HEC Infra Projects Q3 FY26 Share Price & Earnings Call Analysis
- Market cap
- ₹111 Cr
- P/E
- 8.82
- ROE
- 21.20%
- PEG
- 0.06
- Price to sales
- 0.62
- Debt to equity
- 0.68
- 52W high / low
- ₹150 / ₹95.9
- Sales growth (5Y)
- 36.28%
- EBITDA margin
- 11.29%
- Net profit margin
- 7.14%
- Promoter holding
- 74.93%
- Sales (last year)
- ₹180 Cr
HEC Infra Projects Ltd is an Ahmedabad- based, asset-light EPC contractor providing design, engineering, procurement, installation, testing, commissioning and O&M for the transmission /substations/cabling, water pumping, solar, lighting and ELV systems. Capabilities include projects up to 220-kV switchyards/transmission lines, 66-kV underground cabling, AIS substations, SCADA and associated civil & instrumentation works. [1]
Guidance scorecard · Q3 FY26 call
What HEC Infra Projects Ltd's management guided
and where it ranks in Construction
Construction
RevenueQ2 FY26 call
40%+- The company expects to maintain a growth rate of around 45-50% year-on-year in sales/revenue, consistent with recent performance.
- Growth is projected to continue cautiously but sustainably for the next 3-4 years, prioritizing maintainable and profitable expansion rather than aggressive scaling.
- Order book growth includes an increasing number of private sector projects, aiming for a balanced 50-50 mix between government and private clients.
2 more points from HEC Infra Projects Ltd's call on revenue
Create a free account to keep reading this call
MarginsQ2 FY26 call
FlatSee what HEC Infra Projects Ltd said on margins — free account, 30 seconds.
CapexQ2 FY26 call
Planned- Current capital investments largely focus on loans and advances towards manufacturing electrical equipment for clients and payments to subcontractors.
- The company is actively evaluating potential backward integration opportunities through selective acquisitions in transformers and electrical component segments to enhance the value chain and improve margins.
- There is a strategic focus on increasing credentials to bid for higher kVA rating projects which require bigger capital commitments.
2 more points from HEC Infra Projects Ltd's call on capex
Create a free account to keep reading this call
FundraisingQ2 FY26 call
PlannedSee what HEC Infra Projects Ltd said on fundraising — free account, 30 seconds.
Order bookQ2 FY26 call
Rising- HEC Infra's current order book has significantly increased with more private sector orders compared to previous years, aiming for a 50-50 balance between government and private sectors.
- The company is bidding for bigger projects, including joint ventures, expanding the bid pipeline beyond last year's levels.
- Ongoing projects are progressing as per schedule with strong execution capabilities.
- Increased tender activity is noted under RDSS, Green Hydrogen Mission, and PM-KUSUM schemes, creating multi-year opportunities.
- The order book is diversified across extra-high-voltage transmission, power distribution, water infrastructure, and renewable energy sectors.
2 more points from HEC Infra Projects Ltd's call on the order book
Create a free account to keep reading this call
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Construction
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
Portfolio builder
Build your portfolio
from the top-ranked stocks
- 1. Pick 3–15 stocks
- 2. Choose large, mid or small cap and your sectors
- 3. Get a portfolio built from the rankings
Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Construction companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹6,531 Cr | 11.7 | |
| 2 | 40%+ | Flat | ₹1,089 Cr | 9.3 | |
| 3 | 40%+ | Flat | ₹898 Cr | 7.6 | |
| 4 | 40%+ | Flat | ₹807 Cr | 14.7 | |
| 5 | 40%+ | Flat | ₹554 Cr | 13.1 | |
| 6 | 40%+ | Flat | ₹516 Cr | 30.7 |
Sign up free to see every company in the sector ranking and track HEC Infra Projects Ltd.
Pro shows every company guiding 40%+ revenue growth →Full Construction rankingFinancials of HEC Infra Projects Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of HEC Infra Projects Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 11.50 | 19.47 | 13.26 | 15.27 | 17.09 | 28.18 | 18.02 | 20.04 | 27.54 | 46.50 | 27.91 | 40.50 | 57.35 |
| Expenses + | 10.53 | 18.82 | 12.45 | 13.95 | 15.76 | 26.40 | 16.80 | 18.86 | 24.91 | 37.57 | 25.31 | 36.96 | 52.45 |
| Operating Profit | 0.97 | 0.65 | 0.81 | 1.32 | 1.33 | 1.78 | 1.22 | 1.18 | 2.63 | 8.93 | 2.60 | 3.54 | 4.90 |
| OPM % | 8.43% | 3.34% | 6.11% | 8.64% | 7.78% | 6.32% | 6.77% | 5.89% | 9.55% | 19.20% | 9.32% | 8.74% | 8.54% |
| Other Income + | 0.10 | 1.07 | 0.09 | 0.08 | 3.01 | 0.18 | 0.23 | 0.70 | 0.25 | -0.13 | 0.01 | 0.32 | 0.42 |
| Interest | 0.97 | 0.91 | 0.58 | 0.70 | 0.51 | 0.03 | 0.25 | 0.70 | 0.87 | 1.34 | 0.73 | 0.88 | 1.40 |
| Depreciation | 0.05 | 0.04 | 0.06 | 0.06 | 0.05 | 0.00 | 0.10 | 0.10 | 0.09 | -0.10 | 0.14 | -0.07 | 0.04 |
| Profit before tax | 0.05 | 0.77 | 0.26 | 0.64 | 3.78 | 1.93 | 1.10 | 1.08 | 1.92 | 7.56 | 1.74 | 3.05 | 3.88 |
| Tax % | 20.00% | 38.96% | 26.92% | 0.00% | 0.00% | 86.53% | 22.73% | -13.89% | 25.52% | 24.87% | 23.56% | 26.56% | 25.00% |
| Net Profit + | 0.04 | 0.46 | 0.20 | 0.64 | 3.78 | 0.26 | 0.84 | 1.23 | 1.43 | 5.67 | 1.33 | 2.23 | 2.92 |
| EPS in Rs | 0.04 | 0.45 | 0.20 | 0.63 | 3.73 | 0.26 | 0.83 | 1.21 | 1.41 | 5.23 | 1.23 | 2.06 | 2.69 |
Financials of HEC Infra Projects Ltd
Profit & Loss
Annual income statement trend
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 60 | 125 | 116 | 83 | 82 | 80 | 39 | 38 | 44 | 52 | 74 | 112 | 172 |
| Expenses + | 56 | 119 | 109 | 76 | 74 | 74 | 36 | 35 | 41 | 48 | 68 | 98 | 152 |
| Operating Profit | 4 | 6 | 7 | 8 | 8 | 6 | 3 | 2 | 3 | 3 | 5 | 14 | 20 |
| OPM % | 7% | 5% | 6% | 9% | 10% | 7% | 8% | 6% | 6% | 6% | 7% | 12% | 12% |
| Other Income + | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 3 | 1 | 1 |
| Interest | 3 | 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 | 0 |
| Profit before tax | 2 | 4 | 4 | 5 | 5 | 3 | 1 | 0 | 1 | 1 | 7 | 12 | 16 |
| Tax % | 37% | 33% | 35% | 35% | 32% | 26% | 28% | -94% | 9% | 34% | 29% | 21% | |
| Net Profit + | 1 | 2 | 3 | 3 | 3 | 2 | 1 | 0 | 1 | 1 | 5 | 9 | 12 |
| EPS in Rs | 1.46 | 3.34 | 2.52 | 3.13 | 3.31 | 1.93 | 0.53 | 0.31 | 0.50 | 0.78 | 4.66 | 8.53 | 11.21 |
| Dividend Payout % | 21% | 6% | 8% | 6% | 6% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of HEC Infra Projects Ltd
Balance Sheet
Capital structure and asset base
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 10 | 10 | 10 | 11 | 11 |
| Reserves | 9 | 11 | 18 | 21 | 24 | 26 | 26 | 27 | 19 | 20 | 25 | 42 | 46 |
| Borrowings + | 27 | 24 | 17 | 23 | 26 | 29 | 31 | 31 | 35 | 31 | 30 | 38 | 42 |
| Other Liabilities + | 20 | 43 | 29 | 26 | 40 | 35 | 26 | 24 | 17 | 23 | 14 | 15 | 29 |
| Total Liabilities | 56 | 80 | 66 | 72 | 92 | 91 | 86 | 84 | 82 | 85 | 79 | 106 | 128 |
| Fixed Assets + | 3 | 3 | 3 | 3 | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 1 | 1 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets + | 53 | 76 | 63 | 69 | 90 | 89 | 83 | 82 | 80 | 83 | 78 | 105 | 126 |
| Total Assets | 56 | 80 | 66 | 72 | 92 | 91 | 86 | 84 | 82 | 85 | 79 | 106 | 128 |
Financials of HEC Infra Projects Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 4 | 6 | -2 | 11 | -2 | -4 | -5 | 2 | -4 | 7 | 7 | -26 |
| Cash from Investing Activity + | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 0 |
| Cash from Financing Activity + | -4 | -5 | 2 | -8 | 2 | 3 | 4 | -1 | 2 | -7 | -2 | 17 |
| Net Cash Flow | 0 | 1 | 0 | 3 | -0 | -1 | -1 | 0 | -1 | 0 | 9 | -9 |
| Free Cash Flow | 4 | 6 | -2 | 11 | -2 | -4 | -5 | 1 | -4 | 7 | 10 | -26 |
| CFO/OP | 105% | 94% | -5% | 163% | -2% | -60% | -138% | 64% | -133% | 221% | 169% | -169% |
Financials of HEC Infra Projects Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 143 | 77 | 96 | 146 | 217 | 141 | 262 | 296 | 243 | 226 | 74 | 155 |
| Inventory Days | 41 | 79 | 23 | 22 | 48 | 68 | 299 | 229 | 231 | 247 | 103 | 78 |
| Days Payable | 157 | 166 | 119 | 177 | 265 | 248 | 485 | 372 | 255 | 362 | 99 | 93 |
| Cash Conversion Cycle | 27 | -10 | 0 | -10 | 0 | -40 | 76 | 153 | 219 | 111 | 79 | 139 |
| Working Capital Days | 34 | 11 | 33 | 24 | 61 | 112 | 305 | 357 | 361 | 306 | 192 | 44 |
| ROCE % | 13% | 18% | 19% | 19% | 17% | 12% | 6% | 5% | 5% | 7% | 8% | 19% |
Continue your research
What HEC Infra Projects Ltd's management said in earlier quarters
Others in Construction this season
- GK Energy Ltd (Q2 FY27)
Q2 FY27 Revenue from Operations:** ₹4,026.54 Mn, a 12.3% year-on-year (YoY) increase from ₹3,585.04 Mn in Q2 FY26 (Page 29, 31, 13). Key investor presentation t
- PNC Infratech Ltd (Q2 FY27)
1,146 Crs (17% YoY increase from Rs. Key investor presentation takeaways from PNC Infratech Ltd's Q2 FY27 investor presentation — and how it ranks against secto
- Larsen & Toubro (Q2 FY27)
Q2 FY27 Revenue: ₹787.5 billion, up 16% YoY (Page 9, 6) . Key investor presentation takeaways from Larsen & Toubro Ltd's Q2 FY27 investor presentation — and how
- Central Mine Pla (Q2 FY27)
Revenue from Operations (Net Sales) for Q2 FY 2026-27: ₹593.31 crore, up ₹41.44 crore or 8% vs Q2 FY 2025-26 (₹551.87 crore). Key investor presentation takeaway