HEC Infra Proj. Share Price ₹119 | P/E 11.5

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of HEC Infra Proj.

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 Proj.

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 Proj.

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 Proj.

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 Proj.

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%