HEC Infra Projects Limited

: HECPROJECT · Civil Construction

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Snapshot

Unlock HEC Infra Projects Limited's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

HEC Infra Projects Ltd is a 'Class A' EPC contractor specialising in electrical, electro-mechanical, civil, and instrumentation services. The company provides end-to-end solutions including design, supply, installation, and commissioning for transmission lines, substations, and solar energy projects.

Business Model

The company operates as an EPC contractor, generating revenue through turnkey project execution for government and private entities. It leverages its technical registrations with departments like the CPWD and GETCO to secure and deliver large-scale infrastructure projects.

  • Contractor Status:Class A (Gujarat) / Class-1 (CPWD)
  • Project Scope:Up to 220 KV

Growth Outlook

Growth is driven by the expansion of power infrastructure, including transmission lines and substations, alongside the increasing adoption of solar PV plants and battery energy storage systems. The company's ability to handle complex turnkey projects positions it to benefit from ongoing national electrification initiatives.

Key Risks

  • Project Execution Risk. Delays in project timelines due to site acquisition or regulatory approvals can adversely impact profitability.
  • Concentration Risk. Heavy reliance on government contracts makes the company vulnerable to changes in public spending and policy priorities.
  • Input Cost Volatility. Fluctuations in the prices of raw materials like steel, copper, and electrical components can squeeze margins on fixed-price turnkey contracts.
  • Competitive Intensity. The EPC sector is highly fragmented, leading to aggressive bidding and potential margin pressure.

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Key Metrics

REVENUE

₹176 Cr

TTM · standalone

+57.4%YoY

NET PROFIT

₹13 Cr

TTM · standalone

+37.2%YoY

EPS

₹11.61

TTM · standalone

+28.7%YoY

RETURN ON EQUITY

22.3%

TTM · standalone

-1.0 ppYoY

RETURN ON CAPITAL EMPLOYED

37.9%

TTM · standalone

+12.4 ppYoY

P/E

10.4x

Q4 FY26 · standalone

10.4 vs 58.0x5Y avg

EV/EBITDA

7.2x

Q4 FY26 · standalone

7.2 vs 18.7x5Y avg

EBITDA MARGIN

12.3%

TTM · standalone

-1.1 ppYoY

NET PROFIT MARGIN

12.0%

Q4 FY26 · standalone

-0.2 ppYoY

DEBT TO EQUITY

0.7x

Q4 FY26 · standalone

-0.03xYoY

Peers · Civil Construction

CompanyMkt CapP/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
HEC Infra Projects LimitedHECPROJECT
₹128 Cr10.177.8857.4%12.3%22.3%37.9%-20.9%
IL&FS Engineering and Construction Company LimitedIL&FSENGG
₹464 Cr354.10254.66-41.5%6.5%0.0%-0.1%+10.1%
Vishnu Prakash R Punglia LimitedVPRPL
₹401 Cr-2.04-7.63-43.3%-19.3%-27.9%-21.7%-75.1%
Markolines Pavement Technologies LimitedMARKOLINES
₹382 Cr12.628.4413.1%14.7%21.7%+2.4%
Zodiac EnergyZODIAC
₹374 Cr15.429.0011.1%21.7%22.1%-36.1%
GVK Power & Infrastructure LimitedGVKPIL
₹335 Cr-53.00-181.56-100.0%-355.6%0.6%-0.7%-34.0%

As of Q4 FY26

Financials