MarketFriction

HEC Infra Projects Ltd

NSE HECPROJECT · Civil Construction
₹111.86 -1.01%
NSE close2026-10-01
52 week range92.10 - 160.50
Market cap₹124 Cr.
P/E9.86
Price band 20% Delivery 77.5%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Standalone, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales15.2717.0928.1818.0220.0427.5446.5027.9140.5057.3550.7331.12
Expenses13.9515.7626.4016.8018.8624.9138.7925.3136.9652.4441.6328.39
Operating Profit1.321.331.781.221.182.637.712.603.544.919.102.73
OPM %8.64%7.78%6.32%6.77%5.89%9.55%16.58%9.32%8.74%8.56%17.94%8.77%
Other Income0.083.010.180.230.700.251.010.010.320.420.790.29
Interest0.700.510.030.250.700.871.260.730.881.400.931.42
Depreciation0.060.050.000.100.100.09-0.100.14-0.070.040.040.04
Profit before tax0.643.781.931.101.081.927.561.743.053.898.921.56
Tax %0.00%0.00%86.53%22.73%-13.89%25.52%24.87%23.56%26.56%24.94%31.61%12.82%
Net Profit0.643.780.260.841.231.435.671.332.232.926.101.37
EPS in Rs0.633.730.260.831.211.415.231.232.062.695.631.26
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1168382803938445274112176180
Expenses109767474363541486898156159
Operating Profit788632335142020
OPM %6%9%10%7%8%6%6%6%7%12%11%11%
Other Income111111113122
Interest334433332345
Depreciation000000000000
Profit before tax455310117121817
Tax %35%35%32%26%28%-94%9%34%29%21%28%
Net Profit33321011591313
EPS in Rs2.523.133.311.930.530.310.500.784.668.5311.6311.64
Dividend Payout %8%6%6%0%0%0%0%0%0%0%0%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth4%36%51%47%
Compounded Profit Growth17%110%152%31%
Stock Price CAGR%24%35%-22%
Return on Equity11%13%18%21%
Mar 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
Mar 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
CFO/OP94%-5%163%-2%-60%-138%64%-133%221%169%-218%30%
Mar 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 %18%19%19%17%12%6%5%5%7%8%19%21%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters73.20%73.20%73.20%73.20%73.20%73.20%74.93%74.93%74.93%74.93%74.93%74.93%
DIIs8.52%8.52%8.52%8.52%8.52%5.86%5.48%5.48%5.48%5.48%0.00%0.00%
Public18.27%18.27%18.27%18.27%18.27%20.94%19.58%19.58%19.58%19.58%25.07%25.07%
No. of Shareholders1,5792,2222,2273,1803,7623,9273,7074,0653,9373,8464,0113,961

Fundamentals

Market Cap₹ 124 Cr.
Current Price₹ 115
Stock P/E9.86
Book Value₹ 60.7
ROCE21.4 %
ROE21.2 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)47%
Compounded Profit Growth (TTM)31%
Standalone figures.
Valuation
Market capRs 121 Cr
Enterprise valueRs 150 Cr
P/E (TTM)9.61x
Price to book1.84x
Price to sales0.67x
EV / EBITDA6.78x
EV / EBIT6.80x
EV / sales0.83x
Price to cash flow39.62x
Earnings yield10.41%
P/E, 3-year average11.10x
P/B, 3-year average1.79x
P/E, 5-year average27.97x
P/B, 5-year average1.51x
Profitability
Operating margin (excl. other income)11.42%
Operating margin (incl. other income)12.30%
EBITDA margin12.30%
Pre-tax margin9.69%
Net profit margin7.02%
Net margin, latest quarter4.40%
ROE21.20%
ROCE21.42%
ROA10.31%
ROE, 3-year average18.91%
ROCE, 3-year average17.93%
ROA, 3-year average8.64%
ROE, 5-year average12.23%
ROCE, 5-year average13.18%
ROA, 5-year average5.49%
ROIC (approx.)16.72%
Tax rate28.45%
Other income / net worth2.34%
Growth
Sales growth (latest year)57.44%
Profit growth (latest year)36.36%
Sales CAGR, 3 years50.59%
Sales CAGR, 5 years36.28%
Profit CAGR, 3 years151.72%
Profit CAGR, 5 years109.80%
Sales growth QoQ-38.66%
Profit growth QoQ-77.54%
Sales growth YoY (latest quarter)11.50%
Profit growth YoY (latest quarter)3.01%
Per share
EPS (TTM)Rs 11.64
EPS (latest year)Rs 11.63
EPS (latest quarter)Rs 1.26
EPS, 3-year averageRs 8.27
EPS, 5-year averageRs 5.22
Book value per shareRs 60.66
Sales per shareRs 165.80
Cash flow per shareRs 2.82
Free cash flow per shareRs 2.77
Efficiency
Asset turnover1.30x
Fixed asset turnover142.33x
Inventory turnover3.59x
Inventory days102 days
Debtor days55 days
Debtors turnover6.59x
Creditor days60 days
Cash conversion cycle151 days
Working capital days40 days
Leverage
Total debtRs 44 Cr
Cash and bankRs 16 Cr
Net debtRs 29 Cr
Debt to equity0.68x
Net debt / EBITDA1.30x
Interest coverage4.76x
Owners' fund to total sources48.52%
Debt to assets32.76%
Cash flow
Cash from Operating Activity (latest year)Rs 3 Cr
Cash from Investing Activity (latest year)Rs -5 Cr
Cash from Financing Activity (latest year)Rs 3 Cr
Net Cash Flow (latest year)Rs 0 Cr
Free cash flow (latest year)Rs 3 Cr
FCFE (approx.: FCF + change in debt)Rs 9 Cr
Cash from ops / profit, 5 years-0.69x
Sales to cash flow57.68x
Statement figures
Net sales (TTM)Rs 180 Cr
Net sales (latest year)Rs 176 Cr
Sales (latest quarter)Rs 31 Cr
Operating profit excl. other income (latest year)Rs 20 Cr
Operating profit (latest quarter)Rs 3 Cr
Other income (TTM)Rs 2 Cr
EBITDA (TTM)Rs 22 Cr
PBDT (TTM)Rs 17 Cr
Profit before tax (TTM)Rs 17 Cr
Tax (latest year)Rs 5 Cr
Net profit (TTM)Rs 13 Cr
Net profit (latest year)Rs 13 Cr
Net profit (latest quarter)Rs 1 Cr
Depreciation (TTM)Rs 0 Cr
Depreciation (latest quarter)Rs 0 Cr
Interest (TTM)Rs 5 Cr
Cost of goods sold (latest year)Rs 150 Cr
Total expenditure (latest year)Rs 156 Cr
Total income (latest year)Rs 178 Cr
Share capitalRs 11 Cr
ReservesRs 55 Cr
Shareholders' fundsRs 66 Cr
Total assetsRs 135 Cr
Net blockRs 1 Cr
ReceivablesRs 27 Cr
InventoryRs 42 Cr
Other liabilitiesRs 25 Cr
Shares outstanding (crore)1.08
Ownership
Promoter holding74.93% (+0.00 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 9.6 is at the 1th percentile of its own 7.4-year range (median 49.5, low 8.6, high 337.7).
P/B 1.84 is at the 26th percentile (median 3.04).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodHECPROJECTNifty 50Difference
1 week-3.3%-2.8% -0.5 pts
1 month-3.9%-6.8% +2.9 pts
3 months-20.0%-7.6% -12.4 pts
6 months+16.7%+0.4% +16.3 pts
1 year-21.2%-9.9% -11.3 pts
2 years+7.4%-13.6% +20.9 pts
3 years+141.9%+14.2% +127.7 pts
5 years-40.8%+27.9% -68.6 pts

Red flags

F-score 6 of 8
explainWeak cash conversion Cash from operations was -86% of net profit over the last 3 years
lookInventory outrunning sales Inventory grew 329% vs sales +57% in 2026
lookAuditor change Auditor change 2026-09-18: HEC Infra Projects Limited has informed the Exchange regarding Change in Auditors of the company.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹31 Cr +11.5% vs Jun 2025. Net profit ₹1 Cr +3.0%.
Against our estimate for Jun 2026: sales -29.7%, profit -41.6% in line. Our estimate for Sep 2026: sales Rs 45 Cr, profit Rs 2 Cr (how).

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2024-07-23Annual General Meeting
2023-09-22Annual General Meeting
2023-07-17Extra Ordinary General Meeting
2022-09-22Annual General Meeting
DateTypeWhat it says
2026-09-30General UpdatesGeneral Updates
2026-09-28Order winBagging/Receiving of orders/contracts
2026-09-21Order winBagging/Receiving of orders/contracts
2026-09-18General UpdatesGeneral Updates
2026-09-18Change in AuditorsChange in Auditors of the company.
2026-09-18Shareholder meetingVoting results.
2026-09-18Shareholder meetingProceedings of Annual General Meeting held on September 18, 2026
2026-08-31Order winBagging/Receiving of orders/contracts
2026-08-18Shareholder meetingNotice of Annual General Meeting to be held on September 18, 2026
2026-08-14Board meeting outcomeHEC Infra Projects Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-28General UpdatesGeneral Updates-incorporation of subsidiary
2026-07-23General UpdatesGeneral Updates
2026-07-23Board meeting outcomeOutcome of Board Meeting held on July 23, 2026.
2026-07-23Change in AuditorsChange in Auditors of the company.
2026-07-23Board meeting outcomeOutcome of Board Meeting held on July 23, 2026.
2026-07-14Board meeting outcomeOutcome of Board Meeting held on July 14, 2026.-Proposal to form a new subsidiary
2026-07-14General UpdatesGeneral Updates-Proposal to form a new subsidiary
2026-07-09Order winBagging/Receiving of orders/contracts
2026-07-04Order winBagging/Receiving of orders/contracts
2026-07-02Order winBagging/Receiving of orders/contracts
2026-06-16Order winBagging/Receiving of orders/contracts
2026-06-06Order winBagging/Receiving of orders/contracts
2026-06-06Order winBagging/Receiving of orders/contracts
2026-05-28Board meeting outcomeHEC Infra Projects Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
2026-05-28Change in AuditorsChange in Auditors of the company.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2021-04-19NCLTJyoti Limited Vs HEC Infra Projects Ltd.
2021-03-22NCLATHEC Infra Projects Ltd VS Jyoti Ltd
2021-03-15NCLTJyoti Limited Vs HEC Infra Projects Ltd.
2021-03-10NCLTJyoti Limited Vs HEC Infra Projects Ltd.
2021-03-09NCLTJyoti Limited Vs HEC Infra Projects Ltd.
2021-03-03NCLATHEC Infra Projects Ltd VS Jyoti Ltd
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Less than 100 unique PAN traded in previous 30 days

Quick answers

What is the market cap of HEC Infra Projects Ltd?

HEC Infra Projects Ltd (HECPROJECT) has a market capitalisation of Rs 124 Cr. at the 2026-10-01 close.

What is the P/E ratio of HEC Infra Projects Ltd?

HEC Infra Projects Ltd trades at a P/E of 9.86 on trailing twelve-month profit, at the 2026-10-01 close.

What were HEC Infra Projects Ltd's latest quarterly results?

In the Jun 2026 quarter, HEC Infra Projects Ltd sales was Rs 31 Cr (+11.5% vs Jun 2025) and net profit was Rs 1 Cr.

What is the 52-week high and low of HEC Infra Projects Ltd?

The 52-week high is Rs 160.50 and the 52-week low is Rs 92.10.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03