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HEC Infra Projects Ltd.
(HECPROJECT)
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Rating:58Neutral
Price Target:
₹106.00
▼(-22.30% 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
Rapid revenue growth across three consecutive years indicates stronger scale and project execution rather than a single-period improvement. Sustained top-line expansion can broaden the company’s operating base, support fixed-cost absorption, and create a stronger platform for future earnings growth.
Negative Factors
Weak Cash Conversion
Operating earnings have not consistently converted into cash, with sharply negative cash flow in 2025 and near-breakeven generation in 2026. Persistent conversion weakness can pressure project funding, increase reliance on external financing, and limit the quality of reported earnings.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Growth
Rapid revenue growth across three consecutive years indicates stronger scale and project execution rather than a single-period improvement. Sustained top-line expansion can broaden the company’s operating base, support fixed-cost absorption, and create a stronger platform for future earnings growth.
Read all positive factors
HEC Infra Projects Ltd. (HECPROJECT) vs. iShares MSCI India ETF (INDA)
Market Cap
₹1.04B
Dividend Yield0.61%
Average Volume (3M)5.30K
Price to Earnings (P/E)8.8
Beta (1Y)1.89
Revenue Growth47.31%
EPS Growth26.93%
CountryIN
Employees77
SectorGeneral
Sector StrengthN/A
IndustryEngineering & Construction
Share Statistics
EPS (TTM)11.64
Shares Outstanding10,138,160
10 Day Avg. Volume3,022
30 Day Avg. Volume5,296
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...
HEC Infra Projects Ltd. Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
68
Positive
Cash Flow
36
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.80B | 1.76B | 1.12B | 737.89M | 517.34M | 437.20M |
| Gross Profit | 444.71M | 216.01M | 622.62M | 379.35M | 282.84M | 189.63M |
| EBITDA | 210.04M | 201.55M | 149.98M | 54.20M | 22.58M | 34.00M |
| Net Income | 126.15M | 126.02M | 92.44M | 47.16M | 7.88M | 5.14M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 1.35B | 1.06B | 789.96M | 847.99M | 819.00M |
| Cash, Cash Equivalents and Short-Term Investments | 157.47M | 157.47M | 20.33M | 114.90M | 29.43M | 27.22M |
| Total Debt | 0.00 | 443.80M | 378.87M | 302.11M | 312.98M | 351.34M |
| Total Liabilities | -657.37M | 697.43M | 530.25M | 441.34M | 546.54M | 525.40M |
| Stockholders Equity | 657.37M | 657.37M | 531.35M | 348.62M | 301.44M | 293.60M |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 1.28M | -261.81M | 70.28M | 67.80M | -36.40M |
| Operating Cash Flow | 0.00 | 1.97M | -261.81M | 70.37M | 69.05M | -35.55M |
| Investing Cash Flow | 0.00 | -63.60M | 178.00K | 36.02M | 1.97M | 2.58M |
| Financing Cash Flow | 0.00 | 66.33M | 165.26M | -20.92M | -68.82M | 19.49M |
HEC Infra Projects Ltd. Technical Analysis
Negative
136.43
Price Trends
115.36
Negative
122.84
Negative
121.08
Negative
Market Momentum
-3.28
Positive
30.27
Neutral
14.30
Positive
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 110.75, above the 50-day MA of 115.36, and above the 200-day MA of 121.08, indicating a bearish trend. The MACD of -3.28 indicates Positive momentum. The RSI at 30.27 is Neutral, neither overbought nor oversold. The STOCH value of 14.30 is Positive, 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 | ₹1.04B | 8.79 | ― | 0.61% | 47.31% | 26.93% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
45 Neutral | ₹1.18B | 3.97 | ― | 0.73% | -0.30% | ― | |
43 Neutral | ₹433.27M | -0.84 | ― | 1.46% | -70.62% | -400.50% | |
43 Neutral | ₹992.00M | 13.74 | ― | 5.06% | -24.90% | -87.43% | |
42 Neutral | ₹399.14M | 59.18 | ― | 0.25% | 54.51% | -4.20% | |
41 Neutral | ₹304.77M | -0.09 | ― | 0.31% | -25.61% | 46.82% |
* General Sector Average
IN:HECPROJECT
HEC Infra Projects Ltd.
102.36
-38.32
-27.24%
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HEC Infra Projects Ltd. Corporate Events
HEC Infra Projects to Support New Haryana Power Distribution Licence
Oct 22, 2026
HEC Infra Projects Ltd. announced that Eleven Power Private Limited, the lead member of a consortium in which HEC is a participant, has been granted an electricity distribution licence by the Haryana Electricity Regulatory Commission. The licence ...
HEC Infra Projects bags Rs 6.75-crore transformer order from CESC
Oct 14, 2026
HEC Infra Projects Ltd. has received a work order worth Rs 6.75 crore from CESC Ltd. for the supply of two 20 MVA 33/11-6 KV power transformers, to be executed within six months. The company views this domestic contract as a prestigious assignment...
HEC Infra Projects Starts Operations at Majority-Owned Grid Solutions Subsidiary
Sep 30, 2026
HEC Infra Projects Ltd. has announced that its subsidiary, Shivam Grid Solutions Private Ltd., in which it holds a 51% stake through initial subscription, has received its Commencement of Business approval as of September 30, 2026. The formal star...
HEC Infra Projects Closes Trading Window Ahead of September 2026 Results
Sep 24, 2026
HEC Infra Projects Ltd. has announced the closure of its trading window for designated persons and their immediate relatives from 1 October 2026, in line with SEBI’s Prohibition of Insider Trading Regulations and the company’s internal...
HEC Infra Projects bags Rs 7.45 crore museum systems contract from Nakshatra Infra
Sep 21, 2026
HEC Infra Projects Ltd. has secured a work order worth Rs 7.45 crore from domestic contractor Nakshatra Infra for the supply, installation, testing and commissioning of electrical, HVAC, fire-fighting and fire detection systems at a museum in Old ...
HEC Infra Projects Sets 21st AGM, Formalizes Remote E‑Voting for Shareholders
Aug 19, 2026
HEC Infra Projects Ltd., an Indian infrastructure and engineering projects company listed on the National Stock Exchange, continues to align its corporate governance practices with evolving regulatory frameworks and digital communication standards...
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...
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.