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HEC Infra Projects Ltd.
(HECPROJECT)
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Rating:58Neutral
Price Target:
₹125.00
▼(-8.38% Downside)
Action:Reiterated
Date:08/18/26
The score is driven mainly by mixed fundamentals: strong growth, improving profitability and leverage are offset by weak and volatile cash conversion and a notable gross margin drop in 2026. Technicals are currently weak with the stock below key moving averages and negative momentum, while valuation is supportive due to a low P/E.
Positive Factors
Strong Revenue Growth
Sustained annual growth at roughly 40% or more indicates expanding project execution and stronger business scale. If maintained, this can improve operating leverage and reinforce the company’s position in its engineering and construction markets.
Negative Factors
Weak Cash Conversion
Profits are not consistently converting into operating cash, with a large outflow in 2025 and near-breakeven cash flow in 2026. Persistent working-capital swings could constrain project funding, liquidity and the company’s ability to reinvest.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Growth
Sustained annual growth at roughly 40% or more indicates expanding project execution and stronger business scale. If maintained, this can improve operating leverage and reinforce the company’s position in its engineering and construction markets.
Read all positive factors
HEC Infra Projects Ltd. (HECPROJECT) vs. iShares MSCI India ETF (INDA)
Market Cap
₹1.20B
Dividend YieldN/A
Average Volume (3M)13.04K
Price to Earnings (P/E)10.1
Beta (1Y)1.62
Revenue Growth47.31%
EPS Growth26.96%
CountryIN
Employees41
SectorGeneral
Sector StrengthN/A
IndustryEngineering & Construction
Share Statistics
EPS (TTM)11.61
Shares Outstanding10,138,160
10 Day Avg. Volume15,612
30 Day Avg. Volume13,043
Financial Highlights & Ratios
PEG Ratio0.30
Price to Book (P/B)1.58
Price to Sales (P/S)0.59
P/FCF Ratio812.95
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
HEC Infra Projects Ltd. Business Overview & Revenue Model
Company Description
Established in Ahmedabad, India, in 2005, HEC Infra Projects Limited functions as an engineering, procurement, and construction (EPC) firm, specializing in electro-mechanical and instrumentation ventures across India. The company's extensive servi...
How the Company Makes Money
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HEC Infra Projects Ltd. Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
68
Positive
Cash Flow
36
Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.76B | 1.12B | 737.89M | 517.34M | 437.20M |
| Gross Profit | 216.01M | 622.62M | 379.35M | 282.84M | 189.63M |
| EBITDA | 201.55M | 149.98M | 54.20M | 22.58M | 34.00M |
| Net Income | 126.02M | 92.44M | 47.16M | 7.88M | 5.14M |
Balance Sheet | |||||
| Total Assets | 1.35B | 1.06B | 789.96M | 847.99M | 819.00M |
| Cash, Cash Equivalents and Short-Term Investments | 157.47M | 20.33M | 114.90M | 29.43M | 27.22M |
| Total Debt | 443.80M | 378.87M | 302.11M | 312.98M | 351.34M |
| Total Liabilities | 697.43M | 530.25M | 441.34M | 546.54M | 525.40M |
| Stockholders Equity | 657.37M | 531.35M | 348.62M | 301.44M | 293.60M |
Cash Flow | |||||
| Free Cash Flow | 1.28M | -261.81M | 70.28M | 67.80M | -36.40M |
| Operating Cash Flow | 1.97M | -261.81M | 70.37M | 69.05M | -35.55M |
| Investing Cash Flow | -63.60M | 178.00K | 36.02M | 1.97M | 2.58M |
| Financing Cash Flow | 66.33M | 165.26M | -20.92M | -68.82M | 19.49M |
HEC Infra Projects Ltd. Technical Analysis
Negative
136.43
Price Trends
129.62
Negative
128.73
Negative
124.10
Negative
Market Momentum
-3.93
Positive
40.51
Neutral
25.24
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:HECPROJECT, the sentiment is Negative. The current price of 136.43 is above the 20-day moving average (MA) of 126.32, above the 50-day MA of 129.62, and above the 200-day MA of 124.10, indicating a bearish trend. The MACD of -3.93 indicates Positive momentum. The RSI at 40.51 is Neutral, neither overbought nor oversold. The STOCH value of 25.24 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:HECPROJECT.
HEC Infra Projects Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
58 Neutral | ₹1.20B | 10.14 | ― | ― | 47.31% | 26.96% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | ₹1.45B | 5.11 | ― | ― | -0.30% | ― | |
51 Neutral | ₹409.93M | 60.90 | ― | ― | 54.51% | -5.07% | |
50 Neutral | ₹372.66M | -0.12 | ― | ― | -25.61% | 46.82% | |
43 Neutral | ₹535.47M | -1.04 | ― | ― | -70.62% | -385.50% | |
34 Underperform | ₹1.52B | 19.64 | ― | ― | -24.90% | -87.26% |
* General Sector Average
IN:HECPROJECT
HEC Infra Projects Ltd.
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-20.87%
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HEC Infra Projects Ltd. Corporate Events
HEC Infra Projects Publishes Q1 FY2026 Unaudited Results in Press
Aug 15, 2026
HEC Infra Projects Ltd. has announced that its unaudited financial results for the quarter ended June 30, 2026 have been approved by the board of directors in a meeting held on August 14, 2026. In line with Indian securities listing regulations, t...
HEC Infra Projects Sets Virtual AGM, Strengthens Audit Framework
Jul 23, 2026
HEC Infra Projects Ltd. will hold its 21st Annual General Meeting on September 18, 2026, at noon via video conferencing and other audio-visual means, in line with MCA and SEBI guidelines on virtual shareholder meetings. The company is offering sha...
HEC Infra Projects Sets Virtual AGM, Appoints New Auditors to Strengthen Governance
Jul 23, 2026
HEC Infra Projects Ltd. has scheduled its 21st Annual General Meeting for September 18, 2026, to be held via video conferencing in line with Companies Act and regulatory circulars, and will provide shareholders with remote e-voting and e-voting fa...
HEC Infra Projects Sets Virtual AGM, Appoints New Secretarial and Cost Auditors
Jul 23, 2026
HEC Infra Projects Ltd. has scheduled its 21st Annual General Meeting for 18 September 2026, to be held via video conferencing in line with MCA and SEBI guidelines, and will provide shareholders with remote e-voting facilities from 15 to 17 Septem...
HEC Infra Projects Files SEBI Dematerialisation Compliance Certificate for Q1 FY2026
Jul 6, 2026
HEC Infra Projects Ltd. has submitted a compliance certificate to the National Stock Exchange for the quarter ended 30 June 2026 under Regulation 74(5) of SEBI’s Depositories and Participants Regulations, 2018. The certificate from Cameo Cor...
HEC Infra Projects Wins Rs 34.82 Crore Electrical Works Contract from Stellar Manufacturers
Jun 16, 2026
HEC Infra Projects Ltd. has secured a Rs 34.82 crore work order from Stellar Manufacturers Pvt. Ltd. for the design, engineering, supply, erection, testing and commissioning of an electrical package at Fanidhar Food Park in Mehsana, Gujarat. The f...
HEC Infra Projects Publishes FY26 Audited Results in Compliance with SEBI Norms
May 29, 2026
HEC Infra Projects Ltd. has published its audited financial results for the quarter and full year ended March 31, 2026, as required under SEBI’s listing regulations. The results, approved by the board on May 28, 2026, have been advertised in...
HEC Infra Projects Wins Rs 8.23 Crore Switchyard Order from Stellar Manufacturers
May 27, 2026
HEC Infra Projects has secured a work order worth Rs. 8.23 crore from Stellar Manufacturers Pvt. Ltd., marking a notable addition to its project backlog. The seven-month contract covers design, engineering, supply, erection, testing and commission...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.