HEC Infra Projects Ltd
NSE: HECPROJECT · Other · sector
₹103.04NSE close 2026-10-26
Key numbers
Market cap₹112 cr
Price₹103.04
52w high / low₹160 / ₹92
P/E8.8xSector median 14.4x
P/B1.7xSector median 1.7x
Book value₹60.6
Dividend yield–Sector median 0.37%
ROE21.2%Sector median 13.8%
ROCE20.0%Sector median 19.6%
OPM11.3%Sector median 10.4%
Debt / equity0.68xSector median 0.29x
EV/EBITDA6.9xSector median 8.4x
Interest cover4.8x
Current ratio1.51x
Sales growth 3y+50.5%Sector median +7.7%
Profit growth 3y+151.9%Sector median +16.6%
PEG0.06x
Last 12 months to Jun 2026, Standalone. "Sector median" = middle value of 688 companies in Other (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹16 cr vs borrowings ₹44 cr (FY26): borrowings are higher by ₹29 cr.
- Borrowings rose in each of the last 3 years (₹29 cr → ₹44 cr).
- Operating profit covered interest 4.8x in the last 12 months.
- No promoter shares are pledged.
- Operating cash flow was below net profit in 3 of the last 5 years (FY26, FY25, FY22).
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 14% of net profit in the last 12 months.
- Debtor days went from 74 (FY24) to 55 (FY26).
- No dividend in the last 5 financial years.
- Price ₹103.04 on 2026-10-26: -35.8% from the 52-week high, +11.9% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹175.34 · low ₹89.96
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 20 | 28 | 46 | 28 | 40 | 57 | 51 | 31 |
| EBITDA | 1 | 3 | 9 | 3 | 4 | 5 | 9 | 3 |
| OPM % | 5.8% | 9.5% | 19.2% | 9.3% | 8.7% | 8.5% | 17.9% | 8.8% |
| Other income | 1 | 0 | -0 | 0 | 0 | 0 | 1 | 0 |
| Net profit | 1 | 1 | 6 | 1 | 2 | 3 | 6 | 1 |
| EPS (₹) | 1.21 | 1.41 | 5.58 | 1.23 | 2.06 | 2.69 | 5.63 | 1.26 |
| Revenue YoY | +102.1% | +108.2% | +9.1% | +11.5% | ||||
| Profit YoY | +81.3% | +104.2% | +7.6% | +3.0% |
Standalone figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 44 | 52 | 74 | 112 | 176 | 180 |
| EBITDA | 3 | 3 | 5 | 14 | 20 | 20 |
| Net profit | 1 | 1 | 5 | 9 | 13 | 13 |
| EPS (₹) | 0.51 | 0.78 | 4.65 | 9.08 | 11.63 | 11.64 |
| Revenue growth | +18.3% | +42.6% | +51.9% | +57.4% | +47.3% | |
| Profit growth | +54.9% | +510.1% | +91.7% | +36.4% | +30.6% | |
| Dividend / share (₹) | – | – | – | – | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +50.5% | – | +47.3% |
| Net profit | +151.9% | – | +30.5% |
| EPS | +146.1% | – | – |
| Share price | – | +3.6% (2y) | -25.3% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 30 | 35 | 53 | 66 |
| Borrowings | – | 29 | 30 | 38 | 44 |
| Cash & equivalents | – | 3 | 11 | 2 | 16 |
| Total assets | – | 85 | 79 | 106 | 135 |
| Fixed assets | – | 2 | 1 | 1 | 1 |
| Capital work in progress | – | 0 | 0 | 0 | 0 |
| Investments | – | 0 | 0 | 0 | 0 |
| Receivables | – | 30 | 15 | 48 | 27 |
| Inventory | – | 16 | 10 | 10 | 42 |
| Payables | – | 23 | 10 | 12 | 16 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | -4 | 8 | 7 | -26 | 3 |
| Cash from investing | 0 | 0 | 4 | 1 | -5 |
| Cash from financing | 2 | -8 | -2 | 16 | 3 |
| Capex | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | -4 | 8 | 7 | -26 | 3 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 2.6% | 13.8% | 17.4% | 19.2% |
| ROCE % | – | 7.4% | 13.1% | 16.3% | 19.6% |
| Debtor days | – | 212 | 74 | 155 | 55 |
| Inventory days | – | 247 | 103 | 78 | 155 |
| Payable days | – | 362 | 99 | 93 | 60 |
| Cash conversion cycle (days) | – | 97 | 78 | 140 | 150 |
| Working capital days | – | 313 | 249 | 51 | 73 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 74.93% |
| Public (non-institutions) | 25.07% |
| Quarter | Mar 2025 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 74.93% | 74.93% | 74.93% | 74.93% | 74.93% | 74.93% | 74.93% | 74.93% |
| Promoter group | % |
|---|---|
| Gaurang Parmanand Shah | 52.82% |
| Rupal Gaurang Shah | 11.23% |
| Rahul Gaurang Shah | 6.57% |
| Paras Engen India Private Limited | 4.31% |
| Vikram Parmanand Shah | 0.00% |
| Public holders above 1% | % |
|---|---|
| Nitin Madhukarbhai Pandya | 4.20% |
| Misha Ashish Shah | 1.70% |
| Sumanju Projects & Services Limited | 1.03% |
| Ashish Navnitlal Shah | 1.01% |
| Vipin Prakash Mangal | 1.00% |
4,208 shareholders. Pledged: 0.00% of promoter shares.
Peers in Other
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| TSFINV | ₹8,585 cr | 17.6x | 1.4x | 8.4% | 3.6% | 20.5% | +121.7% | 2.30% |
| KRISHANA | ₹6,339 cr | 39.9x | 11.3x | 41.6% | 23.2% | 12.6% | +95.7% | 0.05% |
| MARINE | ₹5,431 cr | 84.2x | 11.0x | 14.3% | 18.0% | 10.8% | +25.6% | 0.07% |
| ZOTA | ₹4,139 cr | – | 6.0x | -22.5% | -12.4% | -0.5% | +56.7% | 0.07% |
| AIMTRON | ₹3,319 cr | 71.7x | 17.1x | 28.0% | 31.8% | 21.8% | – | – |
| ACCORD | ₹2,984 cr | – | 261.7x | 12.4% | 12.0% | 2.4% | – | – |
| MONOLITH | ₹2,646 cr | 64.6x | 24.3x | 36.0% | 48.7% | 24.4% | – | – |
| UTSSAV | ₹2,390 cr | 40.2x | 14.1x | 43.4% | 54.7% | 7.9% | – | – |
| BETA | ₹2,200 cr | 40.6x | 5.0x | 16.4% | 17.0% | 20.8% | – | – |
| HECPROJECT | ₹112 cr | 8.8x | 1.7x | 21.2% | 20.0% | 11.3% | +50.5% | – |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2024-07-23 | Other | Annual General Meeting |
| 2023-09-22 | Other | Annual General Meeting |
| 2023-07-17 | Other | Extra Ordinary General Meeting |
| 2022-09-22 | Other | Annual General Meeting |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- Latest results (data file) XBRL
Links go to the original files on the exchange website.
About the company
| Sector | |
| Industry | Other |
| Sub-industry | |
| Symbol | HECPROJECT |
| BSE code | – |
| ISIN | INE558R01013 |
| Face value | ₹10.0 |
| Incorporated | – |
| Website | – |
| Plants (India / abroad) | – |
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.