal and external electrification and advanced lighting systems, Chandigarh I…
  • MG Motor India · Industrial electrification of manufacturing facility
  • Rail Vikas Nigam Limited · 66 kV GIS substation EPC / SITC works
  • Ranjit Buildcon Ltd · MEP, SCADA, HVAC, emergency power and fire systems across 12 stations - Ahmedabad Metro
  • Tata Power Company · 60 MW solar plant substation and transmission system; utility-scale solar park EPC

About

What the company is, from our own records: where it sits, where it makes things, and what it is made of.

Sector
Construction
Industry
Civil Construction
Classification
Construction › Civil Construction
ISIN
INE558R01013

News impact

Big market events that reach HEC Infra Projects Limited, and how the effect spreads.

No recent market events reach this company.

Dividends, splits & big trades

Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.

Splits, bonuses & buybacks

  • daily-prices repair: 20 rows from NSE's archive (replace 14, delete 1, insert 5), 2017-11-13..2026-02-01 (docs/flat_day_repair.md)1× · 13 Nov 2017

Bulk & block deals

DateWhoBought / soldSharesPrice
8 Sep 2026VIPIN PRAKASH MANGALBUY1,00,000₹139.44
8 Sep 2026SUMANJU PROJECTS & SERVICES LIMITEDSELL87,897₹140.20

Documents

Annual reports, results presentations and earnings calls, straight from the source.

Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.